Exhibit 12.3
TEXAS-NEW MEXICO POWER COMPANY
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)
	Year Ended December 31,
	2009			2008			2007			2006			2005
Fixed charges, as defined by the Securities and Exchange
Commission:
Interest on long-term debt (including interest capitalized)	$	22,232		$	12,427		$	22,394		$	25,728		$	25,727
Amortization of debt premium, discount and expenses		3,355			1,504			1,925			1,695			2,111
Other interest (including interest capitalized)		3,377			5,434			1,129			1,646			179
Estimated interest factor of lease rental charges		831			571			844			367			377
Total Fixed Charges	$	29,795		$	19,936		$	26,292		$	29,436		$	28,394
Earnings, as defined by the Securities and Exchange
Commission:
Earnings from continuing operations before income taxes	$	20,151		$	2,335		$	29,055		$	17,905		$	25,183
Fixed charges as above		29,795			19,936			26,292			29,436			28,394
Interest capitalized		(1,144	)		(1,025	)		(332	)		(209	)		(200	)
Earnings Available for Fixed Charges	$	48,802		$	21,246		$	55,015		$	47,132		$	53,377
Ratio of Earnings to Fixed Charges		1.64			1.07			2.09			1.60			1.88