At the request of Darren Vanek in Credit, we have done some preliminary due 
diligence regarding the ability of The Public Service Company of New Mexico 
to enter into financial transactions.  Based on our conversations with them 
and review of their Board Resolution, it appears:

1.  They are an investor owned utility, not a governmental entity
2.  Their Board Resolution ONLY approves electricity futures, options or 
swaps, and gas or oil futures, options or swaps.  
3.  THEY CANNOT ENTER INTO FINANCIAL TRANSACTIONS OVER 18 MONTHS.  It is 
imperative that anyone trading with this counterparty be made aware of this 
restriction

Please call me if you have any questions.