EXHIBIT 18.2

Public Service Company of New Mexico
Alvarado Square
Albuquerque, NM 87158

Dear Sirs/Madams:


We have audited the consolidated financial statements of Public Service Company
of New Mexico 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