8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)	May 26, 2006
	(May 26, 2006)

Commission	Name of Registrant, State of Incorporation,	I.R.S. Employer
File Number	Address and Telephone Number	Identification No.
001-32462	PNM Resources, Inc.	85-0468296
	(A New Mexico Corporation)
	Alvarado Square
	Albuquerque, New Mexico 87158
	(505) 241-2700
______________________________
(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)

[]  Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c)

Item 8.01Other Events.

The PNM Resources, Inc. (“PNMR”) PNM Direct Plan (“Plan”) allows investors to invest in PNMR common stock, no par value (“Common Stock”), up to a maximum of $10,000 per month, per account, with an initial minimum investment of $50. PNMR may waive the maximum investment limit upon request in individual cases pursuant to the terms of the Plan, as outlined in the Prospectus dated February 19, 2003. The Plan also allows for the reinvestment of dividends paid on PNMR Common Stock held in the Plan. An updated Appendix B, containing the various dates relative to the waiver of the maximum investment limit in 2006 and 2007, is attached as Exhibit 99.1 hereto.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits:

EXHIBIT NUMBER	DESCRIPTION
99.1	PNM Resources, Inc. PNM Direct Plan, Appendix B

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	PNM RESOURCES, INC.
	(Registrant)
Date: May 26, 2006	/s/ Thomas G. Sategna
	Thomas G. Sategna
	Vice President and Corporate Controller
	(Officer duly authorized to sign this report)

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EX-99.1

Exhibit 99.1

APPENDIX B

“Request for Waiver” Initial or Optional Cash Investments of More than $10,000 per month”

	Threshold Price Set Date	Optional Cash Investments Must be received by	Pricing Period Start Date	Waiver Investment Date
2006	June 6	June 8	June 9	June 23
	July 5	July 7	July 10	July 24
	August 7	August 9	August 10	August 24
	September 5	September 7	September 8	September 22
	October 5	October 9	October 10	October 24
	November 3	November 7	November 8	November 22
	December 4	December 6	December 7	December 21
2007	January 4	January 8	January 9	January 24
	February 1	February 5	February 6	February 21
	March 5	March 7	March 8	March 22
	April 4	April 9	April 10	April 24
	May 4	May 8	May 9	May 23
	June 5	June 7	June 8	June 22
	July 5	July 9	July 10	July 23
	August 7	August 9	August 10	August 24
	September 4	September 6	September 7	September 21
	October 5	October 9	October 10	October 24
	November 6	November 8	November 9	November 26
	December 4	December 6	December 7	December 20

PRICING PERIODS ARE AT THE DISCRETION OF PNM RESOURCES, INC. INVESTORS SHOULD NOT RELY SOLELY ON THE ABOVE SCHEDULE AS PRICING PERIODS AND WAIVER INVESTMENT DATES MAY VARY. FOR MORE INFORMATION, PLEASE CONTACT THE PLAN ADMINISTRATOR’S WAIVER DEPARTMENT AT 1-201-680-5300

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