PNM Resources, Inc. (PNMR) is a holding company of energy and energy-related businesses. The subsidiaries of the Company are Public Service Company of New Mexico and subsidiaries (PNM), Texas-New Mexico Power Company and subsidiaries (TNMP), First Choice Power, L. P. and subsidiaries (First Choice) and Optim Energy Twin Oaks, LP; formerly known as Altura Power L.P. (Altura). PNM is a public utility with regulated operations engaged in the generation, transmission and distribution of electricity, the transmission and distribution and sale of natural gas. TNMP is a regulated utility operating in Texas and New Mexico. First Choice is a REP operating in Texas. PNM Resources, Inc. and subsidiaries (PNMR) owns 50% of Optim Energy (formerly, EnergyCo), which is focused on unregulated electric operations, within the areas of Texas covered by Electric Reliability Council of Texas (ERCOT), including the development, operation and ownership of generation assets and wholesale marketing.