EXHIBIT 15.1

INDEPENDENT ACCOUNTANTS' AWARENESS LETTER



PNM Resources, Inc.
Albuquerque, New Mexico


     We have made a review,  in accordance  with  standards  established  by the
American  Institute of Certified Public  Accountants,  of the unaudited  interim
financial  information of PNM Resources,  Inc and subsidiaries for the three and
six-month  periods  ended June 30, 2002, as indicated in our report dated August
2, 2002;  because we did not perform an audit,  we  expressed no opinion on that
information.

     We are aware that our report  referred to above,  which is included in your
quarterly  report  on  Form  10-Q  for the  quarter  ended  June  30,  2002,  is
incorporated  by  reference  in  Registration   Statement  File  No.  333-03289,
Registration  Statement  File No.  333-03303,  Registration  Statement  File No.
333-10993,  Registration  Statement File No. 333-32170,  Registration  Statement
File No. 333-61598, Registration Statement No. 333-73648, Registration Statement
No. 333-76288, and Registration Statement No. 333-76316.

     We also are aware that the aforementioned  report,  pursuant to Rule 436(c)
under the Securities  Act of 1933, is not considered a part of the  Registration
Statement  prepared  or  certified  by an  accountant  or a report  prepared  or
certified by an accountant within the meaning of Sections 7 and 11 of that Act.

/s/ Deloitte & Touche LLP


August 14, 2002
Omaha, Nebraska