Exhibit 12.3

TEXAS-NEW MEXICO POWER COMPANY
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	$	7,211		$	25,609		$	17,861		$	23,523		$	27,374
Amortization of debt premium, discount and expenses		683			3,355			1,504			1,925			1,695
Estimated interest factor of lease rental charges		147			831			571			844			367
Total Fixed Charges	$	8,041		$	29,795		$	19,936		$	26,292		$	29,436
Earnings, as defined by the Securities and Exchange
Commission:
Earnings from continuing operations before income taxes	$	2,719		$	20,151		$	2,335		$	29,055		$	17,905
Fixed charges as above		8,041			29,795			19,936			26,292			29,436
Interest capitalized		(25	)		(1,144	)		(1,025	)		(332	)		(209	)
Earnings Available for Fixed Charges	$	10,735		$	48,802		$	21,246		$	55,015		$	47,132
Ratio of Earnings to Fixed Charges		1.34			1.64			1.07			2.09			1.60