PNM Resources, Inc. operates as an investor-owned holding company, which provides electricity and electric services in New Mexico and Texas. The company is headquartered in Albuquerque, New Mexico and currently employs 1,500 full-time employees. The Company’s electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). PNM is an electric utility, which provides electric generation, transmission and distribution service to its rate-regulated customers. PNM’s retail electric service territory covers an area of north-central New Mexico, including the cities of Albuquerque, Rio Rancho and Santa Fe, and certain areas of southern New Mexico. Other services provided by PNM include wholesale transmission services to third parties. TNMP provides transmission and distribution services in Texas. TNMP’s transmission and distribution activities are solely within Electric Reliability Council of Texas (ERCOT), which is the independent system operator responsible for maintaining reliable operations for the bulk electric power supply system in Texas.