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)     December 19, 2002
                                                     -----------------------
                                                       (November 30, 2002)
                                                     -----------------------



                               PNM RESOURCES, INC.
             (Exact name of registrant as specified in its charter)


         New Mexico                                             85-0468296
----------------------------        Commission           ----------------------
(State or Other Jurisdiction   File Number 333-32170         (I.R.S. Employer
     of Incorporation)                     ---------     Identification) Number)




    Alvarado Square, Albuquerque, New Mexico                      87158
    ----------------------------------------                      -----
    (Address of principal executive offices)                    (Zip Code)



                                 (505) 241-2700
              (Registrant's telephone number, including area code)

                         ------------------------------
              (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 November 2002 and 2001 and the eleven months ended November
30, 2002 and 2001 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       Eleven Months Ended
                                          November 30,          November 30,
                                       ------------------- ---------------------
                                         2002      2001       2002       2001
                                       --------- --------- ---------- ----------
Electric Service:

Energy Sales - MWh (in thousands)
     Retail                                 579       559      6,784      6,644
     Wholesale
         Firm Sales                          48        50        524        538
         Firm Surplus                         8        31        254        799
         Short Term / Uncommitted           626       840      7,922     10,300
                                       --------- --------- ---------- ----------

         Total Wholesale Sales              682       921      8,700     11,637
                                       --------- --------- ---------- ----------

         Total Energy Sales               1,261     1,480     15,484     18,281
                                       ========= ========= ========== ==========

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                       597         508         3,072        2,991
                                ========    ========     =========    =========

          CDD                         0           0         1,537        1,578
                                ========    ========     =========    =========


                                       2



SIGNATURES

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:  December 19, 2002                        /s/ John R. Loyack
                                  ---------------------------------------------
                                                  John R. Loyack
                                   Vice President and Chief Accounting Officer
                                  (Officer duly authorized to sign this report)


                                       3