Texas New Mexico Power 10-Q 2007 Q3 Quarterly report

EXHIBIT 12.3

PUBLIC SERVICE COMPANY OF NEW MEXICO

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(In thousands, except ratio)

	Nine
	Months Ended			Year Ended December 31,
	September 30, 2007			2006			2005			2004			2003			2002
Fixed charges, as defined by the Securities and Exchange
Commission:
Interest on long-term debt	$	37,797		$	51,069		$	49,102		$	49,015		$	59,013		$	56,409
Amortization of debt premium, discount and expenses		3,467			2,871			2,856			3,035			2,958			2,302
Other interest		7,580			4,842			2,575			1,719			3,860			3,173
Estimated interest factor of lease rental charges		13,358			16,927			17,663			17,180			17,890			22,290
Interest capitalized		3,410			1,946			1,054			752			909			-
Total Fixed Charges		65,612			77,655			73,250			71,701			84,630			84,174
Preferred dividend requirements		635			826			788			903			774			905
Total Fixed Charges and Preferred Dividend Requirements	$	66,247		$	78,481		$	74,038		$	72,604		$	85,404		$	85,079
Earnings, as defined by the Securities and Exchange
Commission:
Earnings before income taxes	$	42,213		$	110,955		$	77,118		$	143,839		$	89,272		$	93,790
Fixed charges as above		65,612			77,655			73,250			71,701			84,630			84,174
Interest capitalized		(3,410	)		(1,946	)		(1,054	)		(752	)		(909	)		-
Earnings Available for Fixed Charges	$	104,415		$	186,664		$	149,314		$	214,788		$	172,993		$	177,964
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		1.58			2.38			2.02			2.96			2.03			2.09