As filed with the Securities and Exchange Commission on December 31, 2001
                                                     Registration No. 333-61598
===============================================================================


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                           -------------------------


                        POST-EFFECTIVE AMENDMENT NO. 1 TO
                                    FORM S-8
                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933

                           -------------------------


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

NEW MEXICO                                                            85-0468296
(State or other jurisdiction                                    (I.R.S. employer
of incorporation or organization)                            Identification No.)

                                 ALVARADO SQUARE
                          ALBUQUERQUE, NEW MEXICO 87158
          (Address of principal executive offices, including zip code)


                      PUBLIC SERVICE COMPANY OF NEW MEXICO
                     MASTER EMPLOYEE SAVINGS PLAN AND TRUST
                            (Full title of the plan)

                                   M.H. MAERKI
                SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
                               PNM RESOURCES, INC.
                                 ALVARADO SQUARE
                          ALBUQUERQUE, NEW MEXICO 87158
                                 (505) 241-2700
 (Name, address and telephone number, including area code, of agent for service)

                           -------------------------


  The commission is requested to mail signed copies of all orders, notices and
                               communications to:

                                   C. L. MOORE
                             KELEHER & MCLEOD, P.A.
                            414 SILVER AVENUE, S. W.
                          ALBUQUERQUE, NEW MEXICO 87103

                           -------------------------


 This Post-Effective Amendment No. 1 to the Registration Statement (Registration
 No. 333-61598) shall become effective upon filing in accordance with Rule 464
                        under the Securities Act of 1933.


================================================================================




                                EXPLANATORY NOTE

         This post-effective amendment is being filed pursuant to Rule 414 under
the Securities Act of 1933 to reflect the adoption by the Public Service Company
of New Mexico, a New Mexico corporation ("PNM"), of a holding company form of
organizational structure.

         The holding company reorganization was effected pursuant to the
Agreement and Plan of Share Exchange (the "Plan of Exchange") between PNM and
PNM Resources, Inc., a New Mexico corporation formerly known as Manzano
Corporation ("PNM Resources"). The Plan of Exchange provides for, among other
things, a share exchange pursuant to which all shares of PNM common stock were
exchanged on a one-for-one basis for shares of common stock of PNM Resources
(the "Share Exchange"). The shareholders of PNM approved the share exchange on
June 6, 2000. As a result of the Share Exchange, which was completed on December
31, 2001, PNM became a wholly-owned subsidiary of PNM Resources.

         In connection with the Share Exchange, shares of PNM common stock held
by the Public Service Company of New Mexico Master Employee Savings Plan and
Trust (the "Plan") were converted into an equivalent number of shares of PNM
Resources common stock. Following the Share Exchange, PNM will continue to
sponsor the Plan. The PNM stock fund investment option under the Plan will,
however, hold shares of PNM Resources common stock and cash, rather than shares
of PNM common stock and cash.

         In accordance with Rule 414 under the Securities Act of 1933, PNM
Resources, as the successor issuer to PNM, hereby expressly adopts this
registration statement No. 333-61598 on Form S-8 for the Plan as its own for all
purposes of the Securities Act of 1933 and the Securities Exchange Act of 1934,
effective upon the effectiveness of the Share Exchange.

         The applicable registration fees were paid at the time of the original
filing of this registration statement by PNM.






                                     PART I

              INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS

         The document(s) containing the information specified in Part I of Form
S-8 will be sent or given to participating employees as specified by Rule
428(b)(1) of the Securities Act of 1933. These documents and the documents
incorporated by reference into this registration statement pursuant to Item 3 of
Part II of this registration statement, taken together, constitute a prospectus
that meets the requirements of Section 10(a) of the Securities Act of 1933.


                                     PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT


ITEM 3.       INCORPORATION OF DOCUMENTS BY REFERENCE.

              The following documents previously filed with the Commission by
PNM and PNM Resources, are hereby incorporated by reference in this registration
statement:

              1.     PNM's Annual Report on Form 10-K for the year ended
December 31, 2000, as amended.

              2.     PNM's Quarterly Report on Form 10-Q for the quarter ended
March 31, 2001.

              3.     Annual Report on Form 11-K for the fiscal year ended
December 31, 2000 for the Public Service Company of New Mexico Master Employee
Savings Plan and Trust, as amended.

              4.     PNM's Quarterly Report on Form 10-Q for the quarter ended
June 30, 2001, as amended.

              5.     PNM's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2001.

              6.     PNM's Current Reports on Form 8-K filed January 18, 2001,
January 23, 2001, January 25, 2001 (two), February 26, 2001, February 28, 2001,
March 1, 2001, March 20, 2001, March 27, 2001, April 11, 2001 (two), April 12,
2001, April 16, 2001, April 18, 2001 (two), May, 2, 2001 (two), May 18, 2001,
May 25, 2001, June 1, 2001, June 14, 2001, July 3, 2001 (two), July 13, 2001,
July 16, 2001, July 18, 2001 (three), July 24, 2001, July 30, 2001, August 9,
2001, August 16, 2001, August 17, 2001, September 13, 2001, September 18, 2001,
September 19, 2001, October 11, 2001, October 16, 2001, October 23, 2001,
October 24, 2001, October 25, 2001, November 2, 2001, November 15, 2001,
November 16, 2001, November 30, 2001, December 12, 2001, December 14, 2001
(two), December 20, 2001, and December 27, 2001.

              7.     PNM Resources's Current Report on Form 8-K filed with the
Commission on December 31, 2001 which includes the description of the common
stock of PNM Resources, no par value per share, and any amendment or report
filed for the purpose of updating such description.

              8.     All other reports filed by PNM or PNM Resources pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act on or after December 31,
2000.

              All documents subsequently filed by PNM Resources and the Plan
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act
of 1934, prior to the filing of a post-effective amendment which indicates that
all securities offered hereby have been sold or which deregisters all securities
then remaining unsold will be deemed to be incorporated by reference in this
registration statement and to be a part hereof from the date of filing of such
documents. Any statement contained in a document incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this
registration statement to the extent that a statement contained herein or in any
other subsequently filed document which is also incorporated or deemed to be
incorporated by



reference herein modifies or supersedes such statement. Any statement so
modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this registration statement.

ITEM 4.       DESCRIPTION OF SECURITIES.

              Not applicable.

ITEM 5.       INTERESTS OF NAMED EXPERTS AND COUNSEL.

              Not applicable.

ITEM 6.       INDEMNIFICATION OF DIRECTORS AND OFFICERS.

              Section 6 of Article II of PNM Resources's By-Laws contains the
following provisions with respect to indemnification of directors and officers:

         Each person serving as a director or an officer of the Corporation, or,
         at the request of the Corporation, as a director or an officer of any
         other company in which the Corporation has a financial interest and
         regardless of whether or not the person is then in office, and the
         heirs, executors, administrators and personal representatives of the
         person, shall be indemnified by the Corporation to the full extent of
         the authority of the Corporation to so indemnify as authorized by New
         Mexico law.

              Section 53-11-4.1 of the Business Corporation Act of the State of
New Mexico provides that a corporation shall have power to indemnify any person
made (or threatened to be made) a party to any proceeding (whether threatened,
pending or completed) by reason of the fact that the person is or was a director
(or, while a director, is or was serving in any of certain other capacities) if:
(1) the person acted in good faith; (2) the person reasonably believed: (a) in
the case of conduct in the person's official capacity with the corporation, that
the person's conduct was in its best interests; and (b) in all other cases, that
the person's conduct was at least not opposed to its best interests; and (3) in
the case of any criminal proceeding, the person had no reasonable cause to
believe the person's conduct was unlawful. Indemnification may be made against
judgments, penalties, fines, settlements and reasonable expenses actually
incurred by the person in connection with the proceeding, but may be limited or
unavailable with respect to certain proceedings. In some instances,
indemnification of a director may be mandatory or, upon the application of a
director, may be ordered by a court. Reasonable expenses incurred by a director
may, under certain circumstances, be paid or reimbursed in advance of a final
disposition of a proceeding. Unless limited by its articles of incorporation, a
corporation may (or, as the case may be, shall) indemnify and advance expenses
to an officer of the corporation to the same extent as to a director under
Section 53-11-4.1. Also, unless limited by its articles of incorporation, a
corporation has (1) the power to indemnify and to advance expenses to an
employee or agent of the corporation to the same extent that it may indemnify
and advance expenses to directors under the statute and (2) additional power to
indemnify and to advance reasonable expenses to an officer, employee or agent
who is not a director to such further extent, consistent with law, as may be
provided by its articles of incorporation, bylaws, general or specific action of
its Board of Directors, or contract.

              Section 53-11-4.1 was amended in 1987 to provide that the
indemnification authorized thereunder shall not be deemed exclusive of any
rights to which those seeking indemnification may be entitled under the articles
of incorporation, the by-laws, an agreement, a resolution of shareholders or
directors or otherwise.

              Insurance is maintained on a regular basis (and not specifically
in connection with this offering) against liabilities arising on the part of
directors and officers out of their performance in such capacities or arising on
the part of PNM Resources out of its foregoing indemnification provisions,
subject to certain exclusions and to the policy limits.

ITEM 7.       EXEMPTION FROM REGISTRATION CLAIMED.

              Not applicable.



ITEM 8.       EXHIBITS.

              See Exhibit Index.

ITEM 9.       UNDERTAKINGS.

              The undersigned registrant hereby undertakes:

              1.     To file, during any period in which offers of sales are
being made, a post-effective amendment to this registration statement:

                            (i)    To include any prospectus required by Section
              10(a)(3) of the Securities Act of 1933;

                            (ii)   To reflect in the prospectus any facts or
              events arising after the effective date of the registration
              statement (or the most recent post-effective amendment thereof)
              which, individually or in the aggregate, represent a fundamental
              change in the information set forth in the registration statement.
              Notwithstanding the foregoing, any increase or decrease in volume
              of securities offered (if the total dollar value of securities
              offered would not exceed that which was registered) and any
              deviation from the low or high end of the estimated maximum
              offering range may be reflected in the form of prospectus filed
              with the Commission pursuant to Rule 424(b) if, in the aggregate,
              the changes in volume and price represent no more than a 20
              percent change in the maximum aggregate offering price set forth
              in the "Calculation of Registration Fee" table in the effective
              registration statement;

                            (iii)  To include any material information with
              respect to the plan of distribution not previously disclosed in
              the registration statement or any material change to such
              information in the registration statement;

              PROVIDED, HOWEVER, that paragraphs (1)(i) and (1)(ii) do not apply
if the registration statement is on Form S-3, Form S-8 or Form F-3, and the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the registrant pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 that are incorporated by reference in the registration
statement.

              2.     That, for the purpose of determining any liability under
the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.

              3.     To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.

              4.     That, for purposes of determining any liability under the
Securities Act of 1933, each filing of the registrant's annual report pursuant
to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by
reference in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.

              Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by registrant of expenses incurred or
paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate



jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.





                                   SIGNATURES

           THE REGISTRANT. Pursuant to the requirements of the Securities Act of
1933, the registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Albuquerque, State of New Mexico, on December
31, 2001.

                        PNM RESOURCES, INC.


                        By: /s/ M. H. Maerki
                            ------------------------------------------
                            M. H. Maerki
                            Senior Vice President and Chief Financial Officer


                                POWER OF ATTORNEY

         KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below, hereby constitutes and appoints J.E Sterba, M.H. Maerki and J.R.
Loyack, and each of them, his or her true and lawful attorneys-in-fact and
agents, with full power of substitution and resubstitution, for him or her and
in his or her name, place and stead, in any and all capacities, to sign any or
all amendments to this registration statement, including post-effective
amendments, and to file the same, with all exhibits thereto and other documents
in connection therewith, with the Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in
and about the premises, as fully to all intents and purposes as he or she might
or could do in person, hereby ratifying and conforming all that said
attorneys-in-fact and agents, and each of them, or the substitute or substitutes
of any or all of them, may lawfully do or cause to be done by virtue hereof.

         Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in their
capacities and on the dates indicated.






         Signature                                   Capacity                               Date
         ---------                                   --------                               ----
                                                                                

/s/ J. E. Sterba                           Chairman, President and Chief
------------------------------              Executive Officer; Director               December 31, 2001
J. E. Sterba                               (Principal Executive Officer)


/s/ M. H. Maerki                          Senior Vice President and Chief
------------------------------                   Financial Officer                    December 31, 2001
M. H. Maerki                               (Principal Financial Officer)


/s/ J. R. Loyack                        Vice President, Corporate Controller
------------------------------             and Chief Accounting Officer               December 31, 2001
J. R. Loyack                               (Principal Accounting Officer)


/s/ R. G. Armstrong
------------------------------                       Director                         December 31, 2001
R. G. Armstrong






         Signature                                   Capacity                               Date
         ---------                                   --------                               ----
                                                                                


------------------------------                       Director
J. A. Godwin


/s/ B. F. Montoya
------------------------------                       Director                         December 31, 2001
B. F. Montoya


/s/ T. F. Patlovich
------------------------------                       Director                         December 31, 2001
T. F. Patlovich



------------------------------                       Director
R. M. Price


/s/ P. F. Roth
------------------------------                       Director                         December 31, 2001
P. F. Roth









              THE PLAN. Pursuant to the requirements of the Securities Act of
1933, the MESP Committee has duly caused this registration statement to be
signed on the Plan's behalf by the undersigned thereunto duly authorized, in the
city of Albuquerque and State of New Mexico, on the day of December 31, 2001.


                              PUBLIC SERVICE COMPANY OF NEW MEXICO
                              MASTER EMPLOYEE SAVINGS PLAN AND TRUST

                              By:  MESP Committee



                              By: /s/ Ramon M. Gonzales
                                  ------------------------------------------
                                      Ramon M. Gonzales
                                      Chairperson






                                  EXHIBIT INDEX


     EXHIBIT NO.  DESCRIPTION
     -----------  -----------

         4.1.1    Articles of Incorporation of PNM Resources, Inc. (incorporated
                  by reference to Exhibit B of the registration statement on
                  Form S-4, as amended, of PNM Resources, Inc., File No.
                  333-32170, filed on April 18, 2000).

         4.1.2    Articles of Amendment to the Articles of Incorporation of PNM
                  Resources, Inc., dated April 10, 2001 (incorporated by
                  reference to Exhibit 4.1.2 of Post-Effective Amendment No. 1
                  to the registration statement on Form S-3 of PNM Resources,
                  Inc., File No. 333-10993, filed on October 4, 2001).

         4.1.3    Articles of Amendment to the Articles of Incorporation of PNM
                  Resources, Inc., dated July 12, 2001 (incorporated by
                  reference to Exhibit 4.1.3 of Post-Effective Amendment No. 1
                  to the registration statement on Form S-3 of PNM Resources,
                  Inc., File No. 333-10993, filed on October 4, 2001).

         4.2      Bylaws of PNM Resources, Inc. as amended through April 17,
                  2001 (incorporated by reference to Exhibit 4.2 of the
                  Post-Effective Amendment No. 1 to the registration statement
                  on Form S-3 of PNM Resources, Inc., File No. 333-10993, filed
                  on October 4, 2001).

         15       Letter regarding Unaudited Interim Financial Information.

         23       Consent of Arthur Andersen LLP.

         24       Power of Attorney (See signatures page in Part II).

An opinion of counsel as to the valid issuance of the securities being
registered under this registration statement is not required because the
securities will not be original issuance securities. If that situation should
change, an appropriate opinion of counsel will be filed.

In lieu of the opinion of counsel or determination letter contemplated by Item
601(b)(5) of Regulation S-K, the registrant hereby undertakes that it will
submit or has submitted the Plan and any amendment thereto to the Internal
Revenue Service ("IRS") in a timely manner and has made or will make all changes
required by the IRS in order to qualify the Plan under Section 401 of the
Internal Revenue Code of 1986, as amended.