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Execution Version
 Exhibit 2.1
 CONTRIBUTION AGREEMENT
 ENERGYCO, LLC
 June 1, 2007




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Table of Contents
 PageARTICLE 1 DEFINITIONS
    
    
    1Section 1.1 Defined Terms
    
    
    1Section 1.2 Other Defined Terms
    
    
    9ARTICLE 2 CAPITAL CONTRIBUTIONS
    
    
    9Section 2.1 Contribution of Altura by PNMR
    
    
    9Section 2.2 ECJV Cash Contribution
    
    
    9Section 2.3 Working Capital Adjustments
    
    
    10Section 2.4 Distributions to PNMR
    
    
    11ARTICLE 3 ISSUANCE OF UNITS
    
    
    11Section 3.1 Issuance of Units to PNMR
    
    
    11Section 3.2 Issuance of Units to ECJV
    
    
    11ARTICLE 4 REPRESENTATIONS AND WARRANTIES
    
    
    11Section 4.1 Representations and Warranties of PNMR
    
    
    11Section 4.2 Representations and Warranties of ECJV
    
    
    20Section 4.3 No Other Representations
    
    
    21ARTICLE 5 CONDITIONS PRECEDENT
    
    
    22Section 5.1 Conditions to ECJVs Obligation to Make ECJV Cash Contribution
    
    
    22Section 5.2 Conditions to ECJV Issuance
    
    
    23Section 5.3 Conditions to PNMR Contribution
    
    
    23Section 5.4 Conditions to PNMR Issuance
    
    
    24ARTICLE 6 COVENANTS AND ADDITIONAL AGREEMENTS
    
    
    25Section 6.1 Payment of Taxes
    
    
    25Section 6.2 Periodic Taxes and Expenses
    
    
    25Section 6.3 Further Assurances
    
    
    26Section 6.4 Closing
    
    
    26Section 6.5 Allocations Under Code Section 704(c)
    
    
    26ARTICLE 7 DELIVERY OF DOCUMENTS
    
    
    26Section 7.1 Delivery of Documents by PNMR
    
    
    26Section 7.2 Delivery of Documents by ECJV
    
    
    27ARTICLE 8 INDEMNIFICATION
    
    
    27Section 8.1 Nature and Survival of Representations and Warranties; Indemnification
    
    
    27Section 8.2 Indemnification by PNMR
    
    
    27Section 8.3 Indemnification by ECJV
    
    
    27Section 8.4 Indemnification Procedures
    
    
    27Section 8.5 Exclusive Remedy; Limitations
    
    
    29
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Table of Contents
 PageARTICLE 9 MISCELLANEOUS PROVISIONS
    
    
    30Section 9.1 Governing Law
    
    
    30Section 9.2 Notices
    
    
    30Section 9.3 Amendment and Waiver
    
    
    31Section 9.4 Construction
    
    
    31Section 9.5 Headings
    
    
    31Section 9.6 Definition of Knowledge
    
    
    31Section 9.7 Invalidity
    
    
    32Section 9.8 Costs and Expenses
    
    
    32Section 9.9 Multiple Counterparts, Electronic Transmission
    
    
    32Section 9.10 Consent to Jurisdiction; Service of Process
    
    
    32Section 9.11 Parties in Interest
    
    
    32Section 9.12 Entire Agreement
    
    
    32Section 9.13 Public Announcements
    
    
    33
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CONTRIBUTION AGREEMENT
 THIS CONTRIBUTION AGREEMENT Agreement st Company PNMR ECJV
 W I T N E S S E T H
 WHEREAS,
 WHEREAS
 WHEREAS
 WHEREAS
 WHEREAS
 WHEREAS
 NOW, THEREFORE, FOR AND IN CONSIDERATION
 ARTICLE 1  DEFINITIONS
 Defined Terms




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Accountant
 Agreement
 Altura
 Altura GP
 Altura GP Operating Agreement
 Altura LP
 Altura LP Agreement
 Altura Operating Agreement
 Balance Sheet Date
 Bank
 Benefit Plans
 Books and Records
 Business Day
 Capital Expenditure
 Cascade
 Casualty
 CERCLA
 Claim
 Claim Notice
  2




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Closing
 Closing Date
 Closing Net Working Capital Adjustment
 Code
 Company
 Consent
 Contract
 Credit Facility
 Credit Facility Guaranty
 Direct Claim
 ECJV
 ECJV Cash Contribution
 ECJV Issuance
 Effective Date
 Environmental Laws
  3




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ERCOT
 ERISA
 Facility
 Facility Employees
 Final Closing Working Capital
 Financial Statements
 Fuel Agreement Schedule 4.1(j)(i)
 Fuel Agreement Guaranty Schedule 4.1(j)(i)
 GAAP
 Governmental Body
 Hazardous Materials
 HSR Act
 Indemnified Party
 Indemnifying Party
 Initial Closing Working Capital
 Initial Closing Working Capital Statement
 J. Aron Guaranty Schedule 4.1(j)(i)
 J. Aron PPA Schedule 4.1(j)(i)
  4




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Knowledge
 Law
 Liability
 Lien
 Losses
 Material Adverse Effect
 Material Contracts
 Net Working Capital
  5




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Notices
 Operating Agreement
 Order
 Owned Property
 Pension Plans
 Periodic Taxes and Expenses
 Permits
 Permitted Liens Schedule 4.1 (m) Schedule 4.1 (m) Schedule
4.1(m Schedule 4.1 (m)
 Person
  6




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PNMR
 PNMR Contribution
 PNMR Issuance
 Postal Service
 PPA Schedule 4.1(j)(i)
 PPA Guaranty Schedule 4.1(j)(i)
 Pre-Closing Tax Period
 Proceeding
 Proposed Expansion
 Proration Periods
 Prudent Utility Practices
 PSA
 PSA Closing
 PSA Guaranty
 Real Property Interests
 Reimbursement Agreement
  7




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Release
 Remediation
 Resolution Period
 Securities Act
 Services Agreement
 Site
 Subsidiary
 Subsidiary Governing Documents
  8




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Target Initial Working Capital Schedule 2.3(a)(iv)
 Tax Period
 Tax Return
 Taxes
 Third Party Claim
 Title Policies
 Transferring Parties
 Valuation Firm
 Other Defined Terms
 ARTICLE 2  CAPITAL CONTRIBUTIONS
 Contribution of Altura by PNMR
 PNMR Contribution
 ECJV Cash Contribution ECJV Cash Contribution
  9




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Working Capital Adjustments
 Closing Date Adjustment
 Initial Closing Working Capital Statement Initial Closing Working
Capital
 th Resolution Period
 Accountant Final
Closing Working Capital
  10




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Closing Net
Working Capital Adjustment
 Distributions to PNMR
 ARTICLE 3  ISSUANCE OF UNITS
 Issuance of Units to PNMR
 Issuance of Units to ECJV . ECJV Issuance
 ARTICLE 4  REPRESENTATIONS AND WARRANTIES
 Representations and Warranties of PNMR
 Organization and Good Standing
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Authority; Valid Transfer
 Binding Effect
 No Default Schedule 4.1(d) Schedule 4.1(d)
 Litigation
 Schedule 4.1(e)(i)
 Schedule 4.1(e)(ii)
  12




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Compliance with Laws Schedule 4.1(f)(i) Schedule 4.1(f)(ii)
 Taxes
 Schedule 4.1(g)
     13




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Business of Altura
 Schedule 4.1(h)
 Subsidiaries
 Material Contracts Schedule 4.1(j)(i) Material
Contracts
  14




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Schedule 4.1(j)(i) Schedule 4.1(j)(ii)
 Employee Benefit Plans
 Schedule 4.1(k)(i) ERISA Pension Plans Benefit Plans
  Schedule 4.1(k)(i)
  15




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16




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Financial Statements Balance Sheet Date Schedule 4.1(l) Financial Statements
 Liabilities; Title to Assets
 Liabilities
 Title to Assets
 No Material Adverse Effect
 Prudent Utility Practices
 Investment Representations.
   17




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Books and Records Books and Records
 Insurance
  18




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Environmental Matters
  Schedule 4.1(s)
  Owned Property
   Disclosure Furnished Information
  19




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Representations and Warranties of ECJV
 Organization and Good Standing
 Authority
 Binding Effect
 No Default Schedule 4.2(d) Schedule 4.2(d)
 Litigation Schedule 4.2(e
  20




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Investment Representations.
      No Other Representations
  21




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ARTICLE 5  CONDITIONS PRECEDENT
 Conditions to ECJVs Obligation to Make ECJV Cash Contribution
 Representations and Warranties
 Performance of Agreements
 HSR Act
 No Injunction
 PNMR Contribution
 EWG Status
 Reimbursement Agreement
 Credit Facility
 Consents and Approvals Schedule 4.1(d)
 Employee Benefit Plans
  22




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Conditions to ECJV Issuance
 Representations and Warranties
 Performance of Agreements
 Consents and Approvals Schedule 4.1(d)
 HSR Act
 No Injunction
 Contribution of ECJV Cash Contribution
 Credit Facility
 Conditions to PNMR Contribution
 Representations and Warranties
 Performance of Agreements
  23




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Consents and Approvals Schedule 4.1(d)
 No Injunction
 HSR Act
 Employee Benefit Plans
 Credit Facility
 Replacement of Guarantees Schedule 5.3 (h)
 Contribution of ECJV Cash Contribution
 Conditions to PNMR Issuance
 Representations and Warranties
  24




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Performance of Agreements
 Consents and Approvals Schedule 4.1(d)
 No Injunction
 HSR Act
 Employee Benefit Plans
 Contribution of Altura
 ARTICLE 6  COVENANTS AND ADDITIONAL AGREEMENTS
 Payment of Taxes
  Periodic Taxes and Expenses Periodic Taxes and Expenses
  25




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Proration Periods
 Further Assurances
 Closing
 Allocations Under Code Section 704(c)
 ARTICLE 7  DELIVERY OF DOCUMENTS
 Delivery of Documents by PNMR
  Schedule 7.1(b)
   26




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Delivery of Documents by ECJV
 ARTICLE 8  INDEMNIFICATION
 Nature and Survival of Representations and Warranties; Indemnification
 Indemnification by PNMR Losses
 Indemnification by ECJV
 Indemnification Procedures
  27




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Indemnified Party Indemnifying Party
 Proceeding Third Party Claim Direct Claim Claims Claim Notice
   28




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Exclusive Remedy; Limitations
   provided however
  29




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ARTICLE 9  MISCELLANEOUS PROVISIONS
 Governing Law
 Notices Notices rd Postal Service
 If to PNMR:
    
    PNM Resources, Inc.
Alvarado Square
MS 2822
Albuquerque, NM 87158
Attention: Patrick Ortiz, General Counsel
Facsimile: (505) 241-2368With a copy to:
    
    Troutman Sanders LLP
600 Peachtree Street NE
Suite 5200
Atlanta, Georgia 30308-2216
Attention: Terry C. Bridges, Esq.
Facsimile: 404-962-6731If to ECJV
    
    at the address or fax number provided in writing by ECJV to PNMRWith a copy to:
    
    Thelen Reid Brown Raysman & Steiner LLP
875 Third Avenue
New York, New York 10022
Attention: John T. Hood
Facsimile: (212) 603-2001If to the Company:
    
    P.O. Box 1598
Ft. Worth, Texas 76101
Attention: Manager or Members
Facsimile: (817) 762-7333
  30




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Amendment and Waiver
 Construction
 Headings
  31




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Definition of Knowledge Schedule 9.6
 Invalidity
 Costs and Expenses
 Multiple Counterparts, Electronic Transmission
 Consent to Jurisdiction; Service of Process
 Parties in Interest
 Entire Agreement
  32




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Public Announcements
   33




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IN WITNESS WHEREOF
 PNMR PNM RESOURCES, INC.By:
    /s/ Jeffry E. SterbaName:
    Jeffry E. SterbaTitle:
    Chairman, President and Chief Executive Officer ECJV ECJV HOLDINGS, LLCBy:
    /s/ Michael LarsonName:
    Michael LarsonTitle:
    Manager The Company ENERGYCO, LLCBy:
    /s/ Cindy E. McGillName:
    Cindy E. McGillTitle:
    Authorized Signatory By:
    /s/ Robert ThomasName:
    Robert ThomasTitle:
    Authorized Signatory  34




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LIST OF SCHEDULES
 1.
    
    
    Schedule 2.3(a)(iv)
    
    Net Working Capital2.
    
    
    Schedule 4.1(d)
    
    Regulatory Approvals3.
    
    
    Schedule 4.1(e)(i)
    
    Litigation Affecting PNMR4.
    
    
    Schedule 4.1 (e)(ii)
    
    Litigation Affecting Altura or its Subsidiaries5.
    
    
    Schedule 4.1(f)(i)
    
    Compliance with Laws6.
    
    
    Schedule 4.1(f)(ii)
    
    Material Permits7.
    
    
    Schedule 4.1(g)
    
    Taxes8.
    
    
    Schedule 4.1(h)
    
    Material Assets9.
    
    
    Schedule 4.1(j)(i)
    
    Material Contracts10.
    
    
    Schedule 4.1(j)(ii)
    
    Consents11.
    
    
    Schedule 4.1(k)(i)
    
    Benefit Plans12.
    
    
    Schedule 4.1(l)
    
    Financial Statements13.
    
    
    Schedule 4.1(m)
    
    Existing Liens14.
    
    
    Schedule 4.1(s)
    
    Environmental Matters15.
    
    
    Schedule 4.2(d)
    
    Regulatory Approvals16.
    
    
    Schedule 4.2(e)
    
    Litigation17.
    
    
    Schedule 5.3(h)
    
    Contribution and Indemnity Agreement18.
    
    
    Schedule 7.1(b)
    
    Transfer and Assignment of Membership Interest19.
    
    
    Schedule 9.6
    
    Persons with Knowledge of Certain Matters
   35