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      Form S-8 Executive Savings Plan II
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
        filed
        with the Securities and Exchange Commission on March 14, 2007</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
        No. 333-_______</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
        STATES</strong></font></div>
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        AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>WASHINGTON,
        D.C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
        S-8</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>REGISTRATION
        STATEMENT </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNDER</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>THE
        SECURITIES ACT OF 1933</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PNM
        RESOURCES, INC.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 18pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        name of Registrant as specified in its charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div align="left">
        <table border="1" bordercolor="white" cellpadding="0" cellspacing="0" width="100%">

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              <td align="left" valign="top" width="61%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>New
                  Mexico</strong></font></div>
              </td>
              <td align="right" valign="top" width="19%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>85-0468296</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="61%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or other jurisdiction</font></div>
              </td>
              <td align="right" valign="top" width="19%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
                  Employer</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="61%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 72pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">incorporation
                  or organization)</font></div>
              </td>
              <td align="right" valign="top" width="19%" style="border-bottom: white thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 9pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                  No.)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 13.5pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 13.5pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Alvarado
        Square</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 13.5pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Albuquerque,
        New Mexico 87158</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 13.5pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Address,
        including zip code, of Registrant&#8217;s principal executive offices)
</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PNM
        Resources, Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Executive
        Savings Plan II</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Full
        title of the Plan)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Patrick
        T. Ortiz, Esq. </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Senior
        Vice President&#160;&amp; General Counsel </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PNM
        Resources, Inc. </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>414
        Silver Street SW </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Albuquerque,
        New Mexico 87102 </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Telephone:
        (505)&#160;241-2896 </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fax:
        (505)&#160;241-2368 </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Name,
        address, including zip code, and telephone number, including area code, of
        agent
        for service) </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">___________</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Copy
        to:</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Charles
        L. Moore, Esq.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Associate
        General Counsel</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PNM
        Resources, Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Alvarado
        Square</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Albuquerque,
        New Mexico 87158</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Tel.
        505-241-4935</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fax.
        505-241-0754</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        Registration Statement shall become effective upon filing in accordance with
        Rule 462 under the Securities Act of 1933, as amended.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div>
        <hr style="MARGIN-TOP: -5px; COLOR: #000000" noshade size="1">
        <hr style="MARGIN-TOP: -13px; COLOR: #000000" noshade size="4">
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CALCULATION
        OF REGISTRATION FEE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="21%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>T</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>itle
                  of each class of securities to be registered</strong></font></div>
              </td>
              <td valign="top" width="10%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amount
                  to be registered </strong></font></div>
              </td>
              <td valign="top" width="16%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                  maximum</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>offering
                  price per share</strong></font></div>
              </td>
              <td valign="top" width="19%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                  maximum aggregate offering price (1)</strong></font></div>
              </td>
              <td valign="top" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Amount
                  of registration fee (3)</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="21%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PNM
                  Resources, Inc. Executive Savings Plan II Obligations(2)</font></div>
              </td>
              <td valign="top" width="10%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100%</font></div>
              </td>
              <td valign="top" width="16%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">n/a</font></div>
              </td>
              <td valign="top" width="19%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$20,000,000</font></div>
              </td>
              <td valign="top" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$614.00</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="21%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Common
                  Stock, no par value per share</font></div>
              </td>
              <td valign="top" width="10%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">75,000
                  shares</font></div>
              </td>
              <td valign="top" width="16%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$30.20</font></div>
              </td>
              <td valign="top" width="19%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$2,265,000</font></div>
              </td>
              <td valign="top" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$69.54</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(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
        &#8220;Securities Act&#8221;). As to shares of common stock issuable pursuant to the PNM
        Resources, Inc. Executive Savings Plan II (the &#8220;Plan&#8221;), the offering price is
        calculated on the basis of the average of the high and low sale price of
        the
        Registrant&#8217;s common stock on the New York Stock Exchange on March 12, 2007.
        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 of 1933, this
        registration statement also covers an indeterminate amount of interests to
        be
        offered or sold pursuant to the Plan.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(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. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)
        This
        Registration Statement registers an additional 75,000 shares of common stock
        issuable under the Plan and $20,000,000 in unsecured obligations of PNM
        Resources, Inc. to pay deferred compensation in the future in accordance
        with
        the Plan. $2,500,000 in Plan obligations and 25,000 shares of common stock
        of
        PNM Resources, Inc. issuable under the Plan were originally registered under
        PNM
        Resources&#8217; Registration Statement on Form S-8, File No. 333-121371, filed on
        December 17, 2004 and an additional $1,500,000 in plan obligations were
        registered under PNM Resources' Registration Statement on Form S-8, File
        No.
        333-139108, filed on December 4, 2006. The previously paid filing fees
        associated with the referenced securities under the foregoing PNM Resources,
        Inc.&#8217;s Registration Statements are $558.08. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Part
        I</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Information
        Required In Section 10(a) Prospectus</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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, as amended to date (the &#8220;Plan&#8221;) as specified by Rule 428(b)(1)
        of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;) and
        Introductory Note 1 of Form S-8. 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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Part
        II</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Information
        Required In The Registration Statement</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        3. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Incorporation
        of Documents by Reference</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        following documents previously filed with the Securities and Exchange Commission
        (the &#8220;Commission&#8221;) by PNM Resources, Inc. (&#8220;PNM Resources&#8221;) are hereby
        incorporated by reference in this Registration Statement:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Annual
        Report on Form 10-K for the fiscal year ended December 31, 2006.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Current
        Reports on Form 8-K as filed on January 8, 2007 and February 16,
        2007.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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,
        including Current Report on Form 8-K as filed on August 17, 2006.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 &#8220;Exchange Act&#8221;) 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 deregisters
        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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        4. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Description
        of Securities</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        deferred compensation obligations being registered represent obligations
        (the
&#8220;Obligations&#8221;) of PNM Resources, Inc. to make future payments to Plan
        participants. The Obligations consist of PNM Resources&#8217; commitment under the
        Plan to deliver at a future date any of the following: </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">supplemental
                deferrals of participants&#8217; compensation in such amounts as elected by
                participants for each Plan Year, </font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">matching
                credits to participants&#8217; Plan accounts made by PNM Resources or its
                affiliates, </font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">standard
                credits to participants&#8217; Plan accounts made by PNM Resources or its
                affiliates, </font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">supplemental
                credits&#160;to the accounts of senior officers&#160; by PNM Resources or
                its affiliates, </font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">1</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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&#8217; Board of Directors, and&#160;</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 54pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">earnings
                on the foregoing amounts based on a notional investment
                measurement.</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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&#8217;s account will reflect units of an investment fund intended to
        mirror substantially an investment in the common stock of PNM Resources
        (&#8220;Company Stock Fund&#8221;) and other hypothetical investment media selected pursuant
        to the Plan. The participant&#8217;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&#8217;
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&#8217;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&#8217;s account will
        also be adjusted periodically to reflect any stock splits or other adjustments
        to the common stock. All amounts in a participant&#8217;s account will be vested
        immediately, except amounts allocated to a participant&#8217;s supplemental credit
        account. Amounts in a participant&#8217;s supplemental credit account will vest using
        a two year cliff vesting schedule. However, a participant&#8217;s supplemental credit
        account will be fully vested on the earliest of: (1) the date a participant
        reaches age 55 and has two years of service, (2) the date a participant reaches
        age 62, (3) the date a participant&#8217;s employment is terminated due to disability,
        (4) the date a participant dies, (5) the date a participant&#8217;s employment is
        terminated by PNM Resources or its affiliates for reasons other than cause
        following a change in control or the participant&#8217;s employment is constructively
        terminated (as defined in the Plan) following a change in control, or (6)
        PNM
        Resources decides, in its discretion, to accelerate the vesting of the
        participant&#8217;s supplemental credits. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.&#160; The
        distributions will be made or begin within an administratively reasonable
        period
        of time following the quarterly valuation date following a participant&#8217;s
        death,&#160;disability or other separation from service.&#160; If the
        distribution is occasioned by the participant&#8217;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&#8217;s separation from service if
        the participant is a &#8220;key employee&#8221;, as most, if not all, participants will
        be.&#160; Under certain circumstances, at the participant&#8217;s election, an
        interest in the Company Stock Fund is distributable in the form of whole
        shares
        of common stock. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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&#8217;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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
        participant&#8217;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&#8217;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&#8217;s rights with respect
        to the amount then credited to the participant&#8217;s account.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Obligations
        in an aggregate principal amount of $2,500,000 were registered under the
        Plan by
        the Registration Statement on Form S-8, File No. 333-121371, filed on December
        17, 2004 and an additional $1,500,000 in Plan obligations were registered
        under
        the Plan by the Registration Statement on Form S-8, File No. 333-139108 filed
        December 4, 2006. Further amounts may be registered and issued as new or
        existing Plan participants elect to defer portions of their compensation
        in
        subsequent years.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
        copy of
        the Plan is filed as Exhibit 4 hereto and is incorporated herein by reference.
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        5. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Interests
        of Named Experts and Counsel</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        6. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Indemnification
        of Directors and Officers</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
        6
        of Article II of PNM Resources&#8217; By-Laws contains the following provisions with
        respect to indemnification of directors and officers:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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&#8217;s official capacity with the corporation, that the
        person&#8217;s conduct was in its best interests; and (b) in all other cases, that the
        person&#8217;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&#8217;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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><a name="node7"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        7. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Exemption
        From Registration Claimed</u></strong></font></a></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Not
        Applicable.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        8. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Exhibits</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        following exhibits are filed with this Registration Statement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="13%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
                  No.</u></font></div>
              </td>
              <td align="justify" valign="top" width="67%" style="border-bottom: medium none;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
              </td>
              <td align="justify" valign="top" width="67%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PNM
                  Resources, Inc. Executive Savings Plan II, as amended by a First
                  Amendment
                  dated June 3, 2005 and a Second Amendment dated September 29, 2006
                  (incorporated by reference to Exhibit 4 to PNM Resources, Inc.&#8217;s
                  Registration Statement on Form S-8, File No. 333-121371 filed December
                  17,
                  2004, Exhibit 10.56.1 to PNM Resources, Inc.&#8217;s Quarterly Report on Form
                  10-Q for the quarter ended June 30, 2005 and Exhibit 10.2 to PNM
                  Resources, Inc.&#8217;s Current Report on Form 8-K filed October 2,
                  2006)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.1</font></div>
              </td>
              <td align="left" valign="top" width="67%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                  of Deloitte &amp; Touche LLP (filed herewith)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24</font></div>
              </td>
              <td align="left" valign="top" width="67%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Power
                  of Attorney (See signature page)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        9. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Undertakings</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        undersigned registrant hereby undertakes:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
        file,
        during any period in which offers of sales are being made, a post-effective
        amendment to this registration statement:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">To
        include any prospectus required by Section 10(a)(3) of the Securities Act
        of
        1933;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 &#8220;Calculation of Registration Fee&#8221; table in the
        effective registration statement; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Provided,
        however</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        That:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(A)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
        (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration
        statement is on Form S-8 (&#167;239.16b of this chapter), and the information
        required to be included in a post-effective amendment by those paragraphs
        is
        contained in reports filed with or furnished to the Commission by the registrant
        pursuant to section 13 or section 15(d) of the Securities Exchange Act of
        1934
        (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration
        statement; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(B)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
        (a)(1)(i), (a)(1)(ii) and a(1)(iii) of this section do not apply if the
        registration statement is on Form S-3 (&#167;239.13 of this chapter) or Form S-3
        (&#167;239.33 of this chapter) and the information required to be included in a
        post-effective amendment by those paragraphs is contained in reports filed
        with
        or furnished to the Commission by the registrant pursuant to section 13 or
        section 15(d) of the Securities Exchange Act of 1934 that are incorporated
        by
        reference in the registration statement, or is contained in a form of prospectus
        filed pursuant to Rule 424(b) (&#167;239.424(b) of this chapter) that is part of the
        registration statement.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 108pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(C)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Provided,
        further, however</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        that
        paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement
        is for an offering of asset-backed securities on Form S-1 (&#167;239.11 of this
        chapter) or Form S-3 (&#167;239.13 of this chapter), and the information required to
        be included in a post-effective amendment is provided pursuant to Item 1100(c)
        of Regulation AB (&#167;229.1100(c)). </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)&#160;&#160;&#160;&#160;
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That,
        for
        the purpose of determining any liability under the Securities Act of 1933,
        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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)&#160;&#160;&#160;&#160;&#160;
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        the
        registrant is a foreign private issuer, to file a post-effective amendment
        to
        the registration statement to include any financial statements required by
        Item
        8.A. of Form 20-F at the start of any delayed offering or throughout a
        continuous offering. Financial statements and information otherwise required
        by
        Section 10(a)(3) of the Act need not be furnished, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>provided</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        that
        the registrant includes in the prospectus, by means of a post-effective
        amendment, financial statements required pursuant to this paragraph (a)(4)
        and
        other information necessary to ensure that all other information in the
        prospectus is at least as current as the date of the those financial statements.
        Notwithstanding the foregoing, with respect to registration statements on
        Form
        F-3, a post-effective amendment need not be filed to include financial
        statements and information required by Section 10(a)(3) of the Act or Rule
        3-19
        of this chapter if such financial statements and information are contained
        in
        periodic reports filed with or furnished to the Commission by the registrant
        pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of
        1934
        that are incorporated by reference in the Form F-3.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That,
        for
        the purpose of determining liability under the Securities Act of 1933 to
        any
        purchaser:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        the
        registrant is relying on Rule 430B (&#167;230.430B of this chapter):</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 108pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(A)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
        prospectus filed by the registrant pursuant to Rule 424(b)(3) (&#167;230.424(b)(3) of
        this chapter) shall be deemed to be part of the registration statement as
        of the
        date the filed prospectus was deemed part of and included in the registration
        statement; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 108pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(B)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
        prospectus required to be filed pursuant to Rule 424(b)(2), b(5), or (b)(7)
        (&#167;230.424(b)(2), (b)(5), or (b)(7) of this chapter) as part of a registration
        statement in reliance on Rule 430B relating to an offering made pursuant
        to Rule
        415(a)(1)(i), (vii), or (x) (&#167;234.415(a)(1)(i), (viii), or (x) of this chapter)
        for the purpose of providing the information required by section 10(a) of
        the
        Securities Act of 1933 shall be deemed to be part of and included in the
        registration statement as of the earlier of the date such form of prospectus
        is
        first used after effectiveness or the date of the first contract of sale
        of
        securities in the offering described in the prospectus. As provided in Rule
        430B, for liability purposes of the issuer and any person that is at that
        date
        an underwriter, such date shall be deemed to be a new effective date of the
        registration statement relating to the securities in the registration statement
        to which that prospectus relates, and the offering of such securities at
        that
        time shall be deemed to be the initial </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>bona
        fide</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        offering
        thereof. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Provided,
        however</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        that no
        statement made in a registration statement or prospectus that is part of
        the
        registration statement or made in a document incorporated or deemed incorporated
        by reference into the registration statement or prospectus that is part of
        the
        registration statement will, as to a purchaser with a time of contract of
        sale
        prior to such effective date, supersede or modify any statement that was
        made in
        the registration statement or prospectus that was part of the registration
        statement or made in any such document immediately prior to such effective
        date;
        or</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">5</font></div>
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            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
        the
        registrant is subject to Rule 430C (&#167;234.430C of this chapter), each prospectus
        filed pursuant to Rule 424(b) as part of a registration statement relating
        to an
        offering, other than registration statements relying on Rule 430B or other
        than
        prospectuses filed in reliance on Rule 430A (&#167;230.430A of this chapter), shall
        be deemed to be part of and included in the registration statement as of
        the
        date it is first used after effectiveness. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Provided,
        however</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
        that no
        statement made in a registration statement or prospectus that is part of
        the
        registration statement or made in a document incorporated or deemed incorporated
        by reference into the registration statement or prospectus that is part of
        the
        registration statement will, as to a purchaser with a time of contract of
        sale
        prior to such first use, supersede or modify any statement that was made
        in the
        registration statement or prospectus that was part of the registration statement
        or made in any such document immediately prior to such date of first
        use.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That,
        for
        the purpose of determining liability of the registrant under the Securities
        Act
        of 1933 to any purchaser in the initial distribution of the
        securities:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        undersigned registrant undertakes that in a primary offering of securities
        of
        the undersigned registrant pursuant to this registration statement, regardless
        of the underwriting method used to sell the securities to the purchaser,
        if the
        securities are offered or sold to such purchaser by means of any of the
        following communications, the undersigned registrant will be a seller to
        the
        purchaser and will be considered to offer or sell such securities to such
        purchaser:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
        preliminary prospectus or prospectus of the undersigned registrant relating
        to
        the offering required to be filed pursuant to Rule 424 (&#167;230.424 of this
        chapter);</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
        free
        writing prospectus relating to the offering prepared by or on behalf of the
        undersigned registrant or used or referred to by the undersigned
        registrant;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        portion of any other free writing prospectus relating to the offering containing
        material information about the undersigned registrant or its securities provided
        by or on behalf of the undersigned registrant; and</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
        other
        communication that is an offer in the offering made by the undersigned
        registrant to the purchaser.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 foregoing provisions, or otherwise, the registrant has been
        advised that in the opinion of the Securities and Exchange Commission such
        indemnification is against public policy as expressed in the 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 Act and will be governed by the final adjudication
        of
        such issue.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">6</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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 March 14, 2007.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">PNM
                RESOURCES,
                INC.</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td>&#160;</td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Jeffry
                E.
                Sterba</font></td>
            </tr>
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                <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Jeffry
                E. Sterba</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td>
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Chairman,
                  President and </font></div>
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Chief
                  Executive Officer</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 216pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>POWER
        OF ATTORNEY</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">KNOW
        ALL
        MEN BY THESE PRESENTS, that each person whose signature appears below, hereby
        constitutes and appoints Jeffry E. Sterba, Charles N. Eldred, 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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
        <div>
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              <tr>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                <td valign="bottom" width="26%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                <td valign="bottom" width="28%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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              <tr>
                <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
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                    Jeffry E. Sterba</font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                </td>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                    14, 2007</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                    Jeffry E. Sterba</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              </tr>
              <tr>
                <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
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                    Charles N. Eldred</font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                </td>
                <td rowspan="2" valign="top" width="28%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                    14, 2007</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Charles
                    N. Eldred</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                    Thomas G. Sategna</font></div>
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                </td>
                <td rowspan="2" valign="top" width="28%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                    14, 2007</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Thomas
                    G. Sategna</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                    Adelmo E. Archuleta</font></div>
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                <td align="left" rowspan="2" valign="top" width="26%">
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                </td>
                <td rowspan="2" valign="top" width="28%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                    14, 2007</font></div>
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="25%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Adelmo
                    E. Archuleta</font></div>
                </td>
              </tr>

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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
            <table cellpadding="0" cellspacing="0" width="100%">

                <tr>
                  <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                      Julie A. Dobson</font></div>
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                  <td align="left" rowspan="2" valign="top" width="26%">
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                  <td rowspan="2" valign="top" width="28%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                      14, 2007</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="25%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Julie
                      A. Dobson</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;
                      Woody L. Hunt</font></div>
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                  <td rowspan="2" valign="top" width="28%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                      14, 2007</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="25%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Woody
                      L. Hunt</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                      Charles E. McMahen</font></div>
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
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                  </td>
                  <td rowspan="2" valign="top" width="28%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                      14, 2007</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="25%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Charles
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                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                </tr>

            </table>
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          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div id="FTR">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
          <div id="GLFTR" style="WIDTH: 100%" align="left">
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        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">7</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  Manuel T. Pacheco</font></div>
              </td>
              <td align="left" rowspan="2" valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td rowspan="2" valign="top" width="28%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                  14, 2007</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Manuel
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  Robert M. Price</font></div>
              </td>
              <td align="left" rowspan="2" valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td rowspan="2" valign="top" width="28%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                  14, 2007</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Robert
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  Bonnie S. Reitz</font></div>
              </td>
              <td align="left" rowspan="2" valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td rowspan="2" valign="top" width="28%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                  14, 2007</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Bonnie
                  S. Reitz</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  Joan B. Woodard</font></div>
              </td>
              <td align="left" rowspan="2" valign="top" width="26%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Director</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
              <td rowspan="2" valign="top" width="28%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
                  14, 2007</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="25%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Joan
                  B. Woodard</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">8</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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&#8217;s
        behalf by the undersigned thereunto duly authorized officer, in the City
        of
        Albuquerque, State of New Mexico, on March 14, 2007. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

            <tr valign="top" bgcolor="#ffffff">
              <td width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td width="1%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td colspan="2">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: "><strong>PNM
                  RESOURCES, INC. </strong></font></div>
                <div><strong><font size="2">EXECUTIVE SAVINGS PLAN
                  II</font></strong></div>
              </td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td>&#160;</td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Alice
                A.
                Cobb</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="FONT-FAMILY: " size="1">&#160;</font></td>
              <td align="left">
                <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Alice
                A. Cobb</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
              <td>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Senior
                  Vice President and Chief Administrative Officer, </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">People
                  Services and Development of PNM Resources,
                  Inc.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div style="WIDTH: 100%" align="left">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
          </div>
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: ">9</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
          <div style="WIDTH: 100%" align="left">
          </div>
        </div>
      </div><br><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Exhibit
        Index</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="13%" style="border-bottom: #ffffff thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
                  No.</u></font></div>
              </td>
              <td align="justify" valign="top" width="67%" style="border-bottom: #ffffff thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
              </td>
              <td align="justify" valign="top" width="67%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PNM
                  Resources, Inc. Executive Savings Plan II, as amended by a First
                  Amendment
                  dated June 3, 2005 and a Second Amendment dated September 29, 2006
                  (incorporated by reference to Exhibit 4 to PNM Resources, Inc.&#8217;s
                  Registration Statement on Form S-8, File No. 333-121371 filed December
                  17,
                  2004, Exhibit 10.56.1 to PNM Resources, Inc.&#8217;s Quarterly Report on Form
                  10-Q for the quarter ended June 30, 2005 and Exhibit 10.2 to PNM
                  Resources, Inc.&#8217;s Current Report on Form 8-K filed October 2,
                  2006)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.1</font></div>
              </td>
              <td align="left" valign="top" width="67%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                  of Deloitte &amp; Touche LLP (filed herewith)</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="13%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">24</font></div>
              </td>
              <td align="left" valign="top" width="67%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Power
                  of Attorney (See signature page)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">10<br></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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[{"type": "S-8", "sequence": "1", "filename": "fs8_031307pnmr2.htm", "description": "FORM S-8 EXECUTIVE SAVINGS PLAN II", "secsgml_size_bytes": 139179}]
{"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": "333-141282", "film-number": "07692927"}, "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 Executive Savings Plan II
As
        filed
        with the Securities and Exchange Commission on March 14, 2007
Registration
        No. 333-_______
UNITED
        STATES
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,
        including zip code, of Registrant's principal executive offices)
PNM
        Resources, Inc.
Executive
        Savings Plan II
(Full
        title of the Plan)
Patrick
        T. Ortiz, Esq.
Senior
        Vice President & General Counsel
PNM
        Resources, Inc.
414
        Silver Street SW
Albuquerque,
        New Mexico 87102
Telephone:
        (505) 241-2896
Fax:
        (505) 241-2368
(Name,
        address, including zip code, and telephone number, including area code, of
        agent
        for service)
___________
Copy
        to:
Charles
        L. Moore, Esq.
Associate
        General Counsel
PNM
        Resources, Inc.
Alvarado
        Square
Albuquerque,
        New Mexico 87158
Tel.
        505-241-4935
Fax.
        505-241-0754
This
        Registration Statement shall become effective upon filing in accordance with
        Rule 462 under the Securities Act of 1933, as amended.
CALCULATION
        OF REGISTRATION FEE
T
itle
                  of each class of securities to be registered
Amount
                  to be registered
Proposed
                  maximum
offering
                  price per share
Proposed
                  maximum aggregate offering price (1)
Amount
                  of registration fee (3)
PNM
                  Resources, Inc. Executive Savings Plan II Obligations(2)
100%
n/a
$20,000,000
$614.00
Common
                  Stock, no par value per share
75,000
                  shares
$30.20
$2,265,000
$69.54
(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 March 12, 2007.
        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 of 1933, this
        registration statement also 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.
(3)
        This
        Registration Statement registers an additional 75,000 shares of common stock
        issuable under the Plan and $20,000,000 in unsecured obligations of PNM
        Resources, Inc. to pay deferred compensation in the future in accordance
        with
        the Plan. $2,500,000 in Plan obligations and 25,000 shares of common stock
        of
        PNM Resources, Inc. issuable under the Plan were originally registered under
        PNM
        Resources' Registration Statement on Form S-8, File No. 333-121371, filed on
        December 17, 2004 and an additional $1,500,000 in plan obligations were
        registered under PNM Resources' Registration Statement on Form S-8, File
        No.
        333-139108, filed on December 4, 2006. The previously paid filing fees
        associated with the referenced securities under the foregoing PNM Resources,
        Inc.'s Registration Statements are $558.08.
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, as amended to date (the "Plan") as specified by Rule 428(b)(1)
        of the Securities Act of 1933, as amended (the "Securities Act") and
        Introductory Note 1 of Form S-8. 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 fiscal year ended December 31, 2006.
2.
Current
        Reports on Form 8-K as filed on January 8, 2007 and February 16,
        2007.
3.
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,
        including Current Report on Form 8-K as filed on August 17, 2006.
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 deregisters
        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 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:
·
supplemental
                deferrals of participants' compensation in such amounts as elected by
                participants for each Plan Year,
·
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,
1
·
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, except amounts allocated to a participant's supplemental credit
        account. Amounts in a participant's supplemental credit account will vest using
        a two year cliff vesting schedule. However, a participant's supplemental credit
        account will be fully vested on the earliest of: (1) the date a participant
        reaches age 55 and has two years of service, (2) the date a participant reaches
        age 62, (3) the date a participant's employment is terminated due to disability,
        (4) the date a participant dies, (5) the date a participant's employment is
        terminated by PNM Resources or its affiliates for reasons other than cause
        following a change in control or the participant's employment is constructively
        terminated (as defined in the Plan) following a change in control, or (6)
        PNM
        Resources decides, in its discretion, to accelerate the vesting of the
        participant's supplemental credits.
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 or begin 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 Company 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 were registered under the
        Plan by
        the Registration Statement on Form S-8, File No. 333-121371, filed on December
        17, 2004 and an additional $1,500,000 in Plan obligations were registered
        under
        the Plan by the Registration Statement on Form S-8, File No. 333-139108 filed
        December 4, 2006. Further amounts may be registered and issued as new or
        existing Plan participants elect to defer portions of their compensation
        in
        subsequent years.
2
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.
3
Item
        8.
Exhibits
The
        following exhibits are filed with this Registration Statement.
Exhibit
                  No.
Description
4
PNM
                  Resources, Inc. Executive Savings Plan II, as amended by a First
                  Amendment
                  dated June 3, 2005 and a Second Amendment dated September 29, 2006
                  (incorporated by reference to Exhibit 4 to PNM Resources, Inc.'s
                  Registration Statement on Form S-8, File No. 333-121371 filed December
                  17,
                  2004, Exhibit 10.56.1 to PNM Resources, Inc.'s Quarterly Report on Form
                  10-Q for the quarter ended June 30, 2005 and Exhibit 10.2 to PNM
                  Resources, Inc.'s Current Report on Form 8-K filed October 2,
                  2006)
23.1
Consent
                  of Deloitte & Touche LLP (filed herewith)
24
Power
                  of Attorney (See signature page)
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.
Item
        9.
Undertakings
The
        undersigned registrant hereby undertakes:
(1)
To
        file,
        during any period in which offers of sales are being made, a post-effective
        amendment to this registration statement:
(i)
To
        include any prospectus required by Section 10(a)(3) of the Securities Act
        of
        1933;
(ii)
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
(iii)
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:
(A)
Paragraphs
        (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration
        statement is on Form S-8 (§239.16b of this chapter), and the information
        required to be included in a post-effective amendment by those paragraphs
        is
        contained in reports filed with or furnished to the Commission by the registrant
        pursuant to section 13 or section 15(d) of the Securities Exchange Act of
        1934
        (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration
        statement; and
4
(B)
Paragraphs
        (a)(1)(i), (a)(1)(ii) and a(1)(iii) of this section do not apply if the
        registration statement is on Form S-3 (§239.13 of this chapter) or Form S-3
        (§239.33 of this chapter) and the information required to be included in a
        post-effective amendment by those paragraphs is contained in reports filed
        with
        or furnished to the Commission by the registrant pursuant to section 13 or
        section 15(d) of the Securities Exchange Act of 1934 that are incorporated
        by
        reference in the registration statement, or is contained in a form of prospectus
        filed pursuant to Rule 424(b) (§239.424(b) of this chapter) that is part of the
        registration statement.
(C)
Provided,
        further, however
,
        that
        paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement
        is for an offering of asset-backed securities on Form S-1 (§239.11 of this
        chapter) or Form S-3 (§239.13 of this chapter), and the information required to
        be included in a post-effective amendment is provided pursuant to Item 1100(c)
        of Regulation AB (§229.1100(c)).
(2)
That,
        for
        the purpose of determining any liability under the Securities Act of 1933,
        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.
(3)
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.
(4)
If
        the
        registrant is a foreign private issuer, to file a post-effective amendment
        to
        the registration statement to include any financial statements required by
        Item
        8.A. of Form 20-F at the start of any delayed offering or throughout a
        continuous offering. Financial statements and information otherwise required
        by
        Section 10(a)(3) of the Act need not be furnished,
provided
,
        that
        the registrant includes in the prospectus, by means of a post-effective
        amendment, financial statements required pursuant to this paragraph (a)(4)
        and
        other information necessary to ensure that all other information in the
        prospectus is at least as current as the date of the those financial statements.
        Notwithstanding the foregoing, with respect to registration statements on
        Form
        F-3, a post-effective amendment need not be filed to include financial
        statements and information required by Section 10(a)(3) of the Act or Rule
        3-19
        of this chapter if such financial statements and information are contained
        in
        periodic reports filed with or furnished to the Commission by the registrant
        pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of
        1934
        that are incorporated by reference in the Form F-3.
(5)
That,
        for
        the purpose of determining liability under the Securities Act of 1933 to
        any
        purchaser:
(i)
If
        the
        registrant is relying on Rule 430B (§230.430B of this chapter):
(A)
Each
        prospectus filed by the registrant pursuant to Rule 424(b)(3) (§230.424(b)(3) of
        this chapter) shall be deemed to be part of the registration statement as
        of the
        date the filed prospectus was deemed part of and included in the registration
        statement; and
(B)
Each
        prospectus required to be filed pursuant to Rule 424(b)(2), b(5), or (b)(7)
        (§230.424(b)(2), (b)(5), or (b)(7) of this chapter) as part of a registration
        statement in reliance on Rule 430B relating to an offering made pursuant
        to Rule
        415(a)(1)(i), (vii), or (x) (§234.415(a)(1)(i), (viii), or (x) of this chapter)
        for the purpose of providing the information required by section 10(a) of
        the
        Securities Act of 1933 shall be deemed to be part of and included in the
        registration statement as of the earlier of the date such form of prospectus
        is
        first used after effectiveness or the date of the first contract of sale
        of
        securities in the offering described in the prospectus. As provided in Rule
        430B, for liability purposes of the issuer and any person that is at that
        date
        an underwriter, such date shall be deemed to be a new effective date of the
        registration statement relating to the securities in the registration statement
        to which that prospectus relates, and the offering of such securities at
        that
        time shall be deemed to be the initial
bona
        fide
offering
        thereof.
Provided,
        however
,
        that no
        statement made in a registration statement or prospectus that is part of
        the
        registration statement or made in a document incorporated or deemed incorporated
        by reference into the registration statement or prospectus that is part of
        the
        registration statement will, as to a purchaser with a time of contract of
        sale
        prior to such effective date, supersede or modify any statement that was
        made in
        the registration statement or prospectus that was part of the registration
        statement or made in any such document immediately prior to such effective
        date;
        or
5
(ii)
If
        the
        registrant is subject to Rule 430C (§234.430C of this chapter), each prospectus
        filed pursuant to Rule 424(b) as part of a registration statement relating
        to an
        offering, other than registration statements relying on Rule 430B or other
        than
        prospectuses filed in reliance on Rule 430A (§230.430A of this chapter), shall
        be deemed to be part of and included in the registration statement as of
        the
        date it is first used after effectiveness.
Provided,
        however
,
        that no
        statement made in a registration statement or prospectus that is part of
        the
        registration statement or made in a document incorporated or deemed incorporated
        by reference into the registration statement or prospectus that is part of
        the
        registration statement will, as to a purchaser with a time of contract of
        sale
        prior to such first use, supersede or modify any statement that was made
        in the
        registration statement or prospectus that was part of the registration statement
        or made in any such document immediately prior to such date of first
        use.
(6)
That,
        for
        the purpose of determining liability of the registrant under the Securities
        Act
        of 1933 to any purchaser in the initial distribution of the
        securities:
The
        undersigned registrant undertakes that in a primary offering of securities
        of
        the undersigned registrant pursuant to this registration statement, regardless
        of the underwriting method used to sell the securities to the purchaser,
        if the
        securities are offered or sold to such purchaser by means of any of the
        following communications, the undersigned registrant will be a seller to
        the
        purchaser and will be considered to offer or sell such securities to such
        purchaser:
(i)
Any
        preliminary prospectus or prospectus of the undersigned registrant relating
        to
        the offering required to be filed pursuant to Rule 424 (§230.424 of this
        chapter);
(ii)
Any
        free
        writing prospectus relating to the offering prepared by or on behalf of the
        undersigned registrant or used or referred to by the undersigned
        registrant;
(iii)
The
        portion of any other free writing prospectus relating to the offering containing
        material information about the undersigned registrant or its securities provided
        by or on behalf of the undersigned registrant; and
(iv)
Any
        other
        communication that is an offer in the offering made by the undersigned
        registrant to the purchaser.
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 foregoing provisions, or otherwise, the registrant has been
        advised that in the opinion of the Securities and Exchange Commission such
        indemnification is against public policy as expressed in the 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 Act and will be governed by the final adjudication
        of
        such issue.
6
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 March 14, 2007.
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, Charles N. Eldred, 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)
March
                    14, 2007
Jeffry E. Sterba
/s/
                    Charles N. Eldred
Senior
                      Vice President and Chief
Financial
                      Officer
(Principal
                      Financial Officer)
March
                    14, 2007
Charles
                    N. Eldred
/s/
                    Thomas G. Sategna
Vice
                      President and Corporate
Controller
                      (Principal Accounting
Officer)
March
                    14, 2007
Thomas
                    G. Sategna
/s/
                    Adelmo E. Archuleta
Director
March
                    14, 2007
Adelmo
                    E. Archuleta
/s/
                      Julie A. Dobson
Director
March
                      14, 2007
Julie
                      A. Dobson
/s/ 
                      Woody L. Hunt
Director
March
                      14, 2007
Woody
                      L. Hunt
/s/
                      Charles E. McMahen
Director
March
                      14, 2007
Charles
                      E. McMahen
7
/s/
                  Manuel T. Pacheco
Director
March
                  14, 2007
Manuel
                  T. Pacheco
/s/
                  Robert M. Price
Director
March
                  14, 2007
Robert
                  M. Price
/s/
                  Bonnie S. Reitz
Director
March
                  14, 2007
Bonnie
                  S. Reitz
/s/
                  Joan B. Woodard
Director
March
                  14, 2007
Joan
                  B. Woodard
8
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 March 14, 2007.
PNM
                  RESOURCES, INC.
EXECUTIVE SAVINGS PLAN
                  II
By:
/s/ Alice
                A.
                Cobb
Alice
                A. Cobb
Senior
                  Vice President and Chief Administrative Officer,
People
                  Services and Development of PNM Resources,
                  Inc.
9
Exhibit
        Index
Exhibit
                  No.
Description
4
PNM
                  Resources, Inc. Executive Savings Plan II, as amended by a First
                  Amendment
                  dated June 3, 2005 and a Second Amendment dated September 29, 2006
                  (incorporated by reference to Exhibit 4 to PNM Resources, Inc.'s
                  Registration Statement on Form S-8, File No. 333-121371 filed December
                  17,
                  2004, Exhibit 10.56.1 to PNM Resources, Inc.'s Quarterly Report on Form
                  10-Q for the quarter ended June 30, 2005 and Exhibit 10.2 to PNM
                  Resources, Inc.'s Current Report on Form 8-K filed October 2,
                  2006)
23.1
Consent
                  of Deloitte & Touche LLP (filed herewith)
24
Power
                  of Attorney (See signature page)
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.
10