PNM Resources, Inc. (PNMR) is an investor-owned holding company of energy and energy-related businesses. Its subsidiaries are Public Service Company of New Mexico and subsidiaries (PNM), Texas-New Mexico Power Company and subsidiaries (TNMP) and Power, L. P. and subsidiaries (First Choice). PNM is a public utility with regulated operations engaged in the generation, transmission and distribution of electricity and the transmission and distribution and sale of natural gas. TNMP is a regulated utility providing regulated transmission and distribution services in Texas. First Choice is a retail electricity provider (REP) operating in Texas. PNMR owns 50% of Optim Energy, 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 diverse generation assets and wholesale marketing. In November 2011, it sold First Choice Power.