EXHIBIT 12.3 PUBLIC SERVICE COMPANY OF NEW MEXICO AND SUBSIDIARIES Ratio of Earnings to Fixed Charges Six Months Ended Year Ended December 31, 06/30/03 12/31/02 12/31/01 12/31/00 12/31/99 12/31/98 ------------ ------------ ------------ ------------ ------------ ------------ (In thousands) Fixed charges, as defined by the Securities and Exchange Commission: Interest on Long-term Debt $ 31,679 $ 56,409 $ 62,716 $ 62,823 $ 65,899 $ 50,929 Amortization of Debt Premium, Discount and Expenses 1,242 2,302 2,346 2,037 2,121 1,513 Other Interest 2,480 3,173 (64) 752 2,667 10,791 Estimated Interest Factor of Lease Rental Charges 9,126 22,290 22,235 19,716 16,514 64,275 ------------ ------------ ------------ ------------ ------------ ------------ Total Fixed Charges $ 44,527 $ 84,174 $87,233 $ 85,328 $ 87,201 $127,508 ============ ============ ============ ============ ============ ============ Earnings, as defined by the Securities and Exchange Commission: Consolidated Net Earnings from Continuing Operations $ 30,748 $ 62,216 $150,433 $100,946 $ 79,614 $ 95,119 Income Taxes 18,085 32,870 81,063 74,345 42,308 56,291 Add Fixed Charges as Above 44,527 84,174 87,233 85,328 87,201 127,508 ------------ ------------ ------------ ------------ ------------ ------------ Earnings Available for Fixed Charges $ 93,360 $179,260 $318,729 $260,619 $209,123 $278,918 ============ ============ ============ ============ ============ ============ Ratio for Earnings to Fixed Charges 2.097 2.130 3.654 3.054 2.398 2.187 ============ ============ ============ ============ ============ ============