EXHIBIT 18.1


PNM Resources Inc.
Alvarado Square
Albuquerque, NM 87158

Dear Sirs/Madams:


We have audited the consolidated financial statements of PNM Resources Inc. and
subsidiaries as of December 31, 2003 and 2002, and for each of the three years
in the period ended December 31, 2003, included in your Annual Report on Form
10-K to the Securities and Exchange Commission and have issued our report
thereon dated March 8, 2004, which expresses an unqualified opinion and includes
an explanatory paragraph referring to the adoption of Statement of Financial
Accounting Standards No. 143, Accounting for Asset Retirement Obligations and
your change in measurement dates used to account for your pensions and other
post-retirement benefits from September 30 to December 31. Note 9 to such
consolidated financial statements contains a description of your change in
measurement dates used to account for your pensions and other post-retirement
benefits from September 30 to December 31. In our judgment, such change is to an
alternative accounting principle that is preferable under the circumstances.

Yours truly,


/s/ DELOITTE & TOUCHE LLP


Omaha, NE
March 8, 2004