Exhibit 12.2

PUBLIC SERVICE COMPANY OF NEW MEXICO
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
		Three Months ended		Year Ended December 31,
		March 31, 2009		2008		2007	2006	2005	2004
	Fixed charges, as defined by the Securities and Exchange
	Commission:
	Interest on long-term debt (including interest capitalized)	$                        17,178		$                    58,003		$          42,272	$         42,487	$        40,462	$            37,553
	Amortization of debt premium, discount and expenses	558		4,345		4,618	2,871	2,856	3,036
	Other interest (including interest capitalized)	1,373		14,424		15,773	6,892	3,980	3,125
	Estimated interest factor of lease rental charges	3,386		15,720		16,630	16,448	16,954	16,406
	Total Fixed Charges	$                        22,495		$                    92,492		$          79,293	$         68,698	$        64,252	$            60,120
	Earnings, as defined by the Securities and Exchange
	Commission:
	Earnings from continuing operations before income taxes and non-controlling interest	$                         (5,692)		$                  (69,324)	*	$          34,611	$         89,657	$        51,034	$          114,690
	Fixed charges as above	22,495		92,492		79,293	68,698	64,252	60,120
	Non-controlling interest in earnings of Valencia	(2,579)		(7,179)		-	-	-	-
	Interest capitalized	(1,902)		(6,815)		(9,712)	(4,882)	(3,113)	(2,158)
	Earnings Available for Fixed Charges	$                        12,322	***	$                      9,174	**	$        104,192	$       153,473	$      112,173	$          172,652
	Ratio of Earnings to Fixed Charges	0.55		0.10		1.31	2.23	1.75	2.87
	* The presentation of non-controlling interest in earnings of Valencia was changed effective January 1, 2009 in accordance with SFAS 160.  The 2008 presentation has been changed
	to be consistent with 2009.  There is no impact on periods prior to 2008.
	** The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.3 million for the year ended December 31, 2008.
	*** The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $10.2 million for the three months ended March 31, 2009.