

Exhibit 12.2
PUBLIC SERVICE COMPANY OF NEW MEXICO
Ratio of Earnings to Fixed Charges
(In thousands, except ratio)


	Year Ended December 31,
	2012			2011				2010			2009			2008
Fixed charges, as defined by the Securities and Exchange Commission:

Interest expensed and capitalized	$	82,864		$	75,217			$	73,423		$	73,104		$	72,427
Amortization of debt premium, discount and expenses	1,818			1,325				1,274			1,336			4,345
Interest from discontinued operations (including capitalized interest)	—			—				—			1,027			13,758
Estimated interest factor of lease rental charges	3,743			4,139				4,103			4,517			4,553
Total Fixed Charges	$	88,425		$	80,681			$	78,800		$	79,984		$	95,083

Earnings, as defined by the Securities and Exchange Commission:

Earnings (loss) from continuing operations before income taxes and non-controlling interest	$	156,314		$	105,965			$	107,288		$	45,627		$	(69,324	)
Fixed charges as above	88,425			80,681				78,800			79,984			95,083
Non-controlling interest in earnings of Valencia	(14,050		)	(14,047		)		(13,563		)	(11,890		)	(7,179		)
Interest capitalized	(4,314		)	(1,761		)		(2,811		)	(6,067		)	(7,363		)

Earnings Available for Fixed Charges	$	226,375		$	170,838			$	169,714		$	107,654		$	11,217

Ratio of Earnings to Fixed Charges	2.56			2.12			¹	2.15			1.35			0.12			²


¹ Earnings (loss) from continuing operations before income taxes and non-controlling interest for the year ended December 31, 2011 includes a pre-tax loss of $17.5 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.33.

² 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.

TEXAS NEW MEXICO POWER CO 10-K