**UNITED STATES SECURITIES AND	EXCHANGE COMMISSION	WASHINGTON, D.C. 20549**

**______________________**

**      	FORM 10-K**

**ANNUAL REPORT PURSUANT TO SECTION	13 OR 15(d)	    OF THE SECURITIES EXCHANGE ACT OF 1934**

** **

For the Fiscal Year Ended December 31,	2004** **
|   | **CommissionFile Number**
**Registrants, State of Incorporation,Address and Telephone Number**
**I.R.S. EmployerIdentification No.** 
      			333-32170
PNM Resources, Inc.			(A New Mexico Corporation)			Alvarado Square			Albuquerque, New Mexico  87158			(505) 241-2700
85-0468296
** **  
      			1-6986
Public Service Company of New			Mexico			(A New Mexico Corporation)			Alvarado Square			Albuquerque, New Mexico  87158			(505) 241-2700
85-0019030
** Securities Registered Pursuant To	Section 12(b) Of The Act: **

**Name of Each Exchange**
**Registrant**
**Title of Each Class**
**on Which Registered**
			PNM Resources, Inc.
			Common Stock, No Par Value
New York Stock Exchange
** Securities Registered Pursuant To	Section 12(g) Of The Act: **
 
**Registrant**
**Title of Each Class** 
Public Service Company of New			Mexico
1965 Series, 4.58% Cumulative			Preferred Stock 
($100 stated value without			sinking fund)
Indicate by check mark whether each	registrant (1) has filed all reports required to be filed by Section 13 or	15(d) of the Securities Exchange Act of 1934 during the preceding 12 months	(or for such shorter period that the registrant was required to file such	reports) and (2) has been subject to such filing requirements for the past	90 days.  YES   X    NO      	

**   	 **Indicate by check mark if disclosure of delinquent filers pursuant to	Item 405 of Regulation S-K is not contained herein, and will not be	contained, to the best of registrants' knowledge, in definitive proxy or	information statements incorporated by reference in Part III of this Form	10-K or any amendment to this Form 10-K.  X** **

Indicate by check mark whether PNM	Resources, Inc. is an accelerated filer (as defined in Rule 12b-2 of the	Act).  YES   X    NO      	

**   **The total number of shares of Common Stock of PNM Resources, Inc.	outstanding as of February 25, 2005 was 60,464,595.

**   **On June 30, 2004 the aggregate market value of the voting stock held by	non‐affiliates of PNM Resources, Inc. as computed by reference to the New	York Stock Exchange composite transaction closing price of $20.77 per share	reported by The Wall Street Journal, was $1,254,961,970.

Indicate by check mark whether Public	Service Company of New Mexico ("PNM") is an accelerated filer (as defined in	Rule 12b-2 of the Act).  YES          	NO   X  

**   **The total number of shares of Common Stock of PNM held by non-affiliates	as of February 25, 2005 was zero.

**DOCUMENTS INCORPORATED BY REFERENCE**

Portions of the following document are	incorporated by reference into the indicated part of this report:

Proxy Statement to be filed by PNM	Resources, Inc. with the SEC pursuant to Regulation 14A relating to the	annual meeting of stockholders of PNM Resources, Inc. to be held on May 17,	2005 - PART III.

This combined Form 10-K represents	separate filings by PNM Resources, Inc. and PNM.  Information combined	herein relating to an individual registrant is filed by that registrant on	its own behalf.  PNM makes no representations as to the information	relating to PNM Resources, Inc. and its subsidiaries other than PNM. 	When this combined Form 10-K is incorporated by reference into any filing	with the SEC made by PNM, the portions of this Form 10-K that relate to PNM	Resources, Inc. and its subsidiaries other than PNM are not incorporated by	reference therein.  

ii

**TABLE OF CONTENTS**

** **
**Page**
GLOSSARY.
v 
**PART I**
ITEM  1. BUSINESS
1
THE COMPANY
1
COMPANY WEBSITE
2
UTILITY OPERATIONS
2
Electric
2
Gas
3
Transmission
4
WHOLESALE OPERATIONS
4
Power Sales
5
CORPORATE AND OTHER.
6
Sources of Power
6
Market Reach
8
Fuel and Water Supply
8
RATES AND REGULATION
9
Electric Rates and				Regulation
9
Regional Transmission				Organization
9
FERC Rule Making
10
Global Electric Agreement				
12
Renewable Resources Rule				Making
12
ENVIRONMENTAL MATTERS
13
COMPETITION
13
EMPLOYEES
14
ITEM  2. PROPERTIES
14
ELECTRIC
14
Fossil‐Fueled Plants
15
Nuclear Plant
16
TRANSMISSION AND				DISTRIBUTION
17
GAS
17
OTHER INFORMATION
17
ITEM  3. LEGAL PROCEEDINGS
 
PVNGS Water Supply				Litigation
17
San Juan River				Adjudication
17
Navajo Nation				Environmental Issues
17
Legal Proceedings				Discussed in Western United States Wholesale
17
   Power Market
17
Wholesale Power Marketing				Antitrust Suit
17
Citizen Suit Under the				Clean Air Act
17
Excess Emissions Reports
17
Santa Fe Generating				Station
17
Natural Gas Royalties Qui				Tam Litigation 
17
iii

Asbestos Case
17
SESCO Matter
17
Tax Refund Litigation
17
ITEM  4. SUBMISSION OF				MATTERS TO A VOTE OF SECURITY HOLDERS
18
**PART II**
ITEM  5.  				MARKET FOR THE COMPANY'S COMMON EQUITY, RELATED
  				STOCKHOLDER MATTERS AND ISSUER PURCHASES OF
   EQUITY				SECURITIES
20
ITEM  6.  				SELECTED FINANCIAL DATA
22
ITEM  7.  				MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL    CONDITION AND RESULTS OF OPERATION
26
ITEM  7A. QUANTITATIVE AND				QUALITATIVE DISCLOSURE ABOUT                     				MARKET RISK
89
ITEM  8.   				FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
F-1
ITEM  9.  				CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON				ACCOUNTING AND FINANCIAL DISCLOSURE
E-1
ITEM 9A. CONTROLS AND				PROCEDURES
E-1
ITEM 9B.  OTHER				INFORMATION
E-1
**PART III **
ITEM 10.  				DIRECTORS AND EXECUTIVE OFFICERS OF THE COMPANY
E-1
ITEM 11.  				EXECUTIVE COMPENSATION
E-2
ITEM 12.  SECURITY				OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND                  				 MANAGEMENTAND RELATED STOCKHOLDER MATTERS
E-2
ITEM 13.  				CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
E-2
ITEM 14.  				PRINCIPAL ACCOUNTANT FEES AND SERVICES
E-2
**PART IV**
ITEM 15.  				EXHIBITS, FINANCIAL STATEMENT SCHEDULES
E-3
SIGNATURES
E-28
iv

**GLOSSARY**

				Afton..................................... Afton Generating Station
				AFUDC................................. 
Allowance For Funds Used				During Construction
				Albuquerque......................... City				of Albuquerque, New Mexico
				ALJ........................................ 				Administrative Law Judge
				Anaheim............................... City				of Anaheim, California
				APS....................................... 				Arizona Public Service Company
				ARO...................................... 				Asset Retirement Obligation
AR				Securitization................. 				Accounts Receivable Securitization
				BNCC.................................... BHP				Navajo Coal Company
				Board..................................... 				Board of Directors
				BTU....................................... 				British Thermal Unit
Cal				ISO.................................. 				California System Operator
Cal				PX................................... 				California Power Exchange
				Cascade................................. 				Cascade Investment, LLC
Clean Air				Act....................... The				Clean Air Act Amendments of 1990
				Congress............................... 				United States Congress
				Decatherm............................ 				1,000,000 BTUs
				Delta...................................... 				Delta-Person Limited Partnership, a New Mexico  				limited partnership
				DOE...................................... 				United States Department of Energy
				DOJ....................................... 				United States Department of Justice
				DOL...................................... 				United States Department of Labor
				DRP....................................... 				Director Retainer Plan
				EIP......................................... 				Eastern Interconnection Project
				EPE........................................ El				Paso Electric Company
				EPA....................................... United States				Environmental Protection Agency
				ERCOT.................................. 				Electric Reliability Council of Texas
				ERISA.................................... 				Employee Retirement Income Security Act				FASB..................................... 				Financial Accounting Standards Board
				Farmington........................... City				of Farmington, New Mexico
				FERC..................................... 				Federal Energy Regulatory Commission
Four				Corners......................... Four				Corners Power Plant
				FPL........................................ FPL				Energy New Mexico Wind, LLC
				GAAP.................................... 				Generally Accepted Accounting Principles in the United  				States of America
Gathering				Company............ 
Sunterra Gas				Gathering Company, a wholly‐owned 
  				subsidiary of PNM Resources, Inc.
				GCT....................................... 
Grand Canyon Trust
Great				Southwestern............. 
Great Southwestern				Construction, Inc.
Holding				Company................ 
PNM Resources, Inc.
				IRS......................................... 
United States Internal				Revenue Service
				ISO........................................ 				Independent System Operator				KW........................................ 				Kilowatt
				KWh...................................... 				Kilowatt Hour
				LIBOR................................... 				London Interbank Offered Rate
				Lordsburg............................. 				Lordsburg Generating Station
v

Los				Alamos........................... The				County of Los Alamos, New Mexico
				Luna...................................... Luna				Energy Facility
Merchant				Plant..................... 				Wholesale power plant that sells energy on the open market
				Moody's................................. 				Moody's Investor Services, Inc.
				MW....................................... 				Megawatt
				MWh..................................... 				Megawatt Hour
Navajo				Acts.......................... 
Navajo Nation Air				Pollution Prevention and Control Act, the Navajo 
   Nation Safe				Drinking Water Act, and the Navajo Nation Pesticide Act
Ninth				Circuit........................ 				United States Court of Appeals for the Ninth Circuit
				NMED................................... New				Mexico Environment Department
				NMPRC................................. 
New Mexico Public				Regulation Commission, successor to the 
   NMPUC
				NMPUC................................ New				Mexico Public Utility Commission
				NNHPD................................ 				Navajo Nation Historic Preservation Department
				NOPR.................................... 				Notice of Proposed Rulemaking
				NRC...................................... 				United States Nuclear Regulatory Commission
				NSPS..................................... New				Source Performance Standards
				NSR....................................... New				Source Review
Nuclear Waste				Act............... 				Nuclear Waste Policy Act of 1982, as amended in 1987
				OPEB..................................... 				Postemployment Benefits Other than Pension Plans
				O&M..................................... 				Operations and Maintenance Expense
				PCBs...................................... 				Pollution Control Bonds
				PEP........................................ 				Omnibus Performance Equity Plan
				PGAC.................................... 				PNM's Purchased Gas Adjustment Clause
				PG&E.................................... 				Pacific Gas and Electric Co.
				PNM...................................... 				Public Service Company of New Mexico
				PPA....................................... 
Power Purchase Agreement
				PSD....................................... 
Prevention of Significant				Deterioration
				PSP........................................ 
Performance Stock Plan
Processing				Company............ 
Sunterra Gas				Processing Company, a wholly‐owned 
  				subsidiary of PNM Resources, Inc.
				PUCT.................................... 
Public Utility Commission				of Texas
				PUHCA................................. 
The Public Utility Holding				Company Act of 1935
				PVNGS.................................. Palo				Verde Nuclear Generating Station
				RCRA.................................... 				Resource Conservation and Recovery Act
				REA....................................... 				Renewable Energy Act
				RMRR.................................... Routine Maintenance,				Repair or Replacement
				RTO....................................... 				Regional Transmission Organization
Reeves				Station....................... 				Reeves Generating Station
Restructuring				Act................. 
New Mexico Electric				Utility Industry Restructuring Act of  1999, as amended
				RMC...................................... Risk				Management Committee
Salt River				Project.................. 
Salt River Project				Agricultural Improvement and Power District
				SCE........................................ 				Southern California Edison Company
				SCPPA.................................. 				Southern California Public Power Authority
				SDG&E.................................. San				Diego Gas and Electric Company
vi
				SEC........................................ 				United States Securities and Exchange Commission				SESCO................................... San				Angelo Electric Service Company				SFAS...................................... 
Statement of Financial				Accounting Standards
				SJCC...................................... San				Juan Coal Company
				SJGS....................................... San				Juan Generating Station
				SMA...................................... 				Supply Margin Assessment
				SPS........................................ 				Southwestern Public Service Company
				SUNs..................................... 				Senior Unsecured Notes
				S&P....................................... 				Standard and Poor's Ratings Services
				TCEQ.................................... 				Texas Commission on Environmental Quality
				TNMP.................................... 				Texas‐New Mexico Power Company
				TNP....................................... TNP				Enterprises, Inc.
				Therm.................................... 				Natural gas component of gas revenues
				Throughput.......................... 
Volumes of gas delivered,				whether or not owned by the Company
				Tri-State................................ 				Tri-State Generation and Transmission Association, Inc.
				Tucson................................... 				Tucson Electric Power Company
				UAMPS................................. Utah				Associated Municipal Power Systems				USBR..................................... 				United States Bureau of Reclamation
				USEC..................................... 				United States Enrichment Corporation
				USFS...................................... 				United States Forest Service
				VAR...................................... 				Value at Risk
				WestConnect........................ 
WestConnect RTO, LLC
				WSPP.................................... 
Western Systems Power Pool
vii

**PART I**

**ITEM 1.  BUSINESS**

**THE COMPANY**

PNMResources, Inc., the Holding Company, was incorporated in the State of NewMexico on March 3, 2000.  The Holding Company's principal subsidiary, PNM,was incorporated in the State of New Mexico on May 9, 1917.  Upon thecompletion on December 31, 2001 of a one-for-one share exchange between PNM andthe Holding Company, the Holding Company became the parent company of PNM. Prior to the share exchange, the Holding Company had existed as a subsidiary ofPNM.  The new parent company began trading on the New York Stock Exchangeunder the same PNM symbol beginning on December 31, 2001.

This filingfor PNM Resources, Inc. and Subsidiaries and PNM is presented on a combinedbasis.  The Holding Company and PNM and Subsidiaries have their principaloffices at Alvarado Square, Albuquerque , New Mexico 87158 (telephone number505‐241‐2700).  The Holding Company is an investor-owned holding company ofenergy and energy-related companies.  PNM is a public utility primarilyengaged in the generation, transmission, distribution, sale and marketing ofelectricity, and in the transmission, distribution and sale of natural gaswithin the State of New Mexico.  Currently, the business of PNM constitutessubstantially all of the business of the Holding Company and its subsidiaries. Therefore, the historical financial results and results of operations of PNM arevirtually identical to the consolidated results of the Holding Company and allits subsidiaries.  For ease of discussion, this report may use the term"Company" when referring to PNM or when discussing matters of commonapplicability to the Holding Company and PNM.  

EffectiveDecember 30, 2004, the Holding Company became a registered holding company underPUHCA.  The Holding Company also created a subsidiary called PNMR ServicesCompany, which began operating on January 1, 2005, subject to final approval bythe SEC.  A registered holding company typically provides shared servicesto itself and its subsidiaries through a services company.  The HoldingCompany's status as a registered holding company will not change the utilityoperations of the Company.

As itcurrently operates, the Company's principal business segments, whose operatingresults are regularly reviewed by the Company's management, are UtilityOperations and Wholesale Operations ("Wholesale").  Utility Operationsinclude Electric Services ("Electric"), Gas Services ("Gas") and TransmissionServices ("Transmission").  The Company allocates its business and resultsbetween the Electric and Wholesale segments for financial reporting purposesbased on the asset allocations mandated in the Global Electric Agreement (seeNote 14 - "Commitments and Contingencies - Global Electric Agreement" in theNotes to Consolidated Financial Statements).  Electric consists of thegeneration and distribution of electricity for retail electric customers in NewMexico.  Gas consists of the transportation and distribution of natural gasto end-users.  Transmission consists of the transmission of electricity forthird parties as well as for Electric and Wholesale.  Wholesale consists ofthe generation and sale of electricity into the wholesale market based on threeproduct lines: long-term contracts, forward sales and short-term sales. The Company has sources of power from property it owns or leases and powerpurchased by the Company through various long-term PPAs.  For the yearended December 31, 2004, the Company had a 2,529 MW generation capacity fromthese sources.  The plants owned by the Company are available through jointdispatch to support service to the retail customers of PNM.  

1

Financialinformation relating to amounts of sales, revenue, net income and total assetsof the Company's reportable segments is contained in "Part II, Item 7. -Management's Discussion and Analysis of Financial Condition and Results ofOperations" and Note 2  - "Segment Information" in the Notes toConsolidated Financial Statements.

On July 25,2004, the Company announced the proposed $1.024 billion acquisition of TNP,including its principal subsidiaries, TNMP and First Choice Power.  TheCompany expects the proposed TNP acquisition to be accretive to its earnings andfree cash flow in the first full year after closing, which is expected in thesecond quarter of 2005.  (See "Acquisitions - Proposed TNP Acquisition" in"Item 7. Managements Discussion and Analysis of Financial Condition and Resultsof Operations" and Note 20 - "Proposed TNP Acquisition" in the Notes toConsolidated Financial Statements.)

**COMPANY WEBSITE**

The Company'sinternet address is http://www.pnm.com.  The contents of this websiteaddress are not a part of this Form 10-K.  The Company's filings with theSEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q,current reports on Form 8-K and amendments to those reports, filed or furnishedpursuant to Section 13(a) or 15(d) of the Securities and Exchange Act of 1934,are accessible free of charge at http://www.pnm.com as soon as reasonablypracticable after the Company electronically files such material with, orfurnishes it to, the SEC, and, upon request, are available in print from theCompany free of charge.  Additionally, the Company's Corporate GovernancePrinciples, code of ethics (*Do the Right Thing-Principles of Business Conduct*)and charters of the Company's Audit and Ethics Committee, Governance and PublicPolicy Committee, Human Resources and Compensation Committee and FinanceCommittee are available on the Company's website athttp://www.pnm.com/governance and such information is available in print,without charge, to any shareholder who requests it.

**UTILITY OPERATIONS**

**Electric**

The Companyprovides jurisdictional retail electric service to a large area of north centralNew Mexico, including the Cities of Albuquerque and Santa Fe, and certain otherareas of New Mexico. The largest retail electric customer served by the Companyaccounted for approximately 8.6% of the Company's total retail electric revenuesfor the year ended December 31, 2004.

2

Weather-normalized retail electric load growth was 3.3% in 2004.  TheCompany's system peak demands for its retail customers and firm requirementscustomers in the summer and the winter for the last three years are shown in thefollowing table:

**SYSTEM PEAK DEMANDS**

**(Megawatts)**

** **
**2004**
** **
**2003**
** **
**2002**** **
** **
** **
** **
** **
** **
Summer1,6551,6611,478
Winter1,4811,4341,309
Electricholds long-term, non-exclusive franchise agreements for its electric retailoperations, with varying expiration dates.  These franchise agreementsallow the Company to access public rights-of-way for placement of the Company'selectric facilities.  Franchise agreements have expired in Albuquerque,Santa Fe, Bernalillo County, Sandoval County, San Miguel County, Village ofBosque Farms, Pueblo de Cochiti, Village of Tijeras, McKinley County and theCity of Las Vegas.  The Company remains obligated under New Mexico statelaw to provide service to customers in these franchise areas despite the absenceof an effective franchise agreement.  The Albuquerque metropolitan areaaccounted for approximately 53% of the Company's 2004 total electric utilityoperating revenues, and no other franchise area represents more thanapproximately 9%.  The Company continues to collect and pay franchise feesto Albuquerque and Santa Fe, Village of Bosque Farms, Village of Tijeras and theCity of Las Vegas. The Company currently does not pay franchise fees toBernalillo County, Luna County, Sandoval County, McKinley County, Pueblo deCochiti or San Miguel County.  

**Gas**

Gasdistributes natural gas to most of the major communities in New Mexico,including Albuquerque and Santa Fe.  The Albuquerque metropolitan areaaccounted for approximately 50% of the total gas revenues in 2004.  Nosingle sales-service customer accounted for more than 0.8% of the Company'stherm sales in 2004.  Gas holds long-term non-exclusive franchises withvarying expiration dates in all incorporated communities requiring franchiseagreements except for municipalities of Aztec, Bosque Farms, Clayton, Eunice,Gallup, Grants, Hurley, Milan, Santa Clara, Santa Fe County, and Tatum. The Company remains obligated to serve these franchise areas pursuant to statelaw despite the absence of an effective franchise agreement.

TheCompany's customer base includes both sales-service customers andtransportation-service customers.  Sales-service customers purchase naturalgas and receive transportation and delivery services from the Company for whichthe Company receives both cost-of-gas and cost-of-service revenues. Cost-of-gas revenues collected from sales-service customers are recovered inaccordance with NMPRC regulations through the Company's PGAC and represent apass-through of the Company's cost of natural gas to the customer. Therefore, the Company's operating results are not affected by an increase ordecrease in natural gas prices.  An order was issued by the NMPRC in 2001that approved an agreement regarding PNM's hedging strategy and theimplementation of a price management fund program which includes a continuousmonthly balancing account with a carrying charge.  This carrying charge hasthe effect of keeping PNM whole on purchases of gas since it is compensated forthe time value of money that exists due to any delay in collecting. Additionally, the Company makes occasional gas sales to off-system salescustomers.  Off-system sales deliveries generally occur at pipelineinterconnects with the Company's system and profits are shared between theCompany and its customers on a 30%/70% basis.  

3

The Companyhad 23 transportation-service customers in 2004, which procure gas for their endusers independently of the Company's end users.  Transportation-servicecustomers are gas marketers and producers contracting with the Company fortransportation services to their end users and for other related services thatprovide the Company with cost-of-service revenues only.  Transportationservices are provided to transportation-service customers at locationsthroughout the Company's distribution systems, as well as points on and off theCompany's transmission pipelines.  The Company provided gas transportationdeliveries to 1,474 transportation end users during 2004.

In 2004, 48%of the Company's total gas throughput was related to transportation gasdeliveries.  The Company's transportation rates are unbundled, andtransportation customers only pay for the service they receive.  In 2004,revenues from transportation customers accounted for 4% of the Company's totalgas revenue.  Revenues from sales-service customers accounted for the remaining96%.  Of this percentage, 67% was related to the cost of gas on which theCompany makes no margin.  Because a major portion of the Company's load isrelated to heating, sales levels are affected by the weather.  In 2004, 63%of the Company's total gas sales occurred in the months of January, February,March and December.

The Companyobtains its supply of natural gas primarily from sources within New Mexico bycontracting with third party producers and marketers. These contracts aregenerally sufficient to meet the Company's peak-day demand.  The Companyserves certain cities, which depend on El Paso Natural Gas Company orTranswestern Pipeline Company, for transportation of gas supplies. Because thesecities are not directly connected to the Company's transmission facilities, gastransported by these companies is the sole supply source for those cities. Suchtransportation is regulated by the FERC.  As a result of FERC Order 636,the Company's options for transporting gas to these cities and other portions ofits distribution system have increased.

**Transmission**

The Companyowns or leases 2,856 circuit miles of electric transmission lines,interconnected with other utilities in New Mexico, east and south into Texas,west into Arizona, and north into Colorado and Utah.  Due to rapid loadgrowth in the Company's service territory in recent years and the lack oftransmission development, most of the capacity on this transmission system isfully committed and there is very little or no additional access available on afirm commitment basis.  These factors result in physical constraints on thesystem and limit the ability to wheel power into the Company's service area fromoutside of New Mexico.

**WHOLESALEOPERATIONS**

Wholesaleconsists of the generation and sale of electricity into the wholesale marketbased on three product lines, which are long-term contracts, forward sales andshort-term sales. Long-term contracts include sales to firm-requirements andother wholesale customers with multi-year arrangements.  At December 31,2004, these contracts ranged from 1 to 16 year terms with an average term of 7.1years.  Forward sales include sales in the forward market that range from 1month to 3 years that are supplied by third-party purchases.  Thesetransactions do not qualify as normal sales and purchases as defined in SFAS No.133, as amended, *"Accounting for Derivative Instruments and HedgingActivities,"* ("SFAS 133") and, as a result, are marked to market. Short-term sales generally include spot market, hour ahead, day ahead and weekahead contracts with terms of 30 days or less.  Also included are sales ofany excess generation not required to fulfill PNM's retail load and contractualcommitments.  Short-term sales also cover the revenue credit to retail customersas specified in the Global Electric Agreement (see Note 14 - "Commitments andContingencies - Global Electric Agreement" in the Notes to ConsolidatedFinancial Statements). 

4

The Wholesale strategy calls for increasednet asset-backed energy sales supported by long-term contracts in the wholesalemarket, where the Company's aggregate net open forward electric sales position,including short term sales, forward sales and long-term contracts, is covered byits forecasted excess generation capacity.  Management actively monitorsthe net asset-backed sales by the use of stringent risk management policies. The Company's future growth plans call for approximately 75% of its newgeneration portfolio to be committed through long-term contracts.  The 75%threshold is in compliance with the Global Electric Agreement.  Growth willbe dependent on market development and on the Company's ability to generatefunds for the Company's future expansion.  The Company continues to operatein the wholesale market and seek appropriately priced asset additions. Expansion of the Company's generating portfolio will depend on the Company'sability to acquire favorably priced assets at strategic locations and to securelong-term commitments for the purchase of power from the acquired plants.

**Power Sales**

In 2004, theCompany's revenues from the wholesale marketplace stabilized following thepreceding years when volatility was high.  During 2002, power pricesdeclined significantly due to lower natural gas prices, an average PacificNorthwest hydro generation year, an increase in new generation coming on-line,and a shift by various large California utilities to long-term contracts ratherthan spot market purchases.  In 2003, the trend experienced in 2002continued, except that power prices were generally higher due primarily tohigher natural gas prices and abnormally hot summer temperatures in theSouthwestern United States.  The Company has been successful in developingits wholesale power marketing activities in the Western United States, even intimes of market volatility.  Management believes this success is due to itsniche business strategy of providing electric power customized to meet thespecial needs of its customers.  This niche marketing strategy is based onthe Company's net asset-backed methodology, which can help to mitigate the risksinherent in the Company's wholesale power marketing activities.  TheCompany also utilizes long-term transactions to enhance its product offerings. 

CertainCompany generation resources are excluded from retail electric rates.  As aresult, the Company developed a wholesale power marketing strategy to sell thegeneration from its resources that are excluded from retail rates.  Thisstrategy also includes the forward purchase and sale of electricity to takeadvantage of market price opportunities in the electric wholesale market. During 2004, 2003 and 2002, the Company's sales in the wholesale electricmarkets accounted for approximately 62%, 62% and 56%, respectively, of its totalMWh sales.  Of the total wholesale electric sales made in 2004, 2003 and2002, 80%, 82% and 77%, respectively, were transacted through purchases forresale.  (See "Item 2. Properties".)

5

In 1990, theNMPRC established an off-system sales methodology that provided for a sharingmechanism whereby a certain amount of revenues from off-system sales werecredited to reduce retail cost of service.  Off-system sales above theamounts credited to retail customers accrue to the benefit of shareholders. Subsequent rate cases have continued to utilize this methodology.  

In 2003, theNMPRC approved the Global Electric Agreement that set a rate path through 2007. PNM agreed to decrease retail electric rates by 6.5% in two phases over threeyears.  The first phase of the rate reductions became effective inSeptember 2003.  The second phase will become effective September 1, 2005. (See Note 14 - "Commitments and Contingencies - Global Electric Agreement" inthe Notes to Consolidated Financial Statements.)

The Companyhas entered into various firm wholesale electric sales contracts.  Thesecontracts contain fixed capacity charges in addition to energy charges. Capacity charges are fixed monthly payments for a commitment of resources toservice the contract requirements.  Energy charges are payments based onthe amount of electricity delivered to the customer intended to compensate theCompany for its variable costs incurred to provide the energy.  TheCompany's firm-requirements demand was 239 MW in 2004, and is expected, basedsolely on existing contracts, to be 256 MW in 2005, 266 MW in 2006, 157 MW in2007 and 159 MW in 2008.  No firm-requirements wholesale customer accountedfor more than 6.6% of the Company's total electric sales for resale revenues forthe year ended December 31, 2004.

**CORPORATE ANDOTHER**

On December 30, 2004, the HoldingCompany became a registered holding company under PUHCA.  As a result ofthe requirement to register as a holding company, the Holding Company createdPNMR Services Company, a services company, which began operation on January 1,2005, subject to final approval of a services company application filed with theSEC in January 2005. 

The Holding Company performedsubstantially all of the corporate activities of PNM from 2001 to 2004. These activities were billed to PNM on a cost basis to the extent they were forthe corporate management of PNM and were allocated to the operating segments. The services functions previously performed by the Holding Company have beenassumed by PNMR Services Company effective January 1, 2005.

**Sources ofPower**

The Companyhas sources of power from property it owns or leases and power purchased by theCompany through various long-term PPAs.  For the year ended December 31,2004, the Company had a 2,417 MW generation capacity from these sources.

*Sources ofPower - Owned*

* *Asof December 31, 2004, the total net generation capacity of facilities owned bythe Company was 1,729 MW, which includes all of PVNGS, portions of which areleased.  (See "Item 2. Properties".)

6

The Companyis committed to increasing the utilization of its generation capacity at SJGS,Four Corners and PVNGS.  SJGS is operated by the Company.  SJGS'sequivalent availability and capacity factors were 89.8% and 86.3%,****respectively, for the twelve months ended December 31, 2004, as compared to82.1% and 77.8%, respectively, for 2003.  Capacity factors for Four Cornersand PVNGS were 81.8% and 83.5%, respectively, in 2004, as compared to 89.8% and87.3%, respectively, in 2003.  Four Corners and PVNGS are operated by APS. 

TheCompany's Lordsburg and Afton plants were built to serve wholesale customers andother sales rather than New Mexico retail customers and, therefore, are notcurrently included in the retail rates.  However, it is possible that theseplants may be needed in the future to serve the growing retail load.  Ifso, these plants would have to be certified by the NMPRC and would then besubject to inclusion in the Company's retail rates in a future rate case. These plants were built in furtherance of the Company's ongoing strategy ofincreasing generation capacity over time to serve increasing retail load, salesunder long-term contracts and other sales.  The plants owned by the Companyare available through joint dispatch to support service to the retail customersof PNM.  

In November2004, the Company purchased a one-third interest in a partially constructed,combined-cycle power plant near Deming, New Mexico, called Luna.  Thefacility is expected to be completed in summer 2006 and is designed to becapable of producing 570 MW (of which the Company will be entitled to 190 MW).

*Sources ofPower - Leased*

In 1996, the Company entered into anoperating lease agreement for the rights to all the output of the Deltagas-fired generating plant for 20 years.  The plant received FERC approvalfor "exempt wholesale generator" status.  The maximum dependable capacityunder the lease is 132 MW.  The gas turbine generating unit is operated byDelta and is located on the Company's retired Person Generating Station site inAlbuquerque.  Primary fuel for the gas turbine generating unit is naturalgas provided by wholesale gas purchases.  In addition, the unit has thecapability to utilize low sulfur fuel oil if natural gas is neither availablenor cost effective.  

As discussedabove, the Company leases portions of PVNGS. (See "Item 2. Properties" and Note5 - "Lease Commitments" in the Notes to Consolidated Financial Statements.)

* Sources ofPower - PPAs*

In additionto generating its own power, the Company purchases power in the open market. The Company's sales under its long-term PPAs, including the Delta lease and thecontract described below, were 688 MW in 2004 and are expected to be 649 MW in2005, 599 MW in 2006, 532 MW in 2007, and 532 MW in 2008.  This projectedcapacity assumes that contracts that end during the period are not renewed orextended.  The Company also purchases power in the forward, day-ahead andreal-time markets. 

In 2002, theCompany entered into an agreement with FPL to develop a 200 MW wind generationfacility in New Mexico.  The Company began receiving commercial power fromthe project in June 2003.  FPL owns and operates the New Mexico Wind EnergyCenter, which consists of 136 wind-powered turbines on a site in eastern NewMexico.  The Company has a contract to purchase all the power generated bythe New Mexico Wind Energy Center for 25 years.  In 2003, the Companyreceived approval from the NMPRC for a voluntary tariff that allows PNM retailcustomers to buy wind-generated electricity for a small monthly premium. Power from the New Mexico Wind Energy Center is used to service load under thevoluntary tariff and as part of the Company's electric supply mix for meetingretail load.  Any wind-generated electricity in excess of these amounts issold on the wholesale power market, either within New Mexico or outside thestate.

7

**Market Reach**

The Company owns firm transmission capacity to the Meadmarket hub in the amount of 225 MW, which serves various wholesale power marketsand loads in the greater Las Vegas, Nevada area, and serves as a deliverypoint for the California ISO.  In addition, the Company owns transmissioncapacity to serve major load centers in the Phoenix, Arizona area in the amountof 150 MW.

**Fuel andWater Supply**

Thepercentages of the Company's generation of electricity (on the basis of KWh)fueled by coal, nuclear fuel and gas and oil, and the average costs to theCompany of those fuels (in cents per million BTU), during the past three yearswere as follows:

 
Coal
 
Nuclear
 
Gas and Oil
 
Percent of 
Average 
 
Percent of 
 
Average 
 
Percent of 
 
Average 
 
Generation
Cost
 
Generation
 
Cost
 
Generation
 
Cost
2004
70.1
154.4
28.1
52.5
1.8
693.9
2003
68.0
163.8
29.5
44.5
2.5
625.2
2002
67.7
171.0
30.7
46.1
1.6
505.6
Thegeneration mix for 2005 is expected to be 68.2% coal, 28.4% nuclear and 3.4% gasand oil.  Due to locally available natural gas and oil supplies, theutilization of locally available coal deposits and the generally abundant supplyof nuclear fuel, the Company believes that adequate sources of fuel areavailable for its generating stations into the foreseeable future. 

*Coal*

* *SeeNote 14 - "Commitments and Contingencies - Coal Supply" in the Notes toConsolidated Financial Statements.

*Natural Gas*

The naturalgas used as fuel for the electric generating plants located in Albuquerque(Reeves Station and the Delta operating lease) is procured on the open marketand delivered by Gas through its transportation services.  Wholesaleprocures its gas supply independently of Gas but obtains gas transportationservices from Gas. 

* NuclearFuel*

* *TheCompany is one of several participants in PVNGS.  (See Note 12 - *"*ConstructionProgram and Jointly-Owned Plants*"* in the Notes to Consolidated FinancialStatements.)  The fuel cycle for PVNGS is comprised of the followingstages:
-  mining and milling of uranium ore to	produce uranium concentrates;conversion of uranium concentrates to	uranium hexafluoride;
8
-  enrichment of uranium hexafluoride;fabrication of fuel assemblies;utilization of fuel assemblies in	reactors; andstorage and disposal of spent nuclear	fuel.
The PVNGSparticipants have contracted for all of PVNGS requirements for uranium, uraniumconcentrates and conversion services through 2008.  The PVNGS participantshave also contracted for all of PVNGS enrichment services through 2010 and fuelassembly fabrication services until at least 2015.

*Water Supply*

See Note 14- "Commitments and Contingencies - Water Supply" in the Notes to ConsolidatedFinancial Statements.

**RATES AND REGULATION**

PNM issubject to the jurisdiction of the NMPRC, with respect to its retail electricand gas rates, service, accounting, issuance of securities, construction ofmajor new generation and transmission facilities and other matters regardingretail utility services provided in New Mexico.  The FERC has jurisdictionover rates and other matters related to wholesale electric sales and costrecovery for a portion of its transmission network.  The Company is alsosubject to regulation under PUHCA.

**ElectricRates and Regulation**

*FERC*

**Regional Transmission Organizations**

With thepassage of the Public Utility Regulatory Policies Act of 1978 and the EnergyPolicy Act of 1992, there has been a significant increase in the level ofcompetition in the market for the generation and sale of electricity. Barriers have been reduced for companies wishing to build, own and operateelectric generating facilities.  In 1996, the FERC issued Order 888requiring electric utilities controlling transmission facilities to file openaccess transmission tariffs, which opened the utility transmission systems towholesale sellers and buyers of electric energy on a non-discriminatory basis.

Order 888also encouraged utilities to investigate the formation of ISOs to operatetransmission assets and provided guidance for the formation, operation andgovernance of ISOs.  In 1999, the FERC issued Order 2000 on RTOs, whichestablished timelines for transmission-owning entities to join an RTO anddefined the minimum characteristics and functions of an RTO.

In 2001,PNM, together with other FERC jurisdictional utilities in the Southwest, filed arequest with the FERC seeking approval of a proposed for-profit transmissioncompany named WestConnect to meet the criteria of Order 2000.  Theproposal, recently revised in 2003, remains under review at the FERC. 

9

In 2002, theFERC issued a NOPR, which if approved, would modify Order 888 by instituting aStandard Market Design for electric wholesale markets.  Prior to any finalaction on the Standard Market Design proposal, the FERC issued a policy "whitepaper" in 2003 that modified several provisions of the original Standard MarketDesign proposal and stated that if it were demonstrated that the costs ofimplementing any feature of the Standard Market Design outweighed its benefits,the FERC would not require the RTO to implement that feature.  

Acting uponthe direction of the "white paper," the WestConnect participants are currentlypursuing a phased approach to implementing the wholesale market improvementsthat would otherwise be performed by an RTO.  The WestConnect participantsexecuted a new Memorandum of Understanding in December 2004, in whichparticipants will continue to explore market enhancement initiatives designed toenhance wholesale market competition in the Southwest.  

Uncertaintycontinues to exist regarding the FERC's evolving RTO policy.  The FERC hasnot set a schedule for additional proceedings involving the Standard MarketDesign issues. PNM, together with the WestConnect participants, is continuing tomonitor the various regulatory activities while continuing to exploreopportunities for implementing cost-effective enhancements to the wholesalemarket pursuant to the current WestConnect Memorandum of Understanding.

**FERC Rule Making**

Over thepast several years, the FERC has issued numerous rules that have impacted thewholesale energy business.  The FERC is attempting to remedy what it sees asundue discrimination in the provision of interstate transmission services and toensure just and reasonable rates for electric energy within and among regionalpower markets.  A proposed rule would put all transmission customers,including bundled retail customers, under new pro forma transmission rates fornew transmission service.  Independent transmission providers, e.g., ISOsand RTOs, would provide all transmission service and congestion would be managedusing marginal pricing structures.  See "Regional TransmissionOrganization" above for further discussion.

In addition,the FERC has issued final rules that have an impact on the wholesale energybusiness and participants in the wholesale energy markets, including PNM. In August 2003, the FERC issued Order 2003, which requires electric utilitiesthat own or control electric transmission facilities to set out standardprocedures and a standard agreement for interconnecting generators larger than20 MW, and to make such revisions as necessary to its Open Access TransmissionTariff to comply with the requirements of the new rule.  PNM made itscompliance filing in January 2004 and, in September 2004, PNM received noticethat its revised tariff filing was accepted by the FERC. In December 2004, theFERC issued Order 2003-B, which provided additional clarification on certainmatters.  PNM joined an industry group requesting rehearing of Order2003-B, and also separately filed its petition for rehearing Order 2003-B.

10

The FERCissued its final rule adopting standards of conduct for electric and natural gastransmission providers, known as Order 2004.  The final rule expands on theFERC's prior orders establishing standards of conduct and combines the priorelectric and natural gas standards so that there is now one standard for bothelectric and natural gas transmission providers.  The revised standards ofconduct generally continue the requirement of transmission providers, includingPNM, to treat all transmission customers, affiliated or non-affiliated, on anon-discriminatory basis, and prohibits transmission providers from operatingtheir system to preferentially benefit an energy or marketing affiliate. The rule became effective in February 2004, and required compliance by June 1,2004.  PNM made the required initial compliance filing stating that it isin substantial compliance with Order 2004.  The FERC issued its revisedOrder 2004-A, which required that the training of employees be completed andcompliance with provisions of the revised rule by September 1, 2004.  TheFERC issued Order 2004-B, which required compliance with the Standards ofConduct rule, including training of employees, by September 22, 2004.  PNMimplemented compliance measures, including completion of the training ofemployees, by the compliance deadlines.   

In 2001, ina set of cases not involving PNM, the FERC announced a new supply marginassessment screen to determine if applicants for market based rate authoritycould potentially exercise horizontal generation based market power.  Forthose applicants that failed the supply margin assessment screen, the FERC woulddeny the market based rate application or condition its approval with certainmitigation requirements to address the market power concern.  In April2004, the FERC announced the establishment of a new interim two-pronged marketpower screen to be applied in market based rate cases.  In May 2004, theFERC issued procedural orders in pending market based rate application/renewalcases, including PNM's case, requiring the use of the new two-pronged interimscreen and requiring PNM to make its revised market based rate filing by August2004.  In July 2004, the FERC issued an order affirming its interimtwo-pronged market screen test.  PNM filed its triennial market powerscreen analyses in August 2004 utilizing the new two-pronged interim screen asrequired by the FERC's order.  In its filing, PNM noted that it continuedto face historical transmission constraints in Northern New Mexico and wouldcontinue to abide by the cost-based rate limitation on transmission serviceduring times of transmission constraints for the Northern New Mexico market. PNM also noted that for the EPE control area, PNM's wholesale market sharescreen was slightly above 20% during two seasons.  In October 2004, PNMmade a supplemental filing utilizing more detailed load and generation datacontained in EPE's market power screen filing, which resulted in PNM having arevised wholesale market share result below 20% for all seasons.  InDecember 2004, the FERC issued its order in PNM's market based rate filingfinding that the FERC is initiating a proceeding to determine if PNM'smitigation measure in Northern New Mexico is sufficiently adequate to preventthe exercise of market power.  The FERC's order also required additionalexplanation of PNM's revised wholesale market share calculation.  PNM fileda petition for rehearing contesting the FERC's findings regarding the EPEcontrol area, and arguing that PNM lacks generation market power in Northern NewMexico given the transmission access available to transmission customers in thatmarket and the pre-existing mitigation measure that FERC previously approved in1996.  The FERC also established that rates reviewed under this proceedingfor transactions completed in these two markets would be subject to refundeffective March 6, 2005.  

In February2005, PNM made its revised filing, in which the Company's expert presentedvarious revised screen analyses for the EPE control area and concluded that theFERC should continue to permit PNM to make sales at market-based rates in thatcontrol area.  The analyses show that the screen failures disappear whenthe input data reflect the realities of economic and physical conditions in theSouthern New Mexico market.  The evidence presented concluded the screenfailure scenarios do not warrant the conclusion that PNM possesses generationmarket power in EPE's control area.

11

TheCompany's expert further concluded that the FERC should continue to permit PNMto make sales at market-based rates in PNM's Northern New Mexico control area,subject to the existing mitigation provision contained in PNM's market-basedsales tariff.  He concluded PNM does not have the potential to exercisegeneration market power because customers enjoy access to robust markets duringthe hours that concerned the FERC, and given that the pre-existing mitigationwould prevent any exercise of generation market power in the event oftransmission constraints.  The Company's expert also concluded that, if theFERC determines that PNM should not be permitted to sell at market-based ratesin its Northern New Mexico control area, the FERC nevertheless should permit PNMto sell at market-based rates at San Juan because San Juan is outside thetransmission constraint path.  The Company cannot predict the outcome ofthese proceedings on the Company's financial position or results of operations;however, should FERC determine that PNM has generation market power in these twomarkets, PNM could continue to make sales at cost-based rates and thus not haverevenues subject to refund in this matter.

*NMPRC*

**Global Electric Agreement**

 In October2002, PNM entered into a Global Electric Agreement wherein it committed as partof a five-year plan to reduce retail electric rates by 6.5% in two phases (a 4%reduction, which became effective on September 1, 2003, and a 2.5% reduction,which will become effective on September 1, 2005).  The Global ElectricAgreement was approved by the NMPRC in January 2003.  While beneficial toPNM's retail electric customers, PNM also benefits from the rate certainty theGlobal Electric Agreement provides through the end of 2007 and several other keycomponents.  See "Part II, Item 7. Management's Discussion and Analysis ofFinancial Condition and Results of Operations - Global Electric Agreement" andNote 14 - "Commitments and Contingencies - Global Electric Agreement" in theNotes to Consolidated Financial Statements.

**Renewable Resources Rule Making**

The NMPRCissued a renewable resources rule in 2002 to encourage the development ofrenewable energy in New Mexico.  The rule includes a provision requiringthe use of a minimum of 5% renewable energy by January 1, 2006, with the minimumamount to increase 1% per year for each year until a renewable portfoliostandard of 10% is reached in the year 2011.  

The 2004Renewable Energy Act passed by the New Mexico Legislature establishes amandatory renewable energy portfolio standard similar to the structureestablished by the NMPRC.  The Renewable Energy Act provides forstreamlined proceedings for utilities to obtain approval of procurement plans,provided certainty to utilities and protection for customers and required theNMPRC to establish a reasonable cost threshold for the procurement of renewableenergy to prevent excessive costs being added to rates.  Under theRenewable Energy Act, if renewable energy cannot be acquired under thethreshold, the mandate would be suspended.  

12

In July2004, PNM made its annual portfolio summary filing as required under therenewable resources rule and the Renewable Energy Act.  In September 2004,PNM made its renewable energy procurement plan filing, outlining its plan to userenewable energy certificates acquired during 2003-2005 to meet the renewableportfolio standard beginning in 2006.  PNM entered into a stipulation withthe NMPRC staff and other parties which provided that PNM met the diversityrequirements of the Renewable Energy Act, and which provided that expendituresup to $850,000 associated with assessment of biomass projects in 2005 werereasonable and recoverable in the next general electric rate case.  Thestipulation also provided that 2005 expenditures up to $500,000 associated withthe implementation of a solar photovoltaic program were also reasonable andrecoverable.  The NMPRC approved the stipulation in December 2004.

In December2004, the NMPRC issued an order, subject to NMPRC review in 2007, thatestablished a reasonable cost threshold for renewable energy resources, beyondwhich a utility is relieved from the requirement to add renewable energyresources to its portfolio.  The order provides that an overall rateincrease of no more than 1% in 2006, no more than an additional 0.2% per yearuntil capped at 2% for each year beginning in 2011 and beyond.  Reasonablecost threshold amounts were also set for each resource.

**ENVIRONMENTAL MATTERS**

PNM, incommon with other electric and gas utilities, is subject to stringent laws andregulations for protection of the environment by local, state, Federal andtribal authorities. In addition, PVNGS is subject to the jurisdiction of theNRC, which has the authority to issue permits and licenses and to regulatenuclear facilities in order to protect the health and safety of the public fromradioactive hazards and to conduct environmental reviews pursuant to theNational Environmental Policy Act.  The liabilities under these laws andregulations can be material and, in some instances, may be imposed withoutregard to fault, or may be imposed for past acts, whether or not such acts mayhave been lawful at the time they occurred.  (See "Part II, Item 7.Management's Discussion and Analysis of Financial Condition and Results ofOperations - Critical Accounting Policies - Contingent Liabilities -Environmental Issues" for a discussion of applicable accounting policies. In addition, see Note 14 - "Commitments and Contingencies" in the Notes toConsolidated Financial Statements for information related to the followingmatters, incorporated in this item by reference):
-  Person StationRetired Fossil-Fueled Plant	Decommissioning CostsNew Source Review RulesThe Clean Air ActCitizen Suit Under the Clean Air ActExcess Emissions Reports Santa Fe Generating StationSESCO Matter
**COMPETITION**

 Undercurrent law, the Company is not in any direct retail competition with any otherregulated electric and gas utility, except for sales of natural gas. Nevertheless, the Company is subject to varying degrees of competition incertain territories adjacent to or within the areas it serves with otherutilities in its region as well as with rural electric cooperatives andmunicipal utilities.

13

TheWholesale segment is involved in the generation and sale of electricity into thewholesale market.  It is subject to competition from regional utilitieswith similar opportunities to generate and sell energy at market-based pricesand larger trading entities that do not own or operate generating assets. The Company believes that it is well positioned to compete in this market due toits long history in the marketplace, its niche product offerings, and stringentrisk management practices.  The Company's energy marketers areoperationally trained and maintain effective marketing relationships withcompetitors and counterparties. Additionally, the Company has maintained aninvestment-grade rating despite turbulent wholesale markets, which enables theCompany to fully participate in the marketplace.

**EMPLOYEES**

As ofDecember 31, 2004, the Company had 2,623 full-time employees.  Thefollowing table sets forth the number of employees by business segment as ofDecember 31, 2004:

 
**Number**
			Corporate (1)
551
			Electric
1,040
			Transmission
38
Gas
475
			Wholesale
502
			Other
17
  			Total
2,623
(1) These employees resided at the Holding Company at December 31, 2004 andeffective January 1, 2005, reside at the Services Company.

The numberof employees of the Company who are represented by unions or other collectivebargaining groups include (i) Electric, 241; (ii) Gas, 57; and (iii) Wholesale,330.

** ITEM 2.PROPERTIES**

**ELECTRIC**

PNM'sownership and capacity in electric generating stations in commercial service asof December 31, 2004 were as follows:

** **
** **
** **
** **
** **
** **
**Total Net** 
** **
** **
** **
** **
** **
** **
**Generation** 
** **
** **
** **
** **
** **
** **
**Capacity** 
**Type**
** **
**Name**
** **
**Location**
** **
**(MW)**   
Coal
SJGS (a)
Waterflow, New Mexico
765 
Coal
Four Corners (b)
Fruitland, New Mexico
192 
Gas/OilReeves StationAlbuquerque, New Mexico
154 
Gas/OilLas Vegas (c)Las Vegas, New Mexico
18 
Gas/OilAfton (d)La Mesa, New Mexico
141 
GasLordsburg (d)Lordsburg, New Mexico
72 
NuclearPVNGS (e)Wintersburg, Arizona
387(f) 
1,729
(a)   SJGS Units 1, 2 and 3 are50% owned by PNM; SJGS Unit 4 is 38.5% owned by the Company.

 

14

 

(b)      FourCorners Units 4 and 5 are 13% owned by PNM.

(c)      The Company anticipates the closure of the Las Vegas Generating Station in 2006.

(d)      TheCompany's Lordsburg and Afton plants were built to serve wholesale customers andother sales rather than New Mexico retail customers and, therefore, are notcurrently included in the retail rates.  However, it is possible that theseplants may be needed in the future to serve the growing retail load.

(e)      PNM is entitled to 10.2% of the power and energy generated by PVNGS.  PNMhas a 10.2% ownership interest in Unit 3 and has leasehold interests inapproximately 7.9% of Units 1 and 2 and an ownership interest in approximately2.3% of Units 1 and 2.

(f)       For load and resource purposes, the Company has notified the NMPRC that itrecognizes the maximum dependable capacity rating for PVNGS to be 381 MW.

**Fossil‐Fueled Plants**

SJGS islocated in northwestern New Mexico, and consists of four units operated by PNM.Units 1, 2, 3 and 4 at SJGS have net rated capacities of 327 MW, 316 MW, 497 MWand 507 MW, respectively.  SJGS Units 1 and 2 are owned on a 50% sharedbasis with Tucson.  SJGS Unit 3 is owned 50% by the Company, 41.8% by SCPPAand 8.2% by Tri‐State.  SJGS Unit 4 is owned 38.457% by the Company, 28.8%by M-S-R Public Power Agency, 10.04% by Anaheim, 8.475% by Farmington, 7.2% byLos Alamos and 7.028% by UAMPS. 

PNM alsoowns 192 MW of net rated capacity derived from its 13% interest in Units 4 and 5of Four Corners located in northwestern New Mexico on land leased from theNavajo Nation and adjacent to available coal deposits.  Units 4 and 5 atFour Corners are jointly owned with SCE, APS, Salt River Project, Tucson and EPEand are operated by APS.

Four Cornersand a portion of the facilities adjacent to SJGS are located on land held undereasements from the United States and also under leases from the Navajo Nation. The enforcement of these leases could require Congressional consent.  TheCompany does not deem the risk that is associated with the enforcement of theseeasements and leases to be material.  However, the Company is dependent insome measure upon the willingness and ability of the Navajo Nation to protectthese leased properties.

The Companyowns 154 MW of generation capacity at Reeves Station in Albuquerque and 18 MW ofgeneration capacity at Las Vegas Station in Las Vegas, New Mexico.  During2002, the Company added generation capacity with Afton, a 141 MW gas or oilfired combustion turbine plant in La Mesa, New Mexico, and Lordsburg, a 72 MWgas fired combustion turbine generator in Lordsburg, New Mexico.  Inaddition, the Company has 132 MW of generation capacity in Albuquerque under anoperating lease. These power sources are used primarily for peaking andtransmission support. During times of excess capacity, resources have been usedto augment the Company's wholesale power trading activities.  In November2004, the Company purchased a one-third interest in a partially constructed,combined-cycle power plant near Deming, New Mexico, called Luna.  Thefacility is expected to be completed in summer 2006 and is designed to becapable of producing 570 MW (of which the Company will be entitled to 190 MW).

15

**NuclearPlant**

*TheCompany's Interest in PVNGS*

The Companyis participating in the three 1,270 MW units of PVNGS, also known as the ArizonaNuclear Power Project, with APS (the operating agent), Salt River Project, EPE,SCE, SCPPA and the Department of Water and Power of the City of Los Angeles. The Company has a 10.2% undivided interest in PVNGS, with portions of itsinterests in Units 1 and 2 held under leases.

*Sale and Leaseback Transactions ofPVNGS Units 1 and 2*

In 1985 and1986, the Company entered into a total of eleven sale and leaseback transactionswith owner trusts under which it sold and leased back its entire 10.2% interestin PVNGS Units 1 and 2, together with portions of the Company's undividedinterest in certain PVNGS common facilities. The leases under each of the saleand leaseback transactions have initial lease terms expiring either on January15, 2015 (with respect to the Unit 1 leases) or on January 15, 2016 (withrespect to the Unit 2 leases).  Each of the leases allows the Company toextend the term of the lease and includes a repurchase option.  The leaseexpense for the Company's PVNGS leases is approximately $66.3 million per year. Throughout the terms of the leases, the Company continues to have full andexclusive authority and responsibility to exercise and perform all of the rightsand duties of a participant in PVNGS under the Arizona Nuclear Power ProjectParticipation Agreement and retains the exclusive right to sell and dispose ofits 10.2% share of the power and energy generated by PVNGS Units 1 and 2. The Company also retains its responsibility to pay its share of all taxes,insurance premiums, operating and maintenance costs, costs related to capitalimprovements and decommissioning and all other similar costs and expensesassociated with the leased facilities.  In 1992, the Company purchased 22%of the beneficial interests in the PVNGS Units 1 and 2 leases through thepurchase of ownership interest in the trusts which held the leases.  Therelated ownership interests were subsequently reacquired by the Company when theCompany's trust ownership was collapsed and the Company assumed directownership.  

Each leasedescribes certain events, "Events of Loss" or "Deemed Loss Events", theoccurrence of which could require the Company to, among other things, (i) paythe lessor and the equity investor, in return for the investor's interest inPVNGS, cash in the amount provided in the lease and (ii) assume debt obligationsrelating to the PVNGS lease. The "Events of Loss" generally relate tocasualties, accidents and other events at PVNGS, which would severely, adverselyaffect the ability of the operating agent, APS, to operate, and the ability ofthe Company to earn a return on its interests in, PVNGS.  The "Deemed LossEvents" consist mostly of legal and regulatory changes (such as changes in lawmaking the sale and leaseback transactions illegal, or changes in law making thelessors liable for nuclear decommissioning obligations). The Company believesthat the probability of such "Events of Loss" or "Deemed Loss Events" occurringis remote for the following reasons: (i) to a large extent, prevention of"Events of Loss" and some "Deemed Loss Events" is within the control of thePVNGS participants, including the Company, and the PVNGS operating agent,through the general PVNGS operational and safety oversight process and (ii) withrespect to other "Deemed Loss Events," which would involve a significant changein current law and policy, the Company is unaware of any pending proposals orproposals being considered for introduction in Congress, or in any statelegislative or regulatory body that, if adopted, would cause any of thoseevents. 

16

*Other PVNGSMatters*

See Note 14- "Commitments and Contingencies" in the Notes to Consolidated FinancialStatements for information on PVNGS Decommissioning Funding, Nuclear Spent Fueland Waste Disposal and PVNGS Liability and Insurance Matters.

**TRANSMISSION AND DISTRIBUTION**

As ofDecember 31, 2004, the Company owned, jointly owned or leased, 2,856 circuitmiles of electric transmission lines, 4,098 miles of distribution overheadlines, 4,303 cable miles of underground distribution lines (excluding streetlighting) and 242 substations.

**GAS**

As ofDecember 31, 2004, the natural gas properties consisted primarily of natural gasstorage, transmission and distribution systems.  Provisions for storagemade by the Company include ownership and operation of an underground storagefacility located near Albuquerque. The transmission systems consisted ofapproximately 1,545 miles of pipe and compression facilities.  Thedistribution systems consisted of approximately 11,841 miles of pipe.

**OTHER INFORMATION**

The electricand gas transmission and distribution lines are generally located withineasements and rights‐of‐way on public, private and Indian lands.  TheCompany leases interests in PVNGS Units 1 and 2 and related property, EIP andassociated equipment, data processing, communication, office and otherequipment, office space, joint use utility poles, vehicles and real estate. The Company also owns and leases service and office facilities in Albuquerqueand in other areas throughout its service territory.

**ITEM 3.LEGAL PROCEEDINGS**

See Note 14- "Commitments and Contingencies" in the Notes to Consolidated FinancialStatements for information related to the following matters, incorporated inthis item by reference.
-  PVNGS Water Supply LitigationSan Juan River AdjudicationNavajo Nation Environmental IssuesLegal Proceedings Discussed in Western	United States Wholesale Power Market Wholesale Power Marketing Antitrust	SuitCitizen Suit Under the Clean Air ActExcess Emissions Reports Santa Fe Generating StationNatural Gas Royalties Qui Tam	LitigationAsbestos CasesSESCO MatterTax Refund Litigation
17

**ITEM 4.  SUBMISSION OF MATTERSTO A VOTE OF SECURITY HOLDERS**

None.

**SUPPLEMENTAL ITEM.  EXECUTIVEOFFICERS OF PNM RESOURCES**

Executiveofficers, their ages, offices held with the Holding Company since December 31,2001 (effective date of the Holding Company):

**Name**
**Age**
**Office****Initial Effective Date**** **
** **** **
** **J. E. Sterba................			
49Chairman, President and Chief			Executive     Officer
December 31, 2001A. A. Cobb...............			
57Senior Vice President, Peoples			Services and    Development
December 31, 2001J. R. Loyack..............			
41Senior Vice President and			Chief    Financial			Officer
January 1, 2003Vice President, Controller and			    Chief			Accounting Officer
December 31, 2001P. T. Ortiz.................			
55Senior Vice President, General			Counsel and     Secretary
December 31, 2001E. Padilla, Jr.............			
51Senior Vice President,			Customer and Delivery Services
March 29, 2004    Senior Vice			President, Bulk Power Marketing and Development
December 31, 2001W.J. Real...................			
56Senior Vice President, Public			Policy
July 23, 2002Executive Vice President,			Power Production    and			Marketing 
December 31, 2001H. W. Smith.............			
47Senior Vice President, Energy			Resources
March 29, 2004Vice President, Energy Supply,			Trading    and Services, TECO Energy, Inc. 
January 24, 2001 T. G. Sategna............			
51Vice President and Corporate			Controller,
October 31,2003Controller, Utility Operations			
August 22, 2002Controller, Electric and Gas
December 31, 2001
(See PNM on page 19 for prior positionsheld).

All officersare elected annually by the Board of the Holding Company. 

18

**EXECUTIVEOFFICERS OF PUBLIC SERVICE COMPANY OF NEW MEXICO**

Executiveofficers, their ages, offices held with PNM in the past five years, (or othercompanies if less than five years with PNM) and initial effective dates thereof,except as otherwise noted: 

**Name**
**Age**
**Office**
**Initial Effective Date**** **
** **** **
** **J. E. Sterba................			
49Chairman, President and Chief			Executive    			Officer
October 1, 2000President and Chief			Executive Officer
June 6, 2000President
March 1, 2000Executive Vice President,			USEC, Inc.
December 31, 1998A. A. Cobb...............			
57Senior Vice President, Peoples			Services and    Development
September 11, 2001Global Human Resources			Officer,    Clientlogic
November 22, 1999J. R. Loyack..............			
41Senior Vice President and			Chief    Financial			Officer
January 1, 2003Vice President, Controller and    Chief			Accounting Officer
July 19, 1999P. T. Ortiz.................			
55Senior Vice President, General			Counsel    and			Secretary
August 10, 1999E. Padilla, Jr.............			
51Senior Vice President,			Customer andDelivery ServicesSenior Vice President, Bulk			Power
March 29, 2004    Marketing			and Development
February 8, 2000Vice President, Bulk Power			Marketing    and			Development
December 14, 1996W. J. Real..................			
56Senior Vice President, Public			Policy
July 23, 2002Executive Vice President,			Power    Production			and Marketing
January 18, 1999H. W. Smith.............			
47Senior Vice President, Energy			Resources
March 29, 2004Vice President, Energy Supply,			Trading    and Services, TECO Energy, Inc.
January 24, 2001 T. G. Sategna............			
51Vice President and Corporate			Controller
October 31, 2003Controller, Utility Operations
August 22, 2002Controller, Electric and Gas			Services
May 4, 2000
The President is elected annually bythe Board of the Holding Company.  All other officers are elected annuallyby the Board of PNM.

19

**PART II**

**ITEM 5.    MARKET FORTHE COMPANY'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OFEQUITY SECURITIES**

TheCompany's common stock is traded on the New York Stock Exchange.  On May18, 2004, the Company's Board approved a 3-for-2 stock split that took place onJune 11, 2004 for shareholders of record on June 1, 2004.  All referencesto numbers of shares outstanding and per share amounts have been restated toreflect the stock split.

Ranges ofsales prices of the Company's common stock, reported as composite transactions(Symbol: PNM), and dividends declared on the common stock for 2004 and 2003, byquarters, are as follows:
** 		Quarter Ended**
**Range of		 Sales Prices**
** **
** 		Dividends**
** High**
** **
**Low**
** **
**Per Share**
**2004**
December 31
$26.11
$22.57
$0.185
September 30
$22.75
$20.09
$0.160
June 30
$20.87
$18.70
$0.160
March 31
$21.20
$18.77
$0.160
Fiscal Year
$26.11
$18.70
$0.665
**2003**
December 31
$19.64
$17.52
$0.150
September 30
$19.31
$16.87
$0.150
June 30
$18.56
$14.56
$0.150
March 31
$15.99
$12.63
$0.150
Fiscal Year
$19.64
$12.63
$0.600
** **On December 7, 2004, theHolding Company's Board approved a 15.6% increase in the common stock dividend. The increase raised the quarterly dividend to $0.185 per share, for an indicatedannual dividend of $0.74 per share.  Also on December 7, 2004, the Boarddeclared a quarterly cash dividend of $0.185 per share of common stock payableFebruary 18, 2005 to the Company's shareholders of record as of February 1,2005.

On December7, 2004, the Board also announced a revised targeted dividend payout ratio. The new target is a payout ratio of 50% to 60% of consolidated earnings, revisedfrom 50% to 60% of utility earnings.

On January 31, 2005, there were 14,557holders of record of the Company's common stock. 

See "PartII. Item 7. Management's Discussion and Analysis of Results of Operations andFinancial Condition - Liquidity and Capital Resources - Dividends," for adiscussion on the payment of future dividends.

See "PartIII. Item 12. Security Ownership of Certain Beneficial Owners and Management andRelated Stockholder Matters".

20

**Cumulative Preferred Stock**

PNM is notaware of any active trading market for its cumulative preferred stock. Quarterly cash dividends were paid on PNM's outstanding cumulative preferredstock at the stated rates during 2004 and 2003.

During 2004,PNM re-purchased 12,707 shares of PNM preferred stock in open-markettransactions for a total of $1.1 million, which was below par value.  Theseshares were not purchased through a publicly announced plan or program. These shares were retired prior to December 31, 2004.  

Thefollowing table sets forth information regarding PNM's purchase of preferredstock during 2004:

**   **

**Number of Shares Purchased**
**  **

**Average Price Paid Per Share**
** 		Number of Shares Purchased as Part of Publicly Announced Plans or		Programs**
**Maximum Number of Shares That		May Yet Be Purchased Under the Publicly Announced Program**
November 5, 2004
7,257
$88.00
-
-
November 15, 2004
5,450
$88.00
-
-
 
Total
12,707
$88.00
-
-
** **

**Sales ofUnregistered Securities**

  The Company previously reported on Form 8-Ks, dated August 16, 2004 and August18, 2004, that the Company had entered into an agreement with Cascade for thesale of $100.0 million in equity-linked securities of the Company.  Thetransaction is a private placement under Section 4(2) of the Securities Act of1933 and has not yet closed.

21
**ITEM 6.    SELECTED	FINANCIAL DATA**
The selected financial data and	comparative operating statistics should be read in conjunction with the	consolidated financial statements, the notes to consolidated financial	statements and Management's Discussion and Analysis of Financial Condition	and Results of Operations.  All references to numbers of shares	outstanding and per share amounts have been restated to reflect the 3-for-2	stock split that occurred on June 11, 2004.

**PNM RESOURCES, INC.	AND SUBSIDIARIES**

**2004**
** **
**2003**
** **
**2002**
** **
**2001**
** **
**2000** 
(In thousands except per share			amounts and ratios)Total Operating Revenues
$1,604,792
$1,455,653
$1,118,694
$2,254,178
$1,526,835 Earnings from Continuing			Operations
$    			87,686
$    			58,552
$    			63,686
$   149,847
$   100,360 Net Earnings
$    			87,686
$    			95,173
$    			63,686
$   149,847
$   100,360 Earnings per Common			Share:  Continuing Operations
$        			1.45
$        			0.98
$        			1.09
$        			2.55
$        			1.69  Basic
$        			1.45
$        			1.60
$        			1.09
$        			2.55
$        			1.69  Diluted
$        			1.43
$        			1.58
$        			1.07
$        			2.51
$        			1.69 Cash Flow Data:  Net cash flows provided			from operating activities
$   235,755
$   228,692
$    			97,359
$   327,346
$   239,515  Net cash flows used in			investing activities
$ (144,451)
$ (101,567)
$ (200,427)
$ (407,014)
$ (157,500)  Net cash flows generated			(used)      			by financing activities
$   (86,803)
$ (118,133)
$    			78,362
$         			385
$   (94,723) Total Assets
$3,487,635
$3,378,629
$3,247,227
$3,127,602
$3,092,494 Long-Term Debt, including			current maturities
$   987,823
$   987,210
$   980,092
$   953,884
$   953,823 Common Stock Data:  Market price per common			share at year end
$    			25.290
$    			18.733
$    			15.880
$    			18.633
$    			17.875  Book value per common			share at year end
$      			18.20
$      			18.07
$      			16.60
$      			17.25
$      			15.61  Average number of common			shares outstanding
60,414
59,621
58,677
58,677
59,231  Cash dividend declared			per common share
$        			0.67
$        			0.60
$        			0.57
$        			0.53
$        			0.53  Return on Average Common			Equity
8.1
%
9.3
%
6.4
%
15.5
%
11.1
% Capitalization:  Common stock equity
52.4
%
51.9
%
49.5
%
50.8
%
48.6
%  Preferred stock without			mandatory redemption    			Requirements
0.6
0.6
0.7
0.6
0.7  Long-term debt, less			current maturities
47.0
47.5
49.8
48.6
50.7 
100.00
%
100.00
%
100.00
%
100.00
%
100.00
% 
22

**PUBLIC SERVICE COMPANY	OF NEW MEXICO AND SUBSIDIARIES**

**2004**
** **
**2003**
** **
**2002**
** **
**2001**
** **
**2000** 
(In thousands except per share			amounts and ratios)Total Operating Revenues
$1,603,967
$1,455,342
$1,117,290
$2,254,178
$1,526,835 Earnings from Continuing			Operations
$    			92,438
$    			59,978
$    			62,216
$   150,433
$   100,360 Net Earnings Available			for Common Stock
$    			91,866
$    			96,013
$    			61,630
$   149,847
$   100,360 Total Assets
$3,393,730
$3,299,304
$3,074,768
$3,127,602
$3,092,494 Long-Term Debt, including			current maturities
$   987,676
$   987,210
$   953,940
$   953,884
$   953,823 
23

**PNM RESOURCES, INC. AND				SUBSIDIARIES AND**
**PUBLIC SERVICE COMPANY OF				NEW MEXICO**
**COMPARATIVE OPERATING				STATISTICS**
** **
** **
**2004**
** **
**2003**
** **
**2002**
** **
**2001**
** **
**2000****Utility Operations				Sales:**
** **
** **
** **
** **
** **
** **
** **
** **Energy Sales--KWh (in				thousands):
** **
** **
** **
** **
** **
** **
** **
** ** Residential
2,509,449
2,405,488
2,298,542
2,197,889
2,171,945 Commercial
3,450,503
3,379,147
3,254,576
3,213,208
3,133,996 Industrial
1,283,769
1,292,711
1,612,723
1,603,266
1,544,367 Other ultimate customers
227,770
(a)
221,137
(a)
240,665
(a)
240,934
238,635    Total				KWh sales
7,471,491
7,298,483
7,406,506
7,255,297
7,088,943Gas Throughput-Decatherms				(in thousands): Residential
30,618
27,416
29,627
27,848
28,810 Commercial
11,639
10,810
12,009
10,421
9,859 Industrial
413
485
749
3,920
5,038 Other
13,871
5,510
4,807
4,355
6,426    Total				gas sales
56,541
44,221
47,192
46,544
50,133 Transportation throughput
43,208
50,756
44,889
51,395
44,871    Total				gas throughput
99,749
94,977
92,081
97,939
95,004**Revenues (in thousands):**Electric Revenues: Residential
$   				206,950
$   				203,710
$    				197,174
$   				187,600
$   				186,133 Commercial
251,092
252,876
247,800
242,372
238,243 Industrial
61,905
64,549
82,009
82,752
79,671 Other ultimate customers
13,638
14,069
14,942
14,795
14,618    Total				revenues to ultimate customers
533,585(b)
535,204
(b)
541,925
(c)
527,519
518,665 Transmission revenues
18,327
19,453
23,150
26,553
16,855 Miscellaneous electric				revenues
6,500
5,807
5,014
5,154
3,163    Total				electric revenues
$   				558,412
$   				560,464
$   				570,089
$   				559,226
$   				538,683Gas Revenues: Residential
$   				292,163
$   				226,799
$   				176,284
$   				221,409
$   				203,208 Commercial
92,128
72,269
53,734
65,654
56,283 Industrial
2,889
2,820
2,872
27,519
24,206 Other
88,467
37,473
26,781 |
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