LAS VEGAS, Nov. 23, 2010 /PRNewswire-FirstCall/ -- Sierra Pacific Power Company d/b/a NV Energy (the "Company"), a wholly-owned subsidiary of NV Energy, Inc. (NYSE: NVE), announced today that it will redeem all $100,000,000 aggregate principal amount of its 6 1/4% General and Refunding Mortgage Notes, Series H, due 2012 (the "Notes") on December 23, 2010. Upon such redemption, there will not be any Notes outstanding. The Notes will be redeemed at a redemption price equal to 100% of their principal amount plus a make-whole premium based on a 50 basis point spread over a reference U.S. Treasury security which will be determined on December 20, 2010, plus accrued and unpaid interest to the redemption date.

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On and after the redemption date (upon payment of the redemption price by the Company), interest on the Notes will cease to accrue, the holders of the Notes will no longer be entitled to the lien of the General and Refunding Mortgage Indenture, dated as of May 1, 2001, of the Company to The Bank of New York Mellon Trust Company, N.A., as trustee, as heretofore amended and supplemented, and the Company's obligations with respect to the Notes shall be satisfied and discharged.

Notices of redemption are being sent to the registered holders of the Notes. Copies of the notices of redemption may be obtained from The Bank of New York Mellon Trust Company, N.A., the Paying Agent for the Notes who can be reached at (800) 254-2826 or by mail at: The Bank of New York Mellon, Attn: Debt Processing Group, at 111 Sanders Creek Parkway, 2nd Floor, East Syracuse, NY 13057.

Sierra Pacific Power Company d/b/a NV Energy is the electric utility for most of northern Nevada and the Lake Tahoe area of California. Sierra Pacific Power Company also distributes natural gas in the Reno-Sparks area of northern Nevada.

Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a 54,500-square-mile service territory that stretches north to south from Elko to Laughlin, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada as well as approximately 40 million tourists annually.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, the securities of the Company, nor shall there be any offer, solicitation or sale of any securities of the Company in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities law of any such state or jurisdiction.

This press release may contain forward-looking statements regarding the future performance of the Company within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, current and prospective financial conditions, earnings and liquidity, prospective business conditions, regulatory factors, and dividend restrictions in the Company's ' financing agreements. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the Company are contained in its quarterly reports on Form 10-Q for the periods ending March 31, 2010, June 30, 2010 and September 30, 2010 and its Annual Report on Form 10-K as amended by Form 10-K/A for the year ended December 31, 2009. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

SOURCE NV Energy, Inc.