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Mail Stop 0308

							April 12, 2005

Alice Cobb
Benefits Governance Committee Chairperson
PNM Resources, Inc.
Alvarado Square
Albuquerque, NM  87158

	RE:	PNM Resources, Inc. Master Employee Savings Plan and
Trust
		PNM Resources, Inc. Employee Stock Purchase Plan
		Change of independent auditors
            	File No. 1-32462

Dear Ms. Cobb:

          The staff has received an SECPS letter from Grant
Thornton
LLP notifying the Chief Accountant of the Commission that the
registrants` client-auditor relationship with them has ceased.
We
have the following comments as a result of that letter.  We
welcome
any questions you may have about our comments.  Feel free to
contact
us at the telephone numbers listed at the end of this letter.
1. The benefit plans noted above are required to file a Form 8-K
as a
result of the client-auditor relationship ceasing.  Our records do
not indicate that an 8-K has been filed.  Since the Form 8-K was
due
within four days of  April 7, 2005, the date of Grant Thornton`s
letter, it should be filed immediately.
2. Item 304 of Regulation S-K describes the disclosure
requirements
of the Item 4.01 Form 8-K. In order for the former accountants to
file the letter required by Item 304(a)(3), a copy of the filing
should be furnished to them as soon as possible, but no later than
the date you file the Form 8-K with the Commission.  If the
accountants confirming letter is not filed with the Form 8-K it
should be filed with an amended Form 8-K, as Exhibit 16, within
two
business days of receipt but no later than ten business days after
filing the Form 8-K.

      We urge all persons who are responsible for the accuracy and
adequacy of the disclosure in the filing reviewed by the staff to
be
certain that they have provided all information investors require
for
an informed decision.  Since the company and its management are in
possession of all facts relating to a company`s disclosure, they
are
responsible for the accuracy and adequacy of the disclosures they
have made.

PNM Resources, Inc.
Ms. Alice Cobb
April 12, 2005
Page 2

	In connection with responding to our comments, please
provide,
in writing, a statement from the company acknowledging that:

* the company is responsible for the adequacy and accuracy of the
disclosures in the filing;

* staff comments or changes to disclosure in response to staff
comments do not foreclose the Commission from taking any action
with
respect to the filing; and

?	the company may not assert this action as a defense in any
proceeding initiated by the Commission or any person under the
federal securities laws of the United States.

	In addition, please be advised that the Division of
Enforcement
has access to all information you provide to the staff of the
Division of Corporation Finance in connection with our review of
your
filing or in response to our comments on your filing.

	Please file your response to these comments, including the
supplemental information requested above, as an EDGAR
correspondence
file at the same time as you file the Form 8-K.  Any questions
regarding the above should be directed to me at (202) 942-1809, or
in
my absence, to Robert Benton at (202) 942-1811.

							Sincerely,

							Robert Burnett
						            Staff Accountant

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