EXHIBIT 10.48.2


                                SECOND AMENDMENT
                                     TO THE
                      PUBLIC SERVICE COMPANY OF NEW MEXICO
                            OBRA '93 RETIREMENT PLAN


         THIS SECOND AMENDMENT made by the Public Service Company of New Mexico
("PNM") is effective as of November 27, 2002.

         WHEREAS, PNM adopted the Public Service Company of New Mexico OBRA '93
Retirement Plan (the "Plan") as of November 15, 1993 to provide nonqualified
retirement benefits for certain key employees;

         WHEREAS, the Plan has been amended once, effective as of December 7,
1998;

         WHEREAS, PNM reserved the right to amend the Plan pursuant to Article
V of the Plan; and

         WHEREAS, PNM now desires to amend the Plan to: (i) change the name of
the Plan, (ii) change the sponsor of the Plan to PNM Resources, Inc. ("PNMR"),
and (iii) designate PNM as a participating employer.

         NOW, THEREFORE, PNM hereby amends the Plan as follows:

1. The name of the Plan is hereby amended to read as follows:

                  PNM RESOURCES, INC. OBRA '93 RETIREMENT PLAN

2. The introductory paragraphs of the Plan (being those paragraphs that precede
Article I) are hereby amended by the addition of the following paragraph to be
placed at the end thereof:

                           PNM Resources, Inc. became the parent holding company
                  for Public Service Company of New Mexico as of December 31,
                  2001. Effective as of November 27, 2002, PNM Resources, Inc.
                  assumes the sponsorship of the Plan. Any affiliate that
                  adopted the Plan prior to the assumption of the sponsorship of
                  the Plan by the PNM Resources, Inc., including Public Service
                  Company of New Mexico, shall continue to participate in the
                  Plan.

3. Section 4.02 is hereby amended by adding a new subsection (f) to read as
follows:

                  (f) Each employer that participates in the Plan shall bear the
                  costs and expenses of providing benefits accrued by its
                  employee-Participants during periods while they are employed
                  by that employer. Such costs and expenses shall be allocated
                  among the participating employers in accordance with (i)
                  agreements entered into between the Company and any
                  participating employer, or (ii) in the absence of such an
                  agreement, procedures adopted by the Company.

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4. The purpose of this Second Amendment is to transfer sponsorship of the Plan
to PNMR from PNM. All references to "Public Service Company of New Mexico" or
the "Company" are hereby replaced with references to "PNM Resources, Inc.,"
unless the context (such as discussion of the formation of the Plan) indicates
otherwise. Any other provisions of the Plan which are inconsistent with this
transfer of sponsorship are hereby amended to the extent necessary to accomplish
this transfer.

5. This Second Amendment changes the name and sponsorship of the Plan. Any
individuals or entities serving as fiduciaries or service providers with respect
to the Plan shall continue to serve as such, subject to the provisions of the
Plan. Similarly, any policies or procedures previously adopted by the
fiduciaries shall continue in full force and effect.

6. PNMR hereby assumes all duties, obligations, and authority as the sponsor of
the Plan. PNMR does not assume PNM's financial obligation for its share of the
costs and expenses of Plan benefits as determined pursuant to Section 4.02(f) of
the Plan.

7. This Second Amendment shall only amend the provisions of the Plan referenced
above, and those provisions not amended hereby shall be considered in full force
and effect.

         IN WITNESS WHEREOF, Public Service Company of New Mexico and PNM
Resources, Inc. have caused this Second Amendment to be executed as of this 27th
day of November, 2002.

                                            PUBLIC SERVICE COMPANY OF NEW MEXICO

                                            By: /s/ Alice A. Cobb
                                               ---------------------------------
                                            Its: Senior Vice President
                                                 People Services and Development



                                            ACCEPTED:
                                            --------

                                            PNM RESOURCES, INC.

                                            By: /s/ Alice A. Cobb
                                            Its: Senior Vice President
                                                 People Services and Development


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