EXHIBIT 12.1

COMPUTATION OF RATIO OF
EARNINGS TO FIXED CHARGES

SOUTHWESTERN PUBLIC SERVICE COMPANY
AND SUBSIDIARIES

COMPUTATION OF RATIO OF CONSOLIDATED EARNINGS
TO CONSOLIDATED FIXED CHARGES

(not covered by Report of Independent Public Accountants)

			Nine months ended
			September 30,				Year Ended December 31,
			2003		2002		2002		2001		2000(1)		1999		1998
							(in thousands, except ratios)
Earnings:
	Net income		$	67,112	$	59,918	$	73,882	$	130,100	$	69,492	$	102,709	$	114,987
	Provisions for Federal and state taxes on income			41,693		36,111		43,363		71,175		58,776		59,399		65,696
	Fixed charges as below			39,345		41,042		54,913		57,276		67,713		64,888		64,052
	Less: Undistributed equity in earnings of unconsolidated affiliates			—		—		—		—		—		—		—
		Total	$	148,150	$	137,071	$	172,158	$	258,551	$	195,981	$	226,996	$	244,735
Fixed Charges:
	Interest charges, excluding AFC — debt		$	34,112	$	35,154	$	47,063	$	49,426	$	59,863	$	57,038	$	56,202
	Distributions on redeemable preferred securities of subsidiary trust			5,233		5,888		7,850		7,850		7,850		7,850		7,850
		Total	$	39,345	$	41,042	$	54,913	$	57,276	$	67,713	$	64,888	$	64,052
Ratio of earnings to fixed charges				3.8		3.3		3.1		4.5		2.9		3.5		3.8

(1) The 2000 Consolidated Statement of Operations Data has been adjusted to reflect the implementation of Statement of Financial Accounting Standard (“SFAS”) No. 145, which became effective in 2003 and requires retroactive restatement of prior periods. Interest charges and financing costs of $8.225 million related to the defeasance of our first mortgage bonds, previously disclosed in Extraordinary items, was reclassified to Interest charges and financing costs. Associated income tax benefits of $2.923 million have been reclassified from Extraordinary items to Income taxes. The reclassification had no impact on operating income or net income. The 2000 financial data were derived from financial statements audited by Arthur Andersen LLP, independent public accountants. However, due to the reclassification required by SFAS No. 145, the Consolidated Statement of Operations Data in the financial data disclosed above does not agree to the financial statements as audited Arthur Andersen LLP with respect to Interest charges and financing costs, Income taxes and Extraordinary items. We have been unable to obtain the consent of Arthur Andersen LLP to the use of their report in this prospectus