UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D. C.  20549

** FORM 10-Q**

(MarkOne)

(X)          QUARTERLY REPORT PURSUANT TO SECTION 13 OR15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                For the quarterlyperiod ended **June 30,2005**

               or

(  )           TRANSITION REPORT PURSUANT TOSECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

                For the transitionperiod from                     to                  

CommissionFile Number: **002-89800**

**TNPENTERPRISES, INC.  ** (Exactname of registrant as specified in its charter)
| **            		Texas                   **(State of incorporation)   **  ****                     		75-1907501                       **   (I.R.S. employer identification number)
**                                                                                        4100 International Plaza, P. O. Box 2943, Fort Worth, Texas 76113**(Address and zip code of principal executive offices)

Registrant's telephone number, including area code**817-731-0099**

Indicate by check mark whether the registrant (1) hasfiled all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter periodthat the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.  Yes \X\ No\   \

Indicate by check mark whether theregistrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).    Yes\  \  No \**X\**

**The total number of shares ofcommon stock of TNP Enterprises, Inc. outstanding as of August 1, 2005 was 100,all held by PNM Resources, Inc.**
****
**TNP Enterprises, Inc. And Subsidiaries**

Quarterly Report on Form 10-Q for theperiod ended June 30, 2005

**TABLE OF CONTENTS**

**PART 1.  FINANCIAL STATEMENTS**

**Item 1.**

**Financial  Statements (unaudited).**

TNP Enterprises, Inc. and Subsidiaries (TNP):

Consolidated  Statements of Income (Loss)

Three and Six Month Periods Ended June 30, 2005 and  2004

3

Consolidated  Statements of Comprehensive Income (Loss)

Three and Six Month Periods Ended June 30, 2005 and  2004

5

Consolidated  Statements of Cash Flows

Six Month Periods Ended June 30, 2005 and 2004

7

Consolidated  Balance Sheets

June 30, 2005, and December 31, 2004

8

Notes to  Consolidated Interim Financial Statements

9

** **

** **

**Item 2.**

**Management's  Discussion and Analysis of Financial Condition and Results of Operations**

21

** **

** **

**Item 3.**

**Quantitative  and Qualitative Disclosure about Market Risk**

29

**Item 4.**

**Controls  and Procedures**

31
 
**PART 2.  OTHER INFORMATION**

**Item 1.**

**Legal  Proceedings**

31

**Item 5.**

**Other  Events**

31

**Item 6.**

**Exhibits**

32

(a)

Exhibit  Index

32

**Statement Regarding Forward Looking  Information**

32

**Signature  page**

34

** **

2
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**TNP ENTERPRISES,  INC. AND SUBSIDIARIES**

**CONSOLIDATED  STATEMENTS OF INCOME (LOSS)**

**(Unaudited)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Predecessor**

**For the period  June 6, 2005 to June 30, 2005**

**For the period  April 1, 2005 to June 6, 2005**

**Three months ended  June 30, 2004**

*(In thousands)*

**OPERATING REVENUES**

**$          55,727**

** **

**$        111,566**

**$       177,504**

**OPERATING EXPENSES:**

 Purchased power

    29,401 	

    54,734 	

          88,457 			

 Other operating and maintenance

           10,958   			

       28,290 			

          47,153 			

 Depreciation and amortization

     2,189 	

         5,561 			

           7,497 			

 Taxes other than income taxes

              2,437  

              4,035  

           7,529 			

**       Total operating expenses**

** 44,985 **

** **

**           92,620 **

** **

**       150,636 **

** **

** **

** **

** **

** **

** **

**OPERATING INCOME**

**          10,742 **

** **

**           18,946 **

**          26,868 **

** **

**INTEREST CHARGES, PREFERRED DIVIDENDS,**

**   AND OTHER INCOME AND DEDUCTIONS:**

 Interest on long-term debt

              3,744  

           11,374   			

          15,505 			

 Other interest and amortization of debt-related costs

                 265  

                 849  

            1,121   			

 Dividends on preferred stock and other

              1,937  

              5,326  

            6,328   			

 Carrying charges on regulatory assets (Note 3)

                (525)

             (1,394)

                     -  

 Other income and deductions, net

                (357)

                (995)

** **

                (489)

      			**Total**

**             5,064 **

** **

**           15,160 **

** **

**          22,465 **

**INCOME BEFORE INCOME TAXES**

**              5,678 **

** **

**              3,786 **

**            4,403 **

Income tax expenses

              2,750  

            3,318   			

            3,580   			

**INCOME BEFORE EXTRAORDINARY ITEM**

**              2,928 **

** **

**                 468 **

** **

**                823 **

Extraordinary item-disallowance of stranded costs,

    net of taxes (Note 3)

-

                 -   

   (97,836)

**INCOME (LOSS) APPLICABLE TO COMMON STOCK**

**$            2,928**

** **

**$               468**

** **

**$        (97,013)**

** **

** **

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The accompanying notes are an integral part of these consolidated  financial statements.

3
**** **
**TNP ENTERPRISES, INC.  AND SUBSIDIARIES**

**CONSOLIDATED  STATEMENTS OF INCOME (LOSS)**

**(Unaudited)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

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** **

** **

** **

** **

**Predecessor**

**For the period  June 6, 2005 to June 30, 2005**

**For the period  January 1, 2005 to June 6, 2005**

**Six months ended  June 30, 2004**

*(In thousands)*

* *

**OPERATING REVENUES**

**$          55,727**

** **

**$        256,807**

**$      339,654**

**OPERATING EXPENSES:**

 Purchased power

 29,401 	

         134,659 			

       167,494 			

 Other operating and maintenance

    10,958 	

           66,870   			

         94,335 			

 Depreciation and amortization

    2,189 	

           13,236   			

         14,929 			

 Taxes other than income taxes

    2,437 	

           11,440   			

         14,291 			

**       Total operating expenses**

**44,985 **

** **

**         226,205 **

** **

**       291,049 **

** **

** **

** **

** **

** **

** **

**OPERATING INCOME**

**   10,742 **

** **

**           30,602 **

**         48,605 **

** **

**INTEREST CHARGES, PREFERRED DIVIDENDS,**

**   AND OTHER INCOME AND DEDUCTIONS:**

 Interest on long-term debt

            3,744   			

           26,980   			

         31,085 			

 Other interest and amortization of debt-related costs

                 265  

              1,997  

           2,232 			

 Dividends on preferred stock and other

              1,937  

           12,103   			

         12,234 			

 Carrying charges on regulatory assets (Note 3)

                (525)

              1,407  

                   -   

 Other income and deductions, net

                (357)

             (1,976)

** **

          (1,044)

      			**Total**

**             5,064 **

** **

**           40,511 **

** **

**         44,507 **

**INCOME (LOSS) BEFORE INCOME TAXES**

**              5,678 **

** **

**             (9,909)**

**           4,098 **

Income tax expense

              2,750  

                 721  

           5,523 			

**INCOME (LOSS) BEFORE EXTRAORDINARY ITEM**

**              2,928 **

** **

**          (10,630)**

** **

**          (1,425)**

Extraordinary item-disallowance of stranded costs,

    net of taxes (Note 3)

         - 			

                    -   

        (97,836)

**INCOME (LOSS) APPLICABLE TO COMMON STOCK**

**$            2,928**

** **

**$        (10,630)**

** **

**$      (99,261)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

The accompanying notes are an integral part of these consolidated  financial statements.

4
**** ** 
**TNP ENTERPRISES,  INC. AND SUBSIDIARIES**

**CONSOLIDATED  STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

**(Unaudited)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Predecessor**

** **

** **

**For the period  June 6, 2005 to June 30, 2005**

** **

**For the period  April 1, 2005 to June 6, 2005**

** **

**Three months ended  June 30, 2004**

** **

** **

** **

** **

*(In thousands)*

** **

** **

**INCOME (LOSS) APPLICABLE TO COMMON STOCK**

** **

**$             2,928**

** **

**$              468**

** **

**$         (97,013)**

** **

** **

** **

** **

** **

** **

** **

**   Cash flow hedges, net of tax:**

** **

** **

** **

** **

** **

** **

      Gas  hedge, net of reclassification adjustment (Note 5)

** **

                  		856

           (2,668)

              (2,850)

       Interest rate hedge, net of reclassification adjustment (Note 5)

                      -			

             1,632

                  339 

** **

** **

** **

** **

** **

** **

**         Total cash flow hedges**

** **

             **856**

** **

**         		(1,036)**

** **

**            (2,511)**

** **

** **

** **

** **

** **

** **

** **

**COMPREHENSIVE INCOME (LOSS)**

** **

**$             3,784**

** **

**$             (568)**

** **

**$         (99,524)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

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** **

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** **

** **

** **

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** **

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** **

** **

** **

** **

** **

** **

** **

The accompanying notes are an integral part of these consolidated financial  statements.

** **

** **

5
* *
**TNP ENTERPRISES,  INC. AND SUBSIDIARIES**

**CONSOLIDATED  STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

**(Unaudited)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Predecessor**

** **

** **

**For the period  June 6, 2005 to June 30, 2005**

** **

**For the period  January 1, 2005 to June 6, 2005**

** **

**Six months ended  June 30, 2004**

** **

** **

** **

** **

*(In thousands)*

** **

** **

**INCOME (LOSS) APPLICABLE TO COMMON STOCK**

** **

**$           2,928**

** **

**$        (10,630)**

** **

**$       (99,261)**

** **

** **

** **

** **

** **

** **

** **

**   Cash flow hedges, net of tax:**

** **

** **

** **

** **

** **

** **

      Gas  hedge, net of reclassification adjustment (Note 5)

** **

           	856

           	3,824	

               (159)

       Interest rate hedge, net of reclassification adjustment (Note 5)

              -

           	1,760	

              447			

** **

** **

** **

** **

** **

** **

**         Total cash flow hedges**

** **

**        856 **

** **

**             5,584**

** **

**                288**

** **

** **

** **

** **

** **

** **

** **

**COMPREHENSIVE INCOME (LOSS)**

** **

**$           3,784**

** **

**$        	  (5,046)**

** **

**$       (98,973)**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

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** **

** **

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** **

** **

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** **

The accompanying notes are an integral part of these consolidated  financial statements.

** **

** **

6

**TNP ENTERPRISES,  INC. AND SUBSIDIARIES**

**CONSOLIDATED  STATEMENTS OF CASH FLOWS**

**(Unaudited)**

** **

** **

** **

** **

**Predecessor**

** **

**For the period June  6, 2005 to June 30, 2005**

**For the period  January 1, 2005 to June 6, 2005**

**Six months ended  June 30, 2004**

** **

*(In thousands)*

**CASH FLOWS FROM OPERATING ACTIVITIES:**

 Cash received from sales to customers

$      41,430

$       249,471			

$     327,064			

 Purchased power costs paid

          (18,200)

    (143,452)

    (180,907)

 Cash paid for payroll and to other suppliers			

            (8,664)

      (53,606)

      (82,474)

 Interest paid, net of amounts capitalized

    (539)

      (30,899)

      (31,475)

 Income taxes refunded

                   1   			

             2,499			

                652			

 Other taxes paid

               72 			

      (18,230)

      (17,414)

 Other operating cash receipts and payments, net

                  345  

              1,900			

                645			

**NET CASH FROM OPERATING ACTIVITIES**

**           14,445 **

** **

**             7,683**

** **

**         16,091**

** **

**CASH FLOWS FROM INVESTING ACTIVITIES:**

 Additions to utility plant			

           (876)

      (20,762)

      (22,844)

 Acquisition costs

         (8,191)

** **

                  -  			

** **

                  -  			

 Other

(37)

** **

1,056

** **

              1,022

**NET CASH FROM INVESTING ACTIVITIES**

**  (9,104)**

** **

**  (19,706)**

** **

**      (21,822)**

** **

**CASH FLOWS FROM FINANCING ACTIVITIES:**

 Redemptions:

     TNMP senior notes

              -			

                  -   

           (8,375)

     TNP senior secured credit facility

(110,532)

           (281)

          (563)

     Equity infusion from PNMR

              111,085

-

-	

 Financing costs

-

       -  			

           (1,033)

**NET CASH FROM FINANCING ACTIVITIES**

**                     553**

** **

**          (281)**

** **

**        (9,971)**

**NET CHANGE IN CASH AND CASH EQUIVALENTS**

**                    5,894**

** **

**     (12,304)**

**      (15,702)**

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

138,042

     150,346 	

     117,788 	

**CASH AND CASH EQUIVALENTS AT END OF PERIOD**

**$       143,936**

** **

**$        138,042**

** **

**$       102,086**

**RECONCILIATION OF NET LOSS TO NET CASH FROM**

** **

**OPERATING ACTIVITIES:**

** **

 Net income (loss)

$             2,928			

$     (10,630)

$    (99,261)

 Adjustments to reconcile net income (loss) to net cash from operating  activities:

     Extraordinary item-disallowance of stranded costs, net of taxes

                        - 

                  -  			

          97,836			

     Accrued dividends on preferred stock and other

                  1,937

            12,103			

          12,234			

     Accrual for payment to TNMP

                        - 

                  -  			

             (48)

     Depreciation			

                  2,189

            13,236			

           14,929			

     Amortization of debt-related costs and other deferred charges

                     243

              1,877			

            2,244			

     Carrying charges on regulatory assets

                    (525)

              1,407			

                  -   

     Allowance for funds used during construction

                  (19)

           (133)

           (555)

     Deferred income taxes			

                  7,077

           (473)

           26,695

     Investment tax credits

                  (55)

           (649)

           (556)

     Deferred purchased power and fuel costs

                  (22)

                   70			

                540			

Cash flows impacted by changes in current assets and liabilities:

     Accounts receivable

          (9,565)

              5,005			

             5,109			

     Accounts payable

                10,974

      (10,650)

        (8,473)

     Accrued interest

                  3,238

        (3,725)

              (197)

     Accrued taxes

            (1,765)

       (2,529)

      (22,016)

     Changes in other current assets and liabilities

                     533

              2,471

      (11,755)

Other, net

          (2,723

               303			

         (635)

**NET CASH FROM OPERATING ACTIVITIES**

** $          14,445**

** **

** $         7,683**

** **

** $      16,091**

**SUPPLEMENT DISCLOSURE OF CASH FLOW INFORMATION**

 Accrual of payment of dividends on preferred stock by issuance of  additional shares

$              1,936

$        12,103

$       12,234

The accompanying notes are an integral part of these consolidated  financial statements.

7

**TNP ENTERPRISES, INC. AND  SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

** **

** **

** **

**Predecessor**

** **

** **

**June 30, 2005**

**December 31,**

**(Unaudited)**

** **

**2004**

 

**(Unaudited)**

***ASSETS***

*(In thousands)*

**CURRENT ASSETS:**

 Cash and cash equivalents

 $              143,936			

 $                 150,346

 Special deposits

                          2,414			

                              3,086

 Accounts receivable, net

                       85,029 

                           72,979

 Federal income tax refund

                       24,792 

                            24,792

 Materials and supplies, at lower of cost or market			

                         1,272			

                              1,505

 Gas hedges

                         1,383

                                   -

 Other current assets

                         5,438 

                             5,650

           			**Total current assets**

**                     264,264**

**                          258,358**

**UTILITY PLANT:**

 Electric plant

                      716,361 

                          696,808 

 Construction work in progress

                          4,436			

                            	4,261

            Total

                      720,797 

                         701,069			

 Less accumulated depreciation

                      140,168			

                        122,566 

           			**Net utility plant**

**                      580,629**

**                        578,503**

**LONG-TERM AND OTHER ASSETS:**

 Other property and investments, at cost

                          3,253			

                               1,273 

 Goodwill

                      482,761

                          270,256			

 Other intangibles

                       63,043

                                     -

 Recoverable stranded costs

                       87,316 

                            87,316			

 Recoverable carrying charges on stranded costs

                        52,134

                            48,130

 Regulatory tax assets

                          2,516			

                             2,484  			

 Deferred charges

                        10,864			

                            45,617			

           			**Total long-term and other assets**

**                      701,887**

**                          455,076**

** **

**  $          1,546,780**

** **

**  $            1,291,937**

***LIABILITIES AND SHAREHOLDER'S EQUITY***

**CURRENT LIABILITIES:**

 Current maturities of long-term debt

 $                           -			

 $                    1,125			

 Accounts payable

                        56,510			

                            46,783			

 Accrued interest

                        14,584			

                            15,071			

 Accrued taxes

                        13,140			

                            17,395			

 Accrued payroll and benefits

                        7,709 

                      1,664 			

 Customers' deposits

                        8,782 

                          8,435			

 Gas hedges

                           - 

                              6,177			

 Other current liabilities

                        11,276			

                              5,279			

           			**Total current liabilities**

**                      112,001**

** **

**                          101,929**

**LONG-TERM AND OTHER LIABILITIES:**

 Accumulated deferred income taxes

** **

                      106,432			

                          121,049			

 Accumulated deferred investment tax credits

** **

                          1,933			

                              2,326			

 Regulatory liability-accrued cost of removal

** **

                        38,486			

                            40,729			

 Deferred credits and other liabilities

** **

                        51,631			

                            67,450			

 Long-term debt, less current maturities

** **

                      704,810			

                          800,256			

 Redeemable cumulative preferred stock

** **

                      221,648			

                          187,878			

           			**Total long-term and other liabilities**

** **

**          1,124,940**

**                1,219,688**

**COMMON SHAREHOLDER'S EQUITY:**

       Common stock - no par value per share. 			

            Authorized 1,000,000 shares; issued 100 shares

                      306,055			

                          100,000			

       Accumulated earnings (deficit)

                         2,928			

                     (124,096)

       Accumulated other comprehensive income (loss)

                             856

                         (5,584)

**            Total common shareholder's equity (deficit)**

**                      309,839**

** **

**             (29,680)**

**COMMITMENTS AND CONTINGENCIES (Note 8)**

** **

   

   

** **

** **

**  $         1,546,780**

**  $            1,291,937**

The accompanying notes are an integral part of these consolidated  financial statements.

** **

8
* *
**TNPEnterprises Inc. and SubsidiariesNotes to Consolidated Interim FinancialStatements**

**Note 1. Interim Financial Statements**

The interimconsolidated financial statements of TNP Enterprises, Inc. and subsidiaries(TNP) are unaudited and contain all adjustments (consisting primarily of normalrecurring accruals) necessary for a fair statement of the results for theinterim periods presented.  Results for interim periods are not necessarilyindicative of results to be expected for a full year or for previously reportedperiods due in part to seasonal revenue fluctuations.  It is suggested thatthese consolidated interim financial statements be read in conjunction with theaudited consolidated financial statements and notes thereto included in TNP's2004 Annual Report on Form 10-K.

Prior periodstatements have been reclassified in order to be consistent with current periodpresentation. The reclassification had no effect on net income or commonshareholder's equity.

In addition,in the Consolidated Statement of Cash Flows for the six months ended June 30,2005, TNP changed the classification of changes in customer deposits topresent such changes as an investing activity.  TNP previously presented suchchanges as an operating activity.  In the accompanying TNP ConsolidatedStatement of Cash Flows for the six months ended June 30, 2004, the changes inrestricted cash balances were reclassified to be consistent with the 2005presentation.  This reclassification resulted in a $1.0million increase to investing cash flows and a corresponding decrease tooperating cash flows from the amounts previously reported.

**Note 2. PNM Resources Inc. (PNMR), Acquisition of TNP and Purchase Accounting**

** **On June 6,2005, PNMR acquired 100% of the outstanding common shares of TNP and itssubsidiaries, Texas-New Mexico Power Company (TNMP) and First Choice Power,L.P. (FCP) and First Choice Power Special Purpose, L.P. (FCPSP)  (FCP and FCPSPcollectively, First Choice). The results of TNP's operations have been includedin the consolidated financial statements of PNMR from that date.  PNMR acquiredTNP in order to complement its existing New Mexico electric operations and toexpand into the retail and wholesale markets in Texas.  As of June 6, 2005,TNMP served 49,000 electric customers in southern New Mexico and 207,000transmission and distribution customers in Texas.  First Choice is acompetitive retail electric provider in Texas, serving an additional 56,000electric customers.

The aggregatepurchase price was $1,277 million, including a payment to the previous owner of$175.0 million consisting of $87.6 million of cash and common stock valued at$87.4 million.  In addition, PNMR assumed $1,034 million of TNP debt andpreferred stock and incurred transaction and other costs of $67.7 million.  Thevalue of the 4,326,336 common shares issued was determined based on $20.20 percommon share as provided for in the Stock Purchase Agreement.  The purchaseprice was based on an estimated purchase price in accordance with the StockPurchase Agreement, dated as of July 24, 2004 by and between PNMR and SWAcquisition.  The final purchase price will be determined under a specifiedadjustment mechanism.  PNMR had 45 days following the closing to propose afinal purchase price.  The end of the 45-day period was on July 21, 2005, andPNMR proposed a final purchase price on that date which would reflect areduction in the purchase price.  Under the Agreement, the seller had anopportunity to contest the proposed final purchase price and has notified PNMRthat it objects to PNMR's proposed adjustments.  There is a dispute mechanismfor resolving disputes regarding the final purchase price.  

9

The followingtable presents the estimated fair values of the assets acquired and liabilitiesassumed at the date of acquisition.  
At June 6, 2005
(In thousands)

Net utility plant

$580,423

Other property and investments

3,785

Current assets

213,229

Goodwill

482,761

Other intangible assets

63,109

Deferred assets

151,437

 Total assets acquired

1,494,744

Current liabilities

65,988

Long-term debt

814,725

Preferred stock

219,711

Deferred liabilities

199,326

 Total liabilities assumed

1,299,750

 Net assets acquired

$194,994

PNMR obtained,or is in the process of obtaining, independent valuations of acquired propertyand intangible assets; thus, the allocation of the purchase price is subject torefinement and will be finalized within one year of the acquisition.  Of the$63.1 million of acquired intangible assets, $53.2 million was assigned to thetrade name "First Choice" based on a "relief from royalty" approach using a1.0% royalty rate.  The trade name has an indefinite useful life; therefore noamortization will be recognized, but the asset will be evaluated for impairmentannually.  The other $9.9 million of intangible assets was assigned to theFirst Choice customer list.  The useful life of the customer list is estimatedto be approximately eight years, therefore the asset will be amortized on astraight-line basis over an eight-year period.

As part of theacquisition, PNMR acquired a contractual obligation to purchase power.  Incomparing the pricing terms of the contractual obligation against the forwardprice of electricity in the relevant market, PNMR concluded that the contractwas above market.  In accordance with SFAS No. 141, as amended, *"BusinessCombinations,"* ("SFAS 141") the contract was recorded at fair value and adeferred liability of $3.8 million that will be amortized as a reduction incost of energy over approximately three years was established.  Theamortization matches the difference between the forward price curve and thecontractual obligation for each month in accordance with the contract as of theacquisition date.

PNMR alsoacquired a contractual obligation to sell power to certain commercial andindustrial customers.  This contractual obligation was fair valued inaccordance with SFAS 141.  The valuation was based on the difference betweenthe current market rates charged by the Company for these customers compared tothe contractual rate embedded in the customer agreement.  As a result of theanalysis, the Company determined that its rates for these contractual customersare below market rates and recorded a deferred liability of $3.5 million thatwill be amortized into revenues over the contract life, or approximately threeyears.  The amortization matches the difference between the retail market rateand the contractual obligation for each month as of the acquisition date.

TNP's largest subsidiary, TNMP, is a regulated utility, therefore, thevaluation of the majority of the assets and liabilities were determined withinthe context of Statement of Accounting Financial Standards No. 71, *"Accountingfor the Effects of Certain Types of Regulation,"* and did not changesignificantly.

The $482.8million of goodwill was assigned to the TNMP and First Choice segments in theamounts of $449.1 million and $33.7 million, respectively.  Of that totalamount, $67.0 million is expected to be deductible for tax purposes.

**Note 3.  Regulatory Matters**

   *Texas*

*      Retail Competition.* In Texas, TNMP provides transmission and distributionservices at regulated rates to various retail electric providers that, in turn,provide retail electric service within TNMP's Texas service area. First Choice,TNMP's affiliated retail electric provider, performs activities related to thesale of electricity to retail customers in Texas.

10
* *
*Price-to-Beat Fuel Factor.* Effective May 12, 2005, First Choiceincreased its price-to-beat fuel factor by 5.3 percent following the PUCT'sapproval of the request that First Choice made in April 2005.  First Choiceestimates that the increase in the price-to-beat fuel factor will raise annualrevenues by approximately $6.6 million. The May 2005 price-to-beat fuel filingwas First Choice's first for 2005. First Choice may request one additionalprice-to-beat fuel increase or decrease in 2005, if the twenty day average ofnatural gas prices increase or decrease by the required percentages.

*TNMP True-Up Proceeding.* On July 22, 2004, the PUCT issued its decision inTNMP's stranded cost true-up proceeding. The purpose of the true-up proceedingwas to quantify and reconcile the amount of stranded costs that TNMP canrecover from its transmission and distribution customers. The PUCT decisionestablished $128.4 million as TNMP's stranded costs, which includes carrycharges, and allows TNMP to recover $87.3 million of the $266.5 million thatTNMP requested for its true-up balance. 

 

On August 11, 2004, TNMP filed a motion for rehearingof the PUCT decision. On October 7, 2004, the PUCT denied all of TNMP's motionsfor rehearing except for an issue related to a June 2004 Texas Supreme Courtruling that addressed recovery of carrying charges on recoverable strandedcosts back to January 1, 2002, the date that competition began in Texas. 

 

On March 11, 2005 the PUCT administrative law judgeissued a proposal for decision in the true-up proceeding. The decisionrecommended TNMP be allowed recovery of $41.7 million of carrying charges onstranded costs for the period January 1, 2002 through July 21, 2004, and wasconsistent with amounts recorded by TNMP. In accordance with provisions withinSFAS 92 - Regulated Enterprises - Accounting for Phase-In Plans (SFAS 92), TNMPrecorded $27.2 million of carrying charges to the income statement for theperiod January 1, 2002 through July 21, 2004, in the fourth quarter of 2004.TNMP was limited in its recognition for income statement purposes to only thedebt related portion of the carrying charges, and TNMP was prohibited fromincome statement recognition of the equity portion of the carrying chargesuntil the actual receipt of those amounts from customers.

 

On April 29, 2005, the PUCT announced its decisionthat TNMP will be allowed to recover interest at a lower rate than theadministrative law judge adopted.  The lower rate results in $39.2 million ofcarrying costs on stranded costs for the period January 1, 2002 through July21, 2004.  The PUCT rejected the administrative law judge proposal that TNMP beallowed to utilize the weighted average cost of debt inherent in its 2000Unbundled Cost of Service filing.  Instead, the PUCT utilized TNMP's actualweighted average cost of debt as of December 31, 2001.  Accordingly, TNMPreduced the carrying costs for income statement recognition for the periodJanuary 1, 2002 through July 21, 2004 by$4.1 million, and reduced the totalcarrying charges for income statement recognition for the period January 1,2002 through December 31, 2004 by $4.7 million during the first quarter of2005.  TNMP's accrual for 2005 carrying charges are also based on the PUCTruling.  As of June 30, 2005, the equity portion of the carrying charges onstranded costs that TNMP was prohibited from recognition through the incomestatement until actual receipt from customers totaled $22.1 million.  On July22, 2005 the PUCT confirmed TNMP's calculation of the carrying costs onstranded costs in a written order.

 

6*0-Day Rate Review*. Sixty days following thedate on which the true-up order becomes final and appealable, TNMP is requiredto make a 60-Day Rate Review filing. TNMP's case will establish a competitiontransition charge for recovery of the true-up balance and address thederegulation reserve consisting of the difference between the price-to-beat andmarket prices of 2002 and 2003 electricity, commonly referred to as theclawback liability.  TNMP's competition transition charge will take effect nolater than 30 days following a final order on TNMP's 60-day rate review.

First Choice is required to submit information to thePUCT for the PUCT to examine and potentially reset First Choice's price-to-beatbase rates no later than 30 days after TNMP files its 60-day rate review. Ifthe July 22, 2005 decision of the PUCT in TNMP's true-up proceeding becomesfinal and appealable, First Choice will submit the required information inearly December 2005, shortly before the PUCT issues an order in TNMP's case. First Choice, as part of its price-to-beat base rate review before the PUCT,will also be required to file information related to its price-to-beat fuelrate.  First Choice's resulting rates will take effect no later than 30 daysfollowing a final order on TNMP's 60-day rate review. The Texas acquisitionstipulation also provides that First Choice will request that the PUCTrecognize in its new price-to-beat base rates the TNMP synergy savings creditprovided for in the acquisition settlement discussed below.  

 

*Acquisition Settlement.* On March 31, 2005, the PUCT found that the acquisitionis consistent with the public interest. The PUCT issued a written order onApril 22, 2005. The approval settles the matters in the Texas regulatoryproceedings relating to the acquisition. TNMP implemented a $13 million annualreduction to its Texas retail delivery base rates beginning May 1, 2005, inaccordance with the settlement.   On July 1, 2005, TNMP also implemented a $3million annual credit to its Texas retail delivery base rates for expectedsynergy savings.  The synergy savings credits will remain in effect fortwenty-four months, and will provide total of $6 million in reductions to the Texas retail delivery base rates.

 11

*Final Fuel Reconciliation. *In January 2004, the PUCT issued an order thatdisallowed $15.7 million of fuel and energy related purchased power costs thatTNMP incurred in 2000 and 2001, prior to retail competition.  TNMP recorded the$10.1 million net of tax effect of the disallowance in the fourth quarter of2003, and subsequently appealed the PUCT decision to the district court.   OnJune 10, 2005, the District Court affirmed the PUCT order, effectively denyingTNMP's appeal. 

 

*   New Mexico*

*     Acquisition settlement*. As a result of the settlement discussions in NewMexico associated with PNMR's acquisition of TNP, TNMP agreed to implement anapproximate $9.6 million annual rate reduction, which includes synergy savings,effective January 1, 2006, to most of its New Mexico customers. Phelps Dodge,TNMP's largest New Mexico commercial customer, is served through a contractualarrangement, and is excluded from the rate reduction. PNMR has also agreed tointegrate the New Mexico operations of TNMP into PNMR by January 1, 2007.Effective January 1, 2008, TNMP's rates will be reduced by approximately anadditional $0.5 million through December 31, 2008 and on January 1, 2009,TNMP's rates will be reduced by approximately an additional $0.5 million. Theserate reductions will be in effect through December 31, 2010.  As part of therate reduction, the current fuel and purchased power adjustment clause will beeliminated once amounts in the balancing account as of December 31, 2005 arecollected or returned to customers.

**Note 4.Financings**

           *Investment Agreement*  On June 6, 2005, PNMR, in conjunction with the acquisition,entered into an agreement (the "Investment Agreement") with TNP pursuant to which PNMR agreed toprovide funds to TNP as necessary to enable TNP to effect the repayment in fullof all amounts due under the $112.5 million SeniorSecured Credit Facility, and the redemption in full of TNP's 14.5% SeniorRedeemable Preferred Stock and TNP's 10.25% Senior Subordinated Notes due 2010,in each case on the redemption date of July 6, 2005.  

In conjunctionwith the acquisition of TNP, on June 6, 2005, PNMR made an equity investment ofapproximately $110.5 million in TNP, which TNP used to repay in full amountsowing under TNP's credit agreement.  In addition, pursuant to PNMR'sacquisition of TNP, PNMR agreed to provide an equity contribution to TNP to enableTNP to redeem (a) TNP's 14.5% Senior Redeemable Preferred Stock, Series C, (b)TNP's 14.5% Senior Redeemable Preferred Stock, Series D (collectively,"Preferred Stock"), and (c) TNP's 10.25% Senior Subordinated Notes due 2010,Series B ("Senior Notes").  On July 6, 2005, TNP redeemed the Preferred Stockby tendering $224.6 million to the holders of the Preferred Stock and redeemedthe Senior Notes by tendering $296.5 million to holders of the Senior Notes. 

**Note5.  Derivative Instruments, Hedging Activities, and Other Comprehensive Income**

      *NormalPurchases and Sales. *In the normal course of business, TNMP and FirstChoice enter into commodity contracts, which include components for additionalpurchases or sales of electricity, in order to meet customer requirements.  TheFinancial Accounting Standards Board (FASB) has defined criteria by whichoption-type and forward contracts for electricity can qualify for the normalpurchase and sales exception from SFAS 133, "*Accounting for Derivative Instrumentsand Hedging Activities*," as amended by SFAS 149, "*Amendments ofStatement 133 on Derivative Instruments and Hedging Activities*."  Based onthe FASB's guidance, the management of TNMP and First Choice has determinedthat their respective contracts for electricity qualify for the normalpurchases and sales exception.  Accordingly, TNMP and First Choice do notaccount for their respective electricity contracts as derivatives.

   *HedgingActivities*

      TNP, TNMP and FirstChoice may enter into agreements for derivative instruments, including optionsand swaps, to manage risks related to changes in interest rates and commodityprices.  At the inception of any such transactions, TNP, TNMP and First Choicedocument relationships between the hedging instruments and the items beinghedged.  The documentation includes the strategy that supports executing thespecific transaction.

      *TNPInterest Rate Swaps.*  In October 2002, TNP executed a $70 million interestrate swap transaction designed to manage interest rate risk associated with theSenior Credit Facility. The swap terminated in October 2004.  Under the termsof the swap, TNP paid a fixed rate of approximately 2.5 percent and receivedvariable rates.

12

      Theinterest rate swap was designated as a cash flow hedge.  The swap was highlyeffective in offsetting cash flow volatility caused by changes in interestrates.  For the three months and six months ended June 30, 2004, TNP recordedunrealized gains (losses), net of reclassification adjustments, associated withits interest rate swap in other comprehensive income as shown in the followingtable.
   
Three Months Ended June 30, 2004

Six Months Ended June 30, 2004
   
Before-Tax

Tax Benefit

After-Tax

Before-Tax

Tax Benefit

After-Tax
   
Amount

(Expense)
 
Amount
 
Amount

(Expense)
 
Amount
   
*(In thousands)*
   
Change in  market value

$        105

$         (40)

$          65 

$       (166)

 $          63

$    (103)

Reclassification  adjustments

            235

           (90)

          145			

             472

          (180)

 292	

Other  comprehensive income (loss)

$         340

$      (130)

$        210			

    $      306

$      (117)

      $      189

      *TNMPInterest Rate Hedges.* In June 2003, TNMP issued $250 million of 6.125percent Senior Notes due in 2008. In May 2003, TNMP executed a $250 millionTreasury rate lock transaction designed to manage interest rate risk associatedwith the issuance of the Senior Notes.  The rate lock effectively fixed thefive-year Treasury yield upon which the yield of the Senior Notes was based atapproximately 2.6 percent.  TNMP paid $4.2 million upon the issuance of theSenior Notes in June 2003 to settle the rate lock.  Through the date of theacquisition, the cost of the rate lock was recorded in accumulated othercomprehensive income and was being amortized to interest expense over the lifeof the Senior Notes. At the date of the acquisition, in accordance with SFAS141, the balance of the rate lock recorded in accumulated other comprehensiveincome was charged to goodwill.

The Treasury rate lockwas designated as a cash flow hedge.  The instrument was highly effective inoffsetting future cash flow volatility caused by changes in interest rates.

 For the three monthsand six months ended June 30, 2005 and 2004, TNMP recorded reclassificationadjustments associated with its Treasury rate lock in other comprehensiveincome as shown in the following table.
   
Three Months Ended June 30, 2005

Six Months Ended June 30, 2005
   
Before-Tax

Tax Benefit

After-Tax

Before-Tax

Tax Benefit

After-Tax
   
Amount

(Expense)
 
Amount
 
Amount

(Expense)
 
Amount
   
*(In thousands)*
   
Reclassification  adjustments

$       2,636		

$     (1,004)

$      1,632 

$       2,844 

$      (1,084)

$     1,760 

Other  comprehensive income (loss)

$       2,636		

$      (1,004)

$      1,632 

$       2,844 

$     (1,084)

$     1,760 
   
Three Months Ended June 30, 2004

Six Months Ended June 30, 2004
   
Before-Tax

Tax Benefit

After-Tax

Before-Tax

Tax Benefit

After-Tax
   
Amount

(Expense)

 

Amount
 
Amount

(Expense)
 
Amount
   
*(In thousands)*
   
Reclassification  adjustments

$           208 

$           (79)

$          129 

$           416 

$        (158)

$         258 

Other  comprehensive income (loss)

$           208 

$           (79)

$          129 

$           416 

$         (158)

$         258 

      TNMPdisplays cash flows from interest rate hedging transactions in the cash flowstatement as cash flow from operations, in accordance with the provisions ofSFAS No. 104, "Statement of Cash Flows‐Net Reporting of Certain CashReceipts and Cash Payments and Classification of Cash Flows from HedgingTransactions."

      *NaturalGas Hedges.* From time to time, First Choice enters into natural gas swaps,fixing the price of a portion of its power supply. The swaps are purchased tomitigate commodity price risk associated with purchase power price volatility. The swaps are effective in offsetting future cash flow volatility caused byincreases in natural gas prices, and are designated as cash flow hedges.

The fair value of the natural gas swaps as of June 6, 2005, theacquisition date, was a liability of $1.7 million, which was recorded on TNP's balancesheet as a current liability. First Choice recorded unrealized gains (losses),net of reclassification adjustments, associated with its natural gas hedges inother comprehensive income. At the date of the acquisition, in accordance withSFAS 141, the balance of the gas hedges recorded in other comprehensive incomewas charged to goodwill. Additionally, the gas hedge balance in currentliabilities was charged to a deferred credit, to be amortized based on the

13

settlement of underlying swaps. As a result, the value of natural gas swapsreflected in other comprehensive income and current assets reflects unrealizedgains, net of reclassification adjustments, subsequent to the acquisition.

For the three monthsended June 30, 2005, First Choice's purchased power expense includes pre-taxcosts of $0.7 million ($0.4 million after tax) related to the settlement ofnatural gas swaps.

First Choice recordedunrealized gains (losses), net of reclassification adjustments, associated withits natural gas hedges in other comprehensive income as shown in the followingtable.
   
Three Months Ended June 30, 2005

Six Months Ended June 30, 2005
   
Before-Tax

Tax Benefit

After-Tax

Before-Tax

Tax Benefit

After-Tax
   
Amount

(Expense)
 
Amount
 
Amount

(Expense)
 
Amount
   
*(In thousands)*
   
Change in market value

$    (5,384)

$        2,051		

$  (3,333)

$     (775)

 $         295

$     (480)	

Reclassification  adjustments

           2,457		

 (936)

          1,521		

   8,336

       (3,176)

         5,160

Other comprehensive  income (loss)

$    (2,927)

$        1,115		

   $  (1,812)

$    7,561 

$   (2,881)

$     4,680 
               
Three Months Ended June 30, 2004

Six Months Ended June 30, 2004
   
Before-Tax

Tax Benefit

After-Tax

Before-Tax

Tax Benefit

After-Tax
   
Amount

(Expense)
 
Amount
 
Amount

(Expense)
 
Amount
   
*(In thousands)*
   
Change in  market value

$       2,382 

$        (908)

$     1,474  

$       7,882 

$     (3,003)

$     4,879 

Reclassification  adjustments

      (6,986)

      2,662		

    (4,324)

     (8,139)

        3,101		

     (5,038)

Other  comprehensive income (loss)

$     (4,604)

$        1,754

$   (2,850)

$       (257)

$            98 

$      (159)

 

**Note6.  Employee Benefit Plans**

  *Pension andPostretirement Benefits Plans*

      TNP and itssubsidiaries sponsor a defined benefit pension plan covering substantially allof its employees.  Benefits are based on an employee's years ofservice and compensation.  TNP's funding policy is to contribute the minimumamount required by federal funding standards.  TNP provides an excess benefitplan for certain key personnel and retired employees whose benefits in theprincipal plan federal law restricts.  TNP also sponsors a health care planthat provides postretirement medical and death benefits to retirees whosatisfied minimum age and service requirements during employment. Participantsin the TNP plans include eligible employees and retirees of TNMP and FirstChoice.

The components of net periodicbenefit cost of TNP's employee benefit plans for the three and six months endedJune 30, 2005 and 2004 are shown in the following tables (amounts inthousands).

*** ***

Pension Benefits

Postretirement Benefits

Three Months Ended

Three Months Ended

June 30,

June 30,

2005

 

2004

2005

 

2004

Components of net periodic benefit cost

Service cost

 $       546

 $         497			

$        119

$        102			

Interest cost

    1,142

   1,168	

   166

   155

Expected return on plan assets

  (1,539)

 (1,412)

    (88) 

  (74)

Amortization of prior service cost

               4

               5			

            -			

                - 

Recognized actuarial (gain) loss

  467

    457	

 53

    51	

Net periodic benefit cost

$       620

$      715			

$      250

$        234			

14

*** ***

Pension Benefits

Postretirement Benefits

Six Months Ended

Six Months Ended

June 30,

June 30,

2005

 

2004

2005

 

2004

Components of net periodic benefit cost

Service cost

 $     1,075

$       1,046

$      235

$        204			

Interest cost

           2,304

       2,394			

        334

          310

Expected return on plan assets

         (2,960)

   (2,932)

          (169) 

         (148)

Amortization of prior service cost

   9 

            10			

            -			

                - 

Recognized actuarial (gain) loss

     1,155

       1,005			

           131 

          102

Net periodic benefit cost

$     1,583

$      1,523			

$      531

$        468			

In conjunction with the acquisition of TNP byPNMR on June 6, 2005, the benefit obligations for the TNP Plans were recordedat the fair market value as of the date of acquisition in accordance with SFAS141 and as a result, PNMR recorded an additional pension and postretirementliability of $5.5 million which increased goodwill.  The fair market value ofthe obligations was actuarially determined using a measurement date of June 6,2005 and a discount rate of 5.25%, compared to 5.75% at December 31, 2004,based on the average yield of high quality investments.  The weighted averageexpected rate of return on plan assets was 9.0% for the pension and executiveretirement plans and 6.9% for the other postretirement plans.  There is nochange to the on-going measurement date of the TNP Plans; it will remainDecember 31.  

For the three months ended June 30, 2005 and2004, TNP contributed approximately $0.3 million and $0.3 million,respectively, to trusts for the other postretirement benefits.  For the sixmonths ended June 30, 2005 and 2004, TNP contributed approximately $0.4 millionand $0.4 million, respectively, to trusts for the other postretirementbenefits.  TNP expects to make contributions totaling $1.0 million to trustsfor other postretirement benefits during 2005.  TNP does not anticipate makingany contributions to the pension plan during 2005.
Change of Control Agreements
As described in TNP's*Annual Report onForm 10-K,* prior to the acquisition,TNP entered into employment agreements with its senior management that includechange in control provisions. TNMP and First Choice also entered into change incontrol agreements with officers and key employees. The agreements entitled thoseofficers and key employees to receive specified benefits in certaincircumstances accompanying a change in control. The June 6, 2005 acquisitionwas a change in control event under these agreements.  As a result of thechange of control and the related management changes, TNP, TNMP and FirstChoice incurred costs of $10.5 million in the second quarter of 2005 related tothe employment agreements and the change in control agreements. Costs relatedto change of control agreements were capitalized to goodwill as a cost of theacquisition.

**Note 7.  Related PartyTransactions**

** **As a result of PNMR's acquisitionof TNP on June 6, 2005, TNP and PNMR and its subsidiaries are consideredrelated parties as defined in SFAS No. 57, *"Related PartyDisclosures."*

TNMP purchases all electricityfor its New Mexico customers' needs and energy-scheduling services under along-term wholesale power contract signed in 2001 with Public Service Companyof New Mexico (PNM). TNMP also purchases transmission services from PNM in New Mexico. PNM is a wholly-owned subsidiary of PNMR. Additionally, TNMP providestransmission services to PNM in New Mexico under an agreement signed in 2002.

UntilJune 6, 2005, TNMP provided First Choice and TNP with corporate supportservices, including accounting, finance, information services, legal and humanresources, under a shared services agreement with First Choice dated March 1,2001 and a similar agreement with TNP dated June 6, 1997.  These services werebilled at TNMP's cost and, in return, TNP and First Choice compensated TNMP forthe use of the services.  This agreement was in effect through June 6, 2005 atwhich time the acquisition by PNMR provided a new shared services arrangement.Effective with the close of the acquisition of TNP on June 6, 2005, all TNMPemployees who were providing corporate support to TNP and First Choice becameemployees of PNMR Services Company.  PNMR Services Company provides corporateservices to PNM, TNMP and First Choice per shared services agreements.  Theseservices are billed at cost on a monthly basis and allocated to the businessunits.

** **15

      Under the SWAcquisition limited partnership agreement, TNP and Laurel Hill Capital Partners(Laurel Hill) were parties to a Management Services Agreement under which LaurelHill provided certain management and financial advisory services to TNP.  Theagreement was terminated at the time of the acquisition. 

      TNP incurred fees foradvisory services by the original limited partners of SW Acquisition, pursuantto provisions of the SW Acquisition limited partnership agreement.

      TNP's related partytransactions for the three and six months ended June 30, 2005 and 2004 areshown in the table below. PNMR became a related party effective on the date ofthe acquisition; therefore the amounts reported for PNMR reflect the periodfrom June 6, 2005 through June 30, 2005. PNMR amounts reflect non-acquisitionrelated transactions subsequent to the acquisition  (amounts in thousands).

Three Months Ended June  30,

Six Months Ended June  30,

**PNMR   **

2005

2004

2005

2004

Electricity and energy scheduling service billings  from PNMR

$    2,904

$        -

$   2,904

$        -

Electricity and energy scheduling services payable as  of June 30, 2005

2,904

2,904

Transmission billings from PNMR

139

        -

139

        -

Transmission charges payable as of June 30, 2005

139

139

Transmission billings to PNMR

11

        -

11

        -

Transmission charges receivable as of June 30, 2005

11

11

Shared services billings

2,416

        -

2,416

        -

Shared services payable at June 30, 2005

2,416

2,416

**Laurel Hill**

Management and financial  advisory services

42

63

104

363

Management and financial  advisory services payable as of June 30, 2005

        -

        -

Management and financial  advisory services payable as of 

 December 31, 2004

-

-

**SW Acquisition**

Advisory services

        -

250

        -

500

Advisory services payable  as of June 30, 2005

        -

        -

Advisory services payable  as of December 31, 2004

1,000

1,000

** Note 8.  Segment andRelated Information**

**       **TNP has tworeportable segments. The first segment includes TNMP's regulated transmissionand distribution business in Texas and its New Mexico operations, and thesecond includes the unregulated activities of First Choice relating to the saleof electricity to retail customers in Texas.

      The tables on thefollowing pages present information about revenues, profits, cash flow andassets of TNP's reportable segments (in thousands).  

16

Three Months Ended  June 30, 2005

Regulated

All Other

Transmission

First

and

TNP

 

 

and Distribution

Choice

 

Eliminations

 

Consolidated

Income Statement Data

Revenue from external customers

    $          45,821			

 $        121,472			

 $                 - 

 $     167,293			

Intercompany revenue

                      20,354			

                        - 

             (20,354)

                        - 

Purchased power

                (17,492)

             (66,643)

                        - 

             (84,135)

Other direct costs

                  (6,003)

             (30,712)

                19,907			

             (16,808)

Depreciation expense

                  (7,521)

                  (228)

                      (1)

               (7,750)

Other operating expenses

                (16,911)

             (11,246)

                  (755)

             (28,912)

Operating income (loss)

   18,248	

   12,643	

    (1,203)

  29,688  

Other income and deductions, net

                           770			

                     515			

                       67 

                1,352 

Carrying charges - regulatory assets

                        1,919			

                        - 

                        - 

                1,919 

Preferred dividends

                            - 

                        - 

               (7,263)

               (7,263)

Interest charges

                 (7,044)

                  (103)

               (9,085)

             (16,232)

Income (loss) before taxes

                      13,893			

                13,055			

             (17,484)

                9,464 

Income taxes

                 (4,962)

               (4,671)

                  3,565 

               (6,068)

Income (loss) applicable to common stock

 $          8,931 

$       8,384			

 $      (13,919)

 $        3,396			

 

Additions to utility  plant

    (11,497)

   	(301)

    - 

     (11,798) 

Balance Sheet Data as of June 30, 2005

Cash and cash equivalents

 $         65,506  			

$        64,318 

 $          14,112 

 $     143,936			

Accounts receivable

                      29,816			

                59,862			

               (4,649)

               85,029

Other current assets

                      37,447 

                  2,531			

               (4,679)

               35,299 

Net utility plant

                     577,035			

                  3,599			

                      (5)

           580,629			

Goodwill

                     449,061 

                33,700 

                        - 

           482,761			

Other intangibles

                               -

              	63,043  

                        - 

                63,043 

Recoverable stranded costs

                      87,316			

                        - 

                        - 

            87,316			

Recoverable carrying charges on stranded costs

                       52,134

                        -

                        - 

              52,134

Other property, regulatory tax assets and deferred charges

                       26,691 

                        - 

             (10,058)

             16,633  			

Total assets

 $       1,325,006			

$      227,053  			

 $        (5,279)

 $  1,546,780	

Accounts payable

 $            11,068			

 $         46,367 

 $           (925)

$       56,510  			

Other current liabilities

                      27,527 

                20,325 

                 7,639 

               55,491 

Accumulated deferred income taxes and investment tax credits

                    127,634 

             (11,006)

               (8,263)

           108,365			

Deferred credits

                      49,574 

               17,935 

             (15,878)

             51,631  			

Regulatory liability-accrued cost of removal

                      38,486 

                        - 

                        - 

              38,486			

Long-term debt, less current maturities

                    415,716 

                        - 

              289,094 

           704,810			

Redeemable cumulative preferred stock

                            - 

                        - 

              221,648 

          221,648			

Common shareholder's equity

 655,001 

   153,432 

 (498,594)

 309,839	

Total liabilities and shareholder's equity

$       1,325,006 

 $      227,053 

 $       (5,279)

 $   1,546,780			

17

Six Months Ended  June 30, 2005

Regulated

All Other

Transmission

First

and

TNP

 

Income Statement Data

and Distribution

 

Choice

 

Eliminations

 

Consolidated

Revenue from external customers

 $         93,090 

$      219,444			

$                 - 

 $    312,534			

Intercompany revenue

                      38,965 

                       -  			

             (38,965)

                        - 

Purchased power

                (38,203)

             (125,857)

                        - 

         (164,060)

Other direct costs

                (12,383)

             (59,388)

              38,071  			

             (33,700)

Depreciation expense

                (15,040)

                  (384)

                      (1)

             (15,425)

Other operating expenses

                (34,608)

             (21,621)

               (1,776)

            (58,005)

Operating income (loss)

                       31,821 

               12,194			

               (2,671)

             41,344  			

Other income and deductions, net

                         1,284 

                    943 

                   106 

                2,333 

Carrying charges - regulatory assets

                     (882)

                            - 

                        - 

                  (882)

Preferred dividends

                            - 

                        - 

            (14,040)

             (14,040)

Interest charges

                (14,076)

                  (193)

             (18,717)

             (32,986)

Income (loss) before taxes

                      18,147 

                12,944 

            (35,322)

               (4,231)

Income taxes

                  (6,340)

               (4,634)

                 7,503 

               (3,471)

Income (loss) applicable to common stock

$         11,807			

 $          8,310			

 $     (27,819)

 $      (7,702)
 
Additions to utility  plant

   (20,944)

 (694)
-
   (21,638)

Balance Sheet Data as of June 30, 2005

Cash and cash equivalents

$          65,506 

 $        64,318  			

 $       14,112  			

 $   143,936			

Accounts receivable

                      29,816 

               59,862 

               (4,649)

             85,029  			

Other current assets

                      37,447 

                  2,531 

               (4,679)

             35,299  			

Net utility plant

                    577,035 

                 3,599 

                      (5)

           580,629			

Goodwill

                   449,061  			

                33,700 

                        - 

              482,761 

Other intangibles

                              -

                63,043  

                        - 

                63,043 

Recoverable stranded costs

                     87,316			

                        - 

                        - 

            87,316			

Recoverable carrying charges on stranded costs

                      52,134

                        -

                        - 

              52,134

Other property, regulatory tax assets and deferred charges

                      26,691 

                        - 

             (10,058)

             16,633  			

Total assets

 $      1,325,006 

 $      227,053			

 $      (5,279)

 $  1,546,780	

Accounts payable

 $           11,068 

 $        46,367  			

 $         (925)

 $       56,510			

Other current liabilities

                    27,527 

               20,325 

                 7,639 

             55,491  			

Accumulated deferred income taxes and investment tax credits

                  127,634 

             (11,006)

               (8,263)

           108,365			

Deferred credits

                    49,574 

               17,935 

             (15,878)

             51,631  			

Regulatory liability-accrued cost of removal

                    38,486 

                        - 

                        - 

             38,486  			

Long-term debt, less current maturities

                   415,716 

                        - 

            289,094  			

          704,810			

Redeemable cumulative preferred stock

                            - 

                        - 

            221,648  			

           221,648			

Common shareholder's equity

                  655,001 

            153,432  			

          (498,594)

           309,839			

Total liabilities and shareholder's equity

 $       1,325,006 

 $       227,053			

 $      (5,279)

 $  1,546,780	

18

Three Months Ended  June 30, 2004

Regulated

All Other

Transmission

First

and

TNP

 

and Distribution

Choice

Eliminations

Consolidated

Income Statement Data

Revenue from external customers

 $                41,219 

 $          136,285  			

 $                     - 

 $        177,504			

Intercompany revenue

     23,850 

                       -  			

             (23,850)

                        - 

Purchased power

          (17,527)

             (70,930)

                        - 

             (88,457)

Other direct costs

              (7,084)

             (39,562)

                23,420 

             (23,226)

Depreciation expense

                  (7,403)

                    (93)

                      (1)

               (7,497)

Other operating expenses

                (18,121)

             (11,633)

               (1,702)

            (31,456)

Operating income (loss)

14,934 

               14,067 

               (2,133)

             26,868  			

Other income and deductions, net

           411

                      58 

                       20 

                   489 

Interest charges

      (7,034)

                    (86)

             (15,834)

             (22,954)

Income (loss) before taxes

         8,311			

                14,039 

             (17,947)

                4,403 

Income taxes

                  (2,711)

              (5,008)

                  4,139 

               (3,580)

Extraordinary Items - disallowance of stranded cost (net of taxes)

                (97,836)

                        - 

                        - 

             (97,836)

Income (loss) applicable to common stock

 $              (92,236)

 $            9,031			

 $         (13,808)

 $       (97,013)
 
Additions to utility  plant

                (12,432)

                  (320)

                       -  			

             (12,752)

Balance Sheet Data as of June 30, 2004

Cash and cash equivalents

 $               42,476 

 $          54,807			

 $              4,803 

 $        102,086			

Accounts receivable

                  33,002 

             68,521  			

             (11,645)

             89,878  			

Other current assets

                  32,807 

             17,635  			

                 2,064 

             52,506  			

Net utility plant

                564,989 

                3,107 

                     16  			

           568,112			

Goodwill

                            - 

                        - 

            270,256  			

           270,256			

Recoverable stranded costs

                  87,316 

                        - 

                        - 

             87,316  			

Other property, regulatory tax assets and deferred charges

                  31,331 

                        - 

               21,669 

             53,000  			

Total assets

$             791,921 

 $        144,070			

 $         287,163			

 $     1,223,154			

Current maturities of long-term debt

 $                          - 

 $                     - 

 $              1,125 

 $            1,125  			

Accounts payable

                    9,781 

               47,528 

            (10,929)

             46,380  			

Other current liabilities

                  27,231 

               12,428 

                  6,580 

             46,239  			

Accumulated deferred income taxes and investment tax credits

                123,950 

              (5,386)

               (9,731)

           108,833			

Deferred credits

                  23,308 

               15,878 

                13,260 

             52,446  			

Regulatory liability-accrued cost of removal

                  39,485 

                      -  			

                        - 

             39,485  			

Long-term debt, less current maturities

                415,421 

                        -			

            385,250  			

           800,671			

Redeemable cumulative preferred stock

                            - 

                        -			

              174,773 

           174,773			

Common shareholder's equity

                152,745 

               73,622 

          (273,165)

             (46,798)

Total liabilities and shareholder's equity

 $            791,921  			

 $         144,070			

 $        287,163			

 $     1,223,154			

19

Six Months Ended  June 30, 2004

Regulated

All Other

Transmission

First

and

TNP

 

 

and Distribution

 

Choice

 

Eliminations

 

Consolidated

Income Statement Data

Revenue from external customers

$         82,357 

 $      257,297 

 $               - 

$    339,654	

Intercompany revenue

                      44,365 

                        - 

             (44,365)

                        - 

Purchased power

                (34,972)

          (132,522)

                        - 

 (167,494)

Other direct costs

                (12,673)

             (77,062)

                43,505 

 (46,229)

Depreciation expense

               (14,752)

                  (175)

                      (2)

 (14,929)

Other operating expenses

                (35,683)

             (23,574)

               (3,140)

(62,397)

Operating income (loss)

        28,642 

         23,964 

    (4,001)

             48,605  			

Other income and deductions, net

             885 

           101 

                      58 

                1,044 

Interest charges

     (14,134)

                  (161)

             (31,256)

(45,551)

                 			

Income (loss) before taxes

  15,393 

      23,904 

    (35,199)

                4,098 

Income taxes

                 (5,049)

               (8,525)

                 8,051 

 (5,523)

Extraordinary Items - disallowance of stranded cost (net of taxes)

 (97,836)

   - 

    - 

(97,836)

Income (loss) applicable to common stock

 $     (87,492)

 $      15,379			

 $      (27,148)

 $    (99,261)

 

Additions to utility  plant

                (21,795)

                 (494)

                        - 

             (22,289)

Balance Sheet Data as of June 30, 2004

Cash and cash equivalents

 $        42,476 

 $        54,807 

 $          4,803 

 $    102,086			

Accounts receivable

       33,002			

                68,521 

   (11,645)

             89,878  			

Other current assets

        32,807			

17,635 

                 2,064 

52,506  

Net utility plant

      564,989  			

     3,107 

     16 

           568,112			

Goodwill

          - 

                        - 

 270,256  

  270,256	

Recoverable stranded costs

 87,316 

      - 

      - 

87,316  

Other property, regulatory tax assets and	deferred charges

 31,331 

     - 

 21,669 

 53,000  

Total assets

 $      791,921			

 $      144,070			

 $     287,163			

 $  1,223,154			

Current maturities of long-term debt

 $                  - 

 $                   - 

 $          1,125 

 $         1,125  			

Accounts payable

                    9,781 

               47,528 

             (10,929)

             46,380  			

Other current liabilities

                  27,231 

               12,428 

                 6,580 

             46,239  			

Accumulated deferred income taxes and investment tax credits

                123,950 

               (5,386)

               (9,731)

           108,833			

Deferred credits

                  23,308 

               15,878 

               13,260 

             52,446  			

Regulatory liability-accrued cost of removal

                  39,485 

                        - 

                        - 

             39,485  			

Long-term debt, less current maturities

                415,421 

                        - 

            385,250  			

           800,671			

Redeemable cumulative preferred stock

                        - 

                        - 

            174,773  			

           174,773			

Common shareholder's equity

                152,745 

               73,622 

          (273,165)

             (46,798)

Total liabilities and shareholder's equity

 $       791,921 

 $    144,070			

 $   287,163			

 $  1,223,154	

**Note 9. Commitments and Contingencies**

*       EnergyAgreement*

In 2003,First Choice and Constellation Energy Company (Constellation) executed athree-year power supply agreement that resulted in Constellation being theprimary supplier of power for First Choice's customers through the end of 2007.Additionally, Constellation has agreed to supply power in certain transactionsunder the agreement beyond the date when that commitment expires. 

In 2004, First Choice Power Special Purpose Entity ("FCPSP"), abankruptcy remote entity, was created pursuant to the agreement withConstellation to hold all customer contracts, wholesale power contracts, andcertain natural gas contracts previously held by First Choice.  Constellationreceived a lien against the assets of FCPSP to cover the settlement exposureand the mark-to-market exposure rather than requiring FCPSP to post alternatecollateral for the purchase of power supply.  In addition, FCPSP is restrictedby covenants that limit the size of FCPSP's unhedged market positions andrequire that sales by 

20

FCPSP retain a positive retail margin.  The agreementdoes not, however, permit Constellation to demand additional collateralirrespective of its credit exposure under the agreement.  If, however, a changein electricity or gas forward prices increases Constellation's credit exposureto FCPSP beyond a limit based on Constellation's liens in cash and accountsreceivable, Constellation will have no obligation to supply additional power tocustomers of FCPSP unless FCPSP provides letters of credit or other collateralacceptable to Constellation, and FCPSP will be constrained in its ability to signup additional customers until that credit shortfall is corrected.

FCPSP may terminate the agreement upon 30 days' prior written notice toConstellation for any reason, but the agreement and all liens securing theagreement remain in effect with respect to transactions entered into prior tothe termination until both parties have fulfilled all of their obligations withrespect to such transactions or such transactions have been terminated fordefault or reasons related to regulatory changes.   

      *Other*

TNP and TNMP areinvolved in various claims and other legal proceedings arising in the ordinarycourse of business.  In the opinion of management, the dispositions of thesematters will not have a material adverse effect on TNP's and TNMP's consolidatedfinancial condition or results of operations.

* ***Item2.    Management's Discussionand Analysisof Financial Condition and Results of Operations (MD&A).**

Due to the acquisition of TNP by PNMR onJune 6, 2005, results of operations for the three and six months ended June 30,2005 include the effects of purchase accounting which are not included in thecomparable periods of 2004.

**Competitive**Conditions**

   *First Choice Customer Operations*

      *Customer Retention and Acquisition.*  At June 30,2005, First Choice served approximately 157,000 customers at price-to-beatrates and approximately 59,000 customers at competitive rates.  At June 30,2004, First Choice served approximately 170,000 and 55,000 price-to-beat andcompetitive customers, respectively. First Choice price-to-beat customers arealso transmission and distribution customers of TNMP.  In response to thefactors discussed in *Bad Debt and Delinquency*, below, First Choice didnot actively pursue mass market customers in 2004.  Mass market customers whochoose First Choice as their retail electric provider are required to pass acredit check or make a deposit before First Choice begins service. First Choiceis reevaluating its strategy with regard to marketing to the mass market.

      *BadDebt and Delinquency.* On June 1, 2004, several changes to customerprotection rules in Texas became effective.  Of the changes, the rules relatedto disconnection for non-payment and the required amount of a customer depositare having the greatest impact on First Choice.  The new rule for disconnectionfor non-payment states that if a customer does not make a payment or paymentarrangement until after the final due date specified in the disconnect notice,the retail electric provider is allowed to disconnect the customer.  Theprevious rule only allowed the retail electric provider to terminate serviceand drop the customer to the retail electric provider that was affiliated withthe customer's transmission and distribution service provider, or to theprovider of last resort for non-payment.  The new rule for the required amountof deposit states that the deposit shall not exceed the greater of one-fifth ofthe estimated annual billing or the sum of the next two month's estimatedbillings.  The previous rule stated that the deposit could not exceed thegreater of one-sixth of the estimated annual billing or the sum of the next twomonth's estimated billings.

      Thestructure described above limited First Choice's collection activities prior toJune 1, 2004 and affected both bad debt expense and the level of delinquentaccounts receivable. First Choice's bad debt and delinquency rates havedecreased for competitive customers as it has implemented more aggressivecredit and collection policies based on the new customer protection rules. Baddebt expense as a percentage of operating revenues for First Choice wasapproximately 0.7 percent for the six months ended June 30, 2005, compared with1.5 percent for the six months ended June 30, 2004.  On average, delinquentaccounts receivable were approximately 3.5 percent of monthly operating revenuefor the six months ended June 30,2005, as compared with a 4.4 percent delinquency rate for the six months endedJune 30, 2004.

*First Choice Energy Supply*

*      Strategy formitigating fluctuation in costs of energy supply.*  First Choice's basicstrategy is to minimize its exposure to fluctuations in market energy prices bymatching fixed price sales contracts with fixed price supply.  In addition,First Choice can use its ability to change the price-to-beat fuel factor tomitigate fluctuations in the cost of its price-to-beat energy supply and usevarious financial instruments to hedge against the risk of adverse changes innatural gas prices.

21

*      LoadForecasting. *First Choice's load fluctuates continuously due to,among other things, customer additions and losses, changes in customers' usage,severe or unexpected weather and timing of customer switching.  First Choicecontinually monitors and revises its load forecast to account for changingcustomer loads (both price-to-beat and competitive).  First Choice developsshort-term load forecasts to identify short-term load surpluses and shortages,and to insure that hedges are in place to cover expected sales.  Tothe extent these short-term load forecasts identify shortages, First Choicegenerally covers shortages through short-term power purchases. 

      The powersupply agreement with Constellation resulted in Constellation assuming themajority of weather related risks.  First Choice retained the risks associatedwith customer attrition.

*TNMP*

      TNMPprovides transmission and distribution services within TNMP's Texas servicearea at regulated rates to various retail electric providers that, in turn,provide retail electric service.  As of June 30, 2005, 42 retail electricproviders served customers that receive transmission and distribution servicesfrom TNMP.  First Choice provided electric service to customers that accountedfor approximately 41 percent of the energy delivered by TNMP for the six monthsended June 30, 2005.  TNMP's next largest customer was a non-affiliated retailelectric provider whose customers accounted for approximately 23 percent of theenergy delivered by TNMP during the six months ended June 30, 2005.
 Critical Accounting Policies
      TNP isrequired to use estimates in order to prepare the consolidated interimfinancial statements in accordance with generally accepted accountingprinciples.  Those estimates include accruals for estimated revenues forelectricity delivered from the latest billing date to the end of the accountingperiod and estimated purchased power expenses incurred but not billed at theend of the accounting period.  The use of these estimates is customary in theelectric utility industry.  Estimated revenues and purchased power expenses areadjusted to the actual amounts billed or incurred in the following month.

      In addition,purchased power expenses are subject to adjustment due to revisions that ERCOTmay make to the metered load of First Choice during ERCOT's settlementprocess.  First Choice has recorded an estimate of ERCOT's resettlementadjustment through June 30, 2005.  Upon receipt of the final ERCOT true-upadjustment, First Choice will adjust the currently recorded estimate.  Theamount of this adjustment could be significant to the results of operations ofFirst Choice.

      TNPalso employs certain critical accounting policies that require use of judgmentsand assumptions that are subject to uncertainty.  The amounts reported in theconsolidated interim financial statements that are related to those criticalaccounting policies could be different if either different judgments were madeor different assumptions were used.  Those critical accounting policies are discussedbelow.

*Purchase Accounting*. The acquisition was accounted for under thepurchase method of accounting as prescribed in SFAS 141; accordingly, purchaseaccounting adjustments have been reflected in the financial statements of TNPfor all periods subsequent to June 6, 2005.  Financial statements for periodsprior to that date were prepared using TNP's historical basis of accounting andare designated as "predecessor."  For purposes of the discussion ofyear-to-date operating results provided herein, the pre-acquisition financialinformation of the predecessor has been combined with the post-acquisitionfinancial information.  The business operations of TNP were not significantlychanged as a result of the acquisition, and post-acquisition and pre-acquisitionoperating results, except as noted in the discussion, are comparable.      

*Goodwill and Intangible Assets*. In accordance withSFAS 141, TNP's assets and liabilities have been valued based on theirrespective fair values as a result of the PNMR acquisition.  In accordance withSEC regulations, the difference between the purchase price and the fair valueof the assets acquired and liabilities assumed is recorded on the books of theacquired businesses.  Goodwill and other intangible assets and liabilities werealso recorded on the book of the acquired businesses and are either amortizedor are measured for impairment in accordance with Statement of FinancialAccounting Standard No. 142 "*Goodwill and Other Intangible Assets,"*(SFAS 142).

      *Accounting for Derivatives - Normal Purchases and Sales.*  In the normalcourse of business, TNMP and First Choice enter into commodity contracts, whichinclude components for additional purchases or sales of electricity, in orderto meet customer requirements.  In most circumstances, such contracts would bedefined as derivatives under SFAS 133.  However, the FASB has defined criteriaby which option-type and forward contracts for electricity could qualify forthe normal purchase and sales exception provided by SFAS 133, as amended bySFAS 149.  Based on the FASB's guidance, the management of TNMP and FirstChoice has determined that their respective contracts for electricity qualifyfor the normal purchases and sales exception.  Accordingly, TNMP and First Choicedo not account for their respective electricity contracts as derivatives.

22

      If TNMP andFirst Choice were required to account for their respective electricitycontracts as derivatives, the fair values of the contracts would be recorded onthe balance sheet as assets or liabilities.  Changes in the fair values of thecontracts would be recognized in earnings.

**Results of Operations**

      The following discussion should be readin conjunction with the related consolidated interim financial statements andnotes.

***  Overall Results***

*** ***      TNPhad income applicable to common stock of $3.4 million for the quarter endedJune 30, 2005, compared with a loss applicable to common stock of $97.0 millionfor the quarter ended June 30, 2004. For the six months ended June 30, 2005,TNP had a loss applicable to common stock of $7.7 million compared with a lossapplicable to common stock of $99.3 million for the six months ended June 30,2004. The changes in TNP's earnings for the quarter and six months endedJune 30, 2005 are attributable to the factors listed below (in millions):

Earnings

Increase (Decrease)

Three Months

Six Months

Ended June 30,

Ended June 30,

2005 v. 2004

2005 v. 2004

Change in  First Choice net income 

$                       (0.6)

$                       (7.1) 

Change in  TNMP net income (loss)

               101.2

                 99.3

TNP  Preferred stock dividends

                  (0.9)

                  (1.8)

All other  and intercompany eliminations

                  0.7

                  1.2

TNP  consolidated earnings 

$                    100.4

$                      91.6

*** First Choice Results***

      FirstChoice had net income of $8.4million for the quarter ended June30, 2005, compared with anet income of $9.0 millionfor the quarter ended June 30, 2004. For the six months ended June 30, 2005, First Choice had net income of $8.3 million, compared with a net income of $15.4 million for the six months ended June 30, 2004. Thechanges in First Choice's earnings for the three and six months ended June 30,2005 are attributable to the factors listed below (in millions):

Earnings

Increase (Decrease)

Three Months

Six Months

Ended June 30,

Ended June 30,

2005 v. 2004

2005 v. 2004

Changes in  gross profit

$                  (1.7) 

$                (13.5) 

Other  operating and maintenance

                     0.2 

                     1.6 

Other  income and deductions

                 0.5

              0.8

All other  (including income tax effects on the items above)

                0.4

               4.0

Change in  First Choice net income 

$                  (0.6) 

$                  (7.1)

23

***First Choice Gross Profit***

      Thefollowing table summarizes the components of First Choice gross profit (inthousands).

** **

**Three Months Ended June 30,**

** **

**Six Months Ended June 30,**

**Increase**

**Increase**

**2005**

**2004**

**(Decrease)**

**2005**

**2004**

**(Decrease)**

Operating  revenues

 $  121,472		

$  136,285  

$   (14,813)

 $  219,444		

$  257,297  

 $ (37,853)

Transmission  and distribution costs

30,712		

     39,609	

 (8,897)

59,388		

       77,109 

 (17,721)

Operating  revenues, net of

transmission  and distribution costs

90,760		

       96,676 

 (5,916)

160,056		

   180,188	

 (20,132)

Purchased  power

66,643		

      70,930		

 (4,287)

125,857		

    132,522	

 (6,665)

Clawback  accrual

-		

 (48)

            48		

-		

 (48)

            48		

Gross  profit

 $    24,117		

$  25,794	

$     (1,677)

 $    34,199		

 $    47,714		

 $ (13,515)

      Transmissionand distribution costs are included in the "Other operating and maintenance"line of TNP's consolidated income statement. The following table summarizes thecomponents of the change in First Choice's gross profit for the three monthsand six months ended June 30, 2005, compared with the same period in 2004 (inthousands).

**Increase (Decrease)**

**Three Months**

**Six Months**

**Ended June 30,**

**Ended June 30,**

**2005 v. 2004**

**2005 v. 2004**

Price  variances

Changes in  price-to-beat rates, primarily fuel factor increases

$            7,386

$             13,758

Changes in  competitive rates

                            4,038		

                    9,865

Increased  purchased power expenses attributable to higher prices

 (15,338)

                  (31,092)

 

 

Quantity  variances

Decreased  purchased power expenses attributable to lower sales

to  price-to-beat and competitive customers

                          19,464		

                  42,867		

Decreased  sales to competitive customers, net of transmission 

and  distribution charges

 (15,276)

 (35,365)

Decreased  sales to price-to-beat customers, net of transmission

and  distribution charges

 (2,264)

 (7,002)

Charges  associated with ERCOT settlement of purchased power expense

 (645)

 (5,799)

All other

                               	958 

                       (747)		

Gross  profit increase (decrease)

 $          (1,677)

 $           (13,515)

      Grossprofit for the three and six months ended June 30, 2005, decreased $1.7 million and $13.5 millioncompared with the corresponding 2004 periods.  The decrease in both periodsresulted from higher purchased power prices and was partially offset byincreased price-to-beat and competitive rates.

      Revenuesfrom price-to-beat customers for the threeand six months ended June 30, 2005, net of transmission and distributioncharges, increased $5.1 million and $6.8 million, respectively, compared to thesame period in 2004. The increase was caused by higher price-to-beat fuel factor rates in thefirst and second quarters of 2005 compared to same periods in 2004. FirstChoice increased its price-to-beat fuel factor in July and December of 2004 andMay of 2005. The increase was partially offset by a net decrease in price-tobeat customers served.

      Revenuesfrom competitive customers, net of transmission and distribution charges,decreased $11.2 million and $25.5 million for the three and six months ended June 30, 2005,respectively, compared with the three and six months ended June 30, 2004. A netdecrease in customers served, primarily attributable to aggregated customers,was responsible for the decrease in revenue. The decrease in revenue waspartially offset by increases in rates of $4.0 million and $9.9 million for thethree and six months ended June 30,2005 compared to the same periods in 2004. First Choice chargedcompetitive customers higher rates to offset increasing natural gas prices.

24

     Retail electric providerssuch as First Choice include a transmission and distribution charge in theprices they charge their customers for electric service.  The transmission anddistribution charge is regulated by the PUCT and is designed to allow theutility that provides transmission and distribution services within a specificservice area, referred to as the transmission and distribution serviceprovider, to recover its cost of service.  During the three and six monthsended June 30, 2005, First Choice incurred transmission and distribution costsrelated to sales to price-to-beat and competitive customers of $30.7 millionand $59.4 million, compared with $39.6 million and $77.1 million for the threeand six months ended June 30, 2004. Lower transmission and distribution chargesreflect the decrease in the number of customers served, as described above.

      Purchasedpower expenses decreased $4.3 million and $6.7 million for the three andsix months ended June 30, 2005, respectively, compared with the amount incurredfor the same periods in 2004. Decreases insales accounted for $19.5 million and $42.9 million for the three and sixmonths ended June 30, 2005 compared to same periods in 2004. The decrease insales were offset by increases in the cost of purchased power of $15.3 millionand $31.1 million for the three and six months ended June 30, 2005,respectively, compared to same periods in2004.  As energy prices began to increase, First Choice responded by seeking increasesin the price-to-beat fuel factor and by purchasing natural gas hedges tomitigate the risk of increasing natural gas prices.  The current purchase poweragreement with Constellation allows First Choice the ability to purchasenatural gas at fixed prices, thereby locking in the cost of its energy supply.

In the first quarter of 2004, First Choicerecorded a $5.0 million reduction in purchased power expenses related to itsestimate of ERCOT's resettlement adjustment for the year ended December 31, 2003.
***  *Other Operating andMaintenance**
      Other operating and maintenanceexpenses for the three and six months ended June 30, 2005 decreased $0.2million and $1.6 million respectively when compared with the amount incurredfor the same periods in 2004. The decrease resulted primarily from lower baddebt expense.
**Other Income and Deductions**
     Other income and deductions for the three and six months ended June30, 2005, compared with the amount incurred for the same periods in 2004,increased by $0.5 million and  $0.8 million respectively. The increase resultedprimarily from other interest income due to higher cash balances and higherinterest rates.

***TNMP Results***

*** ***      TNMPhad net income of $8.9 million for the quarter ended June 30, 2005, comparedwith a net loss of $92.2 million for the quarter ended June 30, 2004. For thesix months ended June 30, 2005, TNMP had net income of $11.8 million comparedwith a net loss of $87.5 million for the six months ended June 30, 2004.  Thechanges in TNMP's results for the quarter and six months ended June 30, 2005are attributable to the factors listed below (in millions):

*** ***

**Earnings**

**Increase(Decrease)**

**Three Months**

**Six Months**

**Ended June 30,**

**Ended June 30,**

**2005 v. 2004**

**2005 v. 2004**

Changes in  gross profit

 $                                   2.2 

$                               2.4  		

Other  operating and maintenance

                                      0.3 

                                  1.0 

Taxes  other than income

                                     0.9  		

                                  0.1 

Carrying  charges on regulatory assets

                                      1.9 

                                 (0.9)

Extraordinary  Item (net of taxes)

                                    97.8 

                               97.8

All other  (including income tax effects on the items above)

                                    (1.9)

(1.1)  

TNMP net  income (loss)

 $                               101.2 

$                             99.3		

 25
******
*** TNMP Gross Profit***

      Thefollowing table summarizes the components of TNMP gross profit (in thousands).

**Three Months Ended June 30, 2005**

**Six Months Ended June 30, 2005**

**Increase**

**Increase**

**2005**

**2004**

**(Decrease)**

**2005**

**2004**

**(Decrease)**

Operating  revenues

$       66,175 

$       65,069		

$         1,106 

$       132,055 

$      126,722		

$       5,333 

Purchased  power and fuel

         17,492		

         17,527		

             (35)

           38,203		

   34,972 

       3,231		

Transmission  expense

           6,003		

           7,084		

        (1,081)

           12,383		

           12,673		

            (290)

Gross  profit

$       42,680		

$       40,458		

$         2,222 

$          81,469 

$         79,077 

$      2,392  		

      Transmissionexpense is included in the "Other operating and maintenance" line of TNP'sconsolidated income statement.

          Thefollowing table summarizes the components of the change in TNMP's gross profitfor the three and six months ended June 30, 2005, compared with the same periodin 2004 (in thousands).

**Earnings**

**Increase (Decrease)**

**Three Months**

**Six Months**

**Ended June 30,**

**Ended June 30,**

**2005 v. 2004**

**2005 v. 2004**

Transmission  expenses, net of revenue

     $                       1,710		

 $                       998		

Weather  related

                              1,645  		

                       1,228		

Customer  growth

                                507

                       1,131

Price  variance

                            (1,655)

                      (1,809)

All other

                                	15  

                          844		

Gross  profit increase

   $                       	2,222	

    $                   2,392		

     Grossprofit for the three months ended June 30, 2005, increased $2.2 million, or 5.5percent compared with the corresponding 2004 period.  The overall increase isdriven by a $1.7 million decrease in transmission expenses, net of transmissionrevenues, a $1.6 million increase in revenues due to higher sales resultingfrom warmer weather compared to 2004, and a $0.5 million increase in revenuesassociated with growth in the number of customers. Transmission expensesdecreased for the three months ended June 30, 2005 primarily due to a Texas transmission expense true-up recorded in the second quarter of 2004 related to TXUElectric Delivery Company and Lower Colorado River Authority. Partiallyoffsetting these increases were price variances resulting from the Texas rate reduction that took effect May 1, 2005.

      Grossprofit for the six months ended June 30, 2005 increased by $2.4 million, or 3.0percent compared with the corresponding 2004 period.  The overall increase isattributed to a $1.2 million increase in sales due to warmer weather, higherrevenues associated with growth in the number of customers, and lowertransmission expenses, net of revenues. Partially offsetting these increaseswere price variances resulting from the Texas rate reduction that took effectMay 1, 2005.

      Purchasedpower expenses decreased by $35 thousand for the three months ended June 30,2005, and increased by $3.2 million for the six months ended June 30, 2005, ascompared to their respective periods in 2004.  The increase for the six monthsended is entirely attributed to high purchased power costs that occurred in thefirst quarter of 2005.

***  Operating Expenses***

*** ***      TNMPincurred operating expenses of $47.9 million for the quarter ended June 30,2005, a decrease of $2.2 million from the amount incurred during thecorresponding period of 2004. For the six months ended June 30, 2005, TNMPincurred operating expenses of $100.2 million, an increase of $2.2 million fromthe amount incurred during the same period in 2004. Operating expenses includepurchased power and transmission expense, which decreased by $1.1 million forthe three months ended June 30, 2005, and increased by $2.9 million for the sixmonths ended June 30, 2005, as compared to their respective periods in 2004.

26

      Thedetails in the changes of purchased power and transmission expense arediscussed above in *Gross Profit.*  The remaining components of thechanges in operating expenses are discussed below.

*** *Other Operating and Maintenance**

      Other operating and maintenanceexpenses decreased $0.3 million and $1.0 million for the quarter and six monthsended June 30, 2005, compared with the same periods in 2004 respectively. Thedecreases are primarily related to reduced regulatory activities.

***  *Taxes Other Than Income Taxes**

** **      Taxes other than income taxesdecreased $0.9 million and $0.1 million for the three and six months ended June30, 2005, compared with the corresponding periods in 2004. The decreases wereprimarily related to lower ad valorem taxes accrued during 2005 due to lowertaxable values resulting for TNMP's May 2005 rate decrease.

*** Carrying Charges onRegulatory Assets***

As discussed in Note 3, on April 29,2005, the PUCT ruled that TNMP be allowed recovery of $39.2 million of carryingcosts on stranded costs for the period January 1, 2002 through July 21, 2004. The PUCT rejected the previous administrative law judge proposal that TNMP beallowed to utilize its weighted average cost of debt from the 2000 UnbundledCost of Service filing as required by Senate Bill 7, and as was utilized in the2004 CenterPoint Energy true-up proceeding.  Instead, the PUCT utilized TNMP'sactual weighted average cost of debt as of December 31, 2001. Accordingly, TNMPreduced the total carrying charges for income statement recognition for theperiod January 1, 2002 through December 31, 2004 by $4.7 million during thefirst quarter of 2005. TNMP's accrual for 2005 carrying charges of $3.7 millionto the income statement was also based on the PUCT ruling. In accordance withprovisions within SFAS 92, TNMP was limited in its recognition for incomestatement purposes to only the debt-related portion of the carrying charges. Asof June 30, 2005, the equity portion of the carrying charges on stranded coststhat TNMP was prohibited from recognition through the income statement untilactual receipt from customers totaled $22.1 million.  On July 22, 2005,the PUCT confirmed TNMP's calculation of the carrying costs on stranded costs ina written order.

***  Extraordinary Item (net of taxes)***

*** ***      Inthe second quarter of 2004, TNMP recorded a loss of  $97.8 million related tothe PUCT true-up proceeding regarding TNMP's stranded costs. The PUCT allowedTNMP to recover $87.3 million of the $266.5 million that TNMP requested asstranded cost.  This decision resulted in a loss of  $155.2 million before tax($97.8 million after tax).  TNMP recorded the  $97.8 million after tax loss asan extraordinary item in the second quarter of 2004. 

**Financial Condition**

***  TNP Liquidity***

*** ***   Inconjunction with the acquisition of TNP, on June 6, 2005, PNMR made an equityinvestment of approximately $110.5 million in TNP, which TNP used to repay infull amounts owing under TNP's credit agreement.  In addition, pursuant toPNMR's acquisition of TNP, PNMR agreed to provide funds to TNP to enable TNP toredeem (a) TNP's 14.5% Senior Redeemable Preferred Stock, Series C, (b) TNP's14.5% Senior Redeemable Preferred Stock, Series D (collectively, PreferredStock) and (c) TNP's 10.25% Senior Subordinated Notes due 2010, Series B(Senior Notes).  On July 6, 2005, TNP redeemed the Preferred Stock by tendering$224.6 million to the holders of the Preferred Stock and redeemed the SeniorNotes by tendering $296.5 million to holders of the Senior Notes. TNP paidpremiums of $19.7 million and $14.1 million respectively, which were capitalized to goodwill as a cost of theacquisition.

At June 30, 2005, PNMR's total equityinvestment in TNP was $309.8 million. TNP's main sources of liquidity, and itsability to pay dividends, depend primarily on the earnings of its subsidiaries,TNMP and First Choice.  TNP receives distributions of those earnings in theform of cash dividends, as well as payments from its subsidiaries under a taxsharing agreement.

27

      Forthe six months ended June 30, 2005, TNP's cash flow from operations was $6.0million higher than in the six months ended June 30, 2004.  The factors causingthe increase in cash flow from operations are summarized in the following table(in millions).

**Cash Flow**

**Increase(Decrease)**

**Six Months**

**Ended June 30,**

**2005 v. 2004**

Decreased  cash flow from sales

 $                       (36.2)			

Decreased  cash paid for transmission and distribution charges

                           14.8

Decreased  cash paid for purchased power

                           19.3			

Decreased  cash paid to other suppliers

                             5.4

Income  taxes refunded 

                             1.8

All other

                             0.9

TNP  consolidated cash flow from operations

 $                          6.0			

      Cashflow from sales decreased primarily due to lower sales to competitive andprice-to-beat customers at First Choice, partially offset by increases inprice-to-beat and competitive rates. Payments for transmission and distributioncharges and purchased power also decreased**due to lower sales at FirstChoice. The reduction in payments for purchased power were partially offset byan increase in purchased power prices driven by higher gas prices.  Cash paidto other suppliers decreased primarily due to no incentive compensation payoutsin 2005 and to the timing of payments in 2005 compared to 2004.* *Incometax refunds increased due to a 2005 refund for overpaid 2004 federal taxes.

      Managementbelieves that dividends from its subsidiaries, payments under the tax sharingagreement, and cash on hand should be sufficient to meet TNP's working capitalrequirements at least through the end of 2005.

***  First ChoiceLiquidity***

* *    At June 30, 2005, First Choice was added as an additionalborrower of up to $100 million under PNMR's $400 million unsecured revolvingcredit facility. Any borrowings made by First Choice under this sublimit areguaranteed by PNMR.  At June 30, 2005, First Choice had no borrowingsoutstanding.

Managementbelieves that First Choice's cash flow from operations, cash on hand, and borrowingsunder the PNMR credit facility should be sufficient to meet First Choice's working capitaland credit requirements. First Choice's cash balance as of June 30, 2005, wasapproximately $64.3 million.

***  TNMP Liquidity***

*** ***On June 10, 2005, TNMP filed an application withthe NMPRC to become a borrower and issue notes of up to $100 million under PNMRcredit facility of $400 million. On July 19, 2005, the NMPRC issued an orderapproving the application. Securities and Exchange Commission approval is alsorequired, and is expected in the third quarter of 2005.

TNMP believes that cash flow from itsoperations, cash on hand, and borrowings under the PNMR credit facility will besufficient to meet its working capital requirements without the need foradditional bank financing.  TNMP's cash balance as of June 30, 2005, wasapproximately $65.5 million.

***Capital Structure***

TNP's capitalization, including currentmaturities of long-term debt, at June 30, 2005 and December 31, 2004 is shownbelow:

 
** **

**June 30,**
 
**December 31,**

 
** **

**2005**

 

**2004**

** **

** **

** **

** **

 
Common  Equity

24.8%

9.2%

 
Preferred  Stock

18.0%

17.2%

 
Long‐term  Debt

57.2%

73.6%

 
Total  Capitalization

100.0%

100.0%

28

The change in TNP's capitalization is due to theacquisition of TNP on June 6, 2005.  For additional information on theacquisition, refer to Note 2 - "PNM Resources Inc.(PNMR), Acquisition of TNPand Purchase Accounting" in the Notes to Consolidated Interim FinancialStatements.

**Item3.  Quantitative And Qualitative Disclosure About Market Risk**

***Commodity Risk***

First Choice is responsible for energy supplyrelated to the sale of electricity to retail customers in Texas.  Senate Bill 7contains no provisions for the specific recovery of fuel and purchased powercosts, although First Choice can request that the PUCT change the price-to-beatfuel factor twice a year to recognize changes in natural gas prices.  The ratescharged to new customers acquired by First Choice outside of TNMP's serviceterritory are not regulated by the PUCT, but are negotiated with eachcustomer.  As a result, changes in fuel and purchased power costs will affectFirst Choice's operating results.  First Choice is exposed to market risk tothe extent that its retail rates or cost of supply fluctuate with marketprices. First Choice's basic strategy is to minimize its exposure tofluctuations in market energy prices by matching fixed price sales contractswith fixed price supply. 

First Choice operates within a competitivemarketplace; however, to the extent that it serves former TNMP customers underthe provisions of the price-to-beat service, it has the ability to file withthe PUCT to change the price-to-beat fuel factor twice each year, in the eventof significant changes in natural gas prices.  Additionally, in connection withthe issuance of a final stranded cost true-up order for TNMP, the PUCT willadjust First Choice's fuel factor portion of the price-to-beat downward ifnatural gas prices are below the prices embedded in the then-current rates. 

***Accounting for Derivatives***

In the normal course of business, TNMP and FirstChoice enter into commodity contracts in order to meet customer requirements. Criteria by which option-type and forward contracts for electricity can qualifyfor the normal purchase and sales exception has been defined by SFAS 133 andSFAS 149. In accordance with these pronouncements, management has determinedthat TNMP's and First Choice's contracts for electricity qualify for the normalpurchases and sales exception.  Accordingly, TNMP and First Choice do notaccount for its electricity contracts as derivatives.

With regard to its hedging activities, FirstChoice recorded unrealized gains (losses), net of reclassification adjustments,associated with its natural gas hedges in other comprehensive income as shownin the following table.    
   
Three Months Ended June 30, 2005

Six Months Ended June 30, 2005
   
Before-Tax

Tax Benefit

After-Tax

Before-Tax

Tax Benefit

After-Tax
   
Amount

(Expense)
 
Amount
 
Amount

(Expense)
 
Amount
   
*(In thousands)*
   
Change in  market value

$    (5,384)

$        2,051 

$  	(3,333)

$       (775)

$             295

$       (480)		

Reclassification  adjustments

        2,457		

 (936)

      1,521		

     8,336	

      	(3,176)

          5,160

Other  comprehensive income (loss)

$    (2,927)

$       1,115   

$   (1,812)

$       7,561 

$     (2,881)

$       4,680		

First Choice also estimates that $0.9 million ofunrealized after-tax gains related to natural gas swaps will be reclassifiedthrough other comprehensive income to purchased power expense over the next sixmonths.

29

*Risk Management Activities*

First Choicemeasures the market risk of its activities using an Earnings At Risk (EaR)calculation to maintain the its total exposure withinmanagement-prescribed limits. Because of its obligation to serve, First Choicemust take its obligations to settlement. Accordingly, a measure that evaluatesthe settlement of First Choice's positions against earnings provides managementwith a useful tool to manage its portfolio. First Choice's EaR calculationreports the possible losses against forecasted earnings for its retail load andsupply portfolio. This calculation is based on First Choice's forecastedearnings on the reporting date.  First Choice utilizes a Delta/Gammaapproximation model of EaR.  The Delta/Gamma model calculates a price changewithin a given time frame, correlation and volatility parameters for each pricecurve utilized in valuing the mark-to-market of each position to develop achange in value for any position. This process is repeated multiple times tocalculate a standard deviation, which is used to arrive at an EaR amount basedon a certain confidence level. The model uses the Delta/Gamma approximation tomodel the optionality related to Price-to-Beat rate resets by both First Choiceand the PUCT as discussed above. First Choice utilizes the one-tailedconfidence level at 95%.  EaR models are relatively sophisticated.  The quantitativerisk information, however, is limited by the parameters established in creatingthe model.  The instruments being evaluated may trigger a potential loss inexcess of calculated amounts if changes in commodity prices exceed theconfidence level of the model used.  The EaR calculation considers FirstChoice's forward position for the next twelve months and holds each positionto settlement.  The volatility and the correlation estimates measure the impactof adverse price movements both at an individual position level as well as atthe total portfolio level. For example, if EaR is calculated at $10.0 million,it is estimated at a 95% confidence level that if prices move against FirstChoice's positions, the losses against its forecasted earnings overthe next twelve months would not exceed $10.0 million. 

For the three months ended June 30, 2005, theaverage total EaR amount was $10.1 million, with high and low EaR amounts forthe period of $11.5 million and $9.7 million, respectively.  The total EaRamount at June 30, 2005 was $9.8 million.  

*Credit Risk*

First Choice is subjectto credit risk from non-performance by its supply counterparties to the extentthese contracts have a mark-to-market value in the favor of First Choice. TheConstellation power supply agreement established FCPSP, a bankruptcy remotespecial purpose entity, to hold all customer contracts and wholesale power andgas contracts.  Constellation received a lien on accounts receivable, customercontracts, cash, and the equity of FCPSP.  The provisions of this agreementseverely limit First Choice's ability to secure power from alternate sources.Additionally, the terms of the security agreement do not require Constellationto post collateral for any mark-to-market balances in First Choice's favor. AtJune 30, 2005, the supply contracted with Constellation was in a favorablemark-to-market position for First Choice. When netted against amounts owed toConstellation, this exposure was approximately $35.4 million.  The Constellationpower supply agreement collateral provisions will continue until the expirationof the agreement on December 31, 2007.

First Choice hascontinued to see a reduction in bad debt expense from its retail customers dueto reduced customer receivables resulting partially from effective disconnectspolicies, increased collection activity and refined consumer credit andsecuritization policies.  Bad debt expenses for the six months ended June 30,2005 and 2004 were $1.5 million and $4.0 million, respectively.  

*InterestRate Risk*

In June 2003, TNMPissued $250 million of 6.125% Senior Notes due in 2008. In May 2003, TNMPexecuted a $250 million Treasury rate lock transaction designed to manageinterest rate risk associated with the issuance of the Senior Notes. TNMP paid$4.2 million upon the issuance of Senior Notes in June 2003 to settle the ratelock. Through the date of the PNMR acquisition, the cost of rate lock wasrecorded in accumulated other comprehensive income and was being amortized tointerest expense over the life of the Senior Notes. At the date of the PNMRacquisition, in accordance with SFAS 141, the balance of the rate lock recordedin accumulated other comprehensive income was charged to goodwill. 

During the period ofJune 6 through June 30, 2005, TNMP contributed cash of approximately $86,000,to other post retirement benefits for plan year 2005.  The securities held bythe trusts for pension plan and other post-retirement plan had an estimatedfair value of $86.4 million as of June 30, 2005, of which 76% were invested inmoney market funds.  TNMP does not currently recover or return through ratesany losses or gains on these securities.

30

*EquityMarket Risk*

TNMPand its subsidiaries sponsor a defined benefit pension plan coveringsubstantially, all of its employees.  TNMP also sponsors a health care planthat provides post retirement medical and death benefits.  Contributions aremade to trusts that fund both of these employee benefits.  The trusts held acertain equity mutual fund as of June 30, 2005, which exposes TNMP to losses infair value.  Approximately 22% of the assets in the retiree medical and deathbenefit trusts were invested in equity index mutual fund. Approximately 24% ofthe assets in the pension were invested in an equity index mutual fund as ofJune 30, 2005.

**Item 4.  Controls and Procedures.**

*Disclosure Controls andProcedures*

TNPmaintains disclosure controls and procedures designed to ensure that it is ableto collect the information it is required to disclose in the reports it fileswith the SEC, and to process, summarize and disclose this information withinthe time periods specified in the rules of the SEC.  Based on anevaluation of TNP's disclosure controls and procedures as of the end of theperiod covered by this report conducted by TNP's management, with theparticipation of the Chief Executive and Chief Financial Officers, the ChiefExecutive and Chief Financial Officers believe that these controls andprocedures are effective to ensure that TNP is able to collect, process, anddisclose the information it is required to disclose in the reports it fileswith the SEC within the required time periods.
Acquisition of TNP by PNMR
Withthe acquisition, TNP developed an interface process to transfer the financialreporting information from TNP to the system from which PNMR produces it'sconsolidated financial statements for internal and external reporting.  Thiswas the only material change in internal control that resulted from theacquisition.  TNP is currently undergoing a diligent effort to ensurecompliance with Section 404 of the Sarbanes-Oxley Act of 2002.  As integrationactivities occur, TNP will continue to integrate its internal controls intoPNMR's operations.  It is expected that this effort will continue during theremainder of 2005 and into 2006. 

Exceptas described above, there were no other changes in internal control overfinancial reporting that occurred during the second quarter of 2005 that havematerially affected, or are reasonably likely to materially affect, TNP'sinternal control over financial reporting.

**PART II - OTHERINFORMATION**

**Item 1.  Legal Proceedings**

**      **See Notes 2, 3 and 9 in the Notes to ConsolidatedInterim Financial Statements for information regarding additional regulatoryand legal matters.

**Item 5.  Other Events**

**New TNP Bylaws**

On August 4, 2005, the board ofdirectors of TNP approved new bylaws that became effective on August 4, 2005. A copy of TNP's new bylaws are attached hereto as exhibit 3.2.   On June 6,2005 (and reported in Item 5.03 of a Current Report on Form 8-K filed by TNMPon June 10, 2005), TNP amended and modified its bylaws to permit the execution,in connection with the acquisition by PNMR of TNP and its subsidiaries, of aunanimous written consent of the shareholder and directors of TNP by its soleshareholder and director, without the necessity for further notice to, or actor approval of such shareholder or director.  These amended bylaws werereplaced on August 4, 2005 by the new bylaws.

* Summaryof Changes to the TNP bylaws*

 

* *Article 1 of the previous TNP bylaws on offices wasdeleted and replaced by Article VI, Section 4 of the new bylaws which providesthat the principal office shall be established and maintained at a placedesignated by the board of directors.  Article I of the new bylaws on meetingsof shareholders provides that notice must be mailed to shareholders not lessthan 30 days before the meeting  and that the record date shall not exceed 30days before the meeting date.   Article II on directors (Article III of the oldbylaws) now provides that the number of directors shall be not less than 1 normore than 7 (instead of up

31

 to 15 directors) who are elected annually and servefor one year or until the next annual meeting of shareholders.  The new bylawsdo not prohibit cumulative voting or anticipate having the position of advisorydirector.  Special meetings may be held whenever called by the chairman, thepresident or any 3 directors (instead of by any 2 directors).  The provisionson removal of directors and vacancy were deleted.  The indemnification ofofficers and directors to the full extent authorized by Texas law is nowcontained in Article II, Section 7 instead of in Article VII, Section 7.7.

 

TNP bylaws now contain a new Article III on contractsand negotiable instruments which discusses authorized signatories andshareholder ratification of certain contracts or acts.  Article IV of the newbylaws provides that the officers of TNP shall be a president, secretary,treasurer, controller and one or more vice presidents elected annually by theboard of directors.  Article V, Section 4 provides that record dates may befixed and stock transfer books may be closed for not more than 30 days nor lessthan 10 days before any shareholder meeting (instead of not more than 50 daysas in sections 2.9 and 6.6 of the old bylaws).

**Officers of TNMP andTNP**

On August 5, 2005, the Boards of Directors of TNMP andTNP confirmed that J. R. Loyack, Senior Vice President and Chief FinancialOfficer of PNMR and PNM, will also serve as the Chief Financial Officer of TNMPand TNP, respectively, and that T. G. Sategna, Vice President and CorporateController and Chief Accounting Officer of PNMR and PNM, will also serve asChief Accounting Officer for TNMP and TNP, respectively.

**Item 6.  Exhibits**

(a)    Exhibits

(3.1)

Articles of Incorporation of TNP, as amended  through July 7, 2005.

(3.2)

Bylaws of TNP adopted on August 4, 2005.

(31.1)

Certification Pursuant to Rule 13a-14(a) or Rule  15d-14(a) of the Securities Exchange Act.

(31.2)

Certification Pursuant to Rule 13a-14(a) or Rule  15d-14(a) of the Securities Exchange Act.

(32.1)

Certification Pursuant to 18 U.S.C. Section  1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(32.2)

Certification Pursuant to 18 U.S.C. Section  1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Statement Regarding Forward Looking Information
     The discussions inthis document that are not historical facts, including, but not limited to,future cash flows and the potential recovery of stranded costs are based uponcurrent expectations.  Actual results may differ materially.  Among the factorsthat could cause the results to differ materially from expectations are: 
-  the outcome of any appeals ofthe Public Utility Commission of Texas (PUCT) order in the stranded cost true-up proceeding;	
-  the results of any futureregulatory proceedings, 
-  the payment of dividends by Texas-NewMexico Power Company (TNMP), FirstChoice Power, L.P. (FCP) or FirstChoice Power Special Purpose, L.P. (FCPSP) (FCPand FCPSP collectively, First Choice);
-  the ability of First Choiceto attract and retain customers; 
-  price fluctuations in theelectric power and natural gas markets;
-  changes in ElectricReliability Council of Texas (ERCOT) protocols;
-  changes to First Choicepurchased power costs resulting from the ERCOT settlement process;  
-  collections experience;
-  the risks that the businessesof TNP and PNMR will not be integrated successfully after the PNM Transaction;	
-  the risk that the benefits ofthe PNM Transaction will not be fully realized or will take longer to realizethan expected; 
-  the risk that disruption fromthe PNM Transaction will make it more difficult to maintain relationships withcustomers, employees, suppliers or other third parties; 
-  interest rates; 

32
-  weather;
-  changes in supply and demandin the market for electric power;
-  market liquidity;
-  the competitive environmentin the electric and natural gas industries;
-  state and federal regulatoryand legislative decisions and actions;
-  the effects of accountingpronouncements that may be issued periodically; 
-  insurance coverage availablefor claims made in litigation;
-  general business and economicconditions;
-  the outcome of legalproceedings and the performance of state, regional and national economies;	
-  and other factors describedfrom time to time in TNP's reports filed with the Securities and ExchangeCommission.  

33

**Signature**

Pursuant tothe requirements of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersignedthereunto duly authorized.

** **

**TNP Enterprises, Inc.**

(Registrant)
 
Date:   August 8, 2005

/s/ Thomas G.  Sategna

Thomas G. Sategna

Vice President and  Controller

(Officer duly  authorized to sign this report)

34 |
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