PNM Resources, founded in 1917 as Albuquerque Gas and Electric Co., generates, transmits and distributes energy related products and electricity through its subsidiaries. The company engages in transmission and procurement of electricity, and transportation and storage of natural gas throughout New Mexico and Texas. Its subsidiaries include First Choice Power, a deregulated competitive retail electric provider in Texas, and Avistar, an energy research and development company. The company distributes electricity to more than 425,000 customers and natural gas to over 480,000 customers, including electric utilities, industrial, residential, and commercial clients. PNM Resources is headquartered in Albuquerque, N.M.