PUBLIC SERVICE COMPANY OF NEW MEXICO Exhibit 12.2

Ratio of Earnings to Fixed Charges

(In thousands, except ratio)

	Six Months Ended June 30, 2010		Year Ended December 31,
			2009		2008			2007		2006		2005
Fixed charges, as defined by the Securities and Exchange Commission:
Interest expensed and capitalized	$	37,362	$	73,104	$	72,427		$	58,045	$	49,379	$	44,442
Amortization of debt premium, discount and expenses		652		1,336		4,345			4,618		2,871		2,856
Interest from discontinued operations (including capitalized interest)		-		1,027		13,758			12,546		11,790		10,658
Estimated interest factor of lease rental charges		1,940		4,517		4,553			4,661		4,337		4,588
Total Fixed Charges	$	39,954	$	79,984	$	95,083		$	79,870	$	68,377	$	62,544
Earnings, as defined by the Securities and Exchange Commission:
Earnings from continuing operations before income taxes and non-controlling interest	$	28,567	$	45,627	$	(69,324)		$	34,611	$	89,657	$	51,034
Fixed charges as above		39,954		79,984		95,083			79,870		68,377		62,544
Non-controlling interest in earnings of Valencia		(6,396)		(11,890)		(7,179)			-		-		-
Interest capitalized		(1,782)		(6,067)		(7,363)			(10,033)		(5,257)		(3,512)
Earnings Available for Fixed Charges	$	60,343	$	107,654	$	11,217		$	104,448	$	152,777	$	110,066
Ratio of Earnings to Fixed Charges		1.51		1.35		0.12	*		1.31		2.23		1.76

* 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