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 nine-month
periods ended September 30, 2002, as indicated in our report dated October 29,
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 September 30, 2002, is
incorporated by reference in Registration Statement No. 333-03303, Registration
Statement No. 333-03289, Registration Statement No. 333-10993, Registration
Statement No. 333-61598, Registration Statement No. 333-32170, Registration
Statement No. 333-76316, Registration Statement No. 333-76288, and Registration
Statement No. 333-88372.

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.



DELOITTE & TOUCHE



November 12, 2002
Omaha, Nebraska