PNM Resources

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PNM Resources NYSE: PNM is an energy holding company based in the U.S. state of New Mexico. Headquartered in Albuquerque, PNM Resources supplies electricity to 725,000 homes and businesses in New Mexico and Texas and natural gas to 471,000 customers in New Mexico through its utility and energy service subsidiaries, including:

• PNM, a service utility providing electricity and natural gas in New Mexico;
• Texas-New Mexico Power (TNMP), an electricity utility in New Mexico and electric transmission and distribution company in Texas;
• First Choice Power, a deregulated competitive retail electric provider in Texas; and
• Avistar, an energy research and development company.

Both TNMP and First Choice were recently acquired by the parent company. Many of First Choice's customers are serviced through the TNMP network. Customers in southern New Mexico may receive gas from the utility PNM while receiving power from TNMP (a division which will continue until 2007). PNM Resources and its subsidiaries also sell power on the wholesale market in the western United States.

The corporation has consolidated operating revenues of $2.3 billion. As of 2004, it was the only Fortune 1000 company in the sparsely-populated state.