EXHIBIT 31.2

                                  Certification


I, John R. Loyack, certify that:

1.      I have reviewed this annual report on Form 10-K of each of PNM
        Resources, Inc. and Public Service Company of New Mexico;

2.      Based on my knowledge, this report does not contain any untrue
        statement of a material fact or omit to state a material fact
        necessary to make the statements made, in light of the
        circumstances under which such statements were made, not
        misleading with respect to the period covered by this report;

3.      Based on my knowledge, the financial statements, and other
        financial information included in this report, fairly present in
        all material respects the financial condition, results of
        operations and cash flows of each registrant as of, and for, the
        periods presented in this report;

4.      Each registrant's other certifying officer and I are responsible
        for establishing and maintaining disclosure controls and
        procedures (as defined in Exchange Act Rules 13a-15(e) and
        15d-15(e)) for such registrant and we have:

         a)       Designed such disclosure controls and procedures, or caused
                  such disclosure controls and procedures to be designed under
                  our supervision, to ensure that material information relating
                  to such registrant, including its consolidated subsidiaries,
                  is made known to us by others within those entities,
                  particularly during the period in which this report is being
                  prepared;

         b)       Evaluated the effectiveness of such registrant's disclosure
                  controls and procedures and presented in this report our
                  conclusions about the effectiveness of the disclosure controls
                  and procedures, as of the end of the period covered by this
                  report based on such evaluation; and

         c)       Disclosed in this report any change in the registrant's
                  internal control over financial reporting that occurred during
                  each registrant's most recent fiscal quarter (each
                  registrant's fourth fiscal quarter in the case of an annual
                  report) that has materially affected, or is reasonably likely
                  to materially affect, the registrant's internal control over
                  financial reporting; and

5.      Each registrant's other certifying officer and I have disclosed,
        based on our most recent evaluation of internal control over
        financial reporting, to such registrant's auditors and the audit
        committee of such registrant's board of directors (or persons
        performing the equivalent functions):


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         a)       All significant deficiencies and material weaknesses in the
                  design or operation of internal controls over financial
                  reporting which are reasonably likely to adversely affect such
                  registrant's ability to record, process, summarize and report
                  financial information; and

         b)       Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in such
                  registrant's internal control over financial reporting.




March 10, 2004





/s/ John R. Loyack
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John R. Loyack,
Senior Vice President and
Chief Financial Officer