Sierra Pacific Resources (NYSE: SRP) today confirmed that it is in discussions with the Truckee Meadows Water Authority (TMWA) regarding the potential sale of Sierra Pacific's water assets. TMWA is scheduled to vote on a proposal to purchase the water assets on Saturday, January 13, 2001. If approved, Sierra Pacific's Board of Directors will also vote on the proposal. No definitive agreement has been reached.

Headquartered in Reno, Nev., Sierra Pacific Resources is a holding company whose principal subsidiaries are Nevada Power Co., the electric utility for southern Nevada, and Sierra Pacific Power Co., the electric utility for most of northern Nevada and the Lake Tahoe area of California, and a natural gas and water distributor in the Reno-Sparks area. Other subsidiaries include the Tuscarora Gas Pipeline Co., which owns 50 percent interest in an interstate natural gas transmission partnership and Sierra Pacific Communications, a telecommunications company.

SOURCE: Sierra Pacific Resources

Contact: Analysts, Jim McMorran, 775-834-4640, or Media, Faye I.
Andersen, 775-834-4822, both of Sierra Pacific Resources

Website: http://www.sierrapacific.com/