Exhibit 12.2

PNM RESOURCES, INC. AND SUBSIDIARIES
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(1,000’S)

		Six
Line		Months Ended			Year Ended December 31,
No.		06/30/07			12/31/06		12/31/05		12/31/04		12/31/03		12/31/02		12/31/01
	Fixed charges, as defined by the Securities and Exchange Commission:
1	Interest on Long-term Debt	$	42,743		$	95,301	$	75,736	$	46,702	$	59,429	$	56,409	$	62,716
2	Amortization of Debt Premium, Discount and Expenses		3,177			4,417		3,642		2,697		2,838		2,302		2,346
3	Other Interest		21,982			45,811		14,299		2,319		5,423		2,859		(42	)
4	Estimated Interest Factor of Lease Rental Charges		11,431			19,714		20,643		19,617		20,452		23,233		22,856
5	Total Fixed Charges		79,333			165,243		114,320		71,335		88,142		84,803		87,876
6	Preferred dividend requirements		264			528		2,868		572		586		586		586
7	Total Fixed Charges and Preferred Dividend Requirements	$	79,597		$	165,771	$	117,188	$	71,907	$	88,728	$	85,389	$	88,462
	Earnings, as defined by the Securities and Exchange Commission:
8	Consolidated Net Earnings from Continuing Operations	$	49,906		$	121,346	$	69,725	$	86,962	$	57,842	$	62,976	$	149,137
9	Income Taxes		2,923			63,970		32,861		49,247		27,889		33,032		81,063
10	(Earnings) of Equity Investee		(1,610	)		—		—		—		—		—		—
11	Add Fixed Charges as Above		79,333			165,243		114,320		71,335		88,142		84,803		87,876
12	Earnings Availabe for Fixed Charges	$	130,552		$	350,559	$	216,906	$	207,544	$	173,873	$	180,811	$	318,076
13	Ratio for Earnings to Fixed Charges and Preferred Dividend Requirements		1.64			2.11		1.85		2.89		1.96		2.12		3.60