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PNM Receives PRC Regulatory Consensus To Move Forward on Holding Company Registration Process

Albuquerque, New Mexico
August 30 , 2004

PNM Resources Inc. announced today that the New Mexico Public Regulation Commission (NMPRC) has allowed PNM to move forward in an informal, collaborative process to discuss the Securities and Exchange Commission (SEC) requirement to register as a holding company with New Mexico interveners. This Commission decision was in response to a petition of investigation filed by the Attorney General's Office requesting a formal process on PNM's registration.

In April of this year, the SEC notified PNM that due to its successful wholesale business, the company would be required to register as a holding company under the Public Utility Holding Company Act (PUHCA) of 1935. Though PNM formed a holding company in 2001, the company was previously exempt from PUHCA regulation requirements.

"We are very pleased with the Commission's decision to support a collaborative approach to this process," said Bill Real, senior vice president of public policy at PNM.

PNM and other parties will proceed with the collaborative process and report back to the Commission sometime in September. The holding company registration is scheduled to be established by the end of this year.

PNM Resources is an energy holding company based in Albuquerque, New Mexico. PNM, the principal subsidiary of PNM Resources, serves about 462,000 natural gas customers and 403, 000 electric customers in New Mexico. The company also sells power on the wholesale market in the Western U.S. PNM Resources stock is traded primarily on the NYSE under the symbol PNM.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release and documents we file with the SEC that relate to future events or our expectations, projections, estimates, intentions, goals, targets and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. You are cautioned that all forward-looking statements are based upon current expectations and estimates and we assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by the forward-looking statements, PNM Resources cautions you not to place undue reliance on these statements. Many factors could cause actual results to differ, and will affect our future financial condition, cash flow and operating results. These factors include interest rates, weather, fuel costs, changes in supply and demand in the market for electric power, wholesale power prices, market liquidity, the competitive environment in the electric and natural gas industries, the performance of generating units and transmission system, state and federal regulatory and legislative decisions and actions, the outcome of legal proceedings and the performance of state, regional and national economies. For a detailed discussion of the important factors that affect PNM Resources and that could cause actual results to differ from those expressed or implied by our forward-looking statements, please see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our current and future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and our current and future Current Reports on Form 8-K, filed with the SEC.

Analysts' contacts
Gina Jacobi: (505) 241-2211
Caroline Souders: (505) 241-0679


Press & analysts' contact
Frederick Bermudez: (505) 241-4831

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