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, 2010			2009			2008			2007			2006
Fixed charges, as defined by the Securities and Exchange
Commission:
Interest expensed and capitalized	$	18,647		$	73,104		$	72,427		$	58,045		$	49,379
Amortization of debt premium, discount and expenses		334			1,336			4,345			4,618			2,871
Interest from discontinued operations (including capitalized interest)		-			1,027			13,758			12,546			11,790
Estimated interest factor of lease rental charges		905			4,517			4,553			4,661			4,337
Total Fixed Charges	$	19,886		$	79,984		$	95,083		$	79,870		$	68,377
Earnings, as defined by the Securities and Exchange
Commission:
Earnings from continuing operations before income taxes and non-controlling interest	$	10,472		$	45,627		$	(69,324	)	$	34,611		$	89,657
Fixed charges as above		19,886			79,984			95,083			79,870			68,377
Non-controlling interest in earnings of Valencia		(3,103	)		(11,890	)		(7,179	)		-			-
Interest capitalized		(1,016	)		(6,067	)		(7,363	)		(10,033	)		(5,257	)
Earnings Available for Fixed Charges	$	26,239		$	107,654		$	11,217		$	104,448		$	152,777
Ratio of Earnings to Fixed Charges		1.32			1.35			0.12	*		1.31			2.23
* The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.9 million for the year December 31, 2008