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<head>

<title>Form S-8 ESP II</title>

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<body>

<div>

<p align=center>As
filed with the Securities and Exchange Commission on December 17, 2004</p>

<p align=right>Registration No. _______</p>

<div>



</div>

<hr>

<p>&nbsp;</p>
<p align="center"><b>SECURITIES AND EXCHANGE COMMISSION<br>
WASHINGTON, D.C.&nbsp; 20549</b></p>

<p align="left"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
___________</b></p>

<p align="center"><b>FORM S-8<br>
REGISTRATION STATEMENT <br>
Under<br>
THE SECURITIES ACT OF 1933</b></p>
<p align="left"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
_________</b></p>

<p align=center><b>PNM RESOURCES, INC.<br>
</b>(Exact
name of Registrant as specified in its charter)</p>

<p align=left><b>New Mexico&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85-0468296<br>
</b>(State or other jurisdiction&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(I.R.S.
Employer<br>
incorporation or organization)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Identification No.)<b><br>
</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>

<p align=center><b>Alvarado Square<br>
Albuquerque, New Mexico 87158<br>
</b>(Address of Registrant's Principal Executive
Offices) (Zip Code)</p>

<p align="center"><b>PNM
Resources, Inc.<br>
Executive
Savings Plan&nbsp; II<br>
</b>(Full title of the Plan)</p>



<p align=center><b>JOHN R. LOYACK<br>
</b>Senior Vice President and Chief Financial Officer<br>
<b>PNM RESOURCES, INC.<br>
</b>Alvarado Square<br>
Albuquerque, New Mexico 87158<br>
Tel: (505) 241-2700<br>
Fax: (505) 241-2368<br>
E-mail: jloyack@pnm.com<br>
(Name, address and telephone number, including area code, of agent for
service)</p>



<p align="center">It is respectfully requested that the Commission send copies of all
orders, notices and communications to:</p>

<p><i>&nbsp;</i></p>

<p align="center">Charles L. Moore, Esq.<br>
Keleher &amp; McLeod, P.A.<br>
414 Silver Avenue, S.W.<br>
Albuquerque, New Mexico 87103<br>
Tel: (505) 346-4646<br>
Fax: (505) 346-1345<br>
E-mail: clm@keleher-law.com</p>

<div>



<p>This
Registration Statement shall become effective upon filing in accordance with
Rule 464 under the Securities Act of 1933, as amended.</p><hr>

</div>



<p align="center"><b>CALCULATION OF REGISTRATION FEE</b></p>



<div align="center">



<table border=1 cellspacing=0 cellpadding=0>
 <tr>
  <td width=168 valign=top>
  <p align=center><b>Title of securities to be registered</b></p>
  </td>
  <td width=84 valign=top>
  <p align=center><b>Amount to be registered</b></p>
  </td>
  <td width=132 valign=top>
  <p align=center><b>Proposed maximum</b></p>
  <p align=center><b>Offering price per unit</b></p>
  </td>
  <td width=156 valign=top>
  <p align=center><b>Proposed maximum aggregate
  offering price(1)</b></p>
  </td>
  <td width=92 valign=top>
  <p align=center><b>Amount of registration fee</b></p>
  </td>
 </tr>
 <tr>
  <td width=168>
  <p>PNM Resources, Inc.
  Executive Savings Plan II Obligations(2)</p>
  </td>
  <td width=84 valign=top>
  <p align=center>100%</p>
  </td>
  <td width=132 valign=top>
  <p align=center>n/a</p>
  </td>
  <td width=156 valign=top>
  <p align=center>$2,500,000</p>

  </td>
  <td width=92 valign=top>
  <p align=center>$316.75</p>

  </td>
 </tr>
 <tr>
  <td width=168>
  <p>Common Stock,&nbsp; no par value per share</p>
  </td>
  <td width=84 valign=top>
  <p align=center>25,000 shares</p>
  </td>
  <td width=132 valign=top>
  <p align=center>$25.52</p>
  </td>
  <td width=156 valign=top>
  <p align=center>$638,000</p>
  </td>
  <td width=92 valign=top>
  <p align=center>$80.83</p>
  </td>
 </tr>
</table>



</div>

<hr color="#000080"><br clear=all style='page-break-before:always'>


<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp; Estimated solely for the purpose of calculating the amount of the
registration fee, pursuant to Rule 457(h) of the Securities Act of 1933, as
amended (the &quot;Securities Act&quot;).&nbsp; As to
shares of common stock issuable pursuant to the PNM Resources, Inc. Executive
Savings Plan II&nbsp; (the &quot;Plan&quot;), the
offering price is calculated on the basis of the average of the high and low
sale price of the Registrant's common stock on the New York Stock Exchange&nbsp; on December 15, 2004.&nbsp; Pursuant to Rule 416(c) of the Securities
Act, there is also being registered such number of additional shares of common
stock that may become available for purchase under the Plan in the event of
certain changes in the outstanding shares, including reorganizations, mergers,
recapitalizations, restructurings, stock dividends, stock splits, reverse stock
splits and reclassifications.&nbsp; In
addition, pursuant to Rule 416(c)&nbsp; under
the Securities Act, this registration statement covers an indeterminate amount
of interests to be offered or sold pursuant to the&nbsp; Plan.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp; The Plan obligations are unsecured obligations of PNM Resources,
Inc. to pay deferred compensation in the future in accordance with the Plan for
a select group of eligible employees.</p>

<p><i>&nbsp;</i></p>

<hr color="#000080">

</div>
<p><b><br
clear=all>
</b>

</p>

<div>

<p align=center><b>Part I</b></p>

<p align=center><b>&nbsp;Information Required In Section 10(a) Prospectus</b></p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
document(s) containing the information specified in Part I of Form S-8 will be
sent or given to employees participating in the PNM Resources, Inc. Executive
Savings Plan II (the &quot;Plan&quot;) as specified by Rule 428(b)(1) of the Securities
Act of 1933, as amended (the &quot;Securities Act&quot;).&nbsp; These documents and the documents incorporated by reference into
this Registration Statement pursuant to Item 3 of Part II of this Registration
Statement, taken together, constitute a prospectus that meets the requirements
of Section 10(a) of the Securities Act.</p>



<p align=center><b>Part II</b></p>



<p align=center><b>Information Required In The Registration Statement</b></p>



<p><b>Item 3.&nbsp; <u>Incorporation of Documents by Reference</u></b></p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;The following documents previously filed with
the Securities and Exchange Commission (the &quot;Commission&quot;) by&nbsp; PNM Resources, Inc. (&quot;PNM Resources&quot;) are hereby
incorporated by reference in this Registration Statement:</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annual Report on Form 10-K for the year ended
December 31, 2003.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2004, June 30, 2004 and September 30, 2004.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current Reports on Form 8-K dated January 14, 2004,
May 19, 2004, July 26, 2004 (filing information pursuant to Item 5), July 28,
2004, August 3, 2004, August 16, 2004, August 19, 2004, September 10, 2004,
November 12, 2004, November 18, 2004, December 8, 2004 and December 10, 2004.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current Report on Form 8-K filed
with the Commission on December 31, 2001 which includes the description of the
common stock of PNM Resources, no par value, and any amendment or report filed
for the purpose of updating such description.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other reports filed by PNM
Resources pursuant to Section 13(a) or 15(d) of the Securities Exchange Act on
or after December 31, 2003.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All documents
subsequently filed by PNM Resources or the Plan pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the
&quot;Exchange Act&quot;) after the date of this Registration Statement and prior to the
filing of a post-effective amendment to this Registration Statement which
indicates that all securities offered hereby have been sold or which removes
from registration all such securities then remaining unsold shall be deemed to
be incorporated herein by reference and to be a part hereof from the date of
filing of such documents.&nbsp; Any statement
contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in
any subsequently filed document which also is or is deemed to be incorporated
by reference herein modifies or supersedes such statement.&nbsp; Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part
of this Registration Statement.</p>



<p><b>Item
4.&nbsp; <u>Description of Securities</u></b></p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
deferred compensation obligations being registered represent obligations (the
&quot;Obligations&quot;) of the PNM Resources, Inc. to make future payments to Plan
participants.&nbsp; The Obligations consist
of PNM Resources' commitment under the Plan to deliver at a future date any of
the following: </p>



<ul>
	<li>matching credits to participants' Plan accounts made by
PNM Resources or its affiliates, </li>
	<li>standard credits to participants' Plan accounts made by
PNM Resources or its affiliates, </li>
</ul>

<hr color="#000080"><br clear=all style='page-break-before:always'>


<ul>
	<li>supplemental credits&nbsp;to
the accounts of senior officers&nbsp; by PNM Resources or its affiliates, </li>
	<li>discretionary credits to the
accounts of selected participants in such amounts as may be determined by the
Human Resources and Compensation Committee of PNM Resources' Board of Directors,
and&nbsp;</li>
	<li>earnings on the foregoing amounts based on a notional
investment measurement.</li>
</ul>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
amount of compensation to be deferred by each participant will be determined in
accordance with the Plan based on the elections of the participant, and will be
credited to a separate bookkeeping account in the name of the participant.&nbsp; The participant's account will reflect units
of an investment fund intended to mirror substantially an investment in the
common stock of PNM Resources (&quot;Company Stock Fund&quot;) and other hypothetical
investment media selected pursuant to the Plan.&nbsp; The participant's account will be credited, or debited, as the
case may be, based on the returns on the Company Stock Fund and the other
hypothetical investment media established pursuant to the Plan, or based upon
earnings or losses incurred, pursuant to established procedures under the
Plan.&nbsp; The Company Stock Fund and other
investment media will be used only for the purpose of calculating hypothetical
returns, and the amounts in participants' Plan accounts need not actually be
invested in the selected investment media.&nbsp;
Dividends paid on the Company Stock Fund will be reflected in the
participant's account by crediting to the Company Stock Fund the amount of
units of the Common Stock Fund equal to the value of the dividends.&nbsp; The participant's account will also be
adjusted periodically to reflect any stock splits or other adjustments to the
common stock.&nbsp; All amounts in a
participant's account will be vested immediately. </p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Obligations are generally payable in a cash lump-sum
distribution or in the form of installments or an annuity as selected by the
participant.&nbsp; The distributions will be made within an administratively
reasonable period of time following the quarterly valuation date following a
participant's death,&nbsp;disability or other separation from service.&nbsp; If
the distribution is occasioned by the participant's separation from service
with PNM Resources and its affiliates, the distribution will be delayed until
an administratively reasonable period of time following the quarterly valuation
date that is six months following the participant's separation from service if
the participant is a &quot;key employee&quot;, as most, if not all,
participants will be.&nbsp;&nbsp;
Under certain circumstances, at the participant's election, an interest
in the Common Stock Fund is distributable in the form of whole shares of common
stock.&nbsp; There is no trading market for
the Obligations.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
Obligations are unsecured general obligations of PNM Resources to make future
payments to participants in accordance with the terms of the Plan.&nbsp; Obligations will rank without preference
with other unsecured and unsubordinated indebtedness of PNM Resources from time
to time outstanding and are, therefore, subject to the risks of the Company's
insolvency.&nbsp; No trustee has been
appointed to take action with respect to the Obligations and each participant
in the Plan will be responsible for acting independently with respect to, among
other things, the giving of notices, responding to requests for consents,
waivers or amendments pertaining to the Obligations, enforcing covenants and
taking action upon default.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A
participant's rights to any amounts credited to his accounts may not be
alienated, sold, transferred, assigned, pledged, attached or otherwise
encumbered by the participant and may only pass upon the participant's death
pursuant to a beneficiary designation made by a participant in accordance with
the terms of the Plan.&nbsp; The Obligations
are not convertible into any other security of PNM Resources.&nbsp; All or a portion of the Obligations are
payable in shares of common stock of PNM Resources, as described above.&nbsp; PNM Resources reserves the right to amend,
merge, consolidate or terminate the Plan at any time or from time to time,
except that no such action may, without the consent of the affected
participant, affect any of the participant's rights with respect to the amount
then credited to the participant's account.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obligations
in an aggregate principal amount of $2,500,000 are being registered under the
Plan.&nbsp; Further amounts may be registered
and issued as new or existing Plan participants elect to defer portions of
their compensation in subsequent years.</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A copy of the Plan is filed as Exhibit 4 hereto and is incorporated herein by
reference.</p>

<hr color="#000080"><br clear=all style='page-break-before:always'>







<p><b>Item 5.&nbsp; <u>Interests of Named Experts and Counsel</u></b></p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; None.</p>



<p><b>Item 6.&nbsp; <u>Indemnification of Directors and Officers</u></b></p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6 of Article II of PNM
Resources' By-Laws contains the following provisions with respect to
indemnification of directors and officers:</p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each person
serving as a director or an officer of the Corporation, or, at the request of
the Corporation, as a director or an officer of any other company in which the
Corporation has a financial interest and regardless of whether or not the person
is then in office, and the heirs, executors, administrators and personal
representatives of the person, shall be indemnified by the Corporation to the
full extent of the authority of the Corporation to so indemnify as authorized
by New Mexico law.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 53-11-4.1 of the Business
Corporation Act of the State of New Mexico provides that a corporation shall
have power to indemnify any person made (or threatened to be made) a party to
any proceeding (whether threatened, pending or completed) by reason of the fact
that the person is or was a director (or, while a director, is or was serving
in any of certain other capacities) if: (1) the person acted in good faith; (2)
the person reasonably believed: (a) in the case of conduct in the person's
official capacity with the corporation, that the person's conduct was in its
best interests; and (b) in all other cases, that the person's conduct was at
least not opposed to its best interests; and (3) in the case of any criminal
proceeding, the person had no reasonable cause to believe the person's conduct
was unlawful.&nbsp; Indemnification may be
made against judgments, penalties, fines, settlements and reasonable expenses
actually incurred by the person in connection with the proceeding, but may be
limited or unavailable with respect to certain proceedings.&nbsp; In some instances, indemnification of a
director may be mandatory or, upon the application of a director, may be
ordered by a court.&nbsp; Reasonable expenses
incurred by a director may, under certain circumstances, be paid or reimbursed
in advance of a final disposition of a proceeding.&nbsp; Unless limited by its articles of incorporation, a corporation
may (or, as the case may be, shall) indemnify and advance expenses to an
officer of the corporation to the same extent as to a director under Section
53-11-4.1. Also, unless limited by its articles of incorporation, a corporation
has (1) the power to indemnify and to advance expenses to an employee or agent
of the corporation to the same extent that it may indemnify and advance expenses
to directors under the statute and (2) additional power to indemnify and to
advance reasonable expenses to an officer, employee or agent who is not a
director to such further extent, consistent with law, as may be provided by its
articles of incorporation, bylaws, general or specific action of its Board of
Directors, or contract.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 53-11-4.1 was amended in
1987 to provide that the indemnification authorized thereunder shall not be
deemed exclusive of any rights to which those seeking indemnification may be
entitled under the articles of incorporation, the by-laws, an agreement, a
resolution of shareholders or directors or otherwise.&nbsp; PNM Resources has entered into agreements with each director and
officer which provide for indemnification of directors and officers to the
fullest extent permitted by law including advancement of litigation expenses
where appropriate.&nbsp; The agreements
provide for the appointment of a reviewing party by the Board of Directors to
make a determination whether claimed indemnification is permitted under
applicable law.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance is maintained on a
regular basis (and not specifically in connection with this offering) against
liabilities arising on the part of directors and officers out of their
performance in such capacities or arising on the part of PNM Resources out of
its foregoing indemnification provisions, subject to certain exclusions and to
the policy limits.</p>



<p><b>Item
7.&nbsp; <u>Exemption From Registration
Claimed</u></b></p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not
Applicable.</p>



<p><b>Item 8.&nbsp; <u>Exhibits</u></b></p>



<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A list
of exhibits is set forth on the Exhibit Index.</p>

<hr color="#000080"><br clear=all style='page-break-before:always'>



<p><b>Item 9.&nbsp; <u>Undertakings</u></b></p>



<p>The undersigned registrant hereby
undertakes:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To
file, during any period in which offers of sales are being made, a
post-effective amendment to this registration statement:</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp; To include any
prospectus required by Section 10(a)(3) of the Securities Act;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp; To reflect in
the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement.&nbsp; Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20 percent
change in the maximum aggregate offering price set forth in the &quot;Calculation of
Registration Fee&quot; table in the effective registration statement; and</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp;&nbsp; To include any
material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such
information in the registration statement;</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROVIDED, HOWEVER, that
paragraphs (1)(i) and (1)(ii) do not apply if the registration statement is on
Form S-3, Form S-8 or Form F-3, and the information required to be included in
a post-effective amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the registrant pursuant to Section
13 or 15(d) of the Exchange Act that are incorporated by reference in the
registration statement.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for purposes of determining any liability under the Securities Act, each filing
of the registrant's annual report pursuant to Section 13(a) or 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.</p>

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the registrant pursuant to the provisions
described under Item 6 above, or otherwise, the registrant has been advised
that in the opinion of the Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore,
unenforceable.&nbsp; In the event that a
claim for indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.</p>



</div><hr color="#000080"><br clear=all>


<p align="center"><b>SIGNATURES</b></p>
<p>Pursuant to the requirements
of the Securities Act, PNM Resources, Inc. certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Albuquerque, State
of New Mexico, on December 17, 2004.</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNM RESOURCES, INC.</p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:
<u>/s/ Jeffry E. Sterba&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeffry E. Sterba<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chairman,
President and <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chief Executive Officer</p>
<p align="center"><b>POWER OF ATTORNEY</b></p>
<p>KNOW ALL MEN BY THESE PRESENTS, that each person whose
signature appears below, hereby constitutes and appoints Jeffry E. Sterba, John
R. Loyack, and Thomas G. Sategna, and each of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any
and all capacities, to sign any or all amendments to this registration
statement, including post-effective amendments and any registration statement
filed pursuant to Rule 462(b) under the Securities Act of 1933, and to file the
same, with all exhibits thereto and other documents in connection therewith,
with the Commission, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and
thing requisite and necessary to be done in and about the premises, as fully to
all intents and purposes as he or she might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, and each
of them, or the substitute or substitutes of any or all of them, may lawfully
do or cause to be done by virtue hereof.</p>
<p>Pursuant to the requirements of the Securities Act of
1933, this registration statement has been signed by the following persons in
the capacities and on the date indicated.</p>
<table border=1 cellspacing=0 cellpadding=0 width="700" style="border-width: 0px">
	<tr>
		<td width=205 valign=bottom style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
		<div>
			<p align=center>Signature</p></div></td>
		<td width=325 colspan=2 valign=bottom style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
		<div>
			<p align=center>Title</p></div></td>
		<td width=170 valign=bottom style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
		<p align=center>Date</p></td>
	</tr>
	<tr>
		<td width=205 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium">
		<div>
			<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Jeffry E. Sterba</p>
		</div></td>
		<td width=325 colspan=2 rowspan=2 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
		<p>&nbsp; Chairman, President and Chief
  Executive Officer;<br>
&nbsp; Director (Principal Executive Officer)<br>
&nbsp;</p></td>
		<td width=170 rowspan=2 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
		<p align=center>December
  17, 2004</p></td>
	</tr>
	<tr>
		<td width=205 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" height="38">
		<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jeffry E. Sterba</p></td>
	</tr>
	<tr>
		<td width=205 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
		<div>
			<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ John R. Loyack</p></div>
		</td>
		<td width=325 colspan=2 rowspan=2 valign=top style="border-style: none; border-width: medium">
		<p>&nbsp; Senior Vice President and
  Chief Financial Officer<br>&nbsp;
  (Principal Financial Officer)<br>
&nbsp;</p></td>
		<td width=170 rowspan=2 valign=top style="border-style: none; border-width: medium">
		<p align=center>December
  17, 2004</p></td>
	</tr>
	<tr>
		<td width=205 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" height="38">
		<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; John R. Loyack</p></td>
	</tr>
	<tr>
		<td width=210 colspan=2 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
		<div>
			<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Thomas G. Sategna</p>
		</div></td>
		<td width=320 rowspan=2 valign=top style="border-style: none; border-width: medium">
		<p>Vice President and Corporate
  Controller (Principal Accounting Officer)<br>
&nbsp;</p></td>
		<td width=170 rowspan=2 valign=top style="border-style: none; border-width: medium">
		<p align=center>December
  17, 2004</p></td>
	</tr>
	<tr>
		<td width=210 colspan=2 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium" height="37">
		<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thomas G. Sategna</p></td>
	</tr>
	<tr>
		<td width=210 colspan=2 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
		<div>
			<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ A. E. Archuleta</p>
		</div></td>
		<td width=320 rowspan=2 valign=top style="border-style: none; border-width: medium">
		<p>Director</p></td>
		<td width=170 rowspan=2 valign=top style="border-style: none; border-width: medium">
		<p align=center>December
  17, 2004</p></td>
	</tr>
	<tr>
		<td width=210 colspan=2 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
		<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A. E. Archuleta<br>
&nbsp;</p></td>
	</tr>
	<tr>
		<td width=210 colspan=2 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
		<div>
			<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Robert G. Armstrong</p>
		</div></td>
		<td width=320 rowspan=2 valign=top style="border-style: none; border-width: medium">
		<p>Director</p></td>
		<td width=170 rowspan=2 valign=top style="border-style: none; border-width: medium">
		<p align=center>December
  17, 2004</p></td>
	</tr>
	<tr>
		<td width=210 colspan=2 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
		<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert G. Armstrong<br>
&nbsp;</p></td>
	</tr>
	<tr>
		<td width=210 colspan=2 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
		<div>
			<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  /s/ R. Martin Chavez</p></div></td>
		<td width=320 rowspan=2 valign=top style="border-style: none; border-width: medium">
		<p>Director</p></td>
		<td width=170 rowspan=2 valign=top style="border-style: none; border-width: medium">
		<p align=center>December
  17, 2004</p></td>
	</tr>
	<tr>
		<td width=210 colspan=2 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
		<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; R. Martin Chavez<br>
&nbsp;</p></td>
	</tr>
	<tr>
		<td width=210 colspan=2 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
		<div>
			<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Julie A. Dobson</p>
		</div></td>
		<td width=320 rowspan=2 valign=top style="border-style: none; border-width: medium">
		<p>Director</p></td>
		<td width=170 rowspan=2 valign=top style="border-style: none; border-width: medium">
		<p align=center>December
  17, 2004</p></td>
	</tr>
	<tr>
		<td width=210 colspan=2 valign=top style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-bottom-style: none; border-bottom-width: medium">
		<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Julie A. Dobson</p></td>
	</tr>
	<tr height=0>
		<td width=203 style="border-top-style: none; border-top-width: medium">
		</td>
		<td width=4 style="border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">
		</td>
		<td width=319 style="border-left-style: none; border-left-width: medium; border-top-style: none; border-top-width: medium">
		</td>
		<td width=168 style="border-top-style: none; border-top-width: medium">
		</td>
	</tr>
</table><hr color="#000080"><br clear=all>
<div align=left>
	<table border=0 cellspacing=0 cellpadding=0 width="698">
		<tr>
			<td width=212 valign=top style="border-bottom-style: solid; border-bottom-width: 1px">
			<div style="border-bottom-style: solid; border-bottom-width: 1px; padding-bottom: 1px">
				<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Manuel T. Pacheco</p>
			</div></td>
			<td width=318 rowspan=2 valign=top>
			<p>Director</p></td>
			<td width=168 rowspan=2 valign=top>
			<p align=center>December
  17, 2004</p></td>
		</tr>
		<tr>
			<td width=212 valign=top height="28">
			<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manuel T. Pacheco</p>
			</td>
		</tr>
		<tr>
			<td width=212 valign=top style="border-bottom-style: solid; border-bottom-width: 1px">
			<div>
				<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Robert M. Price</p>
			</div></td>
			<td width=318 rowspan=2 valign=top>
			<p>Director</p></td>
			<td width=168 rowspan=2 valign=top>
			<p align=center>December
  17, 2004</p></td>
		</tr>
		<tr>
			<td width=212 valign=top style="border-top-style: solid; border-top-width: 1px" height="26">
			<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robert M. Price</p>
			</td>
		</tr>
		<tr>
			<td width=212 valign=top style="border-bottom-style: solid; border-bottom-width: 1px">
			<div>
				<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Bonnie S. Reitz</p>
			</div></td>
			<td width=318 rowspan=2 valign=top>
			<p>Director</p></td>
			<td width=168 rowspan=2 valign=top>
			<p align=center>December
  17, 2004</p></td>
		</tr>
		<tr>
			<td width=212 valign=top style="border-top-style: solid; border-top-width: 1px" height="28">
			<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bonnie S. Reitz</p>
			</td>
		</tr>
		<tr>
			<td width=212 valign=top style="border-bottom-style: solid; border-bottom-width: 1px">
			<div>
				<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Joan B. Woodard</p>
			</div></td>
			<td width=318 rowspan=2 valign=top>
			<p>Director</p></td>
			<td width=168 rowspan=2 valign=top>
			<p align=center>December
  17, 2004</p></td>
		</tr>
		<tr>
			<td width=212 valign=top style="border-top-style: solid; border-top-width: 1px">
			<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joan B. Woodard</p>
			</td>
		</tr>
	</table></div><hr color="#000080"><br clear=all>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THE
PLAN.&nbsp; Pursuant to the requirements of
the Securities Act, the Plan Administrator of the Plan has duly caused this
registration statement to be signed on the Plan's behalf by the undersigned
thereunto duly authorized officer, in the City of Albuquerque, State of New
Mexico, on December 17, 2004. </p>
<p><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNM RESOURCES, INC.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EXECUTIVE SAVINGS PLAN II</b></p>
<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:<u>&nbsp; /s/ Alice Cobb&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alice Cobb<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Vice President, People
Services and Development<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of PNM Resources, Inc.</p><hr color="#000080"><br clear=all>


<div>

<p align=center><b>Exhibit Index</b></p>

<p align=center><b>&nbsp;</b></p>

<p align=center><b>&nbsp;</b></p>

<table border=0 cellspacing=0 cellpadding=0>
 <tr>
  <td width=103 valign=top>
  <p align=center><u>Exhibit No.</u></p>
  </td>
  <td width=535 valign=top>
  <p><u>Description</u></p>

  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p align=center>4</p>
  </td>
  <td width=535 valign=top>
  <p>PNM Resources, Inc. Executive Savings Plan II</p>

  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p align=center>15</p>
  </td>
  <td width=535 valign=top>
  <p>Letter Regarding Unaudited
  Interim Financial Information</p>
  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p align=center>23.1</p>
  </td>
  <td width=535 valign=top>
  <p>Consent
  of Deloitte &amp; Touche LLP</p>

  </td>
 </tr>
 <tr>
  <td width=103 valign=top>
  <p align=center>24</p>
  </td>
  <td width=535 valign=top>
  <p>Power
  of Attorney (See signature page in Part II)</p>

  </td>
 </tr>
</table>



<p>An opinion of counsel as to the valid issuance of
the securities being registered under this registration statement is not
required because the securities will not be original issuance securities.&nbsp; If that situation should change, an
appropriate opinion of counsel will be filed.</p>





</div><hr color="#000080">

</body>

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{"company-data": {"conformed-name": "PNM RESOURCES INC", "cik": "0001108426", "assigned-sic": "4911", "irs-number": "850019030", "state-of-incorporation": "NM", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-121371", "film-number": "041210520"}, "business-address": {"street1": "ALVARADO SQUARE", "street2": "NEW MEXICO", "city": "ALBUQUERQUE", "state": "NM", "zip": "87158", "phone": "5052412700"}, "mail-address": {"street1": "ALVARADO SQUARE", "city": "ALBUQUERQUE", "state": "NM", "zip": "87158"}, "former-company": {"former-conformed-name": "MANZANO CORP", "date-changed": "20000303"}}
Form S-8 ESP II
As
filed with the Securities and Exchange Commission on December 17, 2004
Registration No. _______
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
___________
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
_________
PNM RESOURCES, INC.
(Exact
name of Registrant as specified in its charter)
New Mexico                                                                                                                                                  85-0468296
(State or other jurisdiction                                                                                                                         
(I.R.S.
Employer
incorporation or organization)                                                                                                                  
Identification No.)
Alvarado Square
Albuquerque, New Mexico 87158
(Address of Registrant's Principal Executive
Offices) (Zip Code)
PNM
Resources, Inc.
Executive
Savings Plan  II
(Full title of the Plan)
JOHN R. LOYACK
Senior Vice President and Chief Financial Officer
PNM RESOURCES, INC.
Alvarado Square
Albuquerque, New Mexico 87158
Tel: (505) 241-2700
Fax: (505) 241-2368
E-mail: jloyack@pnm.com
(Name, address and telephone number, including area code, of agent for
service)
It is respectfully requested that the Commission send copies of all
orders, notices and communications to:
Charles L. Moore, Esq.
Keleher & McLeod, P.A.
414 Silver Avenue, S.W.
Albuquerque, New Mexico 87103
Tel: (505) 346-4646
Fax: (505) 346-1345
E-mail: clm@keleher-law.com
This
Registration Statement shall become effective upon filing in accordance with
Rule 464 under the Securities Act of 1933, as amended.
CALCULATION OF REGISTRATION FEE
Title of securities to be registered
Amount to be registered
Proposed maximum
Offering price per unit
Proposed maximum aggregate
  offering price(1)
Amount of registration fee
PNM Resources, Inc.
  Executive Savings Plan II Obligations(2)
100%
n/a
$2,500,000
$316.75
Common Stock,  no par value per share
25,000 shares
$25.52
$638,000
$80.83
(1)  Estimated solely for the purpose of calculating the amount of the
registration fee, pursuant to Rule 457(h) of the Securities Act of 1933, as
amended (the "Securities Act").  As to
shares of common stock issuable pursuant to the PNM Resources, Inc. Executive
Savings Plan II  (the "Plan"), the
offering price is calculated on the basis of the average of the high and low
sale price of the Registrant's common stock on the New York Stock Exchange  on December 15, 2004.  Pursuant to Rule 416(c) of the Securities
Act, there is also being registered such number of additional shares of common
stock that may become available for purchase under the Plan in the event of
certain changes in the outstanding shares, including reorganizations, mergers,
recapitalizations, restructurings, stock dividends, stock splits, reverse stock
splits and reclassifications.  In
addition, pursuant to Rule 416(c)  under
the Securities Act, this registration statement covers an indeterminate amount
of interests to be offered or sold pursuant to the  Plan.
(2)  The Plan obligations are unsecured obligations of PNM Resources,
Inc. to pay deferred compensation in the future in accordance with the Plan for
a select group of eligible employees.
Part I
Information Required In Section 10(a) Prospectus
The
document(s) containing the information specified in Part I of Form S-8 will be
sent or given to employees participating in the PNM Resources, Inc. Executive
Savings Plan II (the "Plan") as specified by Rule 428(b)(1) of the Securities
Act of 1933, as amended (the "Securities Act").  These documents and the documents incorporated by reference into
this Registration Statement pursuant to Item 3 of Part II of this Registration
Statement, taken together, constitute a prospectus that meets the requirements
of Section 10(a) of the Securities Act.
Part II
Information Required In The Registration Statement
Item 3.
Incorporation of Documents by Reference
The following documents previously filed with
the Securities and Exchange Commission (the "Commission") by  PNM Resources, Inc. ("PNM Resources") are hereby
incorporated by reference in this Registration Statement:
1.                Annual Report on Form 10-K for the year ended
December 31, 2003.
2.                Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2004, June 30, 2004 and September 30, 2004.
3.                Current Reports on Form 8-K dated January 14, 2004,
May 19, 2004, July 26, 2004 (filing information pursuant to Item 5), July 28,
2004, August 3, 2004, August 16, 2004, August 19, 2004, September 10, 2004,
November 12, 2004, November 18, 2004, December 8, 2004 and December 10, 2004.
4.                Current Report on Form 8-K filed
with the Commission on December 31, 2001 which includes the description of the
common stock of PNM Resources, no par value, and any amendment or report filed
for the purpose of updating such description.
5.                All other reports filed by PNM
Resources pursuant to Section 13(a) or 15(d) of the Securities Exchange Act on
or after December 31, 2003.
All documents
subsequently filed by PNM Resources or the Plan pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act") after the date of this Registration Statement and prior to the
filing of a post-effective amendment to this Registration Statement which
indicates that all securities offered hereby have been sold or which removes
from registration all such securities then remaining unsold shall be deemed to
be incorporated herein by reference and to be a part hereof from the date of
filing of such documents.  Any statement
contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in
any subsequently filed document which also is or is deemed to be incorporated
by reference herein modifies or supersedes such statement.  Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part
of this Registration Statement.
Item
4.
Description of Securities
The
deferred compensation obligations being registered represent obligations (the
"Obligations") of the PNM Resources, Inc. to make future payments to Plan
participants.  The Obligations consist
of PNM Resources' commitment under the Plan to deliver at a future date any of
the following:
matching credits to participants' Plan accounts made by
PNM Resources or its affiliates,
standard credits to participants' Plan accounts made by
PNM Resources or its affiliates,
supplemental credits to
the accounts of senior officers  by PNM Resources or its affiliates,
discretionary credits to the
accounts of selected participants in such amounts as may be determined by the
Human Resources and Compensation Committee of PNM Resources' Board of Directors,
and
earnings on the foregoing amounts based on a notional
investment measurement.
The
amount of compensation to be deferred by each participant will be determined in
accordance with the Plan based on the elections of the participant, and will be
credited to a separate bookkeeping account in the name of the participant.  The participant's account will reflect units
of an investment fund intended to mirror substantially an investment in the
common stock of PNM Resources ("Company Stock Fund") and other hypothetical
investment media selected pursuant to the Plan.  The participant's account will be credited, or debited, as the
case may be, based on the returns on the Company Stock Fund and the other
hypothetical investment media established pursuant to the Plan, or based upon
earnings or losses incurred, pursuant to established procedures under the
Plan.  The Company Stock Fund and other
investment media will be used only for the purpose of calculating hypothetical
returns, and the amounts in participants' Plan accounts need not actually be
invested in the selected investment media. 
Dividends paid on the Company Stock Fund will be reflected in the
participant's account by crediting to the Company Stock Fund the amount of
units of the Common Stock Fund equal to the value of the dividends.  The participant's account will also be
adjusted periodically to reflect any stock splits or other adjustments to the
common stock.  All amounts in a
participant's account will be vested immediately.
The Obligations are generally payable in a cash lump-sum
distribution or in the form of installments or an annuity as selected by the
participant.  The distributions will be made within an administratively
reasonable period of time following the quarterly valuation date following a
participant's death, disability or other separation from service.  If
the distribution is occasioned by the participant's separation from service
with PNM Resources and its affiliates, the distribution will be delayed until
an administratively reasonable period of time following the quarterly valuation
date that is six months following the participant's separation from service if
the participant is a "key employee", as most, if not all,
participants will be.  
Under certain circumstances, at the participant's election, an interest
in the Common Stock Fund is distributable in the form of whole shares of common
stock.  There is no trading market for
the Obligations.
The
Obligations are unsecured general obligations of PNM Resources to make future
payments to participants in accordance with the terms of the Plan.  Obligations will rank without preference
with other unsecured and unsubordinated indebtedness of PNM Resources from time
to time outstanding and are, therefore, subject to the risks of the Company's
insolvency.  No trustee has been
appointed to take action with respect to the Obligations and each participant
in the Plan will be responsible for acting independently with respect to, among
other things, the giving of notices, responding to requests for consents,
waivers or amendments pertaining to the Obligations, enforcing covenants and
taking action upon default.
A
participant's rights to any amounts credited to his accounts may not be
alienated, sold, transferred, assigned, pledged, attached or otherwise
encumbered by the participant and may only pass upon the participant's death
pursuant to a beneficiary designation made by a participant in accordance with
the terms of the Plan.  The Obligations
are not convertible into any other security of PNM Resources.  All or a portion of the Obligations are
payable in shares of common stock of PNM Resources, as described above.  PNM Resources reserves the right to amend,
merge, consolidate or terminate the Plan at any time or from time to time,
except that no such action may, without the consent of the affected
participant, affect any of the participant's rights with respect to the amount
then credited to the participant's account.
Obligations
in an aggregate principal amount of $2,500,000 are being registered under the
Plan.  Further amounts may be registered
and issued as new or existing Plan participants elect to defer portions of
their compensation in subsequent years.
A copy of the Plan is filed as Exhibit 4 hereto and is incorporated herein by
reference.
Item 5.
Interests of Named Experts and Counsel
None.
Item 6.
Indemnification of Directors and Officers
Section 6 of Article II of PNM
Resources' By-Laws contains the following provisions with respect to
indemnification of directors and officers:
Each person
serving as a director or an officer of the Corporation, or, at the request of
the Corporation, as a director or an officer of any other company in which the
Corporation has a financial interest and regardless of whether or not the person
is then in office, and the heirs, executors, administrators and personal
representatives of the person, shall be indemnified by the Corporation to the
full extent of the authority of the Corporation to so indemnify as authorized
by New Mexico law.
Section 53-11-4.1 of the Business
Corporation Act of the State of New Mexico provides that a corporation shall
have power to indemnify any person made (or threatened to be made) a party to
any proceeding (whether threatened, pending or completed) by reason of the fact
that the person is or was a director (or, while a director, is or was serving
in any of certain other capacities) if: (1) the person acted in good faith; (2)
the person reasonably believed: (a) in the case of conduct in the person's
official capacity with the corporation, that the person's conduct was in its
best interests; and (b) in all other cases, that the person's conduct was at
least not opposed to its best interests; and (3) in the case of any criminal
proceeding, the person had no reasonable cause to believe the person's conduct
was unlawful.  Indemnification may be
made against judgments, penalties, fines, settlements and reasonable expenses
actually incurred by the person in connection with the proceeding, but may be
limited or unavailable with respect to certain proceedings.  In some instances, indemnification of a
director may be mandatory or, upon the application of a director, may be
ordered by a court.  Reasonable expenses
incurred by a director may, under certain circumstances, be paid or reimbursed
in advance of a final disposition of a proceeding.  Unless limited by its articles of incorporation, a corporation
may (or, as the case may be, shall) indemnify and advance expenses to an
officer of the corporation to the same extent as to a director under Section
53-11-4.1. Also, unless limited by its articles of incorporation, a corporation
has (1) the power to indemnify and to advance expenses to an employee or agent
of the corporation to the same extent that it may indemnify and advance expenses
to directors under the statute and (2) additional power to indemnify and to
advance reasonable expenses to an officer, employee or agent who is not a
director to such further extent, consistent with law, as may be provided by its
articles of incorporation, bylaws, general or specific action of its Board of
Directors, or contract.
Section 53-11-4.1 was amended in
1987 to provide that the indemnification authorized thereunder shall not be
deemed exclusive of any rights to which those seeking indemnification may be
entitled under the articles of incorporation, the by-laws, an agreement, a
resolution of shareholders or directors or otherwise.  PNM Resources has entered into agreements with each director and
officer which provide for indemnification of directors and officers to the
fullest extent permitted by law including advancement of litigation expenses
where appropriate.  The agreements
provide for the appointment of a reviewing party by the Board of Directors to
make a determination whether claimed indemnification is permitted under
applicable law.
Insurance is maintained on a
regular basis (and not specifically in connection with this offering) against
liabilities arising on the part of directors and officers out of their
performance in such capacities or arising on the part of PNM Resources out of
its foregoing indemnification provisions, subject to certain exclusions and to
the policy limits.
Item
7.
Exemption From Registration
Claimed
Not
Applicable.
Item 8.
Exhibits
A list
of exhibits is set forth on the Exhibit Index.
Item 9.
Undertakings
The undersigned registrant hereby
undertakes:
i)               To
file, during any period in which offers of sales are being made, a
post-effective amendment to this registration statement:
(1)   To include any
prospectus required by Section 10(a)(3) of the Securities Act;
(2)   To reflect in
the prospectus any facts or events arising after the effective date of the
registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement.  Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20 percent
change in the maximum aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective registration statement; and
(3)   To include any
material information with respect to the plan of distribution not previously
disclosed in the registration statement or any material change to such
information in the registration statement;
PROVIDED, HOWEVER, that
paragraphs (1)(i) and (1)(ii) do not apply if the registration statement is on
Form S-3, Form S-8 or Form F-3, and the information required to be included in
a post-effective amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the registrant pursuant to Section
13 or 15(d) of the Exchange Act that are incorporated by reference in the
registration statement.
ii)                  That,
for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
iii)                  To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the
offering.
iv)                  That,
for purposes of determining any liability under the Securities Act, each filing
of the registrant's annual report pursuant to Section 13(a) or 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the registrant pursuant to the provisions
described under Item 6 above, or otherwise, the registrant has been advised
that in the opinion of the Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore,
unenforceable.  In the event that a
claim for indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements
of the Securities Act, PNM Resources, Inc. certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Albuquerque, State
of New Mexico, on December 17, 2004.
PNM RESOURCES, INC.
By:
/s/ Jeffry E. Sterba
Jeffry E. Sterba
Chairman,
President and
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose
signature appears below, hereby constitutes and appoints Jeffry E. Sterba, John
R. Loyack, and Thomas G. Sategna, and each of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any
and all capacities, to sign any or all amendments to this registration
statement, including post-effective amendments and any registration statement
filed pursuant to Rule 462(b) under the Securities Act of 1933, and to file the
same, with all exhibits thereto and other documents in connection therewith,
with the Commission, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and
thing requisite and necessary to be done in and about the premises, as fully to
all intents and purposes as he or she might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, and each
of them, or the substitute or substitutes of any or all of them, may lawfully
do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of
1933, this registration statement has been signed by the following persons in
the capacities and on the date indicated.
Signature
Title
Date
/s/ Jeffry E. Sterba
Chairman, President and Chief
  Executive Officer;
Director (Principal Executive Officer)
December
  17, 2004
Jeffry E. Sterba
/s/ John R. Loyack
Senior Vice President and
  Chief Financial Officer
(Principal Financial Officer)
December
  17, 2004
John R. Loyack
/s/ Thomas G. Sategna
Vice President and Corporate
  Controller (Principal Accounting Officer)
December
  17, 2004
Thomas G. Sategna
/s/ A. E. Archuleta
Director
December
  17, 2004
A. E. Archuleta
/s/ Robert G. Armstrong
Director
December
  17, 2004
Robert G. Armstrong
/s/ R. Martin Chavez
Director
December
  17, 2004
R. Martin Chavez
/s/ Julie A. Dobson
Director
December
  17, 2004
Julie A. Dobson
/s/ Manuel T. Pacheco
Director
December
  17, 2004
Manuel T. Pacheco
/s/ Robert M. Price
Director
December
  17, 2004
Robert M. Price
/s/ Bonnie S. Reitz
Director
December
  17, 2004
Bonnie S. Reitz
/s/ Joan B. Woodard
Director
December
  17, 2004
Joan B. Woodard
THE
PLAN.  Pursuant to the requirements of
the Securities Act, the Plan Administrator of the Plan has duly caused this
registration statement to be signed on the Plan's behalf by the undersigned
thereunto duly authorized officer, in the City of Albuquerque, State of New
Mexico, on December 17, 2004.
PNM RESOURCES, INC.
EXECUTIVE SAVINGS PLAN II
By:
/s/ Alice Cobb
Alice Cobb
Senior Vice President, People
Services and Development
of PNM Resources, Inc.
Exhibit Index
Exhibit No.
Description
4
PNM Resources, Inc. Executive Savings Plan II
15
Letter Regarding Unaudited
  Interim Financial Information
23.1
Consent
  of Deloitte & Touche LLP
24
Power
  of Attorney (See signature page in Part II)
An opinion of counsel as to the valid issuance of
the securities being registered under this registration statement is not
required because the securities will not be original issuance securities.  If that situation should change, an
appropriate opinion of counsel will be filed.