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      Form S-8
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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 December 4, 2006</font></div>
    <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>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#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>UNITED
        STATES</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>SECURITIES
        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 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" width="100%">

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                  <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="40%">
                  <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"><strong>85-0468296</strong></font></div>
                </td>
              </tr>
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                <td align="left" valign="top" width="40%">
                  <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="40%">
                  <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">(I.R.S.
                    Employer</font></div>
                </td>
              </tr>
              <tr>
                <td align="left" valign="top" width="40%">
                  <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="40%">
                  <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">Identification
                    No.)</font></div>
                </td>
              </tr>

          </table>
        </div>
      </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="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">&#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="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="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"><u>This
        Registration Statement shall become effective upon filing in accordance with
        Rule 464 under the Securities Act of 1933, as amended.</u></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">
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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>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 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 unit</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</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</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(1)</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">$1,500,000</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">$160.50</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: 36pt; 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">(1)
        The
        PNM Resources, Inc. Executive Savings Plan II, as amended to date (&#8220;Plan&#8221;)
        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. In addition, pursuant to Rule 416(c) under the Securities
        Act, this registration statement covers an indeterminate amount of interests
        to
        be offered or sold pursuant to the Plan. This Registration Statement registers
        an additional $1,500,000 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's Registration
        Statement on Form S-8, File No. 333-121371, filed on December 17, 2004. The
        previously paid filing fees associated with the referenced securities under
        the
        foregoing PNM Resources, Inc.'s Registration Statement are $397.58.
</font></div>
      <div>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#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>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;). 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/A (Amendment No. 2) for the fiscal year ended December
        31,
        2005 as filed on August 8, 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">Quarterly
        Report on Form 10-Q/A (Amendment No.1) for the quarter ended March 31, 2006
        as
        filed on August 8, 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">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">Quarterly
        Reports on Form 10-Q for the quarters ended June 30, 2006 , as filed on August
        9, 2006, and September 30, 2006, as filed on November 9, 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">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
        Reports on Form 8-K as filed on January 20, February 17, March 31, April
        21, May
        26, July 21, August 17, August 31, October 2, 2006 and December 1,
        2006.</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">4.</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 removes
        from registration all such securities then remaining unsold shall be deemed
        to
        be incorporated herein by reference and to be a part hereof from the date
        of
        filing of such documents. Any statement contained in a document incorporated
        or
        deemed to be incorporated by reference herein shall be deemed to be modified
        or
        superseded for purposes of this Registration Statement to the extent that
        a
        statement contained herein or in any subsequently filed document which also
        is
        or is deemed to be incorporated by reference herein modifies or supersedes
        such
        statement. Any statement so modified or superseded shall not be deemed, except
        as so modified or superseded, to constitute a part of this Registration
        Statement.</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>&#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>
      <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>
      <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's
        death,&#160;disability or other separation from service.&#160; 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.&#160; Under certain circumstances, at the participant&#8217;s election, an
        interest in the Common 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 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
        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. Obligations in an additional amount of $1,500,000 are now being
        registered under the Plan. Further amounts may be registered and issued as
        new
        or existing Plan participants elect to defer portions of their compensation
        in
        subsequent years.</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">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 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: 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></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>
                <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 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>
                <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 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>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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 in Part
                  II)</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></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; 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">&#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">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: 54pt; 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: 18pt">&#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: 54pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&#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;</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: 54pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)&#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: 54pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)&#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: 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: 54pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PROVIDED,
        HOWEVER, that paragraphs (i)(1) and (i)(2) do not apply if the registration
        statement is on Form S-3, Form S-8 or Form F-3, and the information required
        to
        be included in a post-effective amendment by those paragraphs is contained
        in
        periodic reports filed with or furnished to the Commission by the registrant
        pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated
        by
        reference in the registration statement.</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">ii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#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, 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: 54pt; 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: 18pt">&#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="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">iv)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 18pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">That,
        for
        purposes of determining any liability under the Securities Act, each filing
        of
        the registrant&#8217;s annual report pursuant to Section 13(a) or 15(d) of the
        Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s
        annual report pursuant to Section 15(d) of the Exchange Act) that is
        incorporated by reference in the registration statement shall be deemed to
        be a
        new registration statement relating to the securities offered therein, and
        the
        offering of such securities at that time shall be deemed to be the initial
        bona
        fide offering thereof.</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">Insofar
        as indemnification for liabilities arising under the Securities Act may be
        permitted to directors, officers and controlling persons of the registrant
        pursuant to the provisions described under Item 6 above, or otherwise, the
        registrant has been advised that in the opinion of the Commission such
        indemnification is against public policy as expressed in the Securities Act
        and
        is, therefore, unenforceable. In the event that a claim for indemnification
        against such liabilities (other than the payment by the registrant of expenses
        incurred or paid by a director, officer or controlling person of the registrant
        in the successful defense of any action, suit or proceeding) is asserted
        by such
        director, officer or controlling person in connection with the securities
        being
        registered, the registrant will, unless in the opinion of its counsel the
        matter
        has been settled by controlling precedent, submit to a court of appropriate
        jurisdiction the question whether such indemnification by it is against public
        policy as expressed in the Securities Act and will be governed by the final
        adjudication of such issue.</font></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: ">5</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="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
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              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
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              <td colspan="2"><font size="2">PNM RESOURCES, INC.</font></td>
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              <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>
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Jeffry
                E.
                Sterba</font></td>
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                <div><font size="2">Chief Executive
                  Officer</font></div>
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        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>
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        has been signed by the following persons in the capacities and on the date
        indicated.</font></div>
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                <tr>
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                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
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                <tr>
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                      Jeffry E. Sterba</font></div>
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                      4, 2006</font></div>
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                </tr>
                <tr>
                  <td align="left" valign="top" width="25%">
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                <tr>
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                <tr>
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                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
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                      Charles N. Eldred</font></div>
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                <tr>
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                <tr>
                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
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                      Thomas G. Sategna</font></div>
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                </tr>
                <tr>
                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">
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                <tr>
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                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
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                    Adelmo E. Archuleta</font></td>
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                </tr>
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                  <td align="left" valign="top" width="25%">
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                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
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                      Julie A. Dobson</font></div>
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                      4, 2006</font></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">Julie
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                  <td align="left" valign="top" width="25%">&#160;</td>
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                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
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                  <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
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                      Woody L. Hunt</font></div>
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                  </td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="25%">
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                  <td align="left" valign="top" width="25%">&#160;</td>
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                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
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                      Charles E. McMahen</font></div>
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                </tr>
                <tr>
                  <td align="left" valign="top" width="25%">
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                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
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                <tr>
                  <td align="left" valign="top" width="25%" style="border-bottom: black thin solid;">
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                      Manuel T. Pacheco</font></div>
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                </tr>
                <tr>
                  <td align="left" valign="top" width="25%">
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                      T. Pacheco</font></div>
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                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</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" valign="top" width="25%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
                  </td>
                  <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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
                      4, 2006</font></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">Robert
                      M. Price</font></div>
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                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</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" valign="top" width="25%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; 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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                    <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">December
                      4, 2006</font></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">Bonnie
                      S. Reitz</font></div>
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                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</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" valign="top" width="25%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; 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>
                  </td>
                  <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="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
                      4, 2006</font></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">Joan
                      B. Woodard</font></div>
                  </td>
                  <td align="left" valign="top" width="25%">&#160;</td>
                  <td align="left" valign="top" width="25%">&#160;</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>
      </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: ">7</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 December 4, 2006. </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">
        <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><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PNM
                  RESOURCES, INC.</font></strong></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 style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Senior
                  Vice President and Chief Administrative Officer,</font></div>
                <div><font size="2">People Services and Development of PNM Resouces,
                  Inc.</font></div>
              </td>
            </tr>

        </table><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: ">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 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">&#160;</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>
                <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 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>
                <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 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>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</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 in Part
                  II)</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"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">9</font></div>
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[{"type": "S-8", "sequence": "1", "filename": "fs8_120106pnmr.htm", "description": "FORM S-8", "secsgml_size_bytes": 117297}]
{"company-data": {"conformed-name": "PNM RESOURCES INC", "cik": "0001108426", "assigned-sic": "4911", "irs-number": "850019030", "state-of-incorporation": "NM", "fiscal-year-end": "0214"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-139108", "film-number": "061254538"}, "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
As
      filed
      with the Securities and Exchange Commission on December 4, 2006
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 464 under the Securities Act of 1933, as amended.
CALCULATION
        OF REGISTRATION FEE
T
itle
                  of securities to be registered
Amount
                  to be registered
Proposed
                  maximum
offering
                  price per unit
Proposed
                  maximum aggregate offering price
Amount
                  of registration fee
PNM
                  Resources, Inc. Executive Savings Plan II Obligations(1)
100%
n/a
$1,500,000
$160.50
(1)
        The
        PNM Resources, Inc. Executive Savings Plan II, as amended to date ("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. In addition, pursuant to Rule 416(c) under the Securities
        Act, this registration statement covers an indeterminate amount of interests
        to
        be offered or sold pursuant to the Plan. This Registration Statement registers
        an additional $1,500,000 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's Registration
        Statement on Form S-8, File No. 333-121371, filed on December 17, 2004. The
        previously paid filing fees associated with the referenced securities under
        the
        foregoing PNM Resources, Inc.'s Registration Statement are $397.58.
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"). 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/A (Amendment No. 2) for the fiscal year ended December
        31,
        2005 as filed on August 8, 2006.
2.
Quarterly
        Report on Form 10-Q/A (Amendment No.1) for the quarter ended March 31, 2006
        as
        filed on August 8, 2006.
3.
Quarterly
        Reports on Form 10-Q for the quarters ended June 30, 2006 , as filed on August
        9, 2006, and September 30, 2006, as filed on November 9, 2006.
3.
Current
        Reports on Form 8-K as filed on January 20, February 17, March 31, April
        21, May
        26, July 21, August 17, August 31, October 2, 2006 and December 1,
        2006.
4.
Current
        Report on Form 8-K filed with the Commission on December 31, 2001 which includes
        the description of the common stock of PNM Resources, no par value, and any
        amendment or report filed for the purpose of updating such description,
        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 removes
        from registration all such securities then remaining unsold shall be deemed
        to
        be incorporated herein by reference and to be a part hereof from the date
        of
        filing of such documents. Any statement contained in a document incorporated
        or
        deemed to be incorporated by reference herein shall be deemed to be modified
        or
        superseded for purposes of this Registration Statement to the extent that
        a
        statement contained herein or in any subsequently filed document which also
        is
        or is deemed to be incorporated by reference herein modifies or supersedes
        such
        statement. Any statement so modified or superseded shall not be deemed, except
        as so modified or superseded, to constitute a part of this Registration
        Statement.
Item
        4.
Description
        of Securities
The
        deferred compensation obligations being registered represent obligations
        (the
"Obligations") of 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:
1
·
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,
·
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 Common Stock Fund is distributable in the form of whole shares
        of common stock.
There
        is
        no trading market for the Obligations. The Obligations are unsecured general
        obligations of PNM Resources to make future payments to participants in
        accordance with the terms of the Plan. Obligations will rank without preference
        with other unsecured and unsubordinated indebtedness of PNM Resources from
        time
        to time outstanding and are, therefore, subject to the risks of the Company's
        insolvency. No trustee has been appointed to take action with respect to
        the
        Obligations and each participant in the Plan will be responsible for acting
        independently with respect to, among other things, the giving of notices,
        responding to requests for consents, waivers or amendments pertaining to
        the
        Obligations, enforcing covenants and taking action upon default.
2
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. Obligations in an additional amount of $1,500,000 are now being
        registered under the Plan. Further amounts may be registered and issued as
        new
        or existing Plan participants elect to defer portions of their compensation
        in
        subsequent years.
A
        copy of
        the Plan is filed as Exhibit 4 hereto and is incorporated herein by reference.
Item
        5.
Interests
        of Named Experts and Counsel
None.
Item
        6.
Indemnification
        of Directors and Officers
Section
        6
        of Article II of PNM Resources' By-Laws contains the following provisions with
        respect to indemnification of directors and officers:
Each
        person serving as a director or an officer of the Corporation, or, at the
        request of the Corporation, as a director or an officer of any other company
        in
        which the Corporation has a financial interest and regardless of whether
        or not
        the person is then in office, and the heirs, executors, administrators and
        personal representatives of the person, shall be indemnified by the Corporation
        to the full extent of the authority of the Corporation to so indemnify as
        authorized by New Mexico law.
Section
        53-11-4.1 of the Business Corporation Act of the State of New Mexico provides
        that a corporation shall have power to indemnify any person made (or threatened
        to be made) a party to any proceeding (whether threatened, pending or completed)
        by reason of the fact that the person is or was a director (or, while a
        director, is or was serving in any of certain other capacities) if: (1) the
        person acted in good faith; (2) the person reasonably believed: (a) in the
        case
        of conduct in the person's official capacity with the corporation, that the
        person's conduct was in its best interests; and (b) in all other cases, that the
        person's conduct was at least not opposed to its best interests; and (3) in the
        case of any criminal proceeding, the person had no reasonable cause to believe
        the person's conduct was unlawful. Indemnification may be made against
        judgments, penalties, fines, settlements and reasonable expenses actually
        incurred by the person in connection with the proceeding, but may be limited
        or
        unavailable with respect to certain proceedings. In some instances,
        indemnification of a director may be mandatory or, upon the application of
        a
        director, may be ordered by a court. Reasonable expenses incurred by a director
        may, under certain circumstances, be paid or reimbursed in advance of a final
        disposition of a proceeding. Unless limited by its articles of incorporation,
        a
        corporation may (or, as the case may be, shall) indemnify and advance expenses
        to an officer of the corporation to the same extent as to a director under
        Section 53-11-4.1. Also, unless limited by its articles of incorporation,
        a
        corporation has (1) the power to indemnify and to advance expenses to an
        employee or agent of the corporation to the same extent that it may indemnify
        and advance expenses to directors under the statute and (2) additional power
        to
        indemnify and to advance reasonable expenses to an officer, employee or agent
        who is not a director to such further extent, consistent with law, as may
        be
        provided by its articles of incorporation, bylaws, general or specific action
        of
        its Board of Directors, or contract.
Section
        53-11-4.1 was amended in 1987 to provide that the indemnification authorized
        thereunder shall not be deemed exclusive of any rights to which those seeking
        indemnification may be entitled under the articles of incorporation, the
        by-laws, an agreement, a resolution of shareholders or directors or otherwise.
        PNM Resources has entered into agreements with each director and officer
        which
        provide for indemnification of directors and officers to the fullest extent
        permitted by law including advancement of litigation expenses where appropriate.
        The agreements provide for the appointment of a reviewing party by the Board
        of
        Directors to make a determination whether claimed indemnification is permitted
        under applicable law.
3
Insurance
        is maintained on a regular basis (and not specifically in connection with
        this
        offering) against liabilities arising on the part of directors and officers
        out
        of their performance in such capacities or arising on the part of PNM Resources
        out of its foregoing indemnification provisions, subject to certain exclusions
        and to the policy limits.
Item
        7.
Exemption
        From Registration Claimed
Not
        Applicable.
Item
        8.
Exhibits
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 in Part
                  II)
An
        opinion of counsel as to the valid issuance of the securities being registered
        under this registration statement is not required because the securities
        will
        not be original issuance securities. If that situation should change, an
        appropriate opinion of counsel will be filed.
Item
        9.
Undertakings
The
        undersigned registrant hereby undertakes:
i)
To
        file,
        during any period in which offers of sales are being made, a post-effective
        amendment to this registration statement:
(1)
To
        include any prospectus required by Section 10(a)(3) of the Securities
        Act;
(2)
To
        reflect in the prospectus any facts or events arising after the effective
        date
        of the registration statement (or the most recent post-effective amendment
        thereof) which, individually or in the aggregate, represent a fundamental
        change
        in the information set forth in the registration statement. Notwithstanding
        the
        foregoing, any increase or decrease in volume of securities offered (if the
        total dollar value of securities offered would not exceed that which was
        registered) and any deviation from the low or high end of the estimated maximum
        offering range may be reflected in the form of prospectus filed with the
        Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
        and price represent no more than a 20 percent change in the maximum aggregate
        offering price set forth in the "Calculation of Registration Fee" table in the
        effective registration statement; and
(3)
To
        include any material information with respect to the plan of distribution
        not
        previously disclosed in the registration statement or any material change
        to
        such information in the registration statement;
4
PROVIDED,
        HOWEVER, that paragraphs (i)(1) and (i)(2) do not apply if the registration
        statement is on Form S-3, Form S-8 or Form F-3, and the information required
        to
        be included in a post-effective amendment by those paragraphs is contained
        in
        periodic reports filed with or furnished to the Commission by the registrant
        pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated
        by
        reference in the registration statement.
ii)
That,
        for
        the purpose of determining any liability under the Securities Act, each such
        post-effective amendment shall be deemed to be a new registration statement
        relating to the securities offered therein, and the offering of such securities
        at that time shall be deemed to be the initial bona fide offering
        thereof.
iii)
To
        remove
        from registration by means of a post-effective amendment any of the securities
        being registered which remain unsold at the termination of the
        offering.
iv)
That,
        for
        purposes of determining any liability under the Securities Act, each filing
        of
        the registrant's annual report pursuant to Section 13(a) or 15(d) of the
        Exchange Act (and, where applicable, each filing of an employee benefit plan's
        annual report pursuant to Section 15(d) of the Exchange Act) that is
        incorporated by reference in the registration statement shall be deemed to
        be a
        new registration statement relating to the securities offered therein, and
        the
        offering of such securities at that time shall be deemed to be the initial
        bona
        fide offering thereof.
Insofar
        as indemnification for liabilities arising under the Securities Act may be
        permitted to directors, officers and controlling persons of the registrant
        pursuant to the provisions described under Item 6 above, or otherwise, the
        registrant has been advised that in the opinion of the Commission such
        indemnification is against public policy as expressed in the Securities Act
        and
        is, therefore, unenforceable. In the event that a claim for indemnification
        against such liabilities (other than the payment by the registrant of expenses
        incurred or paid by a director, officer or controlling person of the registrant
        in the successful defense of any action, suit or proceeding) is asserted
        by such
        director, officer or controlling person in connection with the securities
        being
        registered, the registrant will, unless in the opinion of its counsel the
        matter
        has been settled by controlling precedent, submit to a court of appropriate
        jurisdiction the question whether such indemnification by it is against public
        policy as expressed in the Securities Act and will be governed by the final
        adjudication of such issue.
5
SIGNATURES
Pursuant
        to the requirements of the Securities Act, PNM Resources, Inc. certifies
        that it
        has reasonable grounds to believe that it meets all of the requirements for
        filing on Form S-8 and has duly caused this registration statement to be
        signed
        on its behalf by the undersigned, thereunto duly authorized, in the City
        of
        Albuquerque, State of New Mexico, on December 4, 2006.
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
December
                      4, 2006
Jeffry
                      E. Sterba
Executive
                      Officer; Director
(Principal
                      Executive Officer)
/s/
                      Charles N. Eldred
Senior
                      Vice President and Chief
December
                      4, 2006
Charles
                      N. Eldred
Financial
                      Officer
(Principal
                      Financial Officer)
/s/
                      Thomas G. Sategna
Vice
                      President and Corporate
December
                      4, 2006
Thomas
                      G. Sategna
Controller
                      (Principal Accounting
Officer)
/s/
                    Adelmo E. Archuleta
Director
December
                      4, 2006
Adelmo
                      E. Archuleta
/s/
                      Julie A. Dobson
Director
December
                      4, 2006
Julie
                      A. Dobson
/s/
                      Woody L. Hunt
Director
December
                      4, 2006
Woody
                      L. Hunt
/s/
                      Charles E. McMahen
Director
December
                      4, 2006
Charles
                      E. McMahen
6
/s/
                      Manuel T. Pacheco
Director
December
                      4, 2006
Manuel
                      T. Pacheco
/s/
                      Robert M. Price
Director
December
                      4, 2006
Robert
                      M. Price
/s/
                      Bonnie S. Reitz
Director
December
                      4, 2006
Bonnie
                      S. Reitz
/s/
                      Joan B. Woodard
Director
December
                      4, 2006
Joan
                      B. Woodard
7
THE
        PLAN.
        Pursuant to the requirements of the Securities Act, the Plan Administrator
        of
        the Plan has duly caused this registration statement to be signed on the
        Plan's
        behalf by the undersigned thereunto duly authorized officer, in the City
        of
        Albuquerque, State of New Mexico, on December 4, 2006.
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 Resouces,
                  Inc.
8
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 in Part
                  II)
An
        opinion of counsel as to the valid issuance of the securities being registered
        under this registration statement is not required because the securities
        will
        not be original issuance securities. If that situation should change, an
        appropriate opinion of counsel will be filed.
9