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 events reported)      February 23, 2004
                                                    --------------------------
                                                        (January 31, 2004)
                                                    --------------------------



 Commission    Name of Registrants, State of Incorporation,    I.R.S. Employer
File Number    Address and Telephone Number                   Identification No.
-----------    --------------------------------------------   ------------------

 333-32170     PNM Resources, Inc.                                85-0468296
               (A New Mexico Corporation)
               Alvarado Square
               Albuquerque, New Mexico  87158
               (505) 241-2700

  1-6986       Public Service Company of New Mexico               85-0019030
               (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)






Item  9.   Regulation FD Disclosure

The Company is filing in this Form 8-K select Comparative Operating Statistics
for the months of January 2004 and 2003 to provide investors with key monthly
business indicators. Readers of this Form 8-K should refer to the Management's
Discussion and Analysis of Financial Condition and Results of Operations in the
Company's annual and quarterly periodic reporting on Form 10-K and Form 10-Q,
respectively, for a discussion of actual results of operations and any
significant trends.

                          PNM Resources, Inc. and Subsidiaries
                            Comparative Operating Statistics

                                                     Month Ended
                                                     January 31,
                                                ------------------------
                                                   2004         2003
                                                ----------- ------------
Electric Service:

Energy Sales - MWh (in thousands)
     Retail                                            627          620
                                                ----------- ------------
     Wholesale
         Long Term Sales                               309          163
         Forward Sales                                 127          229
         Short Term Sales                              530          565
                                                ----------- ------------
         Total Wholesale Sales                         966          957
                                                ----------- ------------
         Total Energy Sales                          1,593        1,577
                                                =========== ============


Weather:

Heating and Cooling Days - Albuquerque, NM

The heating degree day value (HDD) is the accumulation in degrees that the daily
mean temperature was below 65 degrees F. The cooling degree day value (CDD) is
the accumulation in degrees that the daily mean temperature was above 65 degrees
F.


               HDD                                     818          659
                                                =========== ============
               CDD                                      0            0
                                                =========== ============



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SIGNATURES
----------

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

                                              PNM RESOURCES, INC. AND
                                        PUBLIC SERVICE COMPANY OF NEW MEXICO
                                   ---------------------------------------------
                                                   (Registrants)


Date:  February 23, 2004                        /s/ Thomas G. Sategna
                                   ---------------------------------------------
                                                  Thomas G. Sategna
                                      Vice President and Corporate Controller
                                   (Officer duly authorized to sign this report)




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