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    <link:label id="lab_us-gaap_UnrealizedGainLossOnDerivatives_58524A6C932CC5CB81C45AAA0BB65A72_negatedLabel_en-US" xlink:label="lab_us-gaap_UnrealizedGainLossOnDerivatives_58524A6C932CC5CB81C45AAA0BB65A72" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Net unrealized (gains) losses on commodity derivatives</link:label>
    <link:label id="lab_us-gaap_UnrealizedGainLossOnDerivatives_58524A6C932CC5CB81C45AAA0BB65A72_label_en-US" xlink:label="lab_us-gaap_UnrealizedGainLossOnDerivatives_58524A6C932CC5CB81C45AAA0BB65A72" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unrealized Gain (Loss) on Derivatives</link:label>
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    <link:label id="lab_us-gaap_GainLossOnSaleOfInvestments_E96BCA3F20C5829FC6D35AAA0BB752FC_label_en-US" xlink:label="lab_us-gaap_GainLossOnSaleOfInvestments_E96BCA3F20C5829FC6D35AAA0BB752FC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gain (Loss) on Sale of Investments</link:label>
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    <link:label id="lab_us-gaap_ShareBasedCompensation_9635610F0F3E54BA832C5AAA0BB74D45_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation_9635610F0F3E54BA832C5AAA0BB74D45" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation</link:label>
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    <link:label id="lab_pnm_RegulatoryDisallowance_7592B3E1F3B329D879D25AAA0BB7711C_label_en-US" xlink:label="lab_pnm_RegulatoryDisallowance_7592B3E1F3B329D879D25AAA0BB7711C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Disallowance</link:label>
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_RegulatoryDisallowance" xlink:label="loc_pnm_RegulatoryDisallowance_7592B3E1F3B329D879D25AAA0BB7711C" xlink:type="locator" />
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    <link:label id="lab_pnm_ReturnOfPrincipalOnPvngsLessorNotes_70AF9DC92CFDDCDF27205AAA0BB8D98F_terseLabel_en-US" xlink:label="lab_pnm_ReturnOfPrincipalOnPvngsLessorNotes_70AF9DC92CFDDCDF27205AAA0BB8D98F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Return of principal on PVNGS lessor notes</link:label>
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    <link:label id="lab_us-gaap_RelatedPartyTransactionsAbstract_E84D91AEAFE8E7E31A125AAA242A84DD_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsAbstract_E84D91AEAFE8E7E31A125AAA242A84DD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_E84D91AEAFE8E7E31A125AAA242A84DD" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract_E84D91AEAFE8E7E31A125AAA242A84DD" xlink:to="lab_us-gaap_RelatedPartyTransactionsAbstract_E84D91AEAFE8E7E31A125AAA242A84DD" xlink:type="arc" />
    <link:label id="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_286CBC07C1FFC5F8A86C5AAA242AC2E7_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_286CBC07C1FFC5F8A86C5AAA242AC2E7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Related Party Transactions, by Related Party [Table]</link:label>
    <link:label id="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_286CBC07C1FFC5F8A86C5AAA242AC2E7_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_286CBC07C1FFC5F8A86C5AAA242AC2E7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule of Related Party Transactions, by Related Party [Table]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_286CBC07C1FFC5F8A86C5AAA242AC2E7" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_286CBC07C1FFC5F8A86C5AAA242AC2E7" xlink:to="lab_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_286CBC07C1FFC5F8A86C5AAA242AC2E7" xlink:type="arc" />
    <link:label id="lab_pnm_RelatedPartyTransactionByTransactionTypeAxis_B4C15EBFA6CC8D91C8615AAA242A54A0_label_en-US" xlink:label="lab_pnm_RelatedPartyTransactionByTransactionTypeAxis_B4C15EBFA6CC8D91C8615AAA242A54A0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Transaction, By Transaction Type [Axis]</link:label>
    <link:label id="lab_pnm_RelatedPartyTransactionByTransactionTypeAxis_B4C15EBFA6CC8D91C8615AAA242A54A0_documentation_en-US" xlink:label="lab_pnm_RelatedPartyTransactionByTransactionTypeAxis_B4C15EBFA6CC8D91C8615AAA242A54A0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related Party Transaction, By Transaction Type [Axis]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_RelatedPartyTransactionByTransactionTypeAxis" xlink:label="loc_pnm_RelatedPartyTransactionByTransactionTypeAxis_B4C15EBFA6CC8D91C8615AAA242A54A0" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_RelatedPartyTransactionByTransactionTypeAxis_B4C15EBFA6CC8D91C8615AAA242A54A0" xlink:to="lab_pnm_RelatedPartyTransactionByTransactionTypeAxis_B4C15EBFA6CC8D91C8615AAA242A54A0" xlink:type="arc" />
    <link:label id="lab_pnm_RelatedPartyTransactionByTransactionTypeDomain_7795805EF5CB857150CB5AAA242AD475_label_en-US" xlink:label="lab_pnm_RelatedPartyTransactionByTransactionTypeDomain_7795805EF5CB857150CB5AAA242AD475" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party Transaction, by Transaction Type [Domain]</link:label>
    <link:label id="lab_pnm_RelatedPartyTransactionByTransactionTypeDomain_7795805EF5CB857150CB5AAA242AD475_documentation_en-US" xlink:label="lab_pnm_RelatedPartyTransactionByTransactionTypeDomain_7795805EF5CB857150CB5AAA242AD475" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Related Party Transaction, by Transaction Type [Domain]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_RelatedPartyTransactionByTransactionTypeDomain" xlink:label="loc_pnm_RelatedPartyTransactionByTransactionTypeDomain_7795805EF5CB857150CB5AAA242AD475" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_RelatedPartyTransactionByTransactionTypeDomain_7795805EF5CB857150CB5AAA242AD475" xlink:to="lab_pnm_RelatedPartyTransactionByTransactionTypeDomain_7795805EF5CB857150CB5AAA242AD475" xlink:type="arc" />
    <link:label id="lab_pnm_ServiceBillingsMember_B3B86E18DC401D350F615AAA242A008E_terseLabel_en-US" xlink:label="lab_pnm_ServiceBillingsMember_B3B86E18DC401D350F615AAA242A008E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Services billings:</link:label>
    <link:label id="lab_pnm_ServiceBillingsMember_B3B86E18DC401D350F615AAA242A008E_label_en-US" xlink:label="lab_pnm_ServiceBillingsMember_B3B86E18DC401D350F615AAA242A008E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Service Billings [Member]</link:label>
    <link:label id="lab_pnm_ServiceBillingsMember_B3B86E18DC401D350F615AAA242A008E_documentation_en-US" xlink:label="lab_pnm_ServiceBillingsMember_B3B86E18DC401D350F615AAA242A008E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Service Billings [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_ServiceBillingsMember" xlink:label="loc_pnm_ServiceBillingsMember_B3B86E18DC401D350F615AAA242A008E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_ServiceBillingsMember_B3B86E18DC401D350F615AAA242A008E" xlink:to="lab_pnm_ServiceBillingsMember_B3B86E18DC401D350F615AAA242A008E" xlink:type="arc" />
    <link:label id="lab_pnm_InterestChargesMember_179FEA193965E7BC66E15AAA242AFF2D_terseLabel_en-US" xlink:label="lab_pnm_InterestChargesMember_179FEA193965E7BC66E15AAA242AFF2D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest billings:</link:label>
    <link:label id="lab_pnm_InterestChargesMember_179FEA193965E7BC66E15AAA242AFF2D_label_en-US" xlink:label="lab_pnm_InterestChargesMember_179FEA193965E7BC66E15AAA242AFF2D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Charges [Member]</link:label>
    <link:label id="lab_pnm_InterestChargesMember_179FEA193965E7BC66E15AAA242AFF2D_documentation_en-US" xlink:label="lab_pnm_InterestChargesMember_179FEA193965E7BC66E15AAA242AFF2D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest Charges [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_InterestChargesMember" xlink:label="loc_pnm_InterestChargesMember_179FEA193965E7BC66E15AAA242AFF2D" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_InterestChargesMember_179FEA193965E7BC66E15AAA242AFF2D" xlink:to="lab_pnm_InterestChargesMember_179FEA193965E7BC66E15AAA242AFF2D" xlink:type="arc" />
    <link:label id="lab_pnm_IncomeTaxSharingPaymentsMember_6BABF6D4BE86D6FFEE2C5AAA242A737B_terseLabel_en-US" xlink:label="lab_pnm_IncomeTaxSharingPaymentsMember_6BABF6D4BE86D6FFEE2C5AAA242A737B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income tax sharing payments:</link:label>
    <link:label id="lab_pnm_IncomeTaxSharingPaymentsMember_6BABF6D4BE86D6FFEE2C5AAA242A737B_label_en-US" xlink:label="lab_pnm_IncomeTaxSharingPaymentsMember_6BABF6D4BE86D6FFEE2C5AAA242A737B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax Sharing Payments [Member]</link:label>
    <link:label id="lab_pnm_IncomeTaxSharingPaymentsMember_6BABF6D4BE86D6FFEE2C5AAA242A737B_documentation_en-US" xlink:label="lab_pnm_IncomeTaxSharingPaymentsMember_6BABF6D4BE86D6FFEE2C5AAA242A737B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income Tax Sharing Payments [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_IncomeTaxSharingPaymentsMember" xlink:label="loc_pnm_IncomeTaxSharingPaymentsMember_6BABF6D4BE86D6FFEE2C5AAA242A737B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_IncomeTaxSharingPaymentsMember_6BABF6D4BE86D6FFEE2C5AAA242A737B" xlink:to="lab_pnm_IncomeTaxSharingPaymentsMember_6BABF6D4BE86D6FFEE2C5AAA242A737B" xlink:type="arc" />
    <link:label id="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_85BC57B50B0C44B5EEE35AAA242A31B8_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_85BC57B50B0C44B5EEE35AAA242A31B8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party [Axis]</link:label>
    <link:label id="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_85BC57B50B0C44B5EEE35AAA242A31B8_label_en-US" xlink:label="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_85BC57B50B0C44B5EEE35AAA242A31B8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_85BC57B50B0C44B5EEE35AAA242A31B8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_85BC57B50B0C44B5EEE35AAA242A31B8" xlink:to="lab_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_85BC57B50B0C44B5EEE35AAA242A31B8" xlink:type="arc" />
    <link:label id="lab_us-gaap_RelatedPartyDomain_A5CB3FC335BBCDD4CC465AAA242A1560_terseLabel_en-US" xlink:label="lab_us-gaap_RelatedPartyDomain_A5CB3FC335BBCDD4CC465AAA242A1560" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Party [Domain]</link:label>
    <link:label id="lab_us-gaap_RelatedPartyDomain_A5CB3FC335BBCDD4CC465AAA242A1560_label_en-US" xlink:label="lab_us-gaap_RelatedPartyDomain_A5CB3FC335BBCDD4CC465AAA242A1560" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Related Party [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_A5CB3FC335BBCDD4CC465AAA242A1560" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RelatedPartyDomain_A5CB3FC335BBCDD4CC465AAA242A1560" xlink:to="lab_us-gaap_RelatedPartyDomain_A5CB3FC335BBCDD4CC465AAA242A1560" xlink:type="arc" />
    <link:label id="lab_pnm_PnmrToPnmMember_0DACB181F6AAA5E294DF5AAA242AF5E6_terseLabel_en-US" xlink:label="lab_pnm_PnmrToPnmMember_0DACB181F6AAA5E294DF5AAA242AF5E6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PNMR to PNM</link:label>
    <link:label id="lab_pnm_PnmrToPnmMember_0DACB181F6AAA5E294DF5AAA242AF5E6_label_en-US" xlink:label="lab_pnm_PnmrToPnmMember_0DACB181F6AAA5E294DF5AAA242AF5E6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pnmr to Pnm [Member]</link:label>
    <link:label id="lab_pnm_PnmrToPnmMember_0DACB181F6AAA5E294DF5AAA242AF5E6_documentation_en-US" xlink:label="lab_pnm_PnmrToPnmMember_0DACB181F6AAA5E294DF5AAA242AF5E6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pnmr to Pnm [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PnmrToPnmMember" xlink:label="loc_pnm_PnmrToPnmMember_0DACB181F6AAA5E294DF5AAA242AF5E6" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PnmrToPnmMember_0DACB181F6AAA5E294DF5AAA242AF5E6" xlink:to="lab_pnm_PnmrToPnmMember_0DACB181F6AAA5E294DF5AAA242AF5E6" xlink:type="arc" />
    <link:label id="lab_pnm_PnmrToTnmpMember_27EC189BB132875A8E8F5AAA242B4482_terseLabel_en-US" xlink:label="lab_pnm_PnmrToTnmpMember_27EC189BB132875A8E8F5AAA242B4482" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PNMR to TNMP</link:label>
    <link:label id="lab_pnm_PnmrToTnmpMember_27EC189BB132875A8E8F5AAA242B4482_label_en-US" xlink:label="lab_pnm_PnmrToTnmpMember_27EC189BB132875A8E8F5AAA242B4482" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pnmr to Tnmp [Member]</link:label>
    <link:label id="lab_pnm_PnmrToTnmpMember_27EC189BB132875A8E8F5AAA242B4482_documentation_en-US" xlink:label="lab_pnm_PnmrToTnmpMember_27EC189BB132875A8E8F5AAA242B4482" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pnmr to Tnmp [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PnmrToTnmpMember" xlink:label="loc_pnm_PnmrToTnmpMember_27EC189BB132875A8E8F5AAA242B4482" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PnmrToTnmpMember_27EC189BB132875A8E8F5AAA242B4482" xlink:to="lab_pnm_PnmrToTnmpMember_27EC189BB132875A8E8F5AAA242B4482" xlink:type="arc" />
    <link:label id="lab_pnm_PnmToTnmpMember_F976AE4DC8F0FD0B21295AAA242B5247_terseLabel_en-US" xlink:label="lab_pnm_PnmToTnmpMember_F976AE4DC8F0FD0B21295AAA242B5247" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PNM to TNMP</link:label>
    <link:label id="lab_pnm_PnmToTnmpMember_F976AE4DC8F0FD0B21295AAA242B5247_label_en-US" xlink:label="lab_pnm_PnmToTnmpMember_F976AE4DC8F0FD0B21295AAA242B5247" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pnm to Tnmp [Member]</link:label>
    <link:label id="lab_pnm_PnmToTnmpMember_F976AE4DC8F0FD0B21295AAA242B5247_documentation_en-US" xlink:label="lab_pnm_PnmToTnmpMember_F976AE4DC8F0FD0B21295AAA242B5247" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pnm to Tnmp [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PnmToTnmpMember" xlink:label="loc_pnm_PnmToTnmpMember_F976AE4DC8F0FD0B21295AAA242B5247" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PnmToTnmpMember_F976AE4DC8F0FD0B21295AAA242B5247" xlink:to="lab_pnm_PnmToTnmpMember_F976AE4DC8F0FD0B21295AAA242B5247" xlink:type="arc" />
    <link:label id="lab_pnm_TnmpToPnmrMember_D8D049780541E0D6521B5AAA242B0868_terseLabel_en-US" xlink:label="lab_pnm_TnmpToPnmrMember_D8D049780541E0D6521B5AAA242B0868" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TNMP to PNMR</link:label>
    <link:label id="lab_pnm_TnmpToPnmrMember_D8D049780541E0D6521B5AAA242B0868_label_en-US" xlink:label="lab_pnm_TnmpToPnmrMember_D8D049780541E0D6521B5AAA242B0868" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tnmp to Pnmr [Member]</link:label>
    <link:label id="lab_pnm_TnmpToPnmrMember_D8D049780541E0D6521B5AAA242B0868_documentation_en-US" xlink:label="lab_pnm_TnmpToPnmrMember_D8D049780541E0D6521B5AAA242B0868" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tnmp to Pnmr [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_TnmpToPnmrMember" xlink:label="loc_pnm_TnmpToPnmrMember_D8D049780541E0D6521B5AAA242B0868" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_TnmpToPnmrMember_D8D049780541E0D6521B5AAA242B0868" xlink:to="lab_pnm_TnmpToPnmrMember_D8D049780541E0D6521B5AAA242B0868" xlink:type="arc" />
    <link:label id="lab_pnm_TNMPtoPNMMember_94F50834F0DFCCD06FEA5AAA242BE5E4_terseLabel_en-US" xlink:label="lab_pnm_TNMPtoPNMMember_94F50834F0DFCCD06FEA5AAA242BE5E4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TNMP to PNM</link:label>
    <link:label id="lab_pnm_TNMPtoPNMMember_94F50834F0DFCCD06FEA5AAA242BE5E4_label_en-US" xlink:label="lab_pnm_TNMPtoPNMMember_94F50834F0DFCCD06FEA5AAA242BE5E4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TNMP to PNM [Member]</link:label>
    <link:label id="lab_pnm_TNMPtoPNMMember_94F50834F0DFCCD06FEA5AAA242BE5E4_documentation_en-US" xlink:label="lab_pnm_TNMPtoPNMMember_94F50834F0DFCCD06FEA5AAA242BE5E4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TNMP to PNM [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_TNMPtoPNMMember" xlink:label="loc_pnm_TNMPtoPNMMember_94F50834F0DFCCD06FEA5AAA242BE5E4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_TNMPtoPNMMember_94F50834F0DFCCD06FEA5AAA242BE5E4" xlink:to="lab_pnm_TNMPtoPNMMember_94F50834F0DFCCD06FEA5AAA242BE5E4" xlink:type="arc" />
    <link:label id="lab_pnm_PnmToPnmrMember_508040F40ADFDFC7CB9F5AAA242BAF3D_terseLabel_en-US" xlink:label="lab_pnm_PnmToPnmrMember_508040F40ADFDFC7CB9F5AAA242BAF3D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PNM to PNMR</link:label>
    <link:label id="lab_pnm_PnmToPnmrMember_508040F40ADFDFC7CB9F5AAA242BAF3D_label_en-US" xlink:label="lab_pnm_PnmToPnmrMember_508040F40ADFDFC7CB9F5AAA242BAF3D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pnm to Pnmr [Member]</link:label>
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    <link:label id="lab_us-gaap_AwardTypeAxis_08D6B0895BDE73EAB44835609C7ADAFE_terseLabel_en-US" xlink:label="lab_us-gaap_AwardTypeAxis_08D6B0895BDE73EAB44835609C7ADAFE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Award Type [Axis]</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_NMCapitalMember_E9C98D91D3E1E122107D4BE69673EF5F" xlink:to="lab_pnm_NMCapitalMember_E9C98D91D3E1E122107D4BE69673EF5F" xlink:type="arc" />
    <link:label id="lab_pnm_UnaffiliatedthirdpartyMember_328D6AA871A742ED59C24BE69673286F_terseLabel_en-US" xlink:label="lab_pnm_UnaffiliatedthirdpartyMember_328D6AA871A742ED59C24BE69673286F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unaffiliated third party</link:label>
    <link:label id="lab_pnm_UnaffiliatedthirdpartyMember_328D6AA871A742ED59C24BE69673286F_label_en-US" xlink:label="lab_pnm_UnaffiliatedthirdpartyMember_328D6AA871A742ED59C24BE69673286F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unaffiliated third party [Member]</link:label>
    <link:label id="lab_pnm_UnaffiliatedthirdpartyMember_328D6AA871A742ED59C24BE69673286F_documentation_en-US" xlink:label="lab_pnm_UnaffiliatedthirdpartyMember_328D6AA871A742ED59C24BE69673286F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unaffiliated third party [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_UnaffiliatedthirdpartyMember" xlink:label="loc_pnm_UnaffiliatedthirdpartyMember_328D6AA871A742ED59C24BE69673286F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_UnaffiliatedthirdpartyMember_328D6AA871A742ED59C24BE69673286F" xlink:to="lab_pnm_UnaffiliatedthirdpartyMember_328D6AA871A742ED59C24BE69673286F" xlink:type="arc" />
    <link:label id="lab_us-gaap_LossOnLongTermPurchaseCommitmentMember_F5EFAC00B35B5687CBA54BE696743369_terseLabel_en-US" xlink:label="lab_us-gaap_LossOnLongTermPurchaseCommitmentMember_F5EFAC00B35B5687CBA54BE696743369" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loss on long-term purchase commitment</link:label>
    <link:label id="lab_us-gaap_LossOnLongTermPurchaseCommitmentMember_F5EFAC00B35B5687CBA54BE696743369_label_en-US" xlink:label="lab_us-gaap_LossOnLongTermPurchaseCommitmentMember_F5EFAC00B35B5687CBA54BE696743369" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loss on Long-term Purchase Commitment [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LossOnLongTermPurchaseCommitmentMember" xlink:label="loc_us-gaap_LossOnLongTermPurchaseCommitmentMember_F5EFAC00B35B5687CBA54BE696743369" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossOnLongTermPurchaseCommitmentMember_F5EFAC00B35B5687CBA54BE696743369" xlink:to="lab_us-gaap_LossOnLongTermPurchaseCommitmentMember_F5EFAC00B35B5687CBA54BE696743369" xlink:type="arc" />
    <link:label id="lab_pnm_SanJuanGeneratingStationMember_01A2AA3A9649E52793D14BE69674E793_terseLabel_en-US" xlink:label="lab_pnm_SanJuanGeneratingStationMember_01A2AA3A9649E52793D14BE69674E793" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">San Juan Generating Station</link:label>
    <link:label id="lab_pnm_SanJuanGeneratingStationMember_01A2AA3A9649E52793D14BE69674E793_label_en-US" xlink:label="lab_pnm_SanJuanGeneratingStationMember_01A2AA3A9649E52793D14BE69674E793" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">San Juan Generating Station [Member]</link:label>
    <link:label id="lab_pnm_SanJuanGeneratingStationMember_01A2AA3A9649E52793D14BE69674E793_documentation_en-US" xlink:label="lab_pnm_SanJuanGeneratingStationMember_01A2AA3A9649E52793D14BE69674E793" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">San Juan Generating Station [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_SanJuanGeneratingStationMember" xlink:label="loc_pnm_SanJuanGeneratingStationMember_01A2AA3A9649E52793D14BE69674E793" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_SanJuanGeneratingStationMember_01A2AA3A9649E52793D14BE69674E793" xlink:to="lab_pnm_SanJuanGeneratingStationMember_01A2AA3A9649E52793D14BE69674E793" xlink:type="arc" />
    <link:label id="lab_pnm_SanJuanCoalCompanyWestmorelandMember_8F5CB331413D4D59303E4BE69674EB5C_verboseLabel_en-US" xlink:label="lab_pnm_SanJuanCoalCompanyWestmorelandMember_8F5CB331413D4D59303E4BE69674EB5C" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">San Juan Coal Company, Westmoreland</link:label>
    <link:label id="lab_pnm_SanJuanCoalCompanyWestmorelandMember_8F5CB331413D4D59303E4BE69674EB5C_label_en-US" xlink:label="lab_pnm_SanJuanCoalCompanyWestmorelandMember_8F5CB331413D4D59303E4BE69674EB5C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">San Juan Coal Company, Westmoreland [Member]</link:label>
    <link:label id="lab_pnm_SanJuanCoalCompanyWestmorelandMember_8F5CB331413D4D59303E4BE69674EB5C_documentation_en-US" xlink:label="lab_pnm_SanJuanCoalCompanyWestmorelandMember_8F5CB331413D4D59303E4BE69674EB5C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">San Juan Coal Company, Westmoreland [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_SanJuanCoalCompanyWestmorelandMember" xlink:label="loc_pnm_SanJuanCoalCompanyWestmorelandMember_8F5CB331413D4D59303E4BE69674EB5C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_SanJuanCoalCompanyWestmorelandMember_8F5CB331413D4D59303E4BE69674EB5C" xlink:to="lab_pnm_SanJuanCoalCompanyWestmorelandMember_8F5CB331413D4D59303E4BE69674EB5C" xlink:type="arc" />
    <link:label id="lab_pnm_ClassificationOfMineAxis_BFB5D971078C213ED5074BE696749CE1_terseLabel_en-US" xlink:label="lab_pnm_ClassificationOfMineAxis_BFB5D971078C213ED5074BE696749CE1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classification of Mine [Axis]</link:label>
    <link:label id="lab_pnm_ClassificationOfMineAxis_BFB5D971078C213ED5074BE696749CE1_label_en-US" xlink:label="lab_pnm_ClassificationOfMineAxis_BFB5D971078C213ED5074BE696749CE1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classification of Mine [Axis]</link:label>
    <link:label id="lab_pnm_ClassificationOfMineAxis_BFB5D971078C213ED5074BE696749CE1_documentation_en-US" xlink:label="lab_pnm_ClassificationOfMineAxis_BFB5D971078C213ED5074BE696749CE1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Classification of Mine [Axis]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_ClassificationOfMineAxis" xlink:label="loc_pnm_ClassificationOfMineAxis_BFB5D971078C213ED5074BE696749CE1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_ClassificationOfMineAxis_BFB5D971078C213ED5074BE696749CE1" xlink:to="lab_pnm_ClassificationOfMineAxis_BFB5D971078C213ED5074BE696749CE1" xlink:type="arc" />
    <link:label id="lab_pnm_ClassificationOfMineDomain_75B6635B21BD39AF03714BE696747E88_terseLabel_en-US" xlink:label="lab_pnm_ClassificationOfMineDomain_75B6635B21BD39AF03714BE696747E88" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classification of Mine [Domain]</link:label>
    <link:label id="lab_pnm_ClassificationOfMineDomain_75B6635B21BD39AF03714BE696747E88_label_en-US" xlink:label="lab_pnm_ClassificationOfMineDomain_75B6635B21BD39AF03714BE696747E88" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classification of Mine [Domain]</link:label>
    <link:label id="lab_pnm_ClassificationOfMineDomain_75B6635B21BD39AF03714BE696747E88_documentation_en-US" xlink:label="lab_pnm_ClassificationOfMineDomain_75B6635B21BD39AF03714BE696747E88" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Classification of Mine [Domain]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_ClassificationOfMineDomain" xlink:label="loc_pnm_ClassificationOfMineDomain_75B6635B21BD39AF03714BE696747E88" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_ClassificationOfMineDomain_75B6635B21BD39AF03714BE696747E88" xlink:to="lab_pnm_ClassificationOfMineDomain_75B6635B21BD39AF03714BE696747E88" xlink:type="arc" />
    <link:label id="lab_pnm_SurfaceMember_B41664542212242B5CEF4BE69674BC45_terseLabel_en-US" xlink:label="lab_pnm_SurfaceMember_B41664542212242B5CEF4BE69674BC45" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Surface</link:label>
    <link:label id="lab_pnm_SurfaceMember_B41664542212242B5CEF4BE69674BC45_label_en-US" xlink:label="lab_pnm_SurfaceMember_B41664542212242B5CEF4BE69674BC45" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Surface [Member]</link:label>
    <link:label id="lab_pnm_SurfaceMember_B41664542212242B5CEF4BE69674BC45_documentation_en-US" xlink:label="lab_pnm_SurfaceMember_B41664542212242B5CEF4BE69674BC45" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Surface [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_SurfaceMember" xlink:label="loc_pnm_SurfaceMember_B41664542212242B5CEF4BE69674BC45" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_SurfaceMember_B41664542212242B5CEF4BE69674BC45" xlink:to="lab_pnm_SurfaceMember_B41664542212242B5CEF4BE69674BC45" xlink:type="arc" />
    <link:label id="lab_pnm_UndergroundMember_F5D5360C1971BAA522FA4BE696749E9E_terseLabel_en-US" xlink:label="lab_pnm_UndergroundMember_F5D5360C1971BAA522FA4BE696749E9E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Underground</link:label>
    <link:label id="lab_pnm_UndergroundMember_F5D5360C1971BAA522FA4BE696749E9E_label_en-US" xlink:label="lab_pnm_UndergroundMember_F5D5360C1971BAA522FA4BE696749E9E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Underground [Member]</link:label>
    <link:label id="lab_pnm_UndergroundMember_F5D5360C1971BAA522FA4BE696749E9E_documentation_en-US" xlink:label="lab_pnm_UndergroundMember_F5D5360C1971BAA522FA4BE696749E9E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Underground [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_UndergroundMember" xlink:label="loc_pnm_UndergroundMember_F5D5360C1971BAA522FA4BE696749E9E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_UndergroundMember_F5D5360C1971BAA522FA4BE696749E9E" xlink:to="lab_pnm_UndergroundMember_F5D5360C1971BAA522FA4BE696749E9E" xlink:type="arc" />
    <link:label id="lab_us-gaap_OtherAssetsCurrent_F4477EFD93989D083A624BE696743F50_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsCurrent_F4477EFD93989D083A624BE696743F50" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other current assets</link:label>
    <link:label id="lab_us-gaap_OtherAssetsCurrent_F4477EFD93989D083A624BE696743F50_label_en-US" xlink:label="lab_us-gaap_OtherAssetsCurrent_F4477EFD93989D083A624BE696743F50" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Assets, Current</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="loc_us-gaap_OtherAssetsCurrent_F4477EFD93989D083A624BE696743F50" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsCurrent_F4477EFD93989D083A624BE696743F50" xlink:to="lab_us-gaap_OtherAssetsCurrent_F4477EFD93989D083A624BE696743F50" xlink:type="arc" />
    <link:label id="lab_pnm_Paymentstofundlongtermloanstounaffiliatedthirdparty_61BBC1456F9ABCEE10F64BE69674C43E_terseLabel_en-US" xlink:label="lab_pnm_Paymentstofundlongtermloanstounaffiliatedthirdparty_61BBC1456F9ABCEE10F64BE69674C43E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments to fund long-term loans to unaffiliated third party</link:label>
    <link:label id="lab_pnm_Paymentstofundlongtermloanstounaffiliatedthirdparty_61BBC1456F9ABCEE10F64BE69674C43E_label_en-US" xlink:label="lab_pnm_Paymentstofundlongtermloanstounaffiliatedthirdparty_61BBC1456F9ABCEE10F64BE69674C43E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to fund long-term loans to unaffiliated third party</link:label>
    <link:label id="lab_pnm_Paymentstofundlongtermloanstounaffiliatedthirdparty_61BBC1456F9ABCEE10F64BE69674C43E_documentation_en-US" xlink:label="lab_pnm_Paymentstofundlongtermloanstounaffiliatedthirdparty_61BBC1456F9ABCEE10F64BE69674C43E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments to fund long-term loans to unaffiliated third party</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_Paymentstofundlongtermloanstounaffiliatedthirdparty" xlink:label="loc_pnm_Paymentstofundlongtermloanstounaffiliatedthirdparty_61BBC1456F9ABCEE10F64BE69674C43E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_Paymentstofundlongtermloanstounaffiliatedthirdparty_61BBC1456F9ABCEE10F64BE69674C43E" xlink:to="lab_pnm_Paymentstofundlongtermloanstounaffiliatedthirdparty_61BBC1456F9ABCEE10F64BE69674C43E" xlink:type="arc" />
    <link:label id="lab_us-gaap_LongTermDebt_112E5EF129609AA99F164BE69674B7F7_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt_112E5EF129609AA99F164BE69674B7F7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term Debt</link:label>
    <link:label id="lab_us-gaap_LongTermDebt_112E5EF129609AA99F164BE69674B7F7_label_en-US" xlink:label="lab_us-gaap_LongTermDebt_112E5EF129609AA99F164BE69674B7F7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Debt</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LongTermDebt" xlink:label="loc_us-gaap_LongTermDebt_112E5EF129609AA99F164BE69674B7F7" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebt_112E5EF129609AA99F164BE69674B7F7" xlink:to="lab_us-gaap_LongTermDebt_112E5EF129609AA99F164BE69674B7F7" xlink:type="arc" />
    <link:label id="lab_us-gaap_LoansAndLeasesReceivableCommitmentsVariableRates_4F5E0D120B130446E3394BE69674F92B_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableCommitmentsVariableRates_4F5E0D120B130446E3394BE69674F92B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan agreement among several entities</link:label>
    <link:label id="lab_us-gaap_LoansAndLeasesReceivableCommitmentsVariableRates_4F5E0D120B130446E3394BE69674F92B_label_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableCommitmentsVariableRates_4F5E0D120B130446E3394BE69674F92B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans and Leases Receivable, Commitments, Variable Rates</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansAndLeasesReceivableCommitmentsVariableRates" xlink:label="loc_us-gaap_LoansAndLeasesReceivableCommitmentsVariableRates_4F5E0D120B130446E3394BE69674F92B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansAndLeasesReceivableCommitmentsVariableRates_4F5E0D120B130446E3394BE69674F92B" xlink:to="lab_us-gaap_LoansAndLeasesReceivableCommitmentsVariableRates_4F5E0D120B130446E3394BE69674F92B" xlink:type="arc" />
    <link:label id="lab_us-gaap_LoansReceivableBasisSpreadOnVariableRate_6FAF93AA475F2C3ED0EF4BE69675F9C5_terseLabel_en-US" xlink:label="lab_us-gaap_LoansReceivableBasisSpreadOnVariableRate_6FAF93AA475F2C3ED0EF4BE69675F9C5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate</link:label>
    <link:label id="lab_us-gaap_LoansReceivableBasisSpreadOnVariableRate_6FAF93AA475F2C3ED0EF4BE69675F9C5_label_en-US" xlink:label="lab_us-gaap_LoansReceivableBasisSpreadOnVariableRate_6FAF93AA475F2C3ED0EF4BE69675F9C5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans Receivable, Basis Spread on Variable Rate</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansReceivableBasisSpreadOnVariableRate" xlink:label="loc_us-gaap_LoansReceivableBasisSpreadOnVariableRate_6FAF93AA475F2C3ED0EF4BE69675F9C5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansReceivableBasisSpreadOnVariableRate_6FAF93AA475F2C3ED0EF4BE69675F9C5" xlink:to="lab_us-gaap_LoansReceivableBasisSpreadOnVariableRate_6FAF93AA475F2C3ED0EF4BE69675F9C5" xlink:type="arc" />
    <link:label id="lab_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount_EE02F4355A014084AB734BE696752D2A_terseLabel_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount_EE02F4355A014084AB734BE696752D2A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan receivable</link:label>
    <link:label id="lab_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount_EE02F4355A014084AB734BE696752D2A_label_en-US" xlink:label="lab_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount_EE02F4355A014084AB734BE696752D2A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans and Leases Receivable, Gross</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_LoansAndLeasesReceivableGrossCarryingAmount" xlink:label="loc_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount_EE02F4355A014084AB734BE696752D2A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount_EE02F4355A014084AB734BE696752D2A" xlink:to="lab_us-gaap_LoansAndLeasesReceivableGrossCarryingAmount_EE02F4355A014084AB734BE696752D2A" xlink:type="arc" />
    <link:label id="lab_pnm_LoanReceivableScheduledprincipalpaymentproceeds_01A11A7745F827CE20424BE69675727C_terseLabel_en-US" xlink:label="lab_pnm_LoanReceivableScheduledprincipalpaymentproceeds_01A11A7745F827CE20424BE69675727C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Scheduled principal payment proceeds</link:label>
    <link:label id="lab_pnm_LoanReceivableScheduledprincipalpaymentproceeds_01A11A7745F827CE20424BE69675727C_label_en-US" xlink:label="lab_pnm_LoanReceivableScheduledprincipalpaymentproceeds_01A11A7745F827CE20424BE69675727C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan Receivable, Scheduled principal payment proceeds</link:label>
    <link:label id="lab_pnm_LoanReceivableScheduledprincipalpaymentproceeds_01A11A7745F827CE20424BE69675727C_documentation_en-US" xlink:label="lab_pnm_LoanReceivableScheduledprincipalpaymentproceeds_01A11A7745F827CE20424BE69675727C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Loan Receivable, Scheduled principal payment proceeds</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_LoanReceivableScheduledprincipalpaymentproceeds" xlink:label="loc_pnm_LoanReceivableScheduledprincipalpaymentproceeds_01A11A7745F827CE20424BE69675727C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_LoanReceivableScheduledprincipalpaymentproceeds_01A11A7745F827CE20424BE69675727C" xlink:to="lab_pnm_LoanReceivableScheduledprincipalpaymentproceeds_01A11A7745F827CE20424BE69675727C" xlink:type="arc" />
    <link:label id="lab_pnm_LoanReceivableScheduledinterestpaymentproceeds_586A1C97D1CD8C458AFD4BE69675A405_terseLabel_en-US" xlink:label="lab_pnm_LoanReceivableScheduledinterestpaymentproceeds_586A1C97D1CD8C458AFD4BE69675A405" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Scheduled interest payment proceeds</link:label>
    <link:label id="lab_pnm_LoanReceivableScheduledinterestpaymentproceeds_586A1C97D1CD8C458AFD4BE69675A405_label_en-US" xlink:label="lab_pnm_LoanReceivableScheduledinterestpaymentproceeds_586A1C97D1CD8C458AFD4BE69675A405" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loan Receivable, Scheduled interest payment proceeds</link:label>
    <link:label id="lab_pnm_LoanReceivableScheduledinterestpaymentproceeds_586A1C97D1CD8C458AFD4BE69675A405_documentation_en-US" xlink:label="lab_pnm_LoanReceivableScheduledinterestpaymentproceeds_586A1C97D1CD8C458AFD4BE69675A405" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Loan Receivable, Scheduled interest payment proceeds</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_LoanReceivableScheduledinterestpaymentproceeds" xlink:label="loc_pnm_LoanReceivableScheduledinterestpaymentproceeds_586A1C97D1CD8C458AFD4BE69675A405" xlink:type="locator" />
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    <link:label id="lab_us-gaap_RestrictedCash_8640C442C8B8159C8B944BE6967552B8_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedCash_8640C442C8B8159C8B944BE6967552B8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amount held in a restricted bank account</link:label>
    <link:label id="lab_us-gaap_RestrictedCash_8640C442C8B8159C8B944BE6967552B8_label_en-US" xlink:label="lab_us-gaap_RestrictedCash_8640C442C8B8159C8B944BE6967552B8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restricted Cash</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RestrictedCash" xlink:label="loc_us-gaap_RestrictedCash_8640C442C8B8159C8B944BE6967552B8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedCash_8640C442C8B8159C8B944BE6967552B8" xlink:to="lab_us-gaap_RestrictedCash_8640C442C8B8159C8B944BE6967552B8" xlink:type="arc" />
    <link:label id="lab_pnm_Prepaymentpenalty_80F8E25AE3FC0BF428E34BE696756663_terseLabel_en-US" xlink:label="lab_pnm_Prepaymentpenalty_80F8E25AE3FC0BF428E34BE696756663" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepayment penalty</link:label>
    <link:label id="lab_pnm_Prepaymentpenalty_80F8E25AE3FC0BF428E34BE696756663_label_en-US" xlink:label="lab_pnm_Prepaymentpenalty_80F8E25AE3FC0BF428E34BE696756663" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepayment penalty</link:label>
    <link:label id="lab_pnm_Prepaymentpenalty_80F8E25AE3FC0BF428E34BE696756663_documentation_en-US" xlink:label="lab_pnm_Prepaymentpenalty_80F8E25AE3FC0BF428E34BE696756663" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Prepayment penalty</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_Prepaymentpenalty" xlink:label="loc_pnm_Prepaymentpenalty_80F8E25AE3FC0BF428E34BE696756663" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_Prepaymentpenalty_80F8E25AE3FC0BF428E34BE696756663" xlink:to="lab_pnm_Prepaymentpenalty_80F8E25AE3FC0BF428E34BE696756663" xlink:type="arc" />
    <link:label id="lab_pnm_CoalMineReclamationBondstobepostedwithNMMMD_8D7BF9BD4B43353E37064BE69675535D_terseLabel_en-US" xlink:label="lab_pnm_CoalMineReclamationBondstobepostedwithNMMMD_8D7BF9BD4B43353E37064BE69675535D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Requirement to post reclamation bonds</link:label>
    <link:label id="lab_pnm_CoalMineReclamationBondstobepostedwithNMMMD_8D7BF9BD4B43353E37064BE69675535D_label_en-US" xlink:label="lab_pnm_CoalMineReclamationBondstobepostedwithNMMMD_8D7BF9BD4B43353E37064BE69675535D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Coal Mine Reclamation Bonds to be posted with NMMMD</link:label>
    <link:label id="lab_pnm_CoalMineReclamationBondstobepostedwithNMMMD_8D7BF9BD4B43353E37064BE69675535D_documentation_en-US" xlink:label="lab_pnm_CoalMineReclamationBondstobepostedwithNMMMD_8D7BF9BD4B43353E37064BE69675535D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Coal Mine Reclamation Bonds to be posted with NMMMD</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_CoalMineReclamationBondstobepostedwithNMMMD" xlink:label="loc_pnm_CoalMineReclamationBondstobepostedwithNMMMD_8D7BF9BD4B43353E37064BE69675535D" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_CoalMineReclamationBondstobepostedwithNMMMD_8D7BF9BD4B43353E37064BE69675535D" xlink:to="lab_pnm_CoalMineReclamationBondstobepostedwithNMMMD_8D7BF9BD4B43353E37064BE69675535D" xlink:type="arc" />
    <link:label id="lab_pnm_Cashusedtosupportbankletterorcreditarrangement_1C0F3E859BFD530D03874BE696754AE6_terseLabel_en-US" xlink:label="lab_pnm_Cashusedtosupportbankletterorcreditarrangement_1C0F3E859BFD530D03874BE696754AE6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash used to support bank letter or credit arrangement</link:label>
    <link:label id="lab_pnm_Cashusedtosupportbankletterorcreditarrangement_1C0F3E859BFD530D03874BE696754AE6_label_en-US" xlink:label="lab_pnm_Cashusedtosupportbankletterorcreditarrangement_1C0F3E859BFD530D03874BE696754AE6" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash used to support bank letter or credit arrangement</link:label>
    <link:label id="lab_pnm_Cashusedtosupportbankletterorcreditarrangement_1C0F3E859BFD530D03874BE696754AE6_documentation_en-US" xlink:label="lab_pnm_Cashusedtosupportbankletterorcreditarrangement_1C0F3E859BFD530D03874BE696754AE6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cash used to support bank letter or credit arrangement</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_Cashusedtosupportbankletterorcreditarrangement" xlink:label="loc_pnm_Cashusedtosupportbankletterorcreditarrangement_1C0F3E859BFD530D03874BE696754AE6" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_Cashusedtosupportbankletterorcreditarrangement_1C0F3E859BFD530D03874BE696754AE6" xlink:to="lab_pnm_Cashusedtosupportbankletterorcreditarrangement_1C0F3E859BFD530D03874BE696754AE6" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesEstimatedIncreaseinCoalCostPercentage_F470B46D9A01995E7A734BE69675E09B_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedIncreaseinCoalCostPercentage_F470B46D9A01995E7A734BE69675E09B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated increase in coal cost</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedIncreaseinCoalCostPercentage_F470B46D9A01995E7A734BE69675E09B_label_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedIncreaseinCoalCostPercentage_F470B46D9A01995E7A734BE69675E09B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated Increase in Coal Cost, Percentage</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedIncreaseinCoalCostPercentage_F470B46D9A01995E7A734BE69675E09B_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedIncreaseinCoalCostPercentage_F470B46D9A01995E7A734BE69675E09B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated Increase in Coal Cost, Percentage</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesEstimatedIncreaseinCoalCostPercentage" xlink:label="loc_pnm_PublicUtilitiesEstimatedIncreaseinCoalCostPercentage_F470B46D9A01995E7A734BE69675E09B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesEstimatedIncreaseinCoalCostPercentage_F470B46D9A01995E7A734BE69675E09B" xlink:to="lab_pnm_PublicUtilitiesEstimatedIncreaseinCoalCostPercentage_F470B46D9A01995E7A734BE69675E09B" xlink:type="arc" />
    <link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_3F77487BA0CBE566152D4BE696759F97_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_3F77487BA0CBE566152D4BE696759F97" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share of estimated shortfall payment</link:label>
    <link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_3F77487BA0CBE566152D4BE696759F97_label_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_3F77487BA0CBE566152D4BE696759F97" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unrecorded Unconditional Purchase Obligation</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:label="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_3F77487BA0CBE566152D4BE696759F97" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_3F77487BA0CBE566152D4BE696759F97" xlink:to="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_3F77487BA0CBE566152D4BE696759F97" xlink:type="arc" />
    <link:label id="lab_pnm_RegulatoryDisallowanceAdditionalamountrecorded_A6829E8B4385DB3E5FF54BE6967524BB_terseLabel_en-US" xlink:label="lab_pnm_RegulatoryDisallowanceAdditionalamountrecorded_A6829E8B4385DB3E5FF54BE6967524BB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expense reflected in regulatory disallowances and restructuring costs</link:label>
    <link:label id="lab_pnm_RegulatoryDisallowanceAdditionalamountrecorded_A6829E8B4385DB3E5FF54BE6967524BB_label_en-US" xlink:label="lab_pnm_RegulatoryDisallowanceAdditionalamountrecorded_A6829E8B4385DB3E5FF54BE6967524BB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Disallowance, Additional amount recorded</link:label>
    <link:label id="lab_pnm_RegulatoryDisallowanceAdditionalamountrecorded_A6829E8B4385DB3E5FF54BE6967524BB_documentation_en-US" xlink:label="lab_pnm_RegulatoryDisallowanceAdditionalamountrecorded_A6829E8B4385DB3E5FF54BE6967524BB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Disallowance, Additional amount recorded</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_RegulatoryDisallowanceAdditionalamountrecorded" xlink:label="loc_pnm_RegulatoryDisallowanceAdditionalamountrecorded_A6829E8B4385DB3E5FF54BE6967524BB" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_RegulatoryDisallowanceAdditionalamountrecorded_A6829E8B4385DB3E5FF54BE6967524BB" xlink:to="lab_pnm_RegulatoryDisallowanceAdditionalamountrecorded_A6829E8B4385DB3E5FF54BE6967524BB" xlink:type="arc" />
    <link:label id="lab_pnm_ReclamationTrustFundingCurrentfiscalyear_ECB265BC08D637A7017D4BE6967567D0_terseLabel_en-US" xlink:label="lab_pnm_ReclamationTrustFundingCurrentfiscalyear_ECB265BC08D637A7017D4BE6967567D0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Required contribution to Reclamation Trust, current fiscal year</link:label>
    <link:label id="lab_pnm_ReclamationTrustFundingCurrentfiscalyear_ECB265BC08D637A7017D4BE6967567D0_label_en-US" xlink:label="lab_pnm_ReclamationTrustFundingCurrentfiscalyear_ECB265BC08D637A7017D4BE6967567D0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reclamation Trust Funding, Current fiscal year</link:label>
    <link:label id="lab_pnm_ReclamationTrustFundingCurrentfiscalyear_ECB265BC08D637A7017D4BE6967567D0_documentation_en-US" xlink:label="lab_pnm_ReclamationTrustFundingCurrentfiscalyear_ECB265BC08D637A7017D4BE6967567D0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reclamation Trust Funding, Current fiscal year</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_ReclamationTrustFundingCurrentfiscalyear" xlink:label="loc_pnm_ReclamationTrustFundingCurrentfiscalyear_ECB265BC08D637A7017D4BE6967567D0" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_ReclamationTrustFundingCurrentfiscalyear_ECB265BC08D637A7017D4BE6967567D0" xlink:to="lab_pnm_ReclamationTrustFundingCurrentfiscalyear_ECB265BC08D637A7017D4BE6967567D0" xlink:type="arc" />
    <link:label id="lab_pnm_ReclamationTrustFundingYear2_5D44936AF52EB41EB8504BE69675A100_terseLabel_en-US" xlink:label="lab_pnm_ReclamationTrustFundingYear2_5D44936AF52EB41EB8504BE69675A100" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reclamation Trust Funding, Year 2</link:label>
    <link:label id="lab_pnm_ReclamationTrustFundingYear2_5D44936AF52EB41EB8504BE69675A100_label_en-US" xlink:label="lab_pnm_ReclamationTrustFundingYear2_5D44936AF52EB41EB8504BE69675A100" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reclamation Trust Funding, Year 2</link:label>
    <link:label id="lab_pnm_ReclamationTrustFundingYear2_5D44936AF52EB41EB8504BE69675A100_documentation_en-US" xlink:label="lab_pnm_ReclamationTrustFundingYear2_5D44936AF52EB41EB8504BE69675A100" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reclamation Trust Funding, Year 2</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_ReclamationTrustFundingYear2" xlink:label="loc_pnm_ReclamationTrustFundingYear2_5D44936AF52EB41EB8504BE69675A100" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_ReclamationTrustFundingYear2_5D44936AF52EB41EB8504BE69675A100" xlink:to="lab_pnm_ReclamationTrustFundingYear2_5D44936AF52EB41EB8504BE69675A100" xlink:type="arc" />
    <link:label id="lab_pnm_ReclamationTrustFundingYear3_7EBADBAADA2B76A501D54BE6967527D5_terseLabel_en-US" xlink:label="lab_pnm_ReclamationTrustFundingYear3_7EBADBAADA2B76A501D54BE6967527D5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reclamation Trust Funding, Year 3</link:label>
    <link:label id="lab_pnm_ReclamationTrustFundingYear3_7EBADBAADA2B76A501D54BE6967527D5_label_en-US" xlink:label="lab_pnm_ReclamationTrustFundingYear3_7EBADBAADA2B76A501D54BE6967527D5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reclamation Trust Funding, Year 3</link:label>
    <link:label id="lab_pnm_ReclamationTrustFundingYear3_7EBADBAADA2B76A501D54BE6967527D5_documentation_en-US" xlink:label="lab_pnm_ReclamationTrustFundingYear3_7EBADBAADA2B76A501D54BE6967527D5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reclamation Trust Funding, Year 3</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_ReclamationTrustFundingYear3" xlink:label="loc_pnm_ReclamationTrustFundingYear3_7EBADBAADA2B76A501D54BE6967527D5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_ReclamationTrustFundingYear3_7EBADBAADA2B76A501D54BE6967527D5" xlink:to="lab_pnm_ReclamationTrustFundingYear3_7EBADBAADA2B76A501D54BE6967527D5" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNumberofannualinstallmentpayments_84D3F3BDD69320A8CEC24BE69675A4F5_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofannualinstallmentpayments_84D3F3BDD69320A8CEC24BE69675A4F5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of annual installment payments</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofannualinstallmentpayments_84D3F3BDD69320A8CEC24BE69675A4F5_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofannualinstallmentpayments_84D3F3BDD69320A8CEC24BE69675A4F5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of annual installment payments</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesNumberOfStatesToAddressRegionalHaze_CD5CE137A0A7330AE54B54FAC87D708B_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberOfStatesToAddressRegionalHaze_CD5CE137A0A7330AE54B54FAC87D708B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of states to address regional haze (in states)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberOfStatesToAddressRegionalHaze_CD5CE137A0A7330AE54B54FAC87D708B_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberOfStatesToAddressRegionalHaze_CD5CE137A0A7330AE54B54FAC87D708B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of States To Address Regional Haze</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberOfStatesToAddressRegionalHaze_CD5CE137A0A7330AE54B54FAC87D708B_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberOfStatesToAddressRegionalHaze_CD5CE137A0A7330AE54B54FAC87D708B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of States To Address Regional Haze</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNumberOfStatesToAddressRegionalHaze" xlink:label="loc_pnm_PublicUtilitiesNumberOfStatesToAddressRegionalHaze_CD5CE137A0A7330AE54B54FAC87D708B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesNumberOfStatesToAddressRegionalHaze_CD5CE137A0A7330AE54B54FAC87D708B" xlink:to="lab_pnm_PublicUtilitiesNumberOfStatesToAddressRegionalHaze_CD5CE137A0A7330AE54B54FAC87D708B" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesPotentialtoemittonsperyearofvisibilityimpairingpollutionmaximum_EFADCEC8455AB43BC26554FAC87DA206_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesPotentialtoemittonsperyearofvisibilityimpairingpollutionmaximum_EFADCEC8455AB43BC26554FAC87DA206" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Potential to emit tons per year of visibility impairing pollution (in tons, more than)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesPotentialtoemittonsperyearofvisibilityimpairingpollutionmaximum_EFADCEC8455AB43BC26554FAC87DA206_label_en-US" xlink:label="lab_pnm_PublicUtilitiesPotentialtoemittonsperyearofvisibilityimpairingpollutionmaximum_EFADCEC8455AB43BC26554FAC87DA206" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Potential to emit tons per year of visibility impairing pollution, maximum</link:label>
    <link:label id="lab_pnm_PublicUtilitiesPotentialtoemittonsperyearofvisibilityimpairingpollutionmaximum_EFADCEC8455AB43BC26554FAC87DA206_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesPotentialtoemittonsperyearofvisibilityimpairingpollutionmaximum_EFADCEC8455AB43BC26554FAC87DA206" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Potential to emit tons per year of visibility impairing pollution, maximum</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesPotentialtoemittonsperyearofvisibilityimpairingpollutionmaximum" xlink:label="loc_pnm_PublicUtilitiesPotentialtoemittonsperyearofvisibilityimpairingpollutionmaximum_EFADCEC8455AB43BC26554FAC87DA206" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesPotentialtoemittonsperyearofvisibilityimpairingpollutionmaximum_EFADCEC8455AB43BC26554FAC87DA206" xlink:to="lab_pnm_PublicUtilitiesPotentialtoemittonsperyearofvisibilityimpairingpollutionmaximum_EFADCEC8455AB43BC26554FAC87DA206" xlink:type="arc" />
    <link:label id="lab_pnm_InstallationCapitalCosts_2082739C6417E0B6BF3354FAC87D9936_verboseLabel_en-US" xlink:label="lab_pnm_InstallationCapitalCosts_2082739C6417E0B6BF3354FAC87D9936" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Installation costs</link:label>
    <link:label id="lab_pnm_InstallationCapitalCosts_2082739C6417E0B6BF3354FAC87D9936_label_en-US" xlink:label="lab_pnm_InstallationCapitalCosts_2082739C6417E0B6BF3354FAC87D9936" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Installation Capital Costs</link:label>
    <link:label id="lab_pnm_InstallationCapitalCosts_2082739C6417E0B6BF3354FAC87D9936_documentation_en-US" xlink:label="lab_pnm_InstallationCapitalCosts_2082739C6417E0B6BF3354FAC87D9936" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Installation Capital Costs</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_InstallationCapitalCosts" xlink:label="loc_pnm_InstallationCapitalCosts_2082739C6417E0B6BF3354FAC87D9936" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_InstallationCapitalCosts_2082739C6417E0B6BF3354FAC87D9936" xlink:to="lab_pnm_InstallationCapitalCosts_2082739C6417E0B6BF3354FAC87D9936" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesCurrentownershipinterestinMegawatts_60E22E55D87FD34AB8D354FAC87D3FF9_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesCurrentownershipinterestinMegawatts_60E22E55D87FD34AB8D354FAC87D3FF9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current ownership interest (in megawatts)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesCurrentownershipinterestinMegawatts_60E22E55D87FD34AB8D354FAC87D3FF9_label_en-US" xlink:label="lab_pnm_PublicUtilitiesCurrentownershipinterestinMegawatts_60E22E55D87FD34AB8D354FAC87D3FF9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Current ownership interest, in Megawatts</link:label>
    <link:label id="lab_pnm_PublicUtilitiesCurrentownershipinterestinMegawatts_60E22E55D87FD34AB8D354FAC87D3FF9_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesCurrentownershipinterestinMegawatts_60E22E55D87FD34AB8D354FAC87D3FF9" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Current ownership interest, in Megawatts</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesCurrentownershipinterestinMegawatts" xlink:label="loc_pnm_PublicUtilitiesCurrentownershipinterestinMegawatts_60E22E55D87FD34AB8D354FAC87D3FF9" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesCurrentownershipinterestinMegawatts_60E22E55D87FD34AB8D354FAC87D3FF9" xlink:to="lab_pnm_PublicUtilitiesCurrentownershipinterestinMegawatts_60E22E55D87FD34AB8D354FAC87D3FF9" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesTimePeriodtoRecoverRetiredUnitsremainingNBV_96261E563DCD9340086654FAC87D12C5_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesTimePeriodtoRecoverRetiredUnitsremainingNBV_96261E563DCD9340086654FAC87D12C5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Time period to recover retired units' remaining net book value</link:label>
    <link:label id="lab_pnm_PublicUtilitiesTimePeriodtoRecoverRetiredUnitsremainingNBV_96261E563DCD9340086654FAC87D12C5_label_en-US" xlink:label="lab_pnm_PublicUtilitiesTimePeriodtoRecoverRetiredUnitsremainingNBV_96261E563DCD9340086654FAC87D12C5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Time Period to Recover Retired Units remaining NBV</link:label>
    <link:label id="lab_pnm_PublicUtilitiesTimePeriodtoRecoverRetiredUnitsremainingNBV_96261E563DCD9340086654FAC87D12C5_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesTimePeriodtoRecoverRetiredUnitsremainingNBV_96261E563DCD9340086654FAC87D12C5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Time Period to Recover Retired Units remaining NBV</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesTimePeriodtoRecoverRetiredUnitsremainingNBV" xlink:label="loc_pnm_PublicUtilitiesTimePeriodtoRecoverRetiredUnitsremainingNBV_96261E563DCD9340086654FAC87D12C5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesTimePeriodtoRecoverRetiredUnitsremainingNBV_96261E563DCD9340086654FAC87D12C5" xlink:to="lab_pnm_PublicUtilitiesTimePeriodtoRecoverRetiredUnitsremainingNBV_96261E563DCD9340086654FAC87D12C5" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesRecoveryPercentageofEstimatedundepreciatedvalueat123117_2B3EE099D8C592771A6054FAC87D7DA1_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesRecoveryPercentageofEstimatedundepreciatedvalueat123117_2B3EE099D8C592771A6054FAC87D7DA1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Recovery percentage of estimated undepreciated value at 12/31/17</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRecoveryPercentageofEstimatedundepreciatedvalueat123117_2B3EE099D8C592771A6054FAC87D7DA1_label_en-US" xlink:label="lab_pnm_PublicUtilitiesRecoveryPercentageofEstimatedundepreciatedvalueat123117_2B3EE099D8C592771A6054FAC87D7DA1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Recovery Percentage of Estimated undepreciated value at 12/31/17</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRecoveryPercentageofEstimatedundepreciatedvalueat123117_2B3EE099D8C592771A6054FAC87D7DA1_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesRecoveryPercentageofEstimatedundepreciatedvalueat123117_2B3EE099D8C592771A6054FAC87D7DA1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Recovery Percentage of Estimated undepreciated value at 12/31/17</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesRecoveryPercentageofEstimatedundepreciatedvalueat123117" xlink:label="loc_pnm_PublicUtilitiesRecoveryPercentageofEstimatedundepreciatedvalueat123117_2B3EE099D8C592771A6054FAC87D7DA1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesRecoveryPercentageofEstimatedundepreciatedvalueat123117_2B3EE099D8C592771A6054FAC87D7DA1" xlink:to="lab_pnm_PublicUtilitiesRecoveryPercentageofEstimatedundepreciatedvalueat123117_2B3EE099D8C592771A6054FAC87D7DA1" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesAdditionalOwnershipToBeObtainedinMegawatts_71FC6C34159451C2175954FAC87D40F3_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesAdditionalOwnershipToBeObtainedinMegawatts_71FC6C34159451C2175954FAC87D40F3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additional ownership to be obtained (in megawatts)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesAdditionalOwnershipToBeObtainedinMegawatts_71FC6C34159451C2175954FAC87D40F3_label_en-US" xlink:label="lab_pnm_PublicUtilitiesAdditionalOwnershipToBeObtainedinMegawatts_71FC6C34159451C2175954FAC87D40F3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Additional Ownership To Be Obtained, in Megawatts</link:label>
    <link:label id="lab_pnm_PublicUtilitiesAdditionalOwnershipToBeObtainedinMegawatts_71FC6C34159451C2175954FAC87D40F3_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesAdditionalOwnershipToBeObtainedinMegawatts_71FC6C34159451C2175954FAC87D40F3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Additional Ownership To Be Obtained, in Megawatts</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesAdditionalOwnershipToBeObtainedinMegawatts" xlink:label="loc_pnm_PublicUtilitiesAdditionalOwnershipToBeObtainedinMegawatts_71FC6C34159451C2175954FAC87D40F3" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesAdditionalOwnershipToBeObtainedinMegawatts_71FC6C34159451C2175954FAC87D40F3" xlink:to="lab_pnm_PublicUtilitiesAdditionalOwnershipToBeObtainedinMegawatts_71FC6C34159451C2175954FAC87D40F3" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesEstimatedratebasevalueat112018_536D6E56AB46936F5FD654FAC87DD271_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedratebasevalueat112018_536D6E56AB46936F5FD654FAC87DD271" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated rate base value</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedratebasevalueat112018_536D6E56AB46936F5FD654FAC87DD271_label_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedratebasevalueat112018_536D6E56AB46936F5FD654FAC87DD271" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated rate base value at 1/1/2018</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedratebasevalueat112018_536D6E56AB46936F5FD654FAC87DD271_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedratebasevalueat112018_536D6E56AB46936F5FD654FAC87DD271" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated rate base value at 1/1/2018</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesEstimatedratebasevalueat112018" xlink:label="loc_pnm_PublicUtilitiesEstimatedratebasevalueat112018_536D6E56AB46936F5FD654FAC87DD271" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesEstimatedratebasevalueat112018_536D6E56AB46936F5FD654FAC87DD271" xlink:to="lab_pnm_PublicUtilitiesEstimatedratebasevalueat112018_536D6E56AB46936F5FD654FAC87DD271" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNumberofMegawattsNuclearGeneration_37E70F30DA91E9D3A08654FAC87D203C_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofMegawattsNuclearGeneration_37E70F30DA91E9D3A08654FAC87D203C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of megawatts nuclear generation (in megawatts)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofMegawattsNuclearGeneration_37E70F30DA91E9D3A08654FAC87D203C_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofMegawattsNuclearGeneration_37E70F30DA91E9D3A08654FAC87D203C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Megawatts Nuclear Generation</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofMegawattsNuclearGeneration_37E70F30DA91E9D3A08654FAC87D203C_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofMegawattsNuclearGeneration_37E70F30DA91E9D3A08654FAC87D203C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Megawatts Nuclear Generation</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNumberofMegawattsNuclearGeneration" xlink:label="loc_pnm_PublicUtilitiesNumberofMegawattsNuclearGeneration_37E70F30DA91E9D3A08654FAC87D203C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesNumberofMegawattsNuclearGeneration_37E70F30DA91E9D3A08654FAC87D203C" xlink:to="lab_pnm_PublicUtilitiesNumberofMegawattsNuclearGeneration_37E70F30DA91E9D3A08654FAC87D203C" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesEstimatedundepreciatedvalueat123117_9F2172FCD0CAEC55CB3C54FAC87D41FA_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedundepreciatedvalueat123117_9F2172FCD0CAEC55CB3C54FAC87D41FA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated undepreciated value at 12/31/17</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedundepreciatedvalueat123117_9F2172FCD0CAEC55CB3C54FAC87D41FA_label_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedundepreciatedvalueat123117_9F2172FCD0CAEC55CB3C54FAC87D41FA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated undepreciated value at 12/31/17</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedundepreciatedvalueat123117_9F2172FCD0CAEC55CB3C54FAC87D41FA_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedundepreciatedvalueat123117_9F2172FCD0CAEC55CB3C54FAC87D41FA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated undepreciated value at 12/31/17</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesEstimatedundepreciatedvalueat123117" xlink:label="loc_pnm_PublicUtilitiesEstimatedundepreciatedvalueat123117_9F2172FCD0CAEC55CB3C54FAC87D41FA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesEstimatedundepreciatedvalueat123117_9F2172FCD0CAEC55CB3C54FAC87D41FA" xlink:to="lab_pnm_PublicUtilitiesEstimatedundepreciatedvalueat123117_9F2172FCD0CAEC55CB3C54FAC87D41FA" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesPeriodoftimeagreedtobyallpartiestosettleratecase_66DEE146E228F4BC832654FAC87E0D70_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesPeriodoftimeagreedtobyallpartiestosettleratecase_66DEE146E228F4BC832654FAC87E0D70" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period of time agreed to by all parties to settle rate case</link:label>
    <link:label id="lab_pnm_PublicUtilitiesPeriodoftimeagreedtobyallpartiestosettleratecase_66DEE146E228F4BC832654FAC87E0D70_label_en-US" xlink:label="lab_pnm_PublicUtilitiesPeriodoftimeagreedtobyallpartiestosettleratecase_66DEE146E228F4BC832654FAC87E0D70" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Period of time agreed to by all parties to settle rate case</link:label>
    <link:label id="lab_pnm_PublicUtilitiesPeriodoftimeagreedtobyallpartiestosettleratecase_66DEE146E228F4BC832654FAC87E0D70_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesPeriodoftimeagreedtobyallpartiestosettleratecase_66DEE146E228F4BC832654FAC87E0D70" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Period of time agreed to by all parties to settle rate case</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesPeriodoftimeagreedtobyallpartiestosettleratecase" xlink:label="loc_pnm_PublicUtilitiesPeriodoftimeagreedtobyallpartiestosettleratecase_66DEE146E228F4BC832654FAC87E0D70" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesPeriodoftimeagreedtobyallpartiestosettleratecase_66DEE146E228F4BC832654FAC87E0D70" xlink:to="lab_pnm_PublicUtilitiesPeriodoftimeagreedtobyallpartiestosettleratecase_66DEE146E228F4BC832654FAC87E0D70" xlink:type="arc" />
    <link:label id="lab_pnm_CoalfiredgenerationinMegawatts_7A54A42B78AB58E691FF54FAC87E7426_terseLabel_en-US" xlink:label="lab_pnm_CoalfiredgenerationinMegawatts_7A54A42B78AB58E691FF54FAC87E7426" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Coal-fired generation (in megawatts)</link:label>
    <link:label id="lab_pnm_CoalfiredgenerationinMegawatts_7A54A42B78AB58E691FF54FAC87E7426_label_en-US" xlink:label="lab_pnm_CoalfiredgenerationinMegawatts_7A54A42B78AB58E691FF54FAC87E7426" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">coal-fired generation in Megawatts</link:label>
    <link:label id="lab_pnm_CoalfiredgenerationinMegawatts_7A54A42B78AB58E691FF54FAC87E7426_documentation_en-US" xlink:label="lab_pnm_CoalfiredgenerationinMegawatts_7A54A42B78AB58E691FF54FAC87E7426" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">coal-fired generation in Megawatts</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_CoalfiredgenerationinMegawatts" xlink:label="loc_pnm_CoalfiredgenerationinMegawatts_7A54A42B78AB58E691FF54FAC87E7426" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_CoalfiredgenerationinMegawatts_7A54A42B78AB58E691FF54FAC87E7426" xlink:to="lab_pnm_CoalfiredgenerationinMegawatts_7A54A42B78AB58E691FF54FAC87E7426" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNumberofMegawatthoursofRenewableEnergyCertificatestobeacquiredandretiredbeginningJan2020_D2230DAA38700E7E9A9F54FAC87E8097_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofMegawatthoursofRenewableEnergyCertificatestobeacquiredandretiredbeginningJan2020_D2230DAA38700E7E9A9F54FAC87E8097" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of megawatt hours of Renewable Energy Certificates to be acquired and retired (in megawatt hours)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofMegawatthoursofRenewableEnergyCertificatestobeacquiredandretiredbeginningJan2020_D2230DAA38700E7E9A9F54FAC87E8097_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofMegawatthoursofRenewableEnergyCertificatestobeacquiredandretiredbeginningJan2020_D2230DAA38700E7E9A9F54FAC87E8097" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Megawatt-hours of Renewable Energy Certificates to be acquired and retired beginning Jan 2020</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofMegawatthoursofRenewableEnergyCertificatestobeacquiredandretiredbeginningJan2020_D2230DAA38700E7E9A9F54FAC87E8097_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofMegawatthoursofRenewableEnergyCertificatestobeacquiredandretiredbeginningJan2020_D2230DAA38700E7E9A9F54FAC87E8097" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Megawatt-hours of Renewable Energy Certificates to be acquired and retired beginning Jan 2020</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNumberofMegawatthoursofRenewableEnergyCertificatestobeacquiredandretiredbeginningJan2020" xlink:label="loc_pnm_PublicUtilitiesNumberofMegawatthoursofRenewableEnergyCertificatestobeacquiredandretiredbeginningJan2020_D2230DAA38700E7E9A9F54FAC87E8097" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesNumberofMegawatthoursofRenewableEnergyCertificatestobeacquiredandretiredbeginningJan2020_D2230DAA38700E7E9A9F54FAC87E8097" xlink:to="lab_pnm_PublicUtilitiesNumberofMegawatthoursofRenewableEnergyCertificatestobeacquiredandretiredbeginningJan2020_D2230DAA38700E7E9A9F54FAC87E8097" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesAnnualcostofRenewableEnergyCredits_0DBFDE78CFC1BDB78B3954FAC87E46EF_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesAnnualcostofRenewableEnergyCredits_0DBFDE78CFC1BDB78B3954FAC87E46EF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual cost of Renewable Energy Credits</link:label>
    <link:label id="lab_pnm_PublicUtilitiesAnnualcostofRenewableEnergyCredits_0DBFDE78CFC1BDB78B3954FAC87E46EF_label_en-US" xlink:label="lab_pnm_PublicUtilitiesAnnualcostofRenewableEnergyCredits_0DBFDE78CFC1BDB78B3954FAC87E46EF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Annual cost of Renewable Energy Credits</link:label>
    <link:label id="lab_pnm_PublicUtilitiesAnnualcostofRenewableEnergyCredits_0DBFDE78CFC1BDB78B3954FAC87E46EF_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesAnnualcostofRenewableEnergyCredits_0DBFDE78CFC1BDB78B3954FAC87E46EF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Annual cost of Renewable Energy Credits</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesAnnualcostofRenewableEnergyCredits" xlink:label="loc_pnm_PublicUtilitiesAnnualcostofRenewableEnergyCredits_0DBFDE78CFC1BDB78B3954FAC87E46EF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesAnnualcostofRenewableEnergyCredits_0DBFDE78CFC1BDB78B3954FAC87E46EF" xlink:to="lab_pnm_PublicUtilitiesAnnualcostofRenewableEnergyCredits_0DBFDE78CFC1BDB78B3954FAC87E46EF" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesEstimatedcoststoremainunrecovered_F0417163C4542F519E4354FAC87E5775_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedcoststoremainunrecovered_F0417163C4542F519E4354FAC87E5775" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated costs to remain unrecovered</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedcoststoremainunrecovered_F0417163C4542F519E4354FAC87E5775_label_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedcoststoremainunrecovered_F0417163C4542F519E4354FAC87E5775" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated costs to remain unrecovered</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedcoststoremainunrecovered_F0417163C4542F519E4354FAC87E5775_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedcoststoremainunrecovered_F0417163C4542F519E4354FAC87E5775" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated costs to remain unrecovered</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesEstimatedcoststoremainunrecovered" xlink:label="loc_pnm_PublicUtilitiesEstimatedcoststoremainunrecovered_F0417163C4542F519E4354FAC87E5775" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesEstimatedcoststoremainunrecovered_F0417163C4542F519E4354FAC87E5775" xlink:to="lab_pnm_PublicUtilitiesEstimatedcoststoremainunrecovered_F0417163C4542F519E4354FAC87E5775" xlink:type="arc" />
    <link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService_FB2673261BE5DF5108E654FAC87EF670_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService_FB2673261BE5DF5108E654FAC87EF670" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Plant in service, held for future use, and to be abandoned</link:label>
    <link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService_FB2673261BE5DF5108E654FAC87EF670_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService_FB2673261BE5DF5108E654FAC87EF670" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Property, Plant and Equipment, Plant in Service</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService_FB2673261BE5DF5108E654FAC87EF670" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService_FB2673261BE5DF5108E654FAC87EF670" xlink:to="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService_FB2673261BE5DF5108E654FAC87EF670" xlink:type="arc" />
    <link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation_4229BEF33CD6E10CD57254FAC87E7B9A_verboseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation_4229BEF33CD6E10CD57254FAC87E7B9A" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Accumulated depreciation and amortization</link:label>
    <link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation_4229BEF33CD6E10CD57254FAC87E7B9A_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation_4229BEF33CD6E10CD57254FAC87E7B9A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Property, Plant and Equipment, Accumulated Depreciation</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation_4229BEF33CD6E10CD57254FAC87E7B9A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation_4229BEF33CD6E10CD57254FAC87E7B9A" xlink:to="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation_4229BEF33CD6E10CD57254FAC87E7B9A" xlink:type="arc" />
    <link:label id="lab_pnm_NetBookValue_38FB834EFD9D2791EC1F54FAC87E512E_terseLabel_en-US" xlink:label="lab_pnm_NetBookValue_38FB834EFD9D2791EC1F54FAC87E512E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net book value</link:label>
    <link:label id="lab_pnm_NetBookValue_38FB834EFD9D2791EC1F54FAC87E512E_label_en-US" xlink:label="lab_pnm_NetBookValue_38FB834EFD9D2791EC1F54FAC87E512E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net book value</link:label>
    <link:label id="lab_pnm_NetBookValue_38FB834EFD9D2791EC1F54FAC87E512E_documentation_en-US" xlink:label="lab_pnm_NetBookValue_38FB834EFD9D2791EC1F54FAC87E512E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Net book value</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_NetBookValue" xlink:label="loc_pnm_NetBookValue_38FB834EFD9D2791EC1F54FAC87E512E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_NetBookValue_38FB834EFD9D2791EC1F54FAC87E512E" xlink:to="lab_pnm_NetBookValue_38FB834EFD9D2791EC1F54FAC87E512E" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesAccumulatedplantwriteoffdisallowance_4537D02FFBA4371C2F8B54FAC87EDF36_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesAccumulatedplantwriteoffdisallowance_4537D02FFBA4371C2F8B54FAC87EDF36" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated plant write-off, disallowance</link:label>
    <link:label id="lab_pnm_PublicUtilitiesAccumulatedplantwriteoffdisallowance_4537D02FFBA4371C2F8B54FAC87EDF36_label_en-US" xlink:label="lab_pnm_PublicUtilitiesAccumulatedplantwriteoffdisallowance_4537D02FFBA4371C2F8B54FAC87EDF36" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Accumulated plant write-off, disallowance</link:label>
    <link:label id="lab_pnm_PublicUtilitiesAccumulatedplantwriteoffdisallowance_4537D02FFBA4371C2F8B54FAC87EDF36_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesAccumulatedplantwriteoffdisallowance_4537D02FFBA4371C2F8B54FAC87EDF36" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Accumulated plant write-off, disallowance</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesAccumulatedplantwriteoffdisallowance" xlink:label="loc_pnm_PublicUtilitiesAccumulatedplantwriteoffdisallowance_4537D02FFBA4371C2F8B54FAC87EDF36" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesAccumulatedplantwriteoffdisallowance_4537D02FFBA4371C2F8B54FAC87EDF36" xlink:to="lab_pnm_PublicUtilitiesAccumulatedplantwriteoffdisallowance_4537D02FFBA4371C2F8B54FAC87EDF36" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNetCarryingValueofUtilityPlant_174EB667730654E1ADF154FAC87EFD67_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNetCarryingValueofUtilityPlant_174EB667730654E1ADF154FAC87EFD67" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net carrying value of utility plant</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNetCarryingValueofUtilityPlant_174EB667730654E1ADF154FAC87EFD67_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNetCarryingValueofUtilityPlant_174EB667730654E1ADF154FAC87EFD67" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Net Carrying Value of Utility Plant</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNetCarryingValueofUtilityPlant_174EB667730654E1ADF154FAC87EFD67_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNetCarryingValueofUtilityPlant_174EB667730654E1ADF154FAC87EFD67" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Net Carrying Value of Utility Plant</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNetCarryingValueofUtilityPlant" xlink:label="loc_pnm_PublicUtilitiesNetCarryingValueofUtilityPlant_174EB667730654E1ADF154FAC87EFD67" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesNetCarryingValueofUtilityPlant_174EB667730654E1ADF154FAC87EFD67" xlink:to="lab_pnm_PublicUtilitiesNetCarryingValueofUtilityPlant_174EB667730654E1ADF154FAC87EFD67" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNumberofotherowner_42081C0250C091F0AFA654FAC87E4CBF_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofotherowner_42081C0250C091F0AFA654FAC87E4CBF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of other joint owners</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofotherowner_42081C0250C091F0AFA654FAC87E4CBF_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofotherowner_42081C0250C091F0AFA654FAC87E4CBF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of other owner</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofotherowner_42081C0250C091F0AFA654FAC87E4CBF_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofotherowner_42081C0250C091F0AFA654FAC87E4CBF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of other owner</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNumberofotherowner" xlink:label="loc_pnm_PublicUtilitiesNumberofotherowner_42081C0250C091F0AFA654FAC87E4CBF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesNumberofotherowner_42081C0250C091F0AFA654FAC87E4CBF" xlink:to="lab_pnm_PublicUtilitiesNumberofotherowner_42081C0250C091F0AFA654FAC87E4CBF" xlink:type="arc" />
    <link:label id="lab_pnm_Percentageofownershipheldbyexitingowners_0F45FB3897E5A647CC0554FAC87E8AF0_terseLabel_en-US" xlink:label="lab_pnm_Percentageofownershipheldbyexitingowners_0F45FB3897E5A647CC0554FAC87E8AF0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of ownership held by exiting owners</link:label>
    <link:label id="lab_pnm_Percentageofownershipheldbyexitingowners_0F45FB3897E5A647CC0554FAC87E8AF0_label_en-US" xlink:label="lab_pnm_Percentageofownershipheldbyexitingowners_0F45FB3897E5A647CC0554FAC87E8AF0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of ownership held by exiting owners</link:label>
    <link:label id="lab_pnm_Percentageofownershipheldbyexitingowners_0F45FB3897E5A647CC0554FAC87E8AF0_documentation_en-US" xlink:label="lab_pnm_Percentageofownershipheldbyexitingowners_0F45FB3897E5A647CC0554FAC87E8AF0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of ownership held by exiting owners</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_Percentageofownershipheldbyexitingowners" xlink:label="loc_pnm_Percentageofownershipheldbyexitingowners_0F45FB3897E5A647CC0554FAC87E8AF0" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_Percentageofownershipheldbyexitingowners_0F45FB3897E5A647CC0554FAC87E8AF0" xlink:to="lab_pnm_Percentageofownershipheldbyexitingowners_0F45FB3897E5A647CC0554FAC87E8AF0" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesOwnershipPercentage_3720AF0251CF88CF830654FAC87ECFAF_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesOwnershipPercentage_3720AF0251CF88CF830654FAC87ECFAF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ownership percentage</link:label>
    <link:label id="lab_pnm_PublicUtilitiesOwnershipPercentage_3720AF0251CF88CF830654FAC87ECFAF_label_en-US" xlink:label="lab_pnm_PublicUtilitiesOwnershipPercentage_3720AF0251CF88CF830654FAC87ECFAF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Ownership Percentage</link:label>
    <link:label id="lab_pnm_PublicUtilitiesOwnershipPercentage_3720AF0251CF88CF830654FAC87ECFAF_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesOwnershipPercentage_3720AF0251CF88CF830654FAC87ECFAF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Ownership Percentage</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesOwnershipPercentage" xlink:label="loc_pnm_PublicUtilitiesOwnershipPercentage_3720AF0251CF88CF830654FAC87ECFAF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesOwnershipPercentage_3720AF0251CF88CF830654FAC87ECFAF" xlink:to="lab_pnm_PublicUtilitiesOwnershipPercentage_3720AF0251CF88CF830654FAC87ECFAF" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNumberOfComplianceAlternatives_3F505FF7C49487C2B27C54FAC87F81D2_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberOfComplianceAlternatives_3F505FF7C49487C2B27C54FAC87F81D2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of compliance alternatives</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberOfComplianceAlternatives_3F505FF7C49487C2B27C54FAC87F81D2_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberOfComplianceAlternatives_3F505FF7C49487C2B27C54FAC87F81D2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Compliance alternatives</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberOfComplianceAlternatives_3F505FF7C49487C2B27C54FAC87F81D2_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberOfComplianceAlternatives_3F505FF7C49487C2B27C54FAC87F81D2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Compliance alternatives</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesPotentialAcquisitionofOwnershipinMegawatts_2E676D8EB8AF7F5B71F354FAC87F7E33_label_en-US" xlink:label="lab_pnm_PublicUtilitiesPotentialAcquisitionofOwnershipinMegawatts_2E676D8EB8AF7F5B71F354FAC87F7E33" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Potential Acquisition of Ownership in Megawatts</link:label>
    <link:label id="lab_pnm_PublicUtilitiesPotentialAcquisitionofOwnershipinMegawatts_2E676D8EB8AF7F5B71F354FAC87F7E33_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesPotentialAcquisitionofOwnershipinMegawatts_2E676D8EB8AF7F5B71F354FAC87F7E33" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Potential Acquisition of Ownership in Megawatts</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesPotentialAcquisitionofOwnershipinMegawatts" xlink:label="loc_pnm_PublicUtilitiesPotentialAcquisitionofOwnershipinMegawatts_2E676D8EB8AF7F5B71F354FAC87F7E33" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesConcentrationRiskAmountToSellDueToAgreement_8636F4479A2E3AC1C5345514780751F1_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesConcentrationRiskAmountToSellDueToAgreement_8636F4479A2E3AC1C5345514780751F1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Power to be sold to third party (in megawatts)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesConcentrationRiskAmountToSellDueToAgreement_8636F4479A2E3AC1C5345514780751F1_label_en-US" xlink:label="lab_pnm_PublicUtilitiesConcentrationRiskAmountToSellDueToAgreement_8636F4479A2E3AC1C5345514780751F1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Concentration Risk, Amount To Sell Due To Agreement</link:label>
    <link:label id="lab_pnm_PublicUtilitiesConcentrationRiskAmountToSellDueToAgreement_8636F4479A2E3AC1C5345514780751F1_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesConcentrationRiskAmountToSellDueToAgreement_8636F4479A2E3AC1C5345514780751F1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Concentration Risk, Amount To Sell Due To Agreement</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesConcentrationRiskAmountToSellDueToAgreement" xlink:label="loc_pnm_PublicUtilitiesConcentrationRiskAmountToSellDueToAgreement_8636F4479A2E3AC1C5345514780751F1" xlink:type="locator" />
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    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentAdditions_1BAF77A01820FE289BFA54FAC87FAFE0_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentAdditions_1BAF77A01820FE289BFA54FAC87FAFE0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Costs of installing equipment</link:label>
    <link:label id="lab_us-gaap_PropertyPlantAndEquipmentAdditions_1BAF77A01820FE289BFA54FAC87FAFE0_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentAdditions_1BAF77A01820FE289BFA54FAC87FAFE0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, Plant and Equipment, Additions</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesPlantRequirementtoMeetNOxemissionsLimit_DEA52647EEE23E2345B854FAC87F7CA4_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesPlantRequirementtoMeetNOxemissionsLimit_DEA52647EEE23E2345B854FAC87F7CA4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Plant requirement to meet NOx emissions limit (in pounds of NOx per MMBTU)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesPlantRequirementtoMeetNOxemissionsLimit_DEA52647EEE23E2345B854FAC87F7CA4_label_en-US" xlink:label="lab_pnm_PublicUtilitiesPlantRequirementtoMeetNOxemissionsLimit_DEA52647EEE23E2345B854FAC87F7CA4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Plant Requirement to Meet NOx emissions Limit</link:label>
    <link:label id="lab_pnm_PublicUtilitiesPlantRequirementtoMeetNOxemissionsLimit_DEA52647EEE23E2345B854FAC87F7CA4_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesPlantRequirementtoMeetNOxemissionsLimit_DEA52647EEE23E2345B854FAC87F7CA4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Plant Requirement to Meet NOx emissions Limit</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesPlantRequirementtoMeetNOxemissionsLimit" xlink:label="loc_pnm_PublicUtilitiesPlantRequirementtoMeetNOxemissionsLimit_DEA52647EEE23E2345B854FAC87F7CA4" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesPlantRequirementtoMeetOpacityLimitPercentage_1A778A488B0046522AEA54FAC87FA637_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesPlantRequirementtoMeetOpacityLimitPercentage_1A778A488B0046522AEA54FAC87FA637" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Plant requirement to meet opacity limit</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesPlantRequirementtoMeetOpacityLimitPercentage_1A778A488B0046522AEA54FAC87FA637_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesPlantRequirementtoMeetOpacityLimitPercentage_1A778A488B0046522AEA54FAC87FA637" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Plant Requirement to Meet Opacity Limit, Percentage</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesPlantRequirementtoMeetOpacityLimitPercentage" xlink:label="loc_pnm_PublicUtilitiesPlantRequirementtoMeetOpacityLimitPercentage_1A778A488B0046522AEA54FAC87FA637" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesRuleImposesOpacityLimitationOnCertainFugitiveDustEmissionsFromCoalAndMaterialHandlingOperations_7956AB1D72FB4A06C4DF54FAC87F7B7C_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesRuleImposesOpacityLimitationOnCertainFugitiveDustEmissionsFromCoalAndMaterialHandlingOperations_7956AB1D72FB4A06C4DF54FAC87F7B7C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rule imposes opacity limitation on certain fugitive dust emissions from coal and material handling operations</link:label>
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesRuleImposesOpacityLimitationOnCertainFugitiveDustEmissionsFromCoalAndMaterialHandlingOperations" xlink:label="loc_pnm_PublicUtilitiesRuleImposesOpacityLimitationOnCertainFugitiveDustEmissionsFromCoalAndMaterialHandlingOperations_7956AB1D72FB4A06C4DF54FAC87F7B7C" xlink:type="locator" />
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    <link:label id="lab_pnm_Periodofpotentialextensiontosubmitinitialplanstomeetenvironmentaltargets_B08A2779C772285C89C454FAC87F4ADF_terseLabel_en-US" xlink:label="lab_pnm_Periodofpotentialextensiontosubmitinitialplanstomeetenvironmentaltargets_B08A2779C772285C89C454FAC87F4ADF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period of potential extension to meet environmental targets</link:label>
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_Periodofpotentialextensiontosubmitinitialplanstomeetenvironmentaltargets" xlink:label="loc_pnm_Periodofpotentialextensiontosubmitinitialplanstomeetenvironmentaltargets_B08A2779C772285C89C454FAC87F4ADF" xlink:type="locator" />
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    <link:label id="lab_pnm_NumberofstatesthatfiledapetitionagainsttheCleanPowerPlan_406E6C4EF5D11193716554FAC87FDAE2_terseLabel_en-US" xlink:label="lab_pnm_NumberofstatesthatfiledapetitionagainsttheCleanPowerPlan_406E6C4EF5D11193716554FAC87FDAE2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of states that filed a petition against the Clean Power Plan</link:label>
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_NumberofstatesthatfiledapetitionagainsttheCleanPowerPlan" xlink:label="loc_pnm_NumberofstatesthatfiledapetitionagainsttheCleanPowerPlan_406E6C4EF5D11193716554FAC87FDAE2" xlink:type="locator" />
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    <link:label id="lab_pnm_Periodoftimetoactonsettlement_70060598FE5A6CC0F07454FAC87F616B_terseLabel_en-US" xlink:label="lab_pnm_Periodoftimetoactonsettlement_70060598FE5A6CC0F07454FAC87F616B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period of time to act on settlement</link:label>
    <link:label id="lab_pnm_Periodoftimetoactonsettlement_70060598FE5A6CC0F07454FAC87F616B_label_en-US" xlink:label="lab_pnm_Periodoftimetoactonsettlement_70060598FE5A6CC0F07454FAC87F616B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Period of time to act on settlement</link:label>
    <link:label id="lab_pnm_Periodoftimetoactonsettlement_70060598FE5A6CC0F07454FAC87F616B_documentation_en-US" xlink:label="lab_pnm_Periodoftimetoactonsettlement_70060598FE5A6CC0F07454FAC87F616B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period of time to act on settlement</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_Periodoftimetoactonsettlement" xlink:label="loc_pnm_Periodoftimetoactonsettlement_70060598FE5A6CC0F07454FAC87F616B" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesEmissionsTonsofSO2peryear_F16D280D5F8FE13545D954FAC87F561A_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesEmissionsTonsofSO2peryear_F16D280D5F8FE13545D954FAC87F561A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Emissions tons of SO2 per year (more than)</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesEmissionsTonsofSO2peryear_F16D280D5F8FE13545D954FAC87F561A_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesEmissionsTonsofSO2peryear_F16D280D5F8FE13545D954FAC87F561A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Emissions Tons of SO2 per year</link:label>
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    <link:label id="lab_pnm_PublicUtilities1hourSO2EmissionsRate_D204BB127472AA4A45F454FAC87FCD7A_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilities1hourSO2EmissionsRate_D204BB127472AA4A45F454FAC87FCD7A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">One-hour SO2 emissions rate (in pounds per MMBTU)</link:label>
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    <link:label id="lab_pnm_Numberofwellswithelevatedlevelsofnitrates_2CB9BCF0E869F2EB9AA554FAC8806728_terseLabel_en-US" xlink:label="lab_pnm_Numberofwellswithelevatedlevelsofnitrates_2CB9BCF0E869F2EB9AA554FAC8806728" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of wells with elevated levels of nitrates</link:label>
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    <link:label id="lab_pnm_PaloVerdeNuclearGeneratingStationUnit1LeasesMember_7D5815D1B3AFEE072D23E7FF352BFF2F_documentation_en-US" xlink:label="lab_pnm_PaloVerdeNuclearGeneratingStationUnit1LeasesMember_7D5815D1B3AFEE072D23E7FF352BFF2F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Palo Verde Nuclear Generating Station, Unit 1 Leases [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PaloVerdeNuclearGeneratingStationUnit1LeasesMember" xlink:label="loc_pnm_PaloVerdeNuclearGeneratingStationUnit1LeasesMember_7D5815D1B3AFEE072D23E7FF352BFF2F" xlink:type="locator" />
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    <link:label id="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2LeasesMember_E9725D50C8D9E83ADB69E7FF352B3F91_label_en-US" xlink:label="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2LeasesMember_E9725D50C8D9E83ADB69E7FF352B3F91" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Palo Verde Nuclear Generating Station, Unit 2 Leases [Member]</link:label>
    <link:label id="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2LeasesMember_E9725D50C8D9E83ADB69E7FF352B3F91_documentation_en-US" xlink:label="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2LeasesMember_E9725D50C8D9E83ADB69E7FF352B3F91" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Palo Verde Nuclear Generating Station, Unit 2 Leases [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PaloVerdeNuclearGeneratingStationUnit2LeasesMember" xlink:label="loc_pnm_PaloVerdeNuclearGeneratingStationUnit2LeasesMember_E9725D50C8D9E83ADB69E7FF352B3F91" xlink:type="locator" />
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    <link:label id="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2Leases31.2494MWMember_3E35377B377D06C4A7C0E7FF352B8530_label_en-US" xlink:label="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2Leases31.2494MWMember_3E35377B377D06C4A7C0E7FF352B8530" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Palo Verde Nuclear Generating Station, Unit 2 Leases 31.2494 MW [Member]</link:label>
    <link:label id="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2Leases31.2494MWMember_3E35377B377D06C4A7C0E7FF352B8530_documentation_en-US" xlink:label="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2Leases31.2494MWMember_3E35377B377D06C4A7C0E7FF352B8530" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Palo Verde Nuclear Generating Station, Unit 2 Leases 31.2494 MW [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PaloVerdeNuclearGeneratingStationUnit2Leases31.2494MWMember" xlink:label="loc_pnm_PaloVerdeNuclearGeneratingStationUnit2Leases31.2494MWMember_3E35377B377D06C4A7C0E7FF352B8530" xlink:type="locator" />
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    <link:label id="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2LeasesJanuary152016Member_23D31872E9C1053E42BEE7FF352B2890_label_en-US" xlink:label="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2LeasesJanuary152016Member_23D31872E9C1053E42BEE7FF352B2890" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Palo Verde Nuclear Generating Station, Unit 2 Leases, January 15, 2016 [Member]</link:label>
    <link:label id="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2LeasesJanuary152016Member_23D31872E9C1053E42BEE7FF352B2890_documentation_en-US" xlink:label="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2LeasesJanuary152016Member_23D31872E9C1053E42BEE7FF352B2890" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Palo Verde Nuclear Generating Station, Unit 2 Leases, January 15, 2016 [Member]</link:label>
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    <link:label id="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2Leases32.76MWMember_92B665D798E5AF2D95D8E7FF352B8043_label_en-US" xlink:label="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2Leases32.76MWMember_92B665D798E5AF2D95D8E7FF352B8043" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Palo Verde Nuclear Generating Station, Unit 2 Leases 32.76 MW [Member]</link:label>
    <link:label id="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2Leases32.76MWMember_92B665D798E5AF2D95D8E7FF352B8043_documentation_en-US" xlink:label="lab_pnm_PaloVerdeNuclearGeneratingStationUnit2Leases32.76MWMember_92B665D798E5AF2D95D8E7FF352B8043" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Palo Verde Nuclear Generating Station, Unit 2 Leases 32.76 MW [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PaloVerdeNuclearGeneratingStationUnit2Leases32.76MWMember" xlink:label="loc_pnm_PaloVerdeNuclearGeneratingStationUnit2Leases32.76MWMember_92B665D798E5AF2D95D8E7FF352B8043" xlink:type="locator" />
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    <link:label id="lab_us-gaap_OperatingLeasedAssetsLineItems_461B39D97C11714AD132E7FF352B834F_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasedAssetsLineItems_461B39D97C11714AD132E7FF352B834F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating Leased Assets [Line Items]</link:label>
    <link:label id="lab_us-gaap_OperatingLeasedAssetsLineItems_461B39D97C11714AD132E7FF352B834F_label_en-US" xlink:label="lab_us-gaap_OperatingLeasedAssetsLineItems_461B39D97C11714AD132E7FF352B834F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Leased Assets [Line Items]</link:label>
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    <link:label id="lab_pnm_Numberofleasesexpiring_8B9C71CAA4DB865F6A81E7FF352B2F59_terseLabel_en-US" xlink:label="lab_pnm_Numberofleasesexpiring_8B9C71CAA4DB865F6A81E7FF352B2F59" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of leases, expiring</link:label>
    <link:label id="lab_pnm_Numberofleasesexpiring_8B9C71CAA4DB865F6A81E7FF352B2F59_label_en-US" xlink:label="lab_pnm_Numberofleasesexpiring_8B9C71CAA4DB865F6A81E7FF352B2F59" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of leases, expiring</link:label>
    <link:label id="lab_pnm_Numberofleasesexpiring_8B9C71CAA4DB865F6A81E7FF352B2F59_documentation_en-US" xlink:label="lab_pnm_Numberofleasesexpiring_8B9C71CAA4DB865F6A81E7FF352B2F59" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of leases, expiring</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_Numberofleasesexpiring" xlink:label="loc_pnm_Numberofleasesexpiring_8B9C71CAA4DB865F6A81E7FF352B2F59" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesNumberofleasesunderwhichleasetermwasextended_D1B6F39A26431336BAC4E7FF352B3240_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofleasesunderwhichleasetermwasextended_D1B6F39A26431336BAC4E7FF352B3240" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of leases under which lease term was extended</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofleasesunderwhichleasetermwasextended_D1B6F39A26431336BAC4E7FF352B3240_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofleasesunderwhichleasetermwasextended_D1B6F39A26431336BAC4E7FF352B3240" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of leases under which lease term was extended</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofleasesunderwhichleasetermwasextended_D1B6F39A26431336BAC4E7FF352B3240_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofleasesunderwhichleasetermwasextended_D1B6F39A26431336BAC4E7FF352B3240" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of leases under which lease term was extended</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNumberofleasesunderwhichleasetermwasextended" xlink:label="loc_pnm_PublicUtilitiesNumberofleasesunderwhichleasetermwasextended_D1B6F39A26431336BAC4E7FF352B3240" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesNumberofleasesunderwhichassetswerepurchased_76D724F3AC2EE157C4ABE7FF352B926D_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofleasesunderwhichassetswerepurchased_76D724F3AC2EE157C4ABE7FF352B926D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of leases under which assets were purchased</link:label>
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    <link:label id="lab_pnm_PurchasePriceofLeasedAssetPaid_88DEF5769041C2264943E7FF352B0940_terseLabel_en-US" xlink:label="lab_pnm_PurchasePriceofLeasedAssetPaid_88DEF5769041C2264943E7FF352B0940" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payment to lessors</link:label>
    <link:label id="lab_pnm_PurchasePriceofLeasedAssetPaid_88DEF5769041C2264943E7FF352B0940_label_en-US" xlink:label="lab_pnm_PurchasePriceofLeasedAssetPaid_88DEF5769041C2264943E7FF352B0940" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase Price of Leased Asset, Paid</link:label>
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_PurchasePriceofLeasedAssetPaid" xlink:label="loc_pnm_PurchasePriceofLeasedAssetPaid_88DEF5769041C2264943E7FF352B0940" xlink:type="locator" />
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    <link:label id="lab_pnm_LeasedCapacitytobePurchased_706EEC5066F6C9CE58ECE7FF352BE43D_terseLabel_en-US" xlink:label="lab_pnm_LeasedCapacitytobePurchased_706EEC5066F6C9CE58ECE7FF352BE43D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leased capacity to be purchased (in megawatts)</link:label>
    <link:label id="lab_pnm_LeasedCapacitytobePurchased_706EEC5066F6C9CE58ECE7FF352BE43D_label_en-US" xlink:label="lab_pnm_LeasedCapacitytobePurchased_706EEC5066F6C9CE58ECE7FF352BE43D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leased Capacity to be Purchased</link:label>
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_LeasedCapacitytobePurchased" xlink:label="loc_pnm_LeasedCapacitytobePurchased_706EEC5066F6C9CE58ECE7FF352BE43D" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LossContingencyRangeOfPossibleLossPortionNotAccrued_18D1E00AB8498B268FBBE7FF352BFBF0_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyRangeOfPossibleLossPortionNotAccrued_18D1E00AB8498B268FBBE7FF352BFBF0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loss contingency, lease arrangements (up to)</link:label>
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    <link:label id="lab_pnm_NewMexicoWindMember_83D54E103C91AFA3ED1054FAC8284924_documentation_en-US" xlink:label="lab_pnm_NewMexicoWindMember_83D54E103C91AFA3ED1054FAC8284924" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">New Mexico Wind [Member]</link:label>
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    <link:label id="lab_pnm_LightningDockGeothermalMember_13E60E897B2F81D86AB954FAC828205D_terseLabel_en-US" xlink:label="lab_pnm_LightningDockGeothermalMember_13E60E897B2F81D86AB954FAC828205D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lightning Dock Geothermal</link:label>
    <link:label id="lab_pnm_LightningDockGeothermalMember_13E60E897B2F81D86AB954FAC828205D_label_en-US" xlink:label="lab_pnm_LightningDockGeothermalMember_13E60E897B2F81D86AB954FAC828205D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lightning Dock Geothermal [Member]</link:label>
    <link:label id="lab_pnm_LightningDockGeothermalMember_13E60E897B2F81D86AB954FAC828205D_documentation_en-US" xlink:label="lab_pnm_LightningDockGeothermalMember_13E60E897B2F81D86AB954FAC828205D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lightning Dock Geothermal [Member]</link:label>
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    <link:label id="lab_pnm_DiversificationByTypeAxis_C533A6ED0F55EF2B6CEF54FAC829A388_terseLabel_en-US" xlink:label="lab_pnm_DiversificationByTypeAxis_C533A6ED0F55EF2B6CEF54FAC829A388" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Diversification by Type [Axis]</link:label>
    <link:label id="lab_pnm_DiversificationByTypeAxis_C533A6ED0F55EF2B6CEF54FAC829A388_label_en-US" xlink:label="lab_pnm_DiversificationByTypeAxis_C533A6ED0F55EF2B6CEF54FAC829A388" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Diversification by Type [Axis]</link:label>
    <link:label id="lab_pnm_DiversificationByTypeAxis_C533A6ED0F55EF2B6CEF54FAC829A388_documentation_en-US" xlink:label="lab_pnm_DiversificationByTypeAxis_C533A6ED0F55EF2B6CEF54FAC829A388" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Diversification by Type [Axis]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_DiversificationByTypeAxis" xlink:label="loc_pnm_DiversificationByTypeAxis_C533A6ED0F55EF2B6CEF54FAC829A388" xlink:type="locator" />
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    <link:label id="lab_pnm_DiversificationByTypeDomain_22FDD84DB7D6B866061754FAC829BC97_terseLabel_en-US" xlink:label="lab_pnm_DiversificationByTypeDomain_22FDD84DB7D6B866061754FAC829BC97" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Diversification by Type [Domain]</link:label>
    <link:label id="lab_pnm_DiversificationByTypeDomain_22FDD84DB7D6B866061754FAC829BC97_label_en-US" xlink:label="lab_pnm_DiversificationByTypeDomain_22FDD84DB7D6B866061754FAC829BC97" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Diversification by Type [Domain]</link:label>
    <link:label id="lab_pnm_DiversificationByTypeDomain_22FDD84DB7D6B866061754FAC829BC97_documentation_en-US" xlink:label="lab_pnm_DiversificationByTypeDomain_22FDD84DB7D6B866061754FAC829BC97" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Diversification by Type [Domain]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_DiversificationByTypeDomain" xlink:label="loc_pnm_DiversificationByTypeDomain_22FDD84DB7D6B866061754FAC829BC97" xlink:type="locator" />
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    <link:label id="lab_pnm_WindEnergyMember_754CC946DD13C86F4EE654FAC82947D6_documentation_en-US" xlink:label="lab_pnm_WindEnergyMember_754CC946DD13C86F4EE654FAC82947D6" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Wind Energy [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_WindEnergyMember" xlink:label="loc_pnm_WindEnergyMember_754CC946DD13C86F4EE654FAC82947D6" xlink:type="locator" />
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    <link:label id="lab_pnm_SolarEnergyMember_8DAE604B41AE4C209DA154FAC8291A4A_label_en-US" xlink:label="lab_pnm_SolarEnergyMember_8DAE604B41AE4C209DA154FAC8291A4A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Solar Energy [Member]</link:label>
    <link:label id="lab_pnm_SolarEnergyMember_8DAE604B41AE4C209DA154FAC8291A4A_documentation_en-US" xlink:label="lab_pnm_SolarEnergyMember_8DAE604B41AE4C209DA154FAC8291A4A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Solar Energy [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_SolarEnergyMember" xlink:label="loc_pnm_SolarEnergyMember_8DAE604B41AE4C209DA154FAC8291A4A" xlink:type="locator" />
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    <link:label id="lab_pnm_DistributedGenerationMember_F10DC82C0F48CAEFCE7554FAC8295678_label_en-US" xlink:label="lab_pnm_DistributedGenerationMember_F10DC82C0F48CAEFCE7554FAC8295678" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Distributed Generation [Member]</link:label>
    <link:label id="lab_pnm_DistributedGenerationMember_F10DC82C0F48CAEFCE7554FAC8295678_documentation_en-US" xlink:label="lab_pnm_DistributedGenerationMember_F10DC82C0F48CAEFCE7554FAC8295678" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Distributed Generation [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_DistributedGenerationMember" xlink:label="loc_pnm_DistributedGenerationMember_F10DC82C0F48CAEFCE7554FAC8295678" xlink:type="locator" />
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    <link:label id="lab_pnm_RenewableTechnologiesMember_0410E4512141E331BD1954FAC8292F24_terseLabel_en-US" xlink:label="lab_pnm_RenewableTechnologiesMember_0410E4512141E331BD1954FAC8292F24" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_pnm_RenewableTechnologiesMember_0410E4512141E331BD1954FAC8292F24_documentation_en-US" xlink:label="lab_pnm_RenewableTechnologiesMember_0410E4512141E331BD1954FAC8292F24" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Renewable Technologies [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_RenewableTechnologiesMember" xlink:label="loc_pnm_RenewableTechnologiesMember_0410E4512141E331BD1954FAC8292F24" xlink:type="locator" />
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    <link:label id="lab_pnm_DateOfRegulatoryActionAxis_7EEC02F74078C339F1D854FAC829657C_label_en-US" xlink:label="lab_pnm_DateOfRegulatoryActionAxis_7EEC02F74078C339F1D854FAC829657C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Date of Regulatory Action [Axis]</link:label>
    <link:label id="lab_pnm_DateOfRegulatoryActionAxis_7EEC02F74078C339F1D854FAC829657C_documentation_en-US" xlink:label="lab_pnm_DateOfRegulatoryActionAxis_7EEC02F74078C339F1D854FAC829657C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Date of Regulatory Action [Axis]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_DateOfRegulatoryActionAxis" xlink:label="loc_pnm_DateOfRegulatoryActionAxis_7EEC02F74078C339F1D854FAC829657C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_DateOfRegulatoryActionAxis_7EEC02F74078C339F1D854FAC829657C" xlink:to="lab_pnm_DateOfRegulatoryActionAxis_7EEC02F74078C339F1D854FAC829657C" xlink:type="arc" />
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_DateOfRegulatoryActionDomain" xlink:label="loc_pnm_DateOfRegulatoryActionDomain_4D3932F49343C724AFC954FAC8294FC0" xlink:type="locator" />
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    <link:label id="lab_pnm_RequiredPercentageBy2011Member_590BAA44A67237773BB154FAC8299B2C_label_en-US" xlink:label="lab_pnm_RequiredPercentageBy2011Member_590BAA44A67237773BB154FAC8299B2C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Required Percentage by 2011 [Member]</link:label>
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_RequiredPercentageBy2011Member" xlink:label="loc_pnm_RequiredPercentageBy2011Member_590BAA44A67237773BB154FAC8299B2C" xlink:type="locator" />
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_RequiredPercentageBy2015Member" xlink:label="loc_pnm_RequiredPercentageBy2015Member_19E163E000FDB146F41754FAC829D1AB" xlink:type="locator" />
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    <link:label id="lab_pnm_RequiredPercentageBy2020Member_616E38B749C72E623A9B54FAC82999CE_documentation_en-US" xlink:label="lab_pnm_RequiredPercentageBy2020Member_616E38B749C72E623A9B54FAC82999CE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Required Percentage by 2020 [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_RequiredPercentageBy2020Member" xlink:label="loc_pnm_RequiredPercentageBy2020Member_616E38B749C72E623A9B54FAC82999CE" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesRevenueStreamAxis_70F81CDEE32BCE3D5DBE54FAC82ADAEF_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesRevenueStreamAxis_70F81CDEE32BCE3D5DBE54FAC82ADAEF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Public Utilities, Revenue Stream [Axis]</link:label>
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    <link:label id="lab_pnm_IntegratedResourcePlan2011Member_00D387C50B060371E33354FAC82C3BC4_terseLabel_en-US" xlink:label="lab_pnm_IntegratedResourcePlan2011Member_00D387C50B060371E33354FAC82C3BC4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Integrated Resource Plan, 2011</link:label>
    <link:label id="lab_pnm_IntegratedResourcePlan2011Member_00D387C50B060371E33354FAC82C3BC4_label_en-US" xlink:label="lab_pnm_IntegratedResourcePlan2011Member_00D387C50B060371E33354FAC82C3BC4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Integrated Resource Plan, 2011 [Member]</link:label>
    <link:label id="lab_pnm_IntegratedResourcePlan2011Member_00D387C50B060371E33354FAC82C3BC4_documentation_en-US" xlink:label="lab_pnm_IntegratedResourcePlan2011Member_00D387C50B060371E33354FAC82C3BC4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Integrated Resource Plan, 2011 [Member]</link:label>
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    <link:label id="lab_pnm_AdvancedmeteringinfrastructureMember_3471C429D4A374AA5A2854FAC82CE92F_terseLabel_en-US" xlink:label="lab_pnm_AdvancedmeteringinfrastructureMember_3471C429D4A374AA5A2854FAC82CE92F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Advanced Metering Infrastructure Costs</link:label>
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    <link:label id="lab_pnm_AdvancedmeteringinfrastructureMember_3471C429D4A374AA5A2854FAC82CE92F_documentation_en-US" xlink:label="lab_pnm_AdvancedmeteringinfrastructureMember_3471C429D4A374AA5A2854FAC82CE92F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Advanced metering infrastructure [Member]</link:label>
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    <link:label id="lab_pnm_FutureTestYearPeriod_53F70B4B4DC62F46ECF955598E18B2B1_terseLabel_en-US" xlink:label="lab_pnm_FutureTestYearPeriod_53F70B4B4DC62F46ECF955598E18B2B1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Future test year period</link:label>
    <link:label id="lab_pnm_FutureTestYearPeriod_53F70B4B4DC62F46ECF955598E18B2B1_label_en-US" xlink:label="lab_pnm_FutureTestYearPeriod_53F70B4B4DC62F46ECF955598E18B2B1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Future Test Year Period</link:label>
    <link:label id="lab_pnm_FutureTestYearPeriod_53F70B4B4DC62F46ECF955598E18B2B1_documentation_en-US" xlink:label="lab_pnm_FutureTestYearPeriod_53F70B4B4DC62F46ECF955598E18B2B1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Future Test Year Period</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_FutureTestYearPeriod" xlink:label="loc_pnm_FutureTestYearPeriod_53F70B4B4DC62F46ECF955598E18B2B1" xlink:type="locator" />
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    <link:label id="lab_pnm_PubicUtilitiesRequestedRateIncreaseDecreaseInitialIncreaseAmount_BE3DFF748AABE89FF7BB54FAC82D2671_terseLabel_en-US" xlink:label="lab_pnm_PubicUtilitiesRequestedRateIncreaseDecreaseInitialIncreaseAmount_BE3DFF748AABE89FF7BB54FAC82D2671" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Requested initial rate increase (decrease)</link:label>
    <link:label id="lab_pnm_PubicUtilitiesRequestedRateIncreaseDecreaseInitialIncreaseAmount_BE3DFF748AABE89FF7BB54FAC82D2671_label_en-US" xlink:label="lab_pnm_PubicUtilitiesRequestedRateIncreaseDecreaseInitialIncreaseAmount_BE3DFF748AABE89FF7BB54FAC82D2671" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pubic Utilities, Requested Rate Increase (Decrease), Initial Increase Amount</link:label>
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    <link:label id="lab_pnm_FuturetestyearperiodRevisedNumberofdaysfollowingthefilingofapplicationforrateincrease_11011869213E78682FB754FAC82D55AE_terseLabel_en-US" xlink:label="lab_pnm_FuturetestyearperiodRevisedNumberofdaysfollowingthefilingofapplicationforrateincrease_11011869213E78682FB754FAC82D55AE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period of time after the filing of a rate case application</link:label>
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    <link:label id="lab_pnm_FuturetestyearperiodRevisedNumberofdaysfollowingthefilingofapplicationforrateincrease_11011869213E78682FB754FAC82D55AE_documentation_en-US" xlink:label="lab_pnm_FuturetestyearperiodRevisedNumberofdaysfollowingthefilingofapplicationforrateincrease_11011869213E78682FB754FAC82D55AE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Future test year period, Revised, Number of days following the filing of application for rate increase</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesRequestedRateincreaseDecreasenonfuelamount_62A333460F5421CF54BF54FAC82D7A23_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesRequestedRateincreaseDecreasenonfuelamount_62A333460F5421CF54BF54FAC82D7A23" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Requested rate increase (decrease) of non-fuel revenue</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesRequestedRateincreaseDecreasenonfuelamount_62A333460F5421CF54BF54FAC82D7A23_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesRequestedRateincreaseDecreasenonfuelamount_62A333460F5421CF54BF54FAC82D7A23" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Requested Rate increase (Decrease), non-fuel amount</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesRequestedRateincreaseDecreasenonfuelamount" xlink:label="loc_pnm_PublicUtilitiesRequestedRateincreaseDecreasenonfuelamount_62A333460F5421CF54BF54FAC82D7A23" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesHearingExaminerRecommendedReturnonEquityPercentage_562572DAC44B4EBB050A54FAC82DDD08_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesHearingExaminerRecommendedReturnonEquityPercentage_562572DAC44B4EBB050A54FAC82DDD08" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hearing examiner's recommended return on equity</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesHearingExaminerRecommendedReturnonEquityPercentage_562572DAC44B4EBB050A54FAC82DDD08_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesHearingExaminerRecommendedReturnonEquityPercentage_562572DAC44B4EBB050A54FAC82DDD08" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Hearing Examiner Recommended Return on Equity, Percentage</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesHearingExaminerRecommendedRateincreaseDecreasenonfuelamount_7F6907FF69B9F24178D454FAC82D8506_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesHearingExaminerRecommendedRateincreaseDecreasenonfuelamount_7F6907FF69B9F24178D454FAC82D8506" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hearing examiner's recommended rate increase (decrease) of non-fuel revenue</link:label>
    <link:label id="lab_pnm_PublicUtilitiesHearingExaminerRecommendedRateincreaseDecreasenonfuelamount_7F6907FF69B9F24178D454FAC82D8506_label_en-US" xlink:label="lab_pnm_PublicUtilitiesHearingExaminerRecommendedRateincreaseDecreasenonfuelamount_7F6907FF69B9F24178D454FAC82D8506" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Hearing Examiner Recommended Rate increase (Decrease), non-fuel amount</link:label>
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesHearingExaminerRecommendedRateincreaseDecreasenonfuelamount" xlink:label="loc_pnm_PublicUtilitiesHearingExaminerRecommendedRateincreaseDecreasenonfuelamount_7F6907FF69B9F24178D454FAC82D8506" xlink:type="locator" />
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    <link:label id="lab_us-gaap_PublicUtilitiesRequestedReturnOnEquityPercentage_84585A4E8C001DD5818E54FAC82D4448_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesRequestedReturnOnEquityPercentage_84585A4E8C001DD5818E54FAC82D4448" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Requested return on equity</link:label>
    <link:label id="lab_us-gaap_PublicUtilitiesRequestedReturnOnEquityPercentage_84585A4E8C001DD5818E54FAC82D4448_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesRequestedReturnOnEquityPercentage_84585A4E8C001DD5818E54FAC82D4448" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Requested Return on Equity, Percentage</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PublicUtilitiesRequestedReturnOnEquityPercentage" xlink:label="loc_us-gaap_PublicUtilitiesRequestedReturnOnEquityPercentage_84585A4E8C001DD5818E54FAC82D4448" xlink:type="locator" />
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    <link:label id="lab_pnm_NumberOfMegaWattsPurchased_0AD1ABA8BA8A2BA1017754FAC82EF7BF_terseLabel_en-US" xlink:label="lab_pnm_NumberOfMegaWattsPurchased_0AD1ABA8BA8A2BA1017754FAC82EF7BF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of megawatts purchased (in megawatts)</link:label>
    <link:label id="lab_pnm_NumberOfMegaWattsPurchased_0AD1ABA8BA8A2BA1017754FAC82EF7BF_label_en-US" xlink:label="lab_pnm_NumberOfMegaWattsPurchased_0AD1ABA8BA8A2BA1017754FAC82EF7BF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Mega Watts Purchased</link:label>
    <link:label id="lab_pnm_NumberOfMegaWattsPurchased_0AD1ABA8BA8A2BA1017754FAC82EF7BF_documentation_en-US" xlink:label="lab_pnm_NumberOfMegaWattsPurchased_0AD1ABA8BA8A2BA1017754FAC82EF7BF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of Mega Watts Purchased</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_NumberOfMegaWattsPurchased" xlink:label="loc_pnm_NumberOfMegaWattsPurchased_0AD1ABA8BA8A2BA1017754FAC82EF7BF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_NumberOfMegaWattsPurchased_0AD1ABA8BA8A2BA1017754FAC82EF7BF" xlink:to="lab_pnm_NumberOfMegaWattsPurchased_0AD1ABA8BA8A2BA1017754FAC82EF7BF" xlink:type="arc" />
    <link:label id="lab_pnm_NetbookvalueCapitalimprovements_52FB5C4C148655EF3C3054FAC82E64C7_terseLabel_en-US" xlink:label="lab_pnm_NetbookvalueCapitalimprovements_52FB5C4C148655EF3C3054FAC82E64C7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net book value of capitalized improvements</link:label>
    <link:label id="lab_pnm_NetbookvalueCapitalimprovements_52FB5C4C148655EF3C3054FAC82E64C7_label_en-US" xlink:label="lab_pnm_NetbookvalueCapitalimprovements_52FB5C4C148655EF3C3054FAC82E64C7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net book value, Capital improvements</link:label>
    <link:label id="lab_pnm_NetbookvalueCapitalimprovements_52FB5C4C148655EF3C3054FAC82E64C7_documentation_en-US" xlink:label="lab_pnm_NetbookvalueCapitalimprovements_52FB5C4C148655EF3C3054FAC82E64C7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Net book value, Capital improvements</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_NetbookvalueCapitalimprovements" xlink:label="loc_pnm_NetbookvalueCapitalimprovements_52FB5C4C148655EF3C3054FAC82E64C7" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_NetbookvalueCapitalimprovements_52FB5C4C148655EF3C3054FAC82E64C7" xlink:to="lab_pnm_NetbookvalueCapitalimprovements_52FB5C4C148655EF3C3054FAC82E64C7" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesDisallowedleaseholdimprovements_628265357F7EF5C1210854FAC82E3D91_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesDisallowedleaseholdimprovements_628265357F7EF5C1210854FAC82E3D91" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disallowance of the recovery underpreciated costs of capitalized leasehold improvements</link:label>
    <link:label id="lab_pnm_PublicUtilitiesDisallowedleaseholdimprovements_628265357F7EF5C1210854FAC82E3D91_label_en-US" xlink:label="lab_pnm_PublicUtilitiesDisallowedleaseholdimprovements_628265357F7EF5C1210854FAC82E3D91" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Disallowed leasehold improvements</link:label>
    <link:label id="lab_pnm_PublicUtilitiesDisallowedleaseholdimprovements_628265357F7EF5C1210854FAC82E3D91_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesDisallowedleaseholdimprovements_628265357F7EF5C1210854FAC82E3D91" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Disallowed leasehold improvements</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesDisallowedleaseholdimprovements" xlink:label="loc_pnm_PublicUtilitiesDisallowedleaseholdimprovements_628265357F7EF5C1210854FAC82E3D91" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesDisallowedleaseholdimprovements_628265357F7EF5C1210854FAC82E3D91" xlink:to="lab_pnm_PublicUtilitiesDisallowedleaseholdimprovements_628265357F7EF5C1210854FAC82E3D91" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesApprovedleaseacquisitioncosts_8818772A8C82796E1F4F54FAC82EF533_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedleaseacquisitioncosts_8818772A8C82796E1F4F54FAC82EF533" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Initial rate base value</link:label>
    <link:label id="lab_pnm_PublicUtilitiesApprovedleaseacquisitioncosts_8818772A8C82796E1F4F54FAC82EF533_label_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedleaseacquisitioncosts_8818772A8C82796E1F4F54FAC82EF533" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Approved lease acquisition costs</link:label>
    <link:label id="lab_pnm_PublicUtilitiesApprovedleaseacquisitioncosts_8818772A8C82796E1F4F54FAC82EF533_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedleaseacquisitioncosts_8818772A8C82796E1F4F54FAC82EF533" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Approved lease acquisition costs</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesApprovedleaseacquisitioncosts" xlink:label="loc_pnm_PublicUtilitiesApprovedleaseacquisitioncosts_8818772A8C82796E1F4F54FAC82EF533" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesApprovedleaseacquisitioncosts_8818772A8C82796E1F4F54FAC82EF533" xlink:to="lab_pnm_PublicUtilitiesApprovedleaseacquisitioncosts_8818772A8C82796E1F4F54FAC82EF533" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasefuelrelatedcosts_312EB1514BC693D2C3FE54FAC82EB5BA_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasefuelrelatedcosts_312EB1514BC693D2C3FE54FAC82EB5BA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Requested rate increase (decrease) for fuel related costs</link:label>
    <link:label id="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasefuelrelatedcosts_312EB1514BC693D2C3FE54FAC82EB5BA_label_en-US" xlink:label="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasefuelrelatedcosts_312EB1514BC693D2C3FE54FAC82EB5BA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Change in Requested Rate increase (Decrease), fuel related costs</link:label>
    <link:label id="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasefuelrelatedcosts_312EB1514BC693D2C3FE54FAC82EB5BA_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasefuelrelatedcosts_312EB1514BC693D2C3FE54FAC82EB5BA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Change in Requested Rate increase (Decrease), fuel related costs</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasefuelrelatedcosts" xlink:label="loc_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasefuelrelatedcosts_312EB1514BC693D2C3FE54FAC82EB5BA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasefuelrelatedcosts_312EB1514BC693D2C3FE54FAC82EB5BA" xlink:to="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasefuelrelatedcosts_312EB1514BC693D2C3FE54FAC82EB5BA" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasenonfuelamount_353D73ED1B8071C008A354FAC82E293C_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasenonfuelamount_353D73ED1B8071C008A354FAC82E293C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Requested rate increase (decrease) for non-fuel related revenues</link:label>
    <link:label id="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasenonfuelamount_353D73ED1B8071C008A354FAC82E293C_label_en-US" xlink:label="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasenonfuelamount_353D73ED1B8071C008A354FAC82E293C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Change in Requested Rate increase (Decrease), non-fuel amount</link:label>
    <link:label id="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasenonfuelamount_353D73ED1B8071C008A354FAC82E293C_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasenonfuelamount_353D73ED1B8071C008A354FAC82E293C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Change in Requested Rate increase (Decrease), non-fuel amount</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasenonfuelamount" xlink:label="loc_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasenonfuelamount_353D73ED1B8071C008A354FAC82E293C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasenonfuelamount_353D73ED1B8071C008A354FAC82E293C" xlink:to="lab_pnm_PublicUtilitiesChangeinRequestedRateincreaseDecreasenonfuelamount_353D73ED1B8071C008A354FAC82E293C" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAcquisitioncosts_A181B16239AB0D42163954FAC82E4B84_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAcquisitioncosts_A181B16239AB0D42163954FAC82E4B84" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hearing examiner's proposed disallowance of recovery</link:label>
    <link:label id="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAcquisitioncosts_A181B16239AB0D42163954FAC82E4B84_label_en-US" xlink:label="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAcquisitioncosts_A181B16239AB0D42163954FAC82E4B84" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Hearing Examiner Proposed disallowance, Lease Acquisition costs</link:label>
    <link:label id="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAcquisitioncosts_A181B16239AB0D42163954FAC82E4B84_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAcquisitioncosts_A181B16239AB0D42163954FAC82E4B84" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Hearing Examiner Proposed disallowance, Lease Acquisition costs</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAcquisitioncosts" xlink:label="loc_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAcquisitioncosts_A181B16239AB0D42163954FAC82E4B84" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAcquisitioncosts_A181B16239AB0D42163954FAC82E4B84" xlink:to="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAcquisitioncosts_A181B16239AB0D42163954FAC82E4B84" xlink:type="arc" />
    <link:label id="lab_pnm_Estimatedannualpropertytaxexpense_A8E0CE47633A1810C73554FAC82ED39F_terseLabel_en-US" xlink:label="lab_pnm_Estimatedannualpropertytaxexpense_A8E0CE47633A1810C73554FAC82ED39F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated annual property tax expense</link:label>
    <link:label id="lab_pnm_Estimatedannualpropertytaxexpense_A8E0CE47633A1810C73554FAC82ED39F_label_en-US" xlink:label="lab_pnm_Estimatedannualpropertytaxexpense_A8E0CE47633A1810C73554FAC82ED39F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Estimated annual property tax expense</link:label>
    <link:label id="lab_pnm_Estimatedannualpropertytaxexpense_A8E0CE47633A1810C73554FAC82ED39F_documentation_en-US" xlink:label="lab_pnm_Estimatedannualpropertytaxexpense_A8E0CE47633A1810C73554FAC82ED39F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Estimated annual property tax expense</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_Estimatedannualpropertytaxexpense" xlink:label="loc_pnm_Estimatedannualpropertytaxexpense_A8E0CE47633A1810C73554FAC82ED39F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_Estimatedannualpropertytaxexpense_A8E0CE47633A1810C73554FAC82ED39F" xlink:to="lab_pnm_Estimatedannualpropertytaxexpense_A8E0CE47633A1810C73554FAC82ED39F" xlink:type="arc" />
    <link:label id="lab_pnm_Estimatedannualrentexpense_0F663E01CD21B30E94D054FAC82EFEBF_terseLabel_en-US" xlink:label="lab_pnm_Estimatedannualrentexpense_0F663E01CD21B30E94D054FAC82EFEBF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated annual rent expense</link:label>
    <link:label id="lab_pnm_Estimatedannualrentexpense_0F663E01CD21B30E94D054FAC82EFEBF_label_en-US" xlink:label="lab_pnm_Estimatedannualrentexpense_0F663E01CD21B30E94D054FAC82EFEBF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Estimated annual rent expense</link:label>
    <link:label id="lab_pnm_Estimatedannualrentexpense_0F663E01CD21B30E94D054FAC82EFEBF_documentation_en-US" xlink:label="lab_pnm_Estimatedannualrentexpense_0F663E01CD21B30E94D054FAC82EFEBF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Estimated annual rent expense</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_Estimatedannualrentexpense" xlink:label="loc_pnm_Estimatedannualrentexpense_0F663E01CD21B30E94D054FAC82EFEBF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_Estimatedannualrentexpense_0F663E01CD21B30E94D054FAC82EFEBF" xlink:to="lab_pnm_Estimatedannualrentexpense_0F663E01CD21B30E94D054FAC82EFEBF" xlink:type="arc" />
    <link:label id="lab_pnm_Leasetermextensionperiod_6127123807763EBC4FE554FAC82E379D_terseLabel_en-US" xlink:label="lab_pnm_Leasetermextensionperiod_6127123807763EBC4FE554FAC82E379D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease term extension period</link:label>
    <link:label id="lab_pnm_Leasetermextensionperiod_6127123807763EBC4FE554FAC82E379D_label_en-US" xlink:label="lab_pnm_Leasetermextensionperiod_6127123807763EBC4FE554FAC82E379D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease term extension period</link:label>
    <link:label id="lab_pnm_Leasetermextensionperiod_6127123807763EBC4FE554FAC82E379D_documentation_en-US" xlink:label="lab_pnm_Leasetermextensionperiod_6127123807763EBC4FE554FAC82E379D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lease term extension period</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_Leasetermextensionperiod" xlink:label="loc_pnm_Leasetermextensionperiod_6127123807763EBC4FE554FAC82E379D" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_Leasetermextensionperiod_6127123807763EBC4FE554FAC82E379D" xlink:to="lab_pnm_Leasetermextensionperiod_6127123807763EBC4FE554FAC82E379D" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesApprovedrecoveryOperatingandMaintenancesavingsrelatedtoBalancedDraftTechnology_FBCA45BC3874583EDE8754FAC82F651C_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedrecoveryOperatingandMaintenancesavingsrelatedtoBalancedDraftTechnology_FBCA45BC3874583EDE8754FAC82F651C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Recovery of assumed operating and maintenance expense savings annually</link:label>
    <link:label id="lab_pnm_PublicUtilitiesApprovedrecoveryOperatingandMaintenancesavingsrelatedtoBalancedDraftTechnology_FBCA45BC3874583EDE8754FAC82F651C_label_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedrecoveryOperatingandMaintenancesavingsrelatedtoBalancedDraftTechnology_FBCA45BC3874583EDE8754FAC82F651C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Approved recovery, Operating and Maintenance savings related to Balanced Draft Technology</link:label>
    <link:label id="lab_pnm_PublicUtilitiesApprovedrecoveryOperatingandMaintenancesavingsrelatedtoBalancedDraftTechnology_FBCA45BC3874583EDE8754FAC82F651C_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedrecoveryOperatingandMaintenancesavingsrelatedtoBalancedDraftTechnology_FBCA45BC3874583EDE8754FAC82F651C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Approved recovery, Operating and Maintenance savings related to Balanced Draft Technology</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesApprovedrecoveryOperatingandMaintenancesavingsrelatedtoBalancedDraftTechnology" xlink:label="loc_pnm_PublicUtilitiesApprovedrecoveryOperatingandMaintenancesavingsrelatedtoBalancedDraftTechnology_FBCA45BC3874583EDE8754FAC82F651C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesApprovedrecoveryOperatingandMaintenancesavingsrelatedtoBalancedDraftTechnology_FBCA45BC3874583EDE8754FAC82F651C" xlink:to="lab_pnm_PublicUtilitiesApprovedrecoveryOperatingandMaintenancesavingsrelatedtoBalancedDraftTechnology_FBCA45BC3874583EDE8754FAC82F651C" xlink:type="arc" />
    <link:label id="lab_pnm_InstallationCapitalCosts_64D4C0CDCA722831E46554FAC82F9FD4_terseLabel_en-US" xlink:label="lab_pnm_InstallationCapitalCosts_64D4C0CDCA722831E46554FAC82F9FD4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Installation Capital Costs</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_InstallationCapitalCosts" xlink:label="loc_pnm_InstallationCapitalCosts_64D4C0CDCA722831E46554FAC82F9FD4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_InstallationCapitalCosts_64D4C0CDCA722831E46554FAC82F9FD4" xlink:to="lab_pnm_InstallationCapitalCosts_64D4C0CDCA722831E46554FAC82F9FD4" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesRequestedRateincreaseDecreaseBalancedDraftTechnologyCostRecovery_C1E53A8A859B942310DA54FAC82F7E8C_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesRequestedRateincreaseDecreaseBalancedDraftTechnologyCostRecovery_C1E53A8A859B942310DA54FAC82F7E8C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Requested base rate increase (decrease)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRequestedRateincreaseDecreaseBalancedDraftTechnologyCostRecovery_C1E53A8A859B942310DA54FAC82F7E8C_label_en-US" xlink:label="lab_pnm_PublicUtilitiesRequestedRateincreaseDecreaseBalancedDraftTechnologyCostRecovery_C1E53A8A859B942310DA54FAC82F7E8C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Requested Rate increase (Decrease), Balanced Draft Technology Cost Recovery</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRequestedRateincreaseDecreaseBalancedDraftTechnologyCostRecovery_C1E53A8A859B942310DA54FAC82F7E8C_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesRequestedRateincreaseDecreaseBalancedDraftTechnologyCostRecovery_C1E53A8A859B942310DA54FAC82F7E8C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Requested Rate increase (Decrease), Balanced Draft Technology Cost Recovery</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesRequestedRateincreaseDecreaseBalancedDraftTechnologyCostRecovery" xlink:label="loc_pnm_PublicUtilitiesRequestedRateincreaseDecreaseBalancedDraftTechnologyCostRecovery_C1E53A8A859B942310DA54FAC82F7E8C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesRequestedRateincreaseDecreaseBalancedDraftTechnologyCostRecovery_C1E53A8A859B942310DA54FAC82F7E8C" xlink:to="lab_pnm_PublicUtilitiesRequestedRateincreaseDecreaseBalancedDraftTechnologyCostRecovery_C1E53A8A859B942310DA54FAC82F7E8C" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAbandonmentcosts_85C47DDBD38C1E7DF68454FAC82FC3E2_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAbandonmentcosts_85C47DDBD38C1E7DF68454FAC82FC3E2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hearing examiner's recommended amount to not be recovered from retail customers</link:label>
    <link:label id="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAbandonmentcosts_85C47DDBD38C1E7DF68454FAC82FC3E2_label_en-US" xlink:label="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAbandonmentcosts_85C47DDBD38C1E7DF68454FAC82FC3E2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Hearing Examiner Proposed disallowance, Lease Abandonment costs</link:label>
    <link:label id="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAbandonmentcosts_85C47DDBD38C1E7DF68454FAC82FC3E2_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAbandonmentcosts_85C47DDBD38C1E7DF68454FAC82FC3E2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Hearing Examiner Proposed disallowance, Lease Abandonment costs</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAbandonmentcosts" xlink:label="loc_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAbandonmentcosts_85C47DDBD38C1E7DF68454FAC82FC3E2" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAbandonmentcosts_85C47DDBD38C1E7DF68454FAC82FC3E2" xlink:to="lab_pnm_PublicUtilitiesHearingExaminerProposeddisallowanceLeaseAbandonmentcosts_85C47DDBD38C1E7DF68454FAC82FC3E2" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesHearingExaminerRecommendationPercentageofrevenuetobecreditedtocustomers_2B915DA9C6ADAF1378FC54FAC82F4D76_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesHearingExaminerRecommendationPercentageofrevenuetobecreditedtocustomers_2B915DA9C6ADAF1378FC54FAC82F4D76" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hearing examiner's recommended percentage of revenue to be credited to customers</link:label>
    <link:label id="lab_pnm_PublicUtilitiesHearingExaminerRecommendationPercentageofrevenuetobecreditedtocustomers_2B915DA9C6ADAF1378FC54FAC82F4D76_label_en-US" xlink:label="lab_pnm_PublicUtilitiesHearingExaminerRecommendationPercentageofrevenuetobecreditedtocustomers_2B915DA9C6ADAF1378FC54FAC82F4D76" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Hearing Examiner Recommendation, Percentage of revenue to be credited to customers</link:label>
    <link:label id="lab_pnm_PublicUtilitiesHearingExaminerRecommendationPercentageofrevenuetobecreditedtocustomers_2B915DA9C6ADAF1378FC54FAC82F4D76_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesHearingExaminerRecommendationPercentageofrevenuetobecreditedtocustomers_2B915DA9C6ADAF1378FC54FAC82F4D76" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Hearing Examiner Recommendation, Percentage of revenue to be credited to customers</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesHearingExaminerRecommendationPercentageofrevenuetobecreditedtocustomers" xlink:label="loc_pnm_PublicUtilitiesHearingExaminerRecommendationPercentageofrevenuetobecreditedtocustomers_2B915DA9C6ADAF1378FC54FAC82F4D76" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesHearingExaminerRecommendationPercentageofrevenuetobecreditedtocustomers_2B915DA9C6ADAF1378FC54FAC82F4D76" xlink:to="lab_pnm_PublicUtilitiesHearingExaminerRecommendationPercentageofrevenuetobecreditedtocustomers_2B915DA9C6ADAF1378FC54FAC82F4D76" xlink:type="arc" />
    <link:label id="lab_us-gaap_PublicUtilitiesApprovedRateIncreaseDecreaseAmount_DEC1CA94CBA4D789409754FAC82F6157_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesApprovedRateIncreaseDecreaseAmount_DEC1CA94CBA4D789409754FAC82F6157" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Approved rate increase (decrease)</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_PublicUtilitiesApprovedRateIncreaseDecreaseAmount" xlink:label="loc_us-gaap_PublicUtilitiesApprovedRateIncreaseDecreaseAmount_DEC1CA94CBA4D789409754FAC82F6157" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesApprovedRateIncreaseDecreaseAmount_DEC1CA94CBA4D789409754FAC82F6157" xlink:to="lab_us-gaap_PublicUtilitiesApprovedRateIncreaseDecreaseAmount_DEC1CA94CBA4D789409754FAC82F6157" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesEstimatedperiodoftimeforsupremecourtappealdecision_4F6EFDE5E211AF60CDAB54FAC82FEF72_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedperiodoftimeforsupremecourtappealdecision_4F6EFDE5E211AF60CDAB54FAC82FEF72" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated period of time for supreme court appeal decision</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedperiodoftimeforsupremecourtappealdecision_4F6EFDE5E211AF60CDAB54FAC82FEF72_label_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedperiodoftimeforsupremecourtappealdecision_4F6EFDE5E211AF60CDAB54FAC82FEF72" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated period of time for supreme court appeal decision</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedperiodoftimeforsupremecourtappealdecision_4F6EFDE5E211AF60CDAB54FAC82FEF72_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedperiodoftimeforsupremecourtappealdecision_4F6EFDE5E211AF60CDAB54FAC82FEF72" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated period of time for supreme court appeal decision</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesEstimatedperiodoftimeforsupremecourtappealdecision" xlink:label="loc_pnm_PublicUtilitiesEstimatedperiodoftimeforsupremecourtappealdecision_4F6EFDE5E211AF60CDAB54FAC82FEF72" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesEstimatedperiodoftimeforsupremecourtappealdecision_4F6EFDE5E211AF60CDAB54FAC82FEF72" xlink:to="lab_pnm_PublicUtilitiesEstimatedperiodoftimeforsupremecourtappealdecision_4F6EFDE5E211AF60CDAB54FAC82FEF72" xlink:type="arc" />
    <link:label id="lab_pnm_Periodoftimeforwhichcapitalimprovementsweredisallowed_0ED154900D2CEE724DC554FAC82F781D_terseLabel_en-US" xlink:label="lab_pnm_Periodoftimeforwhichcapitalimprovementsweredisallowed_0ED154900D2CEE724DC554FAC82F781D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period of time for which capital improvements were disallowed</link:label>
    <link:label id="lab_pnm_Periodoftimeforwhichcapitalimprovementsweredisallowed_0ED154900D2CEE724DC554FAC82F781D_label_en-US" xlink:label="lab_pnm_Periodoftimeforwhichcapitalimprovementsweredisallowed_0ED154900D2CEE724DC554FAC82F781D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Period of time for which capital improvements were disallowed</link:label>
    <link:label id="lab_pnm_Periodoftimeforwhichcapitalimprovementsweredisallowed_0ED154900D2CEE724DC554FAC82F781D_documentation_en-US" xlink:label="lab_pnm_Periodoftimeforwhichcapitalimprovementsweredisallowed_0ED154900D2CEE724DC554FAC82F781D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period of time for which capital improvements were disallowed</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_Periodoftimeforwhichcapitalimprovementsweredisallowed" xlink:label="loc_pnm_Periodoftimeforwhichcapitalimprovementsweredisallowed_0ED154900D2CEE724DC554FAC82F781D" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_Periodoftimeforwhichcapitalimprovementsweredisallowed_0ED154900D2CEE724DC554FAC82F781D" xlink:to="lab_pnm_Periodoftimeforwhichcapitalimprovementsweredisallowed_0ED154900D2CEE724DC554FAC82F781D" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesRegulatoryDisallowancecapitalimprovements_3E5EB441E8F58545E94F54FAC82F864D_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesRegulatoryDisallowancecapitalimprovements_3E5EB441E8F58545E94F54FAC82F864D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-tax regulatory disallowance</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRegulatoryDisallowancecapitalimprovements_3E5EB441E8F58545E94F54FAC82F864D_label_en-US" xlink:label="lab_pnm_PublicUtilitiesRegulatoryDisallowancecapitalimprovements_3E5EB441E8F58545E94F54FAC82F864D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Regulatory Disallowance capital improvements</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRegulatoryDisallowancecapitalimprovements_3E5EB441E8F58545E94F54FAC82F864D_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesRegulatoryDisallowancecapitalimprovements_3E5EB441E8F58545E94F54FAC82F864D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Regulatory Disallowance capital improvements</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesRegulatoryDisallowancecapitalimprovements" xlink:label="loc_pnm_PublicUtilitiesRegulatoryDisallowancecapitalimprovements_3E5EB441E8F58545E94F54FAC82F864D" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesRegulatoryDisallowancecapitalimprovements_3E5EB441E8F58545E94F54FAC82F864D" xlink:to="lab_pnm_PublicUtilitiesRegulatoryDisallowancecapitalimprovements_3E5EB441E8F58545E94F54FAC82F864D" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesRegulatorydisallowanceLeaseAbandonmentcosts_AD81168118BA62147CC054FAC82FAAC8_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesRegulatorydisallowanceLeaseAbandonmentcosts_AD81168118BA62147CC054FAC82FAAC8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pre-tax regulatory disallowance of costs recorded as regulatory assets and deferred charges</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRegulatorydisallowanceLeaseAbandonmentcosts_AD81168118BA62147CC054FAC82FAAC8_label_en-US" xlink:label="lab_pnm_PublicUtilitiesRegulatorydisallowanceLeaseAbandonmentcosts_AD81168118BA62147CC054FAC82FAAC8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Regulatory disallowance, Lease Abandonment costs</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRegulatorydisallowanceLeaseAbandonmentcosts_AD81168118BA62147CC054FAC82FAAC8_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesRegulatorydisallowanceLeaseAbandonmentcosts_AD81168118BA62147CC054FAC82FAAC8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Regulatory disallowance, Lease Abandonment costs</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesRegulatorydisallowanceLeaseAbandonmentcosts" xlink:label="loc_pnm_PublicUtilitiesRegulatorydisallowanceLeaseAbandonmentcosts_AD81168118BA62147CC054FAC82FAAC8" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesRegulatorydisallowanceLeaseAbandonmentcosts_AD81168118BA62147CC054FAC82FAAC8" xlink:to="lab_pnm_PublicUtilitiesRegulatorydisallowanceLeaseAbandonmentcosts_AD81168118BA62147CC054FAC82FAAC8" xlink:type="arc" />
    <link:label id="lab_us-gaap_TaxAdjustmentsSettlementsAndUnusualProvisions_7256049ECAD650F0204C54FAC82F1A53_verboseLabel_en-US" xlink:label="lab_us-gaap_TaxAdjustmentsSettlementsAndUnusualProvisions_7256049ECAD650F0204C54FAC82F1A53" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Approved recovery of net operating loss carryforward</link:label>
    <link:label id="lab_us-gaap_TaxAdjustmentsSettlementsAndUnusualProvisions_7256049ECAD650F0204C54FAC82F1A53_label_en-US" xlink:label="lab_us-gaap_TaxAdjustmentsSettlementsAndUnusualProvisions_7256049ECAD650F0204C54FAC82F1A53" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Adjustments, Settlements, and Unusual Provisions</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_TaxAdjustmentsSettlementsAndUnusualProvisions" xlink:label="loc_us-gaap_TaxAdjustmentsSettlementsAndUnusualProvisions_7256049ECAD650F0204C54FAC82F1A53" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxAdjustmentsSettlementsAndUnusualProvisions_7256049ECAD650F0204C54FAC82F1A53" xlink:to="lab_us-gaap_TaxAdjustmentsSettlementsAndUnusualProvisions_7256049ECAD650F0204C54FAC82F1A53" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesMotionFiledforExtensionofProceduralSchedule_EA7C5641EFAE58D397FE54FAC830EC15_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesMotionFiledforExtensionofProceduralSchedule_EA7C5641EFAE58D397FE54FAC830EC15" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unopposed motion filed for extension of procedural schedule</link:label>
    <link:label id="lab_pnm_PublicUtilitiesMotionFiledforExtensionofProceduralSchedule_EA7C5641EFAE58D397FE54FAC830EC15_label_en-US" xlink:label="lab_pnm_PublicUtilitiesMotionFiledforExtensionofProceduralSchedule_EA7C5641EFAE58D397FE54FAC830EC15" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Motion Filed for Extension of Procedural Schedule</link:label>
    <link:label id="lab_pnm_PublicUtilitiesMotionFiledforExtensionofProceduralSchedule_EA7C5641EFAE58D397FE54FAC830EC15_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesMotionFiledforExtensionofProceduralSchedule_EA7C5641EFAE58D397FE54FAC830EC15" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Motion Filed for Extension of Procedural Schedule</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesMotionFiledforExtensionofProceduralSchedule" xlink:label="loc_pnm_PublicUtilitiesMotionFiledforExtensionofProceduralSchedule_EA7C5641EFAE58D397FE54FAC830EC15" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesMotionFiledforExtensionofProceduralSchedule_EA7C5641EFAE58D397FE54FAC830EC15" xlink:to="lab_pnm_PublicUtilitiesMotionFiledforExtensionofProceduralSchedule_EA7C5641EFAE58D397FE54FAC830EC15" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNumberofAdditionalSignatories_4A859487F2D4FA866D5754FAC8304808_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofAdditionalSignatories_4A859487F2D4FA866D5754FAC8304808" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of additional signatories</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofAdditionalSignatories_4A859487F2D4FA866D5754FAC8304808_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofAdditionalSignatories_4A859487F2D4FA866D5754FAC8304808" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Additional Signatories</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofAdditionalSignatories_4A859487F2D4FA866D5754FAC8304808_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofAdditionalSignatories_4A859487F2D4FA866D5754FAC8304808" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Additional Signatories</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNumberofAdditionalSignatories" xlink:label="loc_pnm_PublicUtilitiesNumberofAdditionalSignatories_4A859487F2D4FA866D5754FAC8304808" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesNumberofAdditionalSignatories_4A859487F2D4FA866D5754FAC8304808" xlink:to="lab_pnm_PublicUtilitiesNumberofAdditionalSignatories_4A859487F2D4FA866D5754FAC8304808" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesReturnonEquityRegulatoryDisallowance_E19E93783F4FFF90D2D754FAC8308993_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesReturnonEquityRegulatoryDisallowance_E19E93783F4FFF90D2D754FAC8308993" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Return on equity, regulatory disallowance</link:label>
    <link:label id="lab_pnm_PublicUtilitiesReturnonEquityRegulatoryDisallowance_E19E93783F4FFF90D2D754FAC8308993_label_en-US" xlink:label="lab_pnm_PublicUtilitiesReturnonEquityRegulatoryDisallowance_E19E93783F4FFF90D2D754FAC8308993" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Return on Equity, Regulatory Disallowance</link:label>
    <link:label id="lab_pnm_PublicUtilitiesReturnonEquityRegulatoryDisallowance_E19E93783F4FFF90D2D754FAC8308993_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesReturnonEquityRegulatoryDisallowance_E19E93783F4FFF90D2D754FAC8308993" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Return on Equity, Regulatory Disallowance</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesReturnonEquityRegulatoryDisallowance" xlink:label="loc_pnm_PublicUtilitiesReturnonEquityRegulatoryDisallowance_E19E93783F4FFF90D2D754FAC8308993" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesReturnonEquityRegulatoryDisallowance_E19E93783F4FFF90D2D754FAC8308993" xlink:to="lab_pnm_PublicUtilitiesReturnonEquityRegulatoryDisallowance_E19E93783F4FFF90D2D754FAC8308993" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesRequiredPercentageOfRenewableEnergyInPortfolioToElectricSales_9FBCDF772C12A89CBB0554FAC8303C49_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesRequiredPercentageOfRenewableEnergyInPortfolioToElectricSales_9FBCDF772C12A89CBB0554FAC8303C49" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Required percentage of renewable energy in portfolio to electric sales</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRequiredPercentageOfRenewableEnergyInPortfolioToElectricSales_9FBCDF772C12A89CBB0554FAC8303C49_label_en-US" xlink:label="lab_pnm_PublicUtilitiesRequiredPercentageOfRenewableEnergyInPortfolioToElectricSales_9FBCDF772C12A89CBB0554FAC8303C49" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Required Percentage of Renewable Energy in Portfolio to Electric Sales</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRequiredPercentageOfRenewableEnergyInPortfolioToElectricSales_9FBCDF772C12A89CBB0554FAC8303C49_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesRequiredPercentageOfRenewableEnergyInPortfolioToElectricSales_9FBCDF772C12A89CBB0554FAC8303C49" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulated Operations, Required Percentage of Renewable Energy in Portfolio to Electric Sales</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesRequiredPercentageOfRenewableEnergyInPortfolioToElectricSales" xlink:label="loc_pnm_PublicUtilitiesRequiredPercentageOfRenewableEnergyInPortfolioToElectricSales_9FBCDF772C12A89CBB0554FAC8303C49" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesRequiredPercentageOfRenewableEnergyInPortfolioToElectricSales_9FBCDF772C12A89CBB0554FAC8303C49" xlink:to="lab_pnm_PublicUtilitiesRequiredPercentageOfRenewableEnergyInPortfolioToElectricSales_9FBCDF772C12A89CBB0554FAC8303C49" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesRequiredPercentageOfDiversification_B31AD2D8999FB38BC3B054FAC830EE38_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesRequiredPercentageOfDiversification_B31AD2D8999FB38BC3B054FAC830EE38" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Required percentage of diversification</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRequiredPercentageOfDiversification_B31AD2D8999FB38BC3B054FAC830EE38_label_en-US" xlink:label="lab_pnm_PublicUtilitiesRequiredPercentageOfDiversification_B31AD2D8999FB38BC3B054FAC830EE38" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Required Percentage of Diversification</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRequiredPercentageOfDiversification_B31AD2D8999FB38BC3B054FAC830EE38_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesRequiredPercentageOfDiversification_B31AD2D8999FB38BC3B054FAC830EE38" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulated Operations, Required Percentage of Diversification</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesRequiredPercentageOfDiversification" xlink:label="loc_pnm_PublicUtilitiesRequiredPercentageOfDiversification_B31AD2D8999FB38BC3B054FAC830EE38" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesReasonableCostThreshold_F323470919D2C950E9CE54FAC8307454_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesReasonableCostThreshold_F323470919D2C950E9CE54FAC8307454" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reasonable cost threshold</link:label>
    <link:label id="lab_pnm_PublicUtilitiesReasonableCostThreshold_F323470919D2C950E9CE54FAC8307454_label_en-US" xlink:label="lab_pnm_PublicUtilitiesReasonableCostThreshold_F323470919D2C950E9CE54FAC8307454" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Reasonable Cost Threshold</link:label>
    <link:label id="lab_pnm_PublicUtilitiesReasonableCostThreshold_F323470919D2C950E9CE54FAC8307454_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesReasonableCostThreshold_F323470919D2C950E9CE54FAC8307454" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reasonable Cost Threshold</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesReasonableCostThreshold" xlink:label="loc_pnm_PublicUtilitiesReasonableCostThreshold_F323470919D2C950E9CE54FAC8307454" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesReasonableCostThreshold_F323470919D2C950E9CE54FAC8307454" xlink:to="lab_pnm_PublicUtilitiesReasonableCostThreshold_F323470919D2C950E9CE54FAC8307454" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNumberOfMegaWattsOfSolarPhotovoltaicCapacity_29132948D76BD12FCB1554FAC830BA92_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberOfMegaWattsOfSolarPhotovoltaicCapacity_29132948D76BD12FCB1554FAC830BA92" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of megawatts of Solar PV facilities</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberOfMegaWattsOfSolarPhotovoltaicCapacity_29132948D76BD12FCB1554FAC830BA92_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberOfMegaWattsOfSolarPhotovoltaicCapacity_29132948D76BD12FCB1554FAC830BA92" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Mega Watts of Solar Photovoltaic Capacity</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberOfMegaWattsOfSolarPhotovoltaicCapacity_29132948D76BD12FCB1554FAC830BA92_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberOfMegaWattsOfSolarPhotovoltaicCapacity_29132948D76BD12FCB1554FAC830BA92" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Mega Watts of Solar Photovoltaic Capacity</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNumberOfMegaWattsOfSolarPhotovoltaicCapacity" xlink:label="loc_pnm_PublicUtilitiesNumberOfMegaWattsOfSolarPhotovoltaicCapacity_29132948D76BD12FCB1554FAC830BA92" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesNumberofMegaWattsofWindEnergyCapacity_A12D1835DA1ECBB5474C54FAC830DBD4_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofMegaWattsofWindEnergyCapacity_A12D1835DA1ECBB5474C54FAC830DBD4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of megawatts for wind energy</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofMegaWattsofWindEnergyCapacity_A12D1835DA1ECBB5474C54FAC830DBD4_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofMegaWattsofWindEnergyCapacity_A12D1835DA1ECBB5474C54FAC830DBD4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Mega Watts of Wind Energy Capacity</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofMegaWattsofWindEnergyCapacity_A12D1835DA1ECBB5474C54FAC830DBD4_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofMegaWattsofWindEnergyCapacity_A12D1835DA1ECBB5474C54FAC830DBD4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Mega Watts of Wind Energy Capacity</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNumberofMegaWattsofWindEnergyCapacity" xlink:label="loc_pnm_PublicUtilitiesNumberofMegaWattsofWindEnergyCapacity_A12D1835DA1ECBB5474C54FAC830DBD4" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesNumberofMegaWattsofWindEnergyCapacity_A12D1835DA1ECBB5474C54FAC830DBD4" xlink:to="lab_pnm_PublicUtilitiesNumberofMegaWattsofWindEnergyCapacity_A12D1835DA1ECBB5474C54FAC830DBD4" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNumberofMegaWattsofSolarPhotovoltaicCapacityCurrentOutput_9CA28B7D65FF744D492954FAC830CA55_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofMegaWattsofSolarPhotovoltaicCapacityCurrentOutput_9CA28B7D65FF744D492954FAC830CA55" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current output in the geothermal facility (in megawatts)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofMegaWattsofSolarPhotovoltaicCapacityCurrentOutput_9CA28B7D65FF744D492954FAC830CA55_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofMegaWattsofSolarPhotovoltaicCapacityCurrentOutput_9CA28B7D65FF744D492954FAC830CA55" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Mega Watts of Solar Photovoltaic Capacity, Current Output</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofMegaWattsofSolarPhotovoltaicCapacityCurrentOutput_9CA28B7D65FF744D492954FAC830CA55_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofMegaWattsofSolarPhotovoltaicCapacityCurrentOutput_9CA28B7D65FF744D492954FAC830CA55" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Mega Watts of Solar Photovoltaic Capacity, Current Output</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNumberofMegaWattsofSolarPhotovoltaicCapacityCurrentOutput" xlink:label="loc_pnm_PublicUtilitiesNumberofMegaWattsofSolarPhotovoltaicCapacityCurrentOutput_9CA28B7D65FF744D492954FAC830CA55" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesNumberofMegaWattsofSolarPhotovoltaicCapacityCurrentOutput_9CA28B7D65FF744D492954FAC830CA55" xlink:to="lab_pnm_PublicUtilitiesNumberofMegaWattsofSolarPhotovoltaicCapacityCurrentOutput_9CA28B7D65FF744D492954FAC830CA55" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawatts_0933305BE0CE70DFBA7854FAC830F21F_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawatts_0933305BE0CE70DFBA7854FAC830F21F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Solar generation capacity (in megawatts)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawatts_0933305BE0CE70DFBA7854FAC830F21F_label_en-US" xlink:label="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawatts_0933305BE0CE70DFBA7854FAC830F21F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Solar generation capacity in Megawatts</link:label>
    <link:label id="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawatts_0933305BE0CE70DFBA7854FAC830F21F_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawatts_0933305BE0CE70DFBA7854FAC830F21F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Solar generation capacity in Megawatts</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesSolargenerationcapacityinMegawatts" xlink:label="loc_pnm_PublicUtilitiesSolargenerationcapacityinMegawatts_0933305BE0CE70DFBA7854FAC830F21F" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesSolargenerationcapacityinMegawatts_0933305BE0CE70DFBA7854FAC830F21F" xlink:to="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawatts_0933305BE0CE70DFBA7854FAC830F21F" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear1_A266A20D9CBEA8972B0D54FAC830964C_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear1_A266A20D9CBEA8972B0D54FAC830964C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Requested approval to procure additional gigawatt hours in year 1</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear1_A266A20D9CBEA8972B0D54FAC830964C_label_en-US" xlink:label="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear1_A266A20D9CBEA8972B0D54FAC830964C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Renewable Energy Procurement Plan, Requested Additional Megawatt Hours, Year 1</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear1_A266A20D9CBEA8972B0D54FAC830964C_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear1_A266A20D9CBEA8972B0D54FAC830964C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Renewable Energy Procurement Plan, Requested Additional Megawatt Hours, Year 1</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear1" xlink:label="loc_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear1_A266A20D9CBEA8972B0D54FAC830964C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear1_A266A20D9CBEA8972B0D54FAC830964C" xlink:to="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear1_A266A20D9CBEA8972B0D54FAC830964C" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear2_EBE2B3955101F20C7A3F54FAC83099FB_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear2_EBE2B3955101F20C7A3F54FAC83099FB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Requested approval to procure additional gigawatt hours in year 2</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear2_EBE2B3955101F20C7A3F54FAC83099FB_label_en-US" xlink:label="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear2_EBE2B3955101F20C7A3F54FAC83099FB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Renewable Energy Procurement Plan, Requested Additional Megawatt Hours, Year 2</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear2_EBE2B3955101F20C7A3F54FAC83099FB_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear2_EBE2B3955101F20C7A3F54FAC83099FB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Renewable Energy Procurement Plan, Requested Additional Megawatt Hours, Year 2</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear2" xlink:label="loc_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear2_EBE2B3955101F20C7A3F54FAC83099FB" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear2_EBE2B3955101F20C7A3F54FAC83099FB" xlink:to="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedAdditionalMegawattHoursYear2_EBE2B3955101F20C7A3F54FAC83099FB" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedSolarFacilityConstructionMegawatts_69D2EC8061B1919FFBA654FAC830F56F_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedSolarFacilityConstructionMegawatts_69D2EC8061B1919FFBA654FAC830F56F" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Requested approval to procure a new solar facilities to be constructed (in megawatts)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedSolarFacilityConstructionMegawatts_69D2EC8061B1919FFBA654FAC830F56F_label_en-US" xlink:label="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedSolarFacilityConstructionMegawatts_69D2EC8061B1919FFBA654FAC830F56F" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Renewable Energy Procurement Plan, Requested Solar Facility Construction, Megawatts</link:label>
    <link:label id="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedSolarFacilityConstructionMegawatts_69D2EC8061B1919FFBA654FAC830F56F_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedSolarFacilityConstructionMegawatts_69D2EC8061B1919FFBA654FAC830F56F" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Renewable Energy Procurement Plan, Requested Solar Facility Construction, Megawatts</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedSolarFacilityConstructionMegawatts" xlink:label="loc_pnm_PublicUtilitiesRenewableEnergyProcurementPlanRequestedSolarFacilityConstructionMegawatts_69D2EC8061B1919FFBA654FAC830F56F" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesRevenuefromRenewableenergyrider_BBE36F02B048C69FD18F54FAC8301F6A_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesRevenuefromRenewableenergyrider_BBE36F02B048C69FD18F54FAC8301F6A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Recorded revenues from renewable rider</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesRevenuefromRenewableenergyrider_BBE36F02B048C69FD18F54FAC8301F6A_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesRevenuefromRenewableenergyrider_BBE36F02B048C69FD18F54FAC8301F6A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Revenue from Renewable energy rider</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesRevenuefromRenewableenergyrider" xlink:label="loc_pnm_PublicUtilitiesRevenuefromRenewableenergyrider_BBE36F02B048C69FD18F54FAC8301F6A" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesAnnualRevenueTobeCollectedUnder2016RiderRate_F3E619B81CC57EA0DDC954FAC83000AA_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesAnnualRevenueTobeCollectedUnder2016RiderRate_F3E619B81CC57EA0DDC954FAC83000AA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proposal to collect funds under renewable energy procurement plan</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesAnnualRevenueTobeCollectedUnder2016RiderRate_F3E619B81CC57EA0DDC954FAC83000AA_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesAnnualRevenueTobeCollectedUnder2016RiderRate_F3E619B81CC57EA0DDC954FAC83000AA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Annual Revenue To be Collected Under 2016 Rider Rate</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesAnnualRevenueTobeCollectedUnder2016RiderRate" xlink:label="loc_pnm_PublicUtilitiesAnnualRevenueTobeCollectedUnder2016RiderRate_F3E619B81CC57EA0DDC954FAC83000AA" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesAnnualRevenueTobeCollectedUnder2017RiderRate_52020C1FD8CC9293240754FAC8313CC0_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesAnnualRevenueTobeCollectedUnder2017RiderRate_52020C1FD8CC9293240754FAC8313CC0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual revenue to be collected under rider rate</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanProposedRecoveryAmount_FB3EB3DE80274FC9EE2254FAC83151DB_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesRenewableEnergyProcurementPlanProposedRecoveryAmount_FB3EB3DE80274FC9EE2254FAC83151DB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Renewable Energy Procurement Plan, Proposed Recovery, Amount</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesexcessreturnonjurisdictionalequitythatwouldrequirerefund_89DF205913324641044454FAC831861A_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesexcessreturnonjurisdictionalequitythatwouldrequirerefund_89DF205913324641044454FAC831861A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Excess return on jurisdictional equity that would require refund</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesexcessreturnonjurisdictionalequitythatwouldrequirerefund_89DF205913324641044454FAC831861A_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesexcessreturnonjurisdictionalequitythatwouldrequirerefund_89DF205913324641044454FAC831861A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, excess return on jurisdictional equity that would require refund</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesexcessreturnonjurisdictionalequitythatwouldrequirerefund" xlink:label="loc_pnm_PublicUtilitiesexcessreturnonjurisdictionalequitythatwouldrequirerefund_89DF205913324641044454FAC831861A" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsNumberofPrograms_794BDDDD13DC00159E1654FAC831F687_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsNumberofPrograms_794BDDDD13DC00159E1654FAC831F687" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of programs in the proposed program portfolio</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsNumberofPrograms_794BDDDD13DC00159E1654FAC831F687_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsNumberofPrograms_794BDDDD13DC00159E1654FAC831F687" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Energy Efficiency and Load Management Programs, Number of Programs</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsNumberofPrograms" xlink:label="loc_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsNumberofPrograms_794BDDDD13DC00159E1654FAC831F687" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsNumberofPrograms_794BDDDD13DC00159E1654FAC831F687" xlink:to="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsNumberofPrograms_794BDDDD13DC00159E1654FAC831F687" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesProgramCostsRelatedToEnergyEfficiency_272D4A7A64F4EA2E402854FAC831DBAA_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesProgramCostsRelatedToEnergyEfficiency_272D4A7A64F4EA2E402854FAC831DBAA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Program portfolio's total budget</link:label>
    <link:label id="lab_pnm_PublicUtilitiesProgramCostsRelatedToEnergyEfficiency_272D4A7A64F4EA2E402854FAC831DBAA_label_en-US" xlink:label="lab_pnm_PublicUtilitiesProgramCostsRelatedToEnergyEfficiency_272D4A7A64F4EA2E402854FAC831DBAA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Program Costs Related To Energy Efficiency</link:label>
    <link:label id="lab_pnm_PublicUtilitiesProgramCostsRelatedToEnergyEfficiency_272D4A7A64F4EA2E402854FAC831DBAA_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesProgramCostsRelatedToEnergyEfficiency_272D4A7A64F4EA2E402854FAC831DBAA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Program Costs Related To Energy Efficiency</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesProgramCostsRelatedToEnergyEfficiency" xlink:label="loc_pnm_PublicUtilitiesProgramCostsRelatedToEnergyEfficiency_272D4A7A64F4EA2E402854FAC831DBAA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesProgramCostsRelatedToEnergyEfficiency_272D4A7A64F4EA2E402854FAC831DBAA" xlink:to="lab_pnm_PublicUtilitiesProgramCostsRelatedToEnergyEfficiency_272D4A7A64F4EA2E402854FAC831DBAA" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesAnticipatedfutureprofitincentive_A478662FAE8225870DAE54FAC8310D7A_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesAnticipatedfutureprofitincentive_A478662FAE8225870DAE54FAC8310D7A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Incentive based on target savings</link:label>
    <link:label id="lab_pnm_PublicUtilitiesAnticipatedfutureprofitincentive_A478662FAE8225870DAE54FAC8310D7A_label_en-US" xlink:label="lab_pnm_PublicUtilitiesAnticipatedfutureprofitincentive_A478662FAE8225870DAE54FAC8310D7A" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Anticipated future profit incentive</link:label>
    <link:label id="lab_pnm_PublicUtilitiesAnticipatedfutureprofitincentive_A478662FAE8225870DAE54FAC8310D7A_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesAnticipatedfutureprofitincentive_A478662FAE8225870DAE54FAC8310D7A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Anticipated future profit incentive</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesAnticipatedfutureprofitincentive" xlink:label="loc_pnm_PublicUtilitiesAnticipatedfutureprofitincentive_A478662FAE8225870DAE54FAC8310D7A" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesAnticipatedfutureprofitincentive_A478662FAE8225870DAE54FAC8310D7A" xlink:to="lab_pnm_PublicUtilitiesAnticipatedfutureprofitincentive_A478662FAE8225870DAE54FAC8310D7A" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesEnergyEfficiencyTargetedSavingsGWh_2E37FA75E8CD988584C854FAC831DB79_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesEnergyEfficiencyTargetedSavingsGWh_2E37FA75E8CD988584C854FAC831DB79" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Targeted savings (in gigawatt hours)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEnergyEfficiencyTargetedSavingsGWh_2E37FA75E8CD988584C854FAC831DB79_label_en-US" xlink:label="lab_pnm_PublicUtilitiesEnergyEfficiencyTargetedSavingsGWh_2E37FA75E8CD988584C854FAC831DB79" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Energy Efficiency Targeted Savings, GWh</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEnergyEfficiencyTargetedSavingsGWh_2E37FA75E8CD988584C854FAC831DB79_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesEnergyEfficiencyTargetedSavingsGWh_2E37FA75E8CD988584C854FAC831DB79" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Energy Efficiency Targeted Savings, GWh</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesEnergyEfficiencyTargetedSavingsGWh" xlink:label="loc_pnm_PublicUtilitiesEnergyEfficiencyTargetedSavingsGWh_2E37FA75E8CD988584C854FAC831DB79" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesProfitincentiveslidingscalemultiplier_21AE3902C6274571E1CE54FAC8312DAD_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesProfitincentiveslidingscalemultiplier_21AE3902C6274571E1CE54FAC8312DAD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Profit incentive sliding scale multiplier</link:label>
    <link:label id="lab_pnm_PublicUtilitiesProfitincentiveslidingscalemultiplier_21AE3902C6274571E1CE54FAC8312DAD_label_en-US" xlink:label="lab_pnm_PublicUtilitiesProfitincentiveslidingscalemultiplier_21AE3902C6274571E1CE54FAC8312DAD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Profit incentive sliding scale multiplier</link:label>
    <link:label id="lab_pnm_PublicUtilitiesProfitincentiveslidingscalemultiplier_21AE3902C6274571E1CE54FAC8312DAD_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesProfitincentiveslidingscalemultiplier_21AE3902C6274571E1CE54FAC8312DAD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Profit incentive sliding scale multiplier</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesProfitincentiveslidingscalemultiplier" xlink:label="loc_pnm_PublicUtilitiesProfitincentiveslidingscalemultiplier_21AE3902C6274571E1CE54FAC8312DAD" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsProjectedEarnedIncentive_259F228A8C26BE99638F54FAC831F71C_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsProjectedEarnedIncentive_259F228A8C26BE99638F54FAC831F71C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Projected incentive earnings</link:label>
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsProjectedEarnedIncentive" xlink:label="loc_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsProjectedEarnedIncentive_259F228A8C26BE99638F54FAC831F71C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsProjectedEarnedIncentive_259F228A8C26BE99638F54FAC831F71C" xlink:to="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsProjectedEarnedIncentive_259F228A8C26BE99638F54FAC831F71C" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsTargetedEnergySavings_60240746C8475D17CD2454FAC831E472_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsTargetedEnergySavings_60240746C8475D17CD2454FAC831E472" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Targeted savings (in gigawatt hours)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsTargetedEnergySavings_60240746C8475D17CD2454FAC831E472_label_en-US" xlink:label="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsTargetedEnergySavings_60240746C8475D17CD2454FAC831E472" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Energy Efficiency and Load Management Programs, Targeted Energy Savings</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsTargetedEnergySavings_60240746C8475D17CD2454FAC831E472_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsTargetedEnergySavings_60240746C8475D17CD2454FAC831E472" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Energy Efficiency and Load Management Programs, Targeted Energy Savings</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsTargetedEnergySavings" xlink:label="loc_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsTargetedEnergySavings_60240746C8475D17CD2454FAC831E472" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsTargetedEnergySavings_60240746C8475D17CD2454FAC831E472" xlink:to="lab_pnm_PublicUtilitiesEnergyEfficiencyandLoadManagementProgramsTargetedEnergySavings_60240746C8475D17CD2454FAC831E472" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesFrequencyofIRPfilings_D6970AD06C0C6617138354FAC83144CB_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesFrequencyofIRPfilings_D6970AD06C0C6617138354FAC83144CB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Frequency of IRP filings</link:label>
    <link:label id="lab_pnm_PublicUtilitiesFrequencyofIRPfilings_D6970AD06C0C6617138354FAC83144CB_label_en-US" xlink:label="lab_pnm_PublicUtilitiesFrequencyofIRPfilings_D6970AD06C0C6617138354FAC83144CB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Frequency of IRP filings</link:label>
    <link:label id="lab_pnm_PublicUtilitiesFrequencyofIRPfilings_D6970AD06C0C6617138354FAC83144CB_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesFrequencyofIRPfilings_D6970AD06C0C6617138354FAC83144CB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Frequency of IRP filings</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesFrequencyofIRPfilings" xlink:label="loc_pnm_PublicUtilitiesFrequencyofIRPfilings_D6970AD06C0C6617138354FAC83144CB" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesFrequencyofIRPfilings_D6970AD06C0C6617138354FAC83144CB" xlink:to="lab_pnm_PublicUtilitiesFrequencyofIRPfilings_D6970AD06C0C6617138354FAC83144CB" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesPlanningPeriodCoveredOfIrp_B985E527711DCBADF19554FAC831E4A5_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesPlanningPeriodCoveredOfIrp_B985E527711DCBADF19554FAC831E4A5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Planning period covered of IRP</link:label>
    <link:label id="lab_pnm_PublicUtilitiesPlanningPeriodCoveredOfIrp_B985E527711DCBADF19554FAC831E4A5_label_en-US" xlink:label="lab_pnm_PublicUtilitiesPlanningPeriodCoveredOfIrp_B985E527711DCBADF19554FAC831E4A5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Planning Period Covered of IRP</link:label>
    <link:label id="lab_pnm_PublicUtilitiesPlanningPeriodCoveredOfIrp_B985E527711DCBADF19554FAC831E4A5_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesPlanningPeriodCoveredOfIrp_B985E527711DCBADF19554FAC831E4A5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Planning Period Covered of IRP</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesPlanningPeriodCoveredOfIrp" xlink:label="loc_pnm_PublicUtilitiesPlanningPeriodCoveredOfIrp_B985E527711DCBADF19554FAC831E4A5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesPlanningPeriodCoveredOfIrp_B985E527711DCBADF19554FAC831E4A5" xlink:to="lab_pnm_PublicUtilitiesPlanningPeriodCoveredOfIrp_B985E527711DCBADF19554FAC831E4A5" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesIntegratedResourcePlanActionPlanPeriod_7361DEA654CF737E308054FAC831924D_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesIntegratedResourcePlanActionPlanPeriod_7361DEA654CF737E308054FAC831924D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Action plan, covered period</link:label>
    <link:label id="lab_pnm_PublicUtilitiesIntegratedResourcePlanActionPlanPeriod_7361DEA654CF737E308054FAC831924D_label_en-US" xlink:label="lab_pnm_PublicUtilitiesIntegratedResourcePlanActionPlanPeriod_7361DEA654CF737E308054FAC831924D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Integrated Resource Plan, Action Plan, Period</link:label>
    <link:label id="lab_pnm_PublicUtilitiesIntegratedResourcePlanActionPlanPeriod_7361DEA654CF737E308054FAC831924D_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesIntegratedResourcePlanActionPlanPeriod_7361DEA654CF737E308054FAC831924D" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Integrated Resource Plan, Action Plan, Period</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesIntegratedResourcePlanActionPlanPeriod" xlink:label="loc_pnm_PublicUtilitiesIntegratedResourcePlanActionPlanPeriod_7361DEA654CF737E308054FAC831924D" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesIntegratedResourcePlanActionPlanPeriod_7361DEA654CF737E308054FAC831924D" xlink:to="lab_pnm_PublicUtilitiesIntegratedResourcePlanActionPlanPeriod_7361DEA654CF737E308054FAC831924D" xlink:type="arc" />
    <link:label id="lab_pnm_LossContingencyNoticeofProposedDismissalPeriodtoShowCause_8BF1B5FB375B8B1AF92154FAC83224BA_terseLabel_en-US" xlink:label="lab_pnm_LossContingencyNoticeofProposedDismissalPeriodtoShowCause_8BF1B5FB375B8B1AF92154FAC83224BA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Notice of Proposed Dismissal, period to show good cause</link:label>
    <link:label id="lab_pnm_LossContingencyNoticeofProposedDismissalPeriodtoShowCause_8BF1B5FB375B8B1AF92154FAC83224BA_label_en-US" xlink:label="lab_pnm_LossContingencyNoticeofProposedDismissalPeriodtoShowCause_8BF1B5FB375B8B1AF92154FAC83224BA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loss Contingency, Notice of Proposed Dismissal, Period to Show Cause</link:label>
    <link:label id="lab_pnm_LossContingencyNoticeofProposedDismissalPeriodtoShowCause_8BF1B5FB375B8B1AF92154FAC83224BA_documentation_en-US" xlink:label="lab_pnm_LossContingencyNoticeofProposedDismissalPeriodtoShowCause_8BF1B5FB375B8B1AF92154FAC83224BA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Loss Contingency, Notice of Proposed Dismissal, Period to Show Cause</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_LossContingencyNoticeofProposedDismissalPeriodtoShowCause" xlink:label="loc_pnm_LossContingencyNoticeofProposedDismissalPeriodtoShowCause_8BF1B5FB375B8B1AF92154FAC83224BA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_LossContingencyNoticeofProposedDismissalPeriodtoShowCause_8BF1B5FB375B8B1AF92154FAC83224BA" xlink:to="lab_pnm_LossContingencyNoticeofProposedDismissalPeriodtoShowCause_8BF1B5FB375B8B1AF92154FAC83224BA" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesIntegratedResourcePlanNumberofStatewideMeetings_8249265E2C56F41B384554FAC8325C52_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesIntegratedResourcePlanNumberofStatewideMeetings_8249265E2C56F41B384554FAC8325C52" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of statewide meetings hosted</link:label>
    <link:label id="lab_pnm_PublicUtilitiesIntegratedResourcePlanNumberofStatewideMeetings_8249265E2C56F41B384554FAC8325C52_label_en-US" xlink:label="lab_pnm_PublicUtilitiesIntegratedResourcePlanNumberofStatewideMeetings_8249265E2C56F41B384554FAC8325C52" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Integrated Resource Plan, Number of Statewide Meetings</link:label>
    <link:label id="lab_pnm_PublicUtilitiesIntegratedResourcePlanNumberofStatewideMeetings_8249265E2C56F41B384554FAC8325C52_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesIntegratedResourcePlanNumberofStatewideMeetings_8249265E2C56F41B384554FAC8325C52" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Integrated Resource Plan, Number of Statewide Meetings</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesIntegratedResourcePlanNumberofStatewideMeetings" xlink:label="loc_pnm_PublicUtilitiesIntegratedResourcePlanNumberofStatewideMeetings_8249265E2C56F41B384554FAC8325C52" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesIntegratedResourcePlanNumberofStatewideMeetings_8249265E2C56F41B384554FAC8325C52" xlink:to="lab_pnm_PublicUtilitiesIntegratedResourcePlanNumberofStatewideMeetings_8249265E2C56F41B384554FAC8325C52" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNewlyIdentifiedReplacementGasfiredGenerationinMegawatts_02CD7A40EE0350719EEF54FAC83243D1_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNewlyIdentifiedReplacementGasfiredGenerationinMegawatts_02CD7A40EE0350719EEF54FAC83243D1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Newly identified replacement gas-fired generation (in megawatts)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNewlyIdentifiedReplacementGasfiredGenerationinMegawatts_02CD7A40EE0350719EEF54FAC83243D1_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNewlyIdentifiedReplacementGasfiredGenerationinMegawatts_02CD7A40EE0350719EEF54FAC83243D1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Newly Identified Replacement Gas-fired Generation, in Megawatts</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNewlyIdentifiedReplacementGasfiredGenerationinMegawatts_02CD7A40EE0350719EEF54FAC83243D1_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNewlyIdentifiedReplacementGasfiredGenerationinMegawatts_02CD7A40EE0350719EEF54FAC83243D1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Newly Identified Replacement Gas-fired Generation, in Megawatts</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNewlyIdentifiedReplacementGasfiredGenerationinMegawatts" xlink:label="loc_pnm_PublicUtilitiesNewlyIdentifiedReplacementGasfiredGenerationinMegawatts_02CD7A40EE0350719EEF54FAC83243D1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesNewlyIdentifiedReplacementGasfiredGenerationinMegawatts_02CD7A40EE0350719EEF54FAC83243D1" xlink:to="lab_pnm_PublicUtilitiesNewlyIdentifiedReplacementGasfiredGenerationinMegawatts_02CD7A40EE0350719EEF54FAC83243D1" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesEstimatedcoststoberecovered_D73A6E7F0EDEA5E47DE254FAC8321AF3_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedcoststoberecovered_D73A6E7F0EDEA5E47DE254FAC8321AF3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated costs to be recovered</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedcoststoberecovered_D73A6E7F0EDEA5E47DE254FAC8321AF3_label_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedcoststoberecovered_D73A6E7F0EDEA5E47DE254FAC8321AF3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated costs to be recovered</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedcoststoberecovered_D73A6E7F0EDEA5E47DE254FAC8321AF3_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedcoststoberecovered_D73A6E7F0EDEA5E47DE254FAC8321AF3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated costs to be recovered</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesEstimatedcoststoberecovered" xlink:label="loc_pnm_PublicUtilitiesEstimatedcoststoberecovered_D73A6E7F0EDEA5E47DE254FAC8321AF3" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesEstimatedcoststoberecovered_D73A6E7F0EDEA5E47DE254FAC8321AF3" xlink:to="lab_pnm_PublicUtilitiesEstimatedcoststoberecovered_D73A6E7F0EDEA5E47DE254FAC8321AF3" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesEstimatedFutureInvestment_2329B9E193CF9F94B57454FAC8321121_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedFutureInvestment_2329B9E193CF9F94B57454FAC8321121" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated future investment</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedFutureInvestment_2329B9E193CF9F94B57454FAC8321121_label_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedFutureInvestment_2329B9E193CF9F94B57454FAC8321121" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated Future Investment</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedFutureInvestment_2329B9E193CF9F94B57454FAC8321121_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedFutureInvestment_2329B9E193CF9F94B57454FAC8321121" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated Future Investment</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesEstimatedFutureInvestment" xlink:label="loc_pnm_PublicUtilitiesEstimatedFutureInvestment_2329B9E193CF9F94B57454FAC8321121" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesEstimatedFutureInvestment_2329B9E193CF9F94B57454FAC8321121" xlink:to="lab_pnm_PublicUtilitiesEstimatedFutureInvestment_2329B9E193CF9F94B57454FAC8321121" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNumberofRequestedRates_59045DECFC8162FD9D9454FAC8320B43_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofRequestedRates_59045DECFC8162FD9D9454FAC8320B43" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Application filed for new electric service rates</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofRequestedRates_59045DECFC8162FD9D9454FAC8320B43_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofRequestedRates_59045DECFC8162FD9D9454FAC8320B43" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Requested Rates</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofRequestedRates_59045DECFC8162FD9D9454FAC8320B43_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofRequestedRates_59045DECFC8162FD9D9454FAC8320B43" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of Requested Rates</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNumberofRequestedRates" xlink:label="loc_pnm_PublicUtilitiesNumberofRequestedRates_59045DECFC8162FD9D9454FAC8320B43" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesNumberofRequestedRates_59045DECFC8162FD9D9454FAC8320B43" xlink:to="lab_pnm_PublicUtilitiesNumberofRequestedRates_59045DECFC8162FD9D9454FAC8320B43" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawattscurrentconstruction_C0E9ECE4FEEDD6A827A654FAC832398C_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawattscurrentconstruction_C0E9ECE4FEEDD6A827A654FAC832398C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Construction of solar generation capacity (in megawatts)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawattscurrentconstruction_C0E9ECE4FEEDD6A827A654FAC832398C_label_en-US" xlink:label="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawattscurrentconstruction_C0E9ECE4FEEDD6A827A654FAC832398C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Solar generation capacity in Megawatts, current construction</link:label>
    <link:label id="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawattscurrentconstruction_C0E9ECE4FEEDD6A827A654FAC832398C_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawattscurrentconstruction_C0E9ECE4FEEDD6A827A654FAC832398C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Solar generation capacity in Megawatts, current construction</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesSolargenerationcapacityinMegawattscurrentconstruction" xlink:label="loc_pnm_PublicUtilitiesSolargenerationcapacityinMegawattscurrentconstruction_C0E9ECE4FEEDD6A827A654FAC832398C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesSolargenerationcapacityinMegawattscurrentconstruction_C0E9ECE4FEEDD6A827A654FAC832398C" xlink:to="lab_pnm_PublicUtilitiesSolargenerationcapacityinMegawattscurrentconstruction_C0E9ECE4FEEDD6A827A654FAC832398C" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesCollaborativeArrangementContractTerm_D4FDEED8C9F60BB1548054FAC8324232_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesCollaborativeArrangementContractTerm_D4FDEED8C9F60BB1548054FAC8324232" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Term of hazard sharing agreement</link:label>
    <link:label id="lab_pnm_PublicUtilitiesCollaborativeArrangementContractTerm_D4FDEED8C9F60BB1548054FAC8324232_label_en-US" xlink:label="lab_pnm_PublicUtilitiesCollaborativeArrangementContractTerm_D4FDEED8C9F60BB1548054FAC8324232" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Collaborative Arrangement, Contract Term</link:label>
    <link:label id="lab_pnm_PublicUtilitiesCollaborativeArrangementContractTerm_D4FDEED8C9F60BB1548054FAC8324232_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesCollaborativeArrangementContractTerm_D4FDEED8C9F60BB1548054FAC8324232" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Collaborative Arrangement, Contract Term</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesProposedRetroactiveSurfaceMiningRoyaltyRate_21499D1BACA840534C3354FAC84CB158_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesProposedRetroactiveSurfaceMiningRoyaltyRate_21499D1BACA840534C3354FAC84CB158" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proposed retroactive surface mining royalty rate</link:label>
    <link:label id="lab_pnm_PublicUtilitiesProposedRetroactiveSurfaceMiningRoyaltyRate_21499D1BACA840534C3354FAC84CB158_label_en-US" xlink:label="lab_pnm_PublicUtilitiesProposedRetroactiveSurfaceMiningRoyaltyRate_21499D1BACA840534C3354FAC84CB158" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Proposed Retroactive Surface Mining Royalty Rate</link:label>
    <link:label id="lab_pnm_PublicUtilitiesProposedRetroactiveSurfaceMiningRoyaltyRate_21499D1BACA840534C3354FAC84CB158_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesProposedRetroactiveSurfaceMiningRoyaltyRate_21499D1BACA840534C3354FAC84CB158" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Proposed Retroactive Surface Mining Royalty Rate</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesProposedRetroactiveSurfaceMiningRoyaltyRate" xlink:label="loc_pnm_PublicUtilitiesProposedRetroactiveSurfaceMiningRoyaltyRate_21499D1BACA840534C3354FAC84CB158" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesCurrentSurfaceMiningRoyaltyRateappliedbetween2000and2003_D2D4728C61FCBA705AE354FAC84CAFE5_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesCurrentSurfaceMiningRoyaltyRateappliedbetween2000and2003_D2D4728C61FCBA705AE354FAC84CAFE5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Surface mining royalty rate applied</link:label>
    <link:label id="lab_pnm_PublicUtilitiesCurrentSurfaceMiningRoyaltyRateappliedbetween2000and2003_D2D4728C61FCBA705AE354FAC84CAFE5_label_en-US" xlink:label="lab_pnm_PublicUtilitiesCurrentSurfaceMiningRoyaltyRateappliedbetween2000and2003_D2D4728C61FCBA705AE354FAC84CAFE5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Current Surface Mining Royalty Rate applied between 2000 and 2003</link:label>
    <link:label id="lab_pnm_PublicUtilitiesCurrentSurfaceMiningRoyaltyRateappliedbetween2000and2003_D2D4728C61FCBA705AE354FAC84CAFE5_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesCurrentSurfaceMiningRoyaltyRateappliedbetween2000and2003_D2D4728C61FCBA705AE354FAC84CAFE5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Current Surface Mining Royalty Rate applied between 2000 and 2003</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesCurrentSurfaceMiningRoyaltyRateappliedbetween2000and2003" xlink:label="loc_pnm_PublicUtilitiesCurrentSurfaceMiningRoyaltyRateappliedbetween2000and2003_D2D4728C61FCBA705AE354FAC84CAFE5" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_4F893B4680DCDB5BBEE954FAC84C2F55_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_4F893B4680DCDB5BBEE954FAC84C2F55" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated underpaid surface mining royalties under proposed rate change</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_4F893B4680DCDB5BBEE954FAC84C2F55_label_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_4F893B4680DCDB5BBEE954FAC84C2F55" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated Underpaid Surface Mining Royalties under proposed rate change</link:label>
    <link:label id="lab_pnm_PublicUtilitiesEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_4F893B4680DCDB5BBEE954FAC84C2F55_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_4F893B4680DCDB5BBEE954FAC84C2F55" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Estimated Underpaid Surface Mining Royalties under proposed rate change</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange" xlink:label="loc_pnm_PublicUtilitiesEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_4F893B4680DCDB5BBEE954FAC84C2F55" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_4F893B4680DCDB5BBEE954FAC84C2F55" xlink:to="lab_pnm_PublicUtilitiesEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_4F893B4680DCDB5BBEE954FAC84C2F55" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesPNMShareEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_E80479862C57AD2ED90754FAC84C1E7B_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesPNMShareEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_E80479862C57AD2ED90754FAC84C1E7B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PNM's share estimated underpaid surface mining royalties under proposed rate change</link:label>
    <link:label id="lab_pnm_PublicUtilitiesPNMShareEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_E80479862C57AD2ED90754FAC84C1E7B_label_en-US" xlink:label="lab_pnm_PublicUtilitiesPNMShareEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_E80479862C57AD2ED90754FAC84C1E7B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, PNM Share Estimated Underpaid Surface Mining Royalties under proposed rate change</link:label>
    <link:label id="lab_pnm_PublicUtilitiesPNMShareEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_E80479862C57AD2ED90754FAC84C1E7B_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesPNMShareEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_E80479862C57AD2ED90754FAC84C1E7B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, PNM Share Estimated Underpaid Surface Mining Royalties under proposed rate change</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesPNMShareEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange" xlink:label="loc_pnm_PublicUtilitiesPNMShareEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_E80479862C57AD2ED90754FAC84C1E7B" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesPNMShareEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_E80479862C57AD2ED90754FAC84C1E7B" xlink:to="lab_pnm_PublicUtilitiesPNMShareEstimatedUnderpaidSurfaceMiningRoyaltiesunderproposedratechange_E80479862C57AD2ED90754FAC84C1E7B" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesLiabilityInsuranceCoverage_3A9901E8A5457CAF066354FAC84CDFAC_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesLiabilityInsuranceCoverage_3A9901E8A5457CAF066354FAC84CDFAC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liability insurance coverage</link:label>
    <link:label id="lab_pnm_PublicUtilitiesLiabilityInsuranceCoverage_3A9901E8A5457CAF066354FAC84CDFAC_label_en-US" xlink:label="lab_pnm_PublicUtilitiesLiabilityInsuranceCoverage_3A9901E8A5457CAF066354FAC84CDFAC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Liability Insurance Coverage</link:label>
    <link:label id="lab_pnm_PublicUtilitiesLiabilityInsuranceCoverage_3A9901E8A5457CAF066354FAC84CDFAC_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesLiabilityInsuranceCoverage_3A9901E8A5457CAF066354FAC84CDFAC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Liability Insurance Coverage</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesLiabilityInsuranceCoverage" xlink:label="loc_pnm_PublicUtilitiesLiabilityInsuranceCoverage_3A9901E8A5457CAF066354FAC84CDFAC" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesLiabilityInsuranceCoverage_3A9901E8A5457CAF066354FAC84CDFAC" xlink:to="lab_pnm_PublicUtilitiesLiabilityInsuranceCoverage_3A9901E8A5457CAF066354FAC84CDFAC" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesOwnershipPercentageInNuclearReactor_B1B210A8A6278C43237454FAC84CC86B_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesOwnershipPercentageInNuclearReactor_B1B210A8A6278C43237454FAC84CC86B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ownership percentage in nuclear reactor</link:label>
    <link:label id="lab_pnm_PublicUtilitiesOwnershipPercentageInNuclearReactor_B1B210A8A6278C43237454FAC84CC86B_label_en-US" xlink:label="lab_pnm_PublicUtilitiesOwnershipPercentageInNuclearReactor_B1B210A8A6278C43237454FAC84CC86B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Ownership Percentage in Nuclear Reactor</link:label>
    <link:label id="lab_pnm_PublicUtilitiesOwnershipPercentageInNuclearReactor_B1B210A8A6278C43237454FAC84CC86B_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesOwnershipPercentageInNuclearReactor_B1B210A8A6278C43237454FAC84CC86B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Ownership Percentage in Nuclear Reactor</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesOwnershipPercentageInNuclearReactor" xlink:label="loc_pnm_PublicUtilitiesOwnershipPercentageInNuclearReactor_B1B210A8A6278C43237454FAC84CC86B" xlink:type="locator" />
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    <link:label id="lab_pnm_NumberofUnits_3EB243F37719A0BC0A0F54FAC84D46B5_terseLabel_en-US" xlink:label="lab_pnm_NumberofUnits_3EB243F37719A0BC0A0F54FAC84D46B5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of units</link:label>
    <link:label id="lab_pnm_NumberofUnits_3EB243F37719A0BC0A0F54FAC84D46B5_label_en-US" xlink:label="lab_pnm_NumberofUnits_3EB243F37719A0BC0A0F54FAC84D46B5" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Units</link:label>
    <link:label id="lab_pnm_NumberofUnits_3EB243F37719A0BC0A0F54FAC84D46B5_documentation_en-US" xlink:label="lab_pnm_NumberofUnits_3EB243F37719A0BC0A0F54FAC84D46B5" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of Units</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_NumberofUnits" xlink:label="loc_pnm_NumberofUnits_3EB243F37719A0BC0A0F54FAC84D46B5" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_NumberofUnits_3EB243F37719A0BC0A0F54FAC84D46B5" xlink:to="lab_pnm_NumberofUnits_3EB243F37719A0BC0A0F54FAC84D46B5" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesMaximumPotentialAssessmentPerIncident_3064D4CE193764C8536854FAC84D689C_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesMaximumPotentialAssessmentPerIncident_3064D4CE193764C8536854FAC84D689C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum potential assessment per incident</link:label>
    <link:label id="lab_pnm_PublicUtilitiesMaximumPotentialAssessmentPerIncident_3064D4CE193764C8536854FAC84D689C_label_en-US" xlink:label="lab_pnm_PublicUtilitiesMaximumPotentialAssessmentPerIncident_3064D4CE193764C8536854FAC84D689C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Maximum Potential Assessment Per Incident</link:label>
    <link:label id="lab_pnm_PublicUtilitiesMaximumPotentialAssessmentPerIncident_3064D4CE193764C8536854FAC84D689C_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesMaximumPotentialAssessmentPerIncident_3064D4CE193764C8536854FAC84D689C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Maximum Potential Assessment Per Incident</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesMaximumPotentialAssessmentPerIncident" xlink:label="loc_pnm_PublicUtilitiesMaximumPotentialAssessmentPerIncident_3064D4CE193764C8536854FAC84D689C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesMaximumPotentialAssessmentPerIncident_3064D4CE193764C8536854FAC84D689C" xlink:to="lab_pnm_PublicUtilitiesMaximumPotentialAssessmentPerIncident_3064D4CE193764C8536854FAC84D689C" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesAnnualPaymentLimitationRelatedToIncident_FA9DEC1144A47C2DAA9254FAC84D7BA7_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesAnnualPaymentLimitationRelatedToIncident_FA9DEC1144A47C2DAA9254FAC84D7BA7" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Annual payment limitation related to incident</link:label>
    <link:label id="lab_pnm_PublicUtilitiesAnnualPaymentLimitationRelatedToIncident_FA9DEC1144A47C2DAA9254FAC84D7BA7_label_en-US" xlink:label="lab_pnm_PublicUtilitiesAnnualPaymentLimitationRelatedToIncident_FA9DEC1144A47C2DAA9254FAC84D7BA7" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Annual Payment Limitation Related to Incident</link:label>
    <link:label id="lab_pnm_PublicUtilitiesAnnualPaymentLimitationRelatedToIncident_FA9DEC1144A47C2DAA9254FAC84D7BA7_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesAnnualPaymentLimitationRelatedToIncident_FA9DEC1144A47C2DAA9254FAC84D7BA7" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Annual Payment Limitation Related to Incident</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesAnnualPaymentLimitationRelatedToIncident" xlink:label="loc_pnm_PublicUtilitiesAnnualPaymentLimitationRelatedToIncident_FA9DEC1144A47C2DAA9254FAC84D7BA7" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesAnnualPaymentLimitationRelatedToIncident_FA9DEC1144A47C2DAA9254FAC84D7BA7" xlink:to="lab_pnm_PublicUtilitiesAnnualPaymentLimitationRelatedToIncident_FA9DEC1144A47C2DAA9254FAC84D7BA7" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesAggregateAmountOfAllRiskInsurance_1064609DAD263762C91D54FAC84D0B9E_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesAggregateAmountOfAllRiskInsurance_1064609DAD263762C91D54FAC84D0B9E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate amount of all risk insurance</link:label>
    <link:label id="lab_pnm_PublicUtilitiesAggregateAmountOfAllRiskInsurance_1064609DAD263762C91D54FAC84D0B9E_label_en-US" xlink:label="lab_pnm_PublicUtilitiesAggregateAmountOfAllRiskInsurance_1064609DAD263762C91D54FAC84D0B9E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Aggregate Amount of All Risk Insurance</link:label>
    <link:label id="lab_pnm_PublicUtilitiesAggregateAmountOfAllRiskInsurance_1064609DAD263762C91D54FAC84D0B9E_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesAggregateAmountOfAllRiskInsurance_1064609DAD263762C91D54FAC84D0B9E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Aggregate Amount of All Risk Insurance</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesAggregateAmountOfAllRiskInsurance" xlink:label="loc_pnm_PublicUtilitiesAggregateAmountOfAllRiskInsurance_1064609DAD263762C91D54FAC84D0B9E" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesAggregateAmountOfAllRiskInsurance_1064609DAD263762C91D54FAC84D0B9E" xlink:to="lab_pnm_PublicUtilitiesAggregateAmountOfAllRiskInsurance_1064609DAD263762C91D54FAC84D0B9E" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesLiabilityInsuranceCoverageSublimit_221A926AFC1B36E3BFFE54FAC84D7456_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesLiabilityInsuranceCoverageSublimit_221A926AFC1B36E3BFFE54FAC84D7456" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liability insurance coverage sublimit</link:label>
    <link:label id="lab_pnm_PublicUtilitiesLiabilityInsuranceCoverageSublimit_221A926AFC1B36E3BFFE54FAC84D7456_label_en-US" xlink:label="lab_pnm_PublicUtilitiesLiabilityInsuranceCoverageSublimit_221A926AFC1B36E3BFFE54FAC84D7456" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Liability Insurance Coverage Sublimit</link:label>
    <link:label id="lab_pnm_PublicUtilitiesLiabilityInsuranceCoverageSublimit_221A926AFC1B36E3BFFE54FAC84D7456_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesLiabilityInsuranceCoverageSublimit_221A926AFC1B36E3BFFE54FAC84D7456" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Liability Insurance Coverage Sublimit</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesLiabilityInsuranceCoverageSublimit" xlink:label="loc_pnm_PublicUtilitiesLiabilityInsuranceCoverageSublimit_221A926AFC1B36E3BFFE54FAC84D7456" xlink:type="locator" />
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    <link:label id="lab_pnm_PublicUtilitiesMaximumAmountunderNuclearElectricInsuranceLimited_9BC31CB0DCFDD4E14EEE54FAC84D5CA4_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesMaximumAmountunderNuclearElectricInsuranceLimited_9BC31CB0DCFDD4E14EEE54FAC84D5CA4" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum amount under Nuclear Electric Insurance Limited</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesMaximumAmountunderNuclearElectricInsuranceLimited_9BC31CB0DCFDD4E14EEE54FAC84D5CA4_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesMaximumAmountunderNuclearElectricInsuranceLimited_9BC31CB0DCFDD4E14EEE54FAC84D5CA4" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Maximum Amount under Nuclear Electric Insurance Limited</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesProvideWatertoNumberofCities_C8CFFCD498BCEFF7D8B954FAC84DA2C1_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesProvideWatertoNumberofCities_C8CFFCD498BCEFF7D8B954FAC84DA2C1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of cities to provide cooling water</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesProvideWatertoNumberofCities_C8CFFCD498BCEFF7D8B954FAC84DA2C1_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesProvideWatertoNumberofCities_C8CFFCD498BCEFF7D8B954FAC84DA2C1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Provide Water to Number of Cities</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesProvideWaterforPeriodofTime_955C0653B4139A4BA9A454FAC84DDFAC_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesProvideWaterforPeriodofTime_955C0653B4139A4BA9A454FAC84DDFAC" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Term of agreement for cooling water</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesProvideWaterforPeriodofTime_955C0653B4139A4BA9A454FAC84DDFAC_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesProvideWaterforPeriodofTime_955C0653B4139A4BA9A454FAC84DDFAC" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Provide Water for Period of Time</link:label>
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    <link:label id="lab_us-gaap_LossContingencyPendingClaimsNumber_D1DEB6DEA21BD1D648EC54FAC84D566B_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyPendingClaimsNumber_D1DEB6DEA21BD1D648EC54FAC84D566B" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of pending claims</link:label>
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    <link:label id="lab_pnm_LossContingencyWrittenNotificationtoTerminateAgreementMinimumPeriodofTimeRequired_C8FDDE02D32930B1CBB054FAC84D486A_terseLabel_en-US" xlink:label="lab_pnm_LossContingencyWrittenNotificationtoTerminateAgreementMinimumPeriodofTimeRequired_C8FDDE02D32930B1CBB054FAC84D486A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Written notification to terminate agreement, minimum period of time required</link:label>
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    <link:label id="lab_pnm_NumberoflandownersclaimingtobeNavajoallottees_738998C468344282359054FAC84DE999_terseLabel_en-US" xlink:label="lab_pnm_NumberoflandownersclaimingtobeNavajoallottees_738998C468344282359054FAC84DE999" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of landowners claiming to be Navajo allottees (in landowners)</link:label>
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_NumberoflandownersclaimingtobeNavajoallottees" xlink:label="loc_pnm_NumberoflandownersclaimingtobeNavajoallottees_738998C468344282359054FAC84DE999" xlink:type="locator" />
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    <link:label id="lab_pnm_Numberofallotmentparcelsappraisalrequestedforreview_9021B2CA021DEA9DE26254FAC84D3859_terseLabel_en-US" xlink:label="lab_pnm_Numberofallotmentparcelsappraisalrequestedforreview_9021B2CA021DEA9DE26254FAC84D3859" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of allotment parcels' appraisal requested for review (in allotment parcels)</link:label>
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_Numberofallotmentparcelsappraisalrequestedforreview" xlink:label="loc_pnm_Numberofallotmentparcelsappraisalrequestedforreview_9021B2CA021DEA9DE26254FAC84D3859" xlink:type="locator" />
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    <link:label id="lab_pnm_Numberofallotmentswherelandownersarerevokingrightsofwayrenewalconsents_BF854495DD1C4BC1D6CE54FAC84D5FBD_terseLabel_en-US" xlink:label="lab_pnm_Numberofallotmentswherelandownersarerevokingrightsofwayrenewalconsents_BF854495DD1C4BC1D6CE54FAC84D5FBD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of allotments where landowners are revoking rights of way renewal consents (in allotment parcels)</link:label>
    <link:label id="lab_pnm_Numberofallotmentswherelandownersarerevokingrightsofwayrenewalconsents_BF854495DD1C4BC1D6CE54FAC84D5FBD_label_en-US" xlink:label="lab_pnm_Numberofallotmentswherelandownersarerevokingrightsofwayrenewalconsents_BF854495DD1C4BC1D6CE54FAC84D5FBD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of allotments where landowners are revoking rights of way renewal consents</link:label>
    <link:label id="lab_pnm_Numberofallotmentswherelandownersarerevokingrightsofwayrenewalconsents_BF854495DD1C4BC1D6CE54FAC84D5FBD_documentation_en-US" xlink:label="lab_pnm_Numberofallotmentswherelandownersarerevokingrightsofwayrenewalconsents_BF854495DD1C4BC1D6CE54FAC84D5FBD" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of allotments where landowners are revoking rights of way renewal consents</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_Numberofallotmentswherelandownersarerevokingrightsofwayrenewalconsents" xlink:label="loc_pnm_Numberofallotmentswherelandownersarerevokingrightsofwayrenewalconsents_BF854495DD1C4BC1D6CE54FAC84D5FBD" xlink:type="locator" />
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    <link:label id="lab_us-gaap_AreaOfLand_5520E34284FBAE5134A354FAC84E6469_terseLabel_en-US" xlink:label="lab_us-gaap_AreaOfLand_5520E34284FBAE5134A354FAC84E6469" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Area of land (in acres)</link:label>
    <link:label id="lab_us-gaap_AreaOfLand_5520E34284FBAE5134A354FAC84E6469_label_en-US" xlink:label="lab_us-gaap_AreaOfLand_5520E34284FBAE5134A354FAC84E6469" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Area of Land</link:label>
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    <link:label id="lab_pnm_NumberofallotmentparcelsatissueNottobecondemned_E563927FE5FF7D10194254FAC84E5186_terseLabel_en-US" xlink:label="lab_pnm_NumberofallotmentparcelsatissueNottobecondemned_E563927FE5FF7D10194254FAC84E5186" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of allotment parcels at issue that are not to be condemned</link:label>
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    <link:label id="lab_pnm_NumberofallotmentparcelsatissueNottobecondemned_E563927FE5FF7D10194254FAC84E5186_documentation_en-US" xlink:label="lab_pnm_NumberofallotmentparcelsatissueNottobecondemned_E563927FE5FF7D10194254FAC84E5186" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of allotment parcels' at issue, Not to be condemned</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_NumberofallotmentparcelsatissueNottobecondemned" xlink:label="loc_pnm_NumberofallotmentparcelsatissueNottobecondemned_E563927FE5FF7D10194254FAC84E5186" xlink:type="locator" />
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    <link:label id="lab_pnm_Numberofallotmentparcelsatissue_5034C487C7A28729B43554FAC84E0355_terseLabel_en-US" xlink:label="lab_pnm_Numberofallotmentparcelsatissue_5034C487C7A28729B43554FAC84E0355" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of allotment parcels at issue</link:label>
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_Numberofallotmentparcelsatissue" xlink:label="loc_pnm_Numberofallotmentparcelsatissue_5034C487C7A28729B43554FAC84E0355" xlink:type="locator" />
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    <link:label id="lab_pnm_AdditionalTaxDuePlusPenaltiesandInterest_59B21539DB261AF04E6854FAC84E4B73_terseLabel_en-US" xlink:label="lab_pnm_AdditionalTaxDuePlusPenaltiesandInterest_59B21539DB261AF04E6854FAC84E4B73" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additional tax due plus penalties and interest</link:label>
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    <link:label id="lab_us-gaap_DebtDisclosureAbstract_05288C0F4A3569DBD5B4E7FF34EDFBB3_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract_05288C0F4A3569DBD5B4E7FF34EDFBB3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Disclosure [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_05288C0F4A3569DBD5B4E7FF34EDFBB3" xlink:type="locator" />
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    <link:label id="lab_pnm_SeniorUnsecuredNotesDue2018at7point95percentMember_E22EA1FEFFFC8B4C9C37502E7338692B_documentation_en-US" xlink:label="lab_pnm_SeniorUnsecuredNotesDue2018at7point95percentMember_E22EA1FEFFFC8B4C9C37502E7338692B" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Unsecured Notes, Due 2018, at 7 point 95 percent [Member]</link:label>
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    <link:label id="lab_pnm_SeniorUnsecuredNotesDue2018at7point50percentMember_6491864ECC0981FC5012502E7338F36E_label_en-US" xlink:label="lab_pnm_SeniorUnsecuredNotesDue2018at7point50percentMember_6491864ECC0981FC5012502E7338F36E" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Unsecured Notes, Due 2018, at 7 point 50 percent [Member]</link:label>
    <link:label id="lab_pnm_SeniorUnsecuredNotesDue2018at7point50percentMember_6491864ECC0981FC5012502E7338F36E_documentation_en-US" xlink:label="lab_pnm_SeniorUnsecuredNotesDue2018at7point50percentMember_6491864ECC0981FC5012502E7338F36E" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Unsecured Notes, Due 2018, at 7 point 50 percent [Member]</link:label>
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    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.15Member_ED487F3FF5830C4CEED0502E73386D77_label_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.15Member_ED487F3FF5830C4CEED0502E73386D77" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in May 2018, Interest Rate of 3.15% [Member]</link:label>
    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.15Member_ED487F3FF5830C4CEED0502E73386D77_documentation_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.15Member_ED487F3FF5830C4CEED0502E73386D77" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in May 2018, Interest Rate of 3.15% [Member]</link:label>
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    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.45Member_641936B6A9CB175419CB502E7338BEE8_label_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.45Member_641936B6A9CB175419CB502E7338BEE8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in May 2018, Interest Rate of 3.45% [Member]</link:label>
    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.45Member_641936B6A9CB175419CB502E7338BEE8_documentation_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.45Member_641936B6A9CB175419CB502E7338BEE8" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in May 2018, Interest Rate of 3.45% [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.45Member" xlink:label="loc_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.45Member_641936B6A9CB175419CB502E7338BEE8" xlink:type="locator" />
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    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.68Member_072EB040AED9AF0341AA502E73384AEE_terseLabel_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.68Member_072EB040AED9AF0341AA502E73384AEE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">SUNs, Issuance in May 2018, Interest rate of 3.68%</link:label>
    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.68Member_072EB040AED9AF0341AA502E73384AEE_label_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.68Member_072EB040AED9AF0341AA502E73384AEE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in May 2018, Interest Rate of 3.68% [Member]</link:label>
    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.68Member_072EB040AED9AF0341AA502E73384AEE_documentation_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.68Member_072EB040AED9AF0341AA502E73384AEE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in May 2018, Interest Rate of 3.68% [Member]</link:label>
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    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.93Member_7EB23788E8DEF98AC11D502E733898ED_terseLabel_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.93Member_7EB23788E8DEF98AC11D502E733898ED" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">SUNs, Issuance in May 2018, Interest rate of 3.93%</link:label>
    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.93Member_7EB23788E8DEF98AC11D502E733898ED_label_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.93Member_7EB23788E8DEF98AC11D502E733898ED" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in May 2018, Interest Rate of 3.93% [Member]</link:label>
    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.93Member_7EB23788E8DEF98AC11D502E733898ED_documentation_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.93Member_7EB23788E8DEF98AC11D502E733898ED" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in May 2018, Interest Rate of 3.93% [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.93Member" xlink:label="loc_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof3.93Member_7EB23788E8DEF98AC11D502E733898ED" xlink:type="locator" />
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    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.22Member_C3D85ECC1283A6567441502E7338FF3C_terseLabel_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.22Member_C3D85ECC1283A6567441502E7338FF3C" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">SUNs, Issuance in May 2018, Interest rate of 4.22%</link:label>
    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.22Member_C3D85ECC1283A6567441502E7338FF3C_label_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.22Member_C3D85ECC1283A6567441502E7338FF3C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in May 2018, Interest Rate of 4.22% [Member]</link:label>
    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.22Member_C3D85ECC1283A6567441502E7338FF3C_documentation_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.22Member_C3D85ECC1283A6567441502E7338FF3C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in May 2018, Interest Rate of 4.22% [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.22Member" xlink:label="loc_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.22Member_C3D85ECC1283A6567441502E7338FF3C" xlink:type="locator" />
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    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.50Member_5FF6AED20BD2747B51CB502E73389BFB_terseLabel_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.50Member_5FF6AED20BD2747B51CB502E73389BFB" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">SUNs, Issuance in May 2018, Interest rate of 4.50%</link:label>
    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.50Member_5FF6AED20BD2747B51CB502E73389BFB_label_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.50Member_5FF6AED20BD2747B51CB502E73389BFB" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in May 2018, Interest Rate of 4.50% [Member]</link:label>
    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.50Member_5FF6AED20BD2747B51CB502E73389BFB_documentation_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.50Member_5FF6AED20BD2747B51CB502E73389BFB" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in May 2018, Interest Rate of 4.50% [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.50Member" xlink:label="loc_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinMay2018InterestRateof4.50Member_5FF6AED20BD2747B51CB502E73389BFB" xlink:type="locator" />
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    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinAugust2018InterestRateof3.78Member_E3670BA26982EE34C406502E73386A42_label_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinAugust2018InterestRateof3.78Member_E3670BA26982EE34C406502E73386A42" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in August 2018, Interest Rate of 3.78% [Member]</link:label>
    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinAugust2018InterestRateof3.78Member_E3670BA26982EE34C406502E73386A42_documentation_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinAugust2018InterestRateof3.78Member_E3670BA26982EE34C406502E73386A42" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in August 2018, Interest Rate of 3.78% [Member]</link:label>
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    <link:label id="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinAugust2018InterestRateof4.60Member_9EFB2B6C57548864D083502E73388FC1_documentation_en-US" xlink:label="lab_pnm_SeniorUnsecuredNoteAgreementSUNsPrivatePlacementTransactionwithInstitutionalInvestorsIssuanceinAugust2018InterestRateof4.60Member_9EFB2B6C57548864D083502E73388FC1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Unsecured Note Agreement (SUNs), Private Placement Transaction with Institutional Investors, Issuance in August 2018, Interest Rate of 4.60% [Member]</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestRateContractMember" xlink:label="loc_us-gaap_InterestRateContractMember_0C0D9D8D23DB72DA2F27502E7338D516" xlink:type="locator" />
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    <link:label id="lab_pnm_InterestRateContractOneMember_EF3E410A57E4BD7B8C3B502E7338ABC4_label_en-US" xlink:label="lab_pnm_InterestRateContractOneMember_EF3E410A57E4BD7B8C3B502E7338ABC4" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Contract, One [Member]</link:label>
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    <link:label id="lab_pnm_InterestRateContractTwoMember_18E2059470507CEB19EB502E73382FBA_terseLabel_en-US" xlink:label="lab_pnm_InterestRateContractTwoMember_18E2059470507CEB19EB502E73382FBA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate contract, 2</link:label>
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    <link:label id="lab_pnm_InterestRateContractTwoMember_18E2059470507CEB19EB502E73382FBA_documentation_en-US" xlink:label="lab_pnm_InterestRateContractTwoMember_18E2059470507CEB19EB502E73382FBA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest Rate Contract, Two [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_InterestRateContractTwoMember" xlink:label="loc_pnm_InterestRateContractTwoMember_18E2059470507CEB19EB502E73382FBA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_InterestRateContractTwoMember_18E2059470507CEB19EB502E73382FBA" xlink:to="lab_pnm_InterestRateContractTwoMember_18E2059470507CEB19EB502E73382FBA" xlink:type="arc" />
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    <link:label id="lab_pnm_InterestRateContractThreeMember_10D6AB753E6DAA92A455502E73387F77_label_en-US" xlink:label="lab_pnm_InterestRateContractThreeMember_10D6AB753E6DAA92A455502E73387F77" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate Contract, Three [Member]</link:label>
    <link:label id="lab_pnm_InterestRateContractThreeMember_10D6AB753E6DAA92A455502E73387F77_documentation_en-US" xlink:label="lab_pnm_InterestRateContractThreeMember_10D6AB753E6DAA92A455502E73387F77" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest Rate Contract, Three [Member]</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_InterestRateContractThreeMember" xlink:label="loc_pnm_InterestRateContractThreeMember_10D6AB753E6DAA92A455502E73387F77" xlink:type="locator" />
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    <link:label id="lab_pnm_InterestRateContractsContractOneandContractTwoMember_71B48D36F1DBC217E02D502E7338FDDF_terseLabel_en-US" xlink:label="lab_pnm_InterestRateContractsContractOneandContractTwoMember_71B48D36F1DBC217E02D502E7338FDDF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate contracts, 1 and 2</link:label>
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    <link:loc xlink:href="pnm-20170930.xsd#pnm_InterestRateContractsContractOneandContractTwoMember" xlink:label="loc_pnm_InterestRateContractsContractOneandContractTwoMember_71B48D36F1DBC217E02D502E7338FDDF" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LineOfCreditFacilityAxis_283929B849B54FB53726502E7347D6DD_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityAxis_283929B849B54FB53726502E7347D6DD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lender Name [Axis]</link:label>
    <link:label id="lab_us-gaap_LineOfCreditFacilityAxis_283929B849B54FB53726502E7347D6DD_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityAxis_283929B849B54FB53726502E7347D6DD" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lender Name [Axis]</link:label>
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    <link:label id="lab_us-gaap_LineOfCreditFacilityLenderDomain_61432DE08708511D71A0502E7347D6EF_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityLenderDomain_61432DE08708511D71A0502E7347D6EF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Line of Credit Facility, Lender [Domain]</link:label>
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    <link:label id="lab_pnm_JPMorganChaseBankN.A.andU.S.BankNationalAssociationMember_9798E63C3D9C078D3CA5502E7347DA8E_terseLabel_en-US" xlink:label="lab_pnm_JPMorganChaseBankN.A.andU.S.BankNationalAssociationMember_9798E63C3D9C078D3CA5502E7347DA8E" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">JPMorgan Chase Bank, N.A. and U.S. Bank National Association</link:label>
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    <link:label id="lab_pnm_DebtInstrumentCovenantDebttoCapitalRatio_80FE5F28024E62452902502E73478FC6_terseLabel_en-US" xlink:label="lab_pnm_DebtInstrumentCovenantDebttoCapitalRatio_80FE5F28024E62452902502E73478FC6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Covenant that requires the maintenance of a debt-to-capital ratio (less than or equal to)</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_EAF36AAD89C7B0135BDA502E73470D06" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DerivativeVariableInterestRate_91CB014790F475DF3E53502E73477321_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeVariableInterestRate_91CB014790F475DF3E53502E73477321" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate at period end</link:label>
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    <link:label id="lab_us-gaap_UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss_331EE917DA3FEF017B39502E7347BF41_terseLabel_en-US" xlink:label="lab_us-gaap_UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss_331EE917DA3FEF017B39502E7347BF41" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value gain (loss) (less than)</link:label>
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    <link:label id="lab_us-gaap_UnsecuredLongTermDebt_1C912DCF2C148A0D547D502E73475BAF_terseLabel_en-US" xlink:label="lab_us-gaap_UnsecuredLongTermDebt_1C912DCF2C148A0D547D502E73475BAF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior Unsecured Notes</link:label>
    <link:label id="lab_us-gaap_UnsecuredLongTermDebt_1C912DCF2C148A0D547D502E73475BAF_label_en-US" xlink:label="lab_us-gaap_UnsecuredLongTermDebt_1C912DCF2C148A0D547D502E73475BAF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unsecured Long-term Debt, Noncurrent</link:label>
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    <link:label id="lab_us-gaap_DebtInstrumentTerm_84E56D1CE7E527B8E8F7502E734752E2_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentTerm_84E56D1CE7E527B8E8F7502E734752E2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Term of loan</link:label>
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract_603EC2CF04002CCAD3334AD833931FD5_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeAvailableForSaleSecuritiesAdjustmentNetOfTaxPeriodIncreaseDecreaseAbstract_603EC2CF04002CCAD3334AD833931FD5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unrealized Gains on Available-for-Sale Securities:</link:label>
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_3F0E5FFFFCC3F0570D7B4AD83393C8B5_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax_3F0E5FFFFCC3F0570D7B4AD83393C8B5" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unrealized holding gains arising during the period, net of income tax (expense)</link:label>
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_192DB9E4F521F3325D4C4AD833935E04_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax_192DB9E4F521F3325D4C4AD833935E04" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Reclassification adjustment for (gains) included in net earnings, net of income tax expense</link:label>
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax_E6CEAEDECC6A9B982CEF4AD833935959_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax_E6CEAEDECC6A9B982CEF4AD833935959" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Reclassification adjustment for amortization of experience losses recognized as net periodic benefit cost, net of income tax expense (benefit)</link:label>
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    <link:label id="lab_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecreaseAbstract_F97F8E360F35088655B64AD83393C785_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPeriodIncreaseDecreaseAbstract_F97F8E360F35088655B64AD83393C785" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair Value Adjustment for Cash Flow Hedges:</link:label>
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    <link:label id="lab_us-gaap_ScenarioForecastMember_A2DC79A093922724DA084BE930E1AE66_label_en-US" xlink:label="lab_us-gaap_ScenarioForecastMember_A2DC79A093922724DA084BE930E1AE66" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Scenario, Forecast [Member]</link:label>
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    <link:label id="lab_pnm_PublicUtilitiesApprovedDeploymentCosts_4E7929F092B53CF99E6D4B53AF55A1FF_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedDeploymentCosts_4E7929F092B53CF99E6D4B53AF55A1FF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Approved deployment costs</link:label>
    <link:label id="lab_pnm_PublicUtilitiesApprovedDeploymentCosts_4E7929F092B53CF99E6D4B53AF55A1FF_label_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedDeploymentCosts_4E7929F092B53CF99E6D4B53AF55A1FF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Approved Deployment Costs</link:label>
    <link:label id="lab_pnm_PublicUtilitiesApprovedDeploymentCosts_4E7929F092B53CF99E6D4B53AF55A1FF_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedDeploymentCosts_4E7929F092B53CF99E6D4B53AF55A1FF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Approved Deployment Costs</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesApprovedDeploymentCosts" xlink:label="loc_pnm_PublicUtilitiesApprovedDeploymentCosts_4E7929F092B53CF99E6D4B53AF55A1FF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesApprovedDeploymentCosts_4E7929F092B53CF99E6D4B53AF55A1FF" xlink:to="lab_pnm_PublicUtilitiesApprovedDeploymentCosts_4E7929F092B53CF99E6D4B53AF55A1FF" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesCollectionOfDeploymentCostsThroughSurchargePeriod_0C942E8A5EA58E4F443C4B53AF61EF50_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesCollectionOfDeploymentCostsThroughSurchargePeriod_0C942E8A5EA58E4F443C4B53AF61EF50" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Collection of deployment costs through surcharge period</link:label>
    <link:label id="lab_pnm_PublicUtilitiesCollectionOfDeploymentCostsThroughSurchargePeriod_0C942E8A5EA58E4F443C4B53AF61EF50_label_en-US" xlink:label="lab_pnm_PublicUtilitiesCollectionOfDeploymentCostsThroughSurchargePeriod_0C942E8A5EA58E4F443C4B53AF61EF50" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Collection of Deployment Costs Through Surcharge Period</link:label>
    <link:label id="lab_pnm_PublicUtilitiesCollectionOfDeploymentCostsThroughSurchargePeriod_0C942E8A5EA58E4F443C4B53AF61EF50_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesCollectionOfDeploymentCostsThroughSurchargePeriod_0C942E8A5EA58E4F443C4B53AF61EF50" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Collection of Deployment Costs Through Surcharge Period</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesCollectionOfDeploymentCostsThroughSurchargePeriod" xlink:label="loc_pnm_PublicUtilitiesCollectionOfDeploymentCostsThroughSurchargePeriod_0C942E8A5EA58E4F443C4B53AF61EF50" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesCollectionOfDeploymentCostsThroughSurchargePeriod_0C942E8A5EA58E4F443C4B53AF61EF50" xlink:to="lab_pnm_PublicUtilitiesCollectionOfDeploymentCostsThroughSurchargePeriod_0C942E8A5EA58E4F443C4B53AF61EF50" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNumberofadvancedmetersinstalled_CBF588EB85BE4F7ACBA84B53AF6A0B08_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofadvancedmetersinstalled_CBF588EB85BE4F7ACBA84B53AF6A0B08" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of advanced meters installed (more than)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofadvancedmetersinstalled_CBF588EB85BE4F7ACBA84B53AF6A0B08_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofadvancedmetersinstalled_CBF588EB85BE4F7ACBA84B53AF6A0B08" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of advanced meters installed</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNumberofadvancedmetersinstalled_CBF588EB85BE4F7ACBA84B53AF6A0B08_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNumberofadvancedmetersinstalled_CBF588EB85BE4F7ACBA84B53AF6A0B08" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Number of advanced meters installed</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNumberofadvancedmetersinstalled" xlink:label="loc_pnm_PublicUtilitiesNumberofadvancedmetersinstalled_CBF588EB85BE4F7ACBA84B53AF6A0B08" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesNumberofadvancedmetersinstalled_CBF588EB85BE4F7ACBA84B53AF6A0B08" xlink:to="lab_pnm_PublicUtilitiesNumberofadvancedmetersinstalled_CBF588EB85BE4F7ACBA84B53AF6A0B08" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNonstandardmeteringservicecosttotaltobebornebyoptoutcustomers_0E0A6B534D9170BD1B504B53AF737CED_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNonstandardmeteringservicecosttotaltobebornebyoptoutcustomers_0E0A6B534D9170BD1B504B53AF737CED" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Recovery in cost through initial fees</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNonstandardmeteringservicecosttotaltobebornebyoptoutcustomers_0E0A6B534D9170BD1B504B53AF737CED_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNonstandardmeteringservicecosttotaltobebornebyoptoutcustomers_0E0A6B534D9170BD1B504B53AF737CED" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Non-standard metering service cost total to be borne by opt-out customers</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNonstandardmeteringservicecosttotaltobebornebyoptoutcustomers_0E0A6B534D9170BD1B504B53AF737CED_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNonstandardmeteringservicecosttotaltobebornebyoptoutcustomers_0E0A6B534D9170BD1B504B53AF737CED" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Non-standard metering service cost total to be borne by opt-out customers</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNonstandardmeteringservicecosttotaltobebornebyoptoutcustomers" xlink:label="loc_pnm_PublicUtilitiesNonstandardmeteringservicecosttotaltobebornebyoptoutcustomers_0E0A6B534D9170BD1B504B53AF737CED" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesNonstandardmeteringservicecosttotaltobebornebyoptoutcustomers_0E0A6B534D9170BD1B504B53AF737CED" xlink:to="lab_pnm_PublicUtilitiesNonstandardmeteringservicecosttotaltobebornebyoptoutcustomers_0E0A6B534D9170BD1B504B53AF737CED" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringservicecostinitialfeerange_DF204B75FA030AE306DF4B53AF7D00D1_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringservicecostinitialfeerange_DF204B75FA030AE306DF4B53AF7D00D1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Approved non-standard metering service cost, initial fee range</link:label>
    <link:label id="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringservicecostinitialfeerange_DF204B75FA030AE306DF4B53AF7D00D1_label_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringservicecostinitialfeerange_DF204B75FA030AE306DF4B53AF7D00D1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Approved Non-standard metering service cost initial fee range</link:label>
    <link:label id="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringservicecostinitialfeerange_DF204B75FA030AE306DF4B53AF7D00D1_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringservicecostinitialfeerange_DF204B75FA030AE306DF4B53AF7D00D1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Approved Non-standard metering service cost initial fee range</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesApprovedNonstandardmeteringservicecostinitialfeerange" xlink:label="loc_pnm_PublicUtilitiesApprovedNonstandardmeteringservicecostinitialfeerange_DF204B75FA030AE306DF4B53AF7D00D1" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesApprovedNonstandardmeteringservicecostinitialfeerange_DF204B75FA030AE306DF4B53AF7D00D1" xlink:to="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringservicecostinitialfeerange_DF204B75FA030AE306DF4B53AF7D00D1" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesNonstandardmeteringongoingexpensestotaltobebornebyoptoutcustomers_C8DA70813573EB15B7CE4B53AF8AF900_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesNonstandardmeteringongoingexpensestotaltobebornebyoptoutcustomers_C8DA70813573EB15B7CE4B53AF8AF900" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ongoing annual expenses</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNonstandardmeteringongoingexpensestotaltobebornebyoptoutcustomers_C8DA70813573EB15B7CE4B53AF8AF900_label_en-US" xlink:label="lab_pnm_PublicUtilitiesNonstandardmeteringongoingexpensestotaltobebornebyoptoutcustomers_C8DA70813573EB15B7CE4B53AF8AF900" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Non-standard metering ongoing expenses total to be borne by opt-out customers</link:label>
    <link:label id="lab_pnm_PublicUtilitiesNonstandardmeteringongoingexpensestotaltobebornebyoptoutcustomers_C8DA70813573EB15B7CE4B53AF8AF900_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesNonstandardmeteringongoingexpensestotaltobebornebyoptoutcustomers_C8DA70813573EB15B7CE4B53AF8AF900" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Non-standard metering ongoing expenses total to be borne by opt-out customers</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesNonstandardmeteringongoingexpensestotaltobebornebyoptoutcustomers" xlink:label="loc_pnm_PublicUtilitiesNonstandardmeteringongoingexpensestotaltobebornebyoptoutcustomers_C8DA70813573EB15B7CE4B53AF8AF900" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesNonstandardmeteringongoingexpensestotaltobebornebyoptoutcustomers_C8DA70813573EB15B7CE4B53AF8AF900" xlink:to="lab_pnm_PublicUtilitiesNonstandardmeteringongoingexpensestotaltobebornebyoptoutcustomers_C8DA70813573EB15B7CE4B53AF8AF900" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringongoingexpensesmonthlycharge_82E1E35DDE5D4857B2A94B53AF959DAF_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringongoingexpensesmonthlycharge_82E1E35DDE5D4857B2A94B53AF959DAF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Approved non-standard metering ongoing expenses monthly charge</link:label>
    <link:label id="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringongoingexpensesmonthlycharge_82E1E35DDE5D4857B2A94B53AF959DAF_label_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringongoingexpensesmonthlycharge_82E1E35DDE5D4857B2A94B53AF959DAF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Approved Non-standard metering ongoing expenses monthly charge</link:label>
    <link:label id="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringongoingexpensesmonthlycharge_82E1E35DDE5D4857B2A94B53AF959DAF_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringongoingexpensesmonthlycharge_82E1E35DDE5D4857B2A94B53AF959DAF" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Approved Non-standard metering ongoing expenses monthly charge</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesApprovedNonstandardmeteringongoingexpensesmonthlycharge" xlink:label="loc_pnm_PublicUtilitiesApprovedNonstandardmeteringongoingexpensesmonthlycharge_82E1E35DDE5D4857B2A94B53AF959DAF" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesApprovedNonstandardmeteringongoingexpensesmonthlycharge_82E1E35DDE5D4857B2A94B53AF959DAF" xlink:to="lab_pnm_PublicUtilitiesApprovedNonstandardmeteringongoingexpensesmonthlycharge_82E1E35DDE5D4857B2A94B53AF959DAF" xlink:type="arc" />
    <link:label id="lab_pnm_Presumednumberofcustomersthatwillelectnonstandardmeterservice_3D7FD74F14F799A2B2A34B53AFA04D72_terseLabel_en-US" xlink:label="lab_pnm_Presumednumberofcustomersthatwillelectnonstandardmeterservice_3D7FD74F14F799A2B2A34B53AFA04D72" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Presumed number of customers that will elect non-standard meter service (in customers)</link:label>
    <link:label id="lab_pnm_Presumednumberofcustomersthatwillelectnonstandardmeterservice_3D7FD74F14F799A2B2A34B53AFA04D72_label_en-US" xlink:label="lab_pnm_Presumednumberofcustomersthatwillelectnonstandardmeterservice_3D7FD74F14F799A2B2A34B53AFA04D72" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Presumed number of customers that will elect non-standard meter service</link:label>
    <link:label id="lab_pnm_Presumednumberofcustomersthatwillelectnonstandardmeterservice_3D7FD74F14F799A2B2A34B53AFA04D72_documentation_en-US" xlink:label="lab_pnm_Presumednumberofcustomersthatwillelectnonstandardmeterservice_3D7FD74F14F799A2B2A34B53AFA04D72" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Presumed number of customers that will elect non-standard meter service</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_Presumednumberofcustomersthatwillelectnonstandardmeterservice" xlink:label="loc_pnm_Presumednumberofcustomersthatwillelectnonstandardmeterservice_3D7FD74F14F799A2B2A34B53AFA04D72" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_Presumednumberofcustomersthatwillelectnonstandardmeterservice_3D7FD74F14F799A2B2A34B53AFA04D72" xlink:to="lab_pnm_Presumednumberofcustomersthatwillelectnonstandardmeterservice_3D7FD74F14F799A2B2A34B53AFA04D72" xlink:type="arc" />
    <link:label id="lab_pnm_Currentnumberofcustomersthathaveelectednonstandardmeterservice_8BCB18DFA27D179961BC4B53AFABBBBA_terseLabel_en-US" xlink:label="lab_pnm_Currentnumberofcustomersthathaveelectednonstandardmeterservice_8BCB18DFA27D179961BC4B53AFABBBBA" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current number of customers that have elected non-standard meter service (in customers)</link:label>
    <link:label id="lab_pnm_Currentnumberofcustomersthathaveelectednonstandardmeterservice_8BCB18DFA27D179961BC4B53AFABBBBA_label_en-US" xlink:label="lab_pnm_Currentnumberofcustomersthathaveelectednonstandardmeterservice_8BCB18DFA27D179961BC4B53AFABBBBA" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current number of customers that have elected non-standard meter service</link:label>
    <link:label id="lab_pnm_Currentnumberofcustomersthathaveelectednonstandardmeterservice_8BCB18DFA27D179961BC4B53AFABBBBA_documentation_en-US" xlink:label="lab_pnm_Currentnumberofcustomersthathaveelectednonstandardmeterservice_8BCB18DFA27D179961BC4B53AFABBBBA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current number of customers that have elected non-standard meter service</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_Currentnumberofcustomersthathaveelectednonstandardmeterservice" xlink:label="loc_pnm_Currentnumberofcustomersthathaveelectednonstandardmeterservice_8BCB18DFA27D179961BC4B53AFABBBBA" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_Currentnumberofcustomersthathaveelectednonstandardmeterservice_8BCB18DFA27D179961BC4B53AFABBBBA" xlink:to="lab_pnm_Currentnumberofcustomersthathaveelectednonstandardmeterservice_8BCB18DFA27D179961BC4B53AFABBBBA" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesCompetitionTransitionChargeAdjustmenttoAnnualFundingAmount_4DC1C664524DE85E1C1A4B53F9751867_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesCompetitionTransitionChargeAdjustmenttoAnnualFundingAmount_4DC1C664524DE85E1C1A4B53F9751867" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment of the most recent annual CTC funding amount (greater than or equal to)</link:label>
    <link:label id="lab_pnm_PublicUtilitiesCompetitionTransitionChargeAdjustmenttoAnnualFundingAmount_4DC1C664524DE85E1C1A4B53F9751867_label_en-US" xlink:label="lab_pnm_PublicUtilitiesCompetitionTransitionChargeAdjustmenttoAnnualFundingAmount_4DC1C664524DE85E1C1A4B53F9751867" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Competition Transition Charge, Adjustment to Annual Funding Amount</link:label>
    <link:label id="lab_pnm_PublicUtilitiesCompetitionTransitionChargeAdjustmenttoAnnualFundingAmount_4DC1C664524DE85E1C1A4B53F9751867_documentation_en-US" xlink:label="lab_pnm_PublicUtilitiesCompetitionTransitionChargeAdjustmenttoAnnualFundingAmount_4DC1C664524DE85E1C1A4B53F9751867" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Public Utilities, Competition Transition Charge, Adjustment to Annual Funding Amount</link:label>
    <link:loc xlink:href="pnm-20170930.xsd#pnm_PublicUtilitiesCompetitionTransitionChargeAdjustmenttoAnnualFundingAmount" xlink:label="loc_pnm_PublicUtilitiesCompetitionTransitionChargeAdjustmenttoAnnualFundingAmount_4DC1C664524DE85E1C1A4B53F9751867" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnm_PublicUtilitiesCompetitionTransitionChargeAdjustmenttoAnnualFundingAmount_4DC1C664524DE85E1C1A4B53F9751867" xlink:to="lab_pnm_PublicUtilitiesCompetitionTransitionChargeAdjustmenttoAnnualFundingAmount_4DC1C664524DE85E1C1A4B53F9751867" xlink:type="arc" />
    <link:label id="lab_pnm_PublicUtilitiesCompetitionTransitionChargeRequestedAdjustmenttoIncreaseDecreaseCollectionofAmortization_B0776D3591B1324F63A74B53F9FC2D6D_terseLabel_en-US" xlink:label="lab_pnm_PublicUtilitiesCompetitionTransitionChargeRequestedAdjustmenttoIncreaseDecreaseCollectionofAmortization_B0776D3591B1324F63A74B53F9FC2D6D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Requested increase (decrease) adjustment to reduce collection of amortization</link:label>
    <link:label id="lab_pnm_PublicUtilitiesCompetitionTransitionChargeRequestedAdjustmenttoIncreaseDecreaseCollectionofAmortization_B0776D3591B1324F63A74B53F9FC2D6D_label_en-US" xlink:label="lab_pnm_PublicUtilitiesCompetitionTransitionChargeRequestedAdjustmenttoIncreaseDecreaseCollectionofAmortization_B0776D3591B1324F63A74B53F9FC2D6D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Public Utilities, Competition Transition Charge, Requested Adjustment to Increase (Decrease) Collection of Amortization</link:label>
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