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Exhibit 12.01

SOUTHWESTERN PUBLIC SERVICE COMPANY
COMPUTATION OF RATIO OF EARNINGS
TO FIXED CHARGES
(in thousands, except ratio)

			Proforma
									Year Ended December 31,
			Six Months Ended June 30, 2001		Year Ended December 31, 2000		Six Months Ended June 30, 2001										Transition Period		Year Ended August 31 1996
									2000		1999		1998		1997
Earnings:
	Net Income		$	47,264	$	78,527	$	46,351	$	69,492	$	102,709	$	114,987	$	75,575	$	19,137	$	105,773
	Provisions for Federal and state taxes on income			28,207		58,776		28,207		58,776		59,399		65,696		48,795		10,987		65,297
	Fixed charges as below			31,602		58,678		32,515		67,713		64,888		64,052		63,075		19,344		53,347
	Less: Undistributed equity in earnings of unconsolidated affiliates			—		—		—		—		—		—		—		—		—
		Total	$	107,073	$	195,981	$	107,073	$	195,981	$	226,996	$	244,735	$	187,445	$	49,468	$	224,417
Fixed charges:
	Interest charges, excluding AFC — debt,		$	27,677	$	50,828	$	28,590	$	59,863	$	57,038	$	56,202	$	55,225	$	17,818	$	53,347
	Distributions on redeemable preferred securities of subsidiary trust			3,925		7,850		3,925		7,850		7,850		7,850		7,850		1,526		—
		Total	$	31,602	$	58,678	$	32,515	$	67,713	$	64,888	$	64,052	$	63,075	$	19,344	$	53,347
Ratio of earnings to fixed charges				3.4		3.3		3.3		2.9		3.5		3.8		3.0		2.6		4.2

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Exhibit 12.01

SOUTHWESTERN PUBLIC SERVICE COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (in thousands, except ratio)