News Releases

Sierra Pacific Resources' Public Stock Offering Priced at $15 Per Share

RENO, Nev.
Aug 10, 2001

Sierra Pacific Resources (NYSE: SRP) priced its public offering of 20,500,000 shares of its common stock on Aug. 9, 2001, at a price of $15 per share. The net proceeds of approximately $296 million will be used to contribute capital to its utility subsidiaries, to reduce short-term debt obligations and for general corporate purposes, which may include the repayment of long-term debt.

Sierra Pacific Resources' managing underwriters for this public offering are Merrill Lynch & Co., Goldman, Sachs & Co., Lehman Brothers and A.G. Edwards & Sons, Inc. The company has granted the underwriters a 30-day option to purchase up to 3,075,000 additional shares to cover any over-allotments of shares.

Prior to the offering, the company had approximately 78.5 million shares of its common stock outstanding. The shares are traded on the New York Stock Exchange.

Headquartered in Nevada, Sierra Pacific Resources' principal subsidiaries are Nevada Power Company, the electric utility for southern Nevada, and Sierra Pacific Power Company, the electric utility for most of northern Nevada and the Lake Tahoe area of California, and a natural gas distributor in the Reno- Sparks area. Other subsidiaries include the Tuscarora Gas Pipeline Company, which owns a 50 percent interest in an interstate natural gas transmission partnership, and Sierra Pacific Communications, a telecommunications company. Sierra Pacific Resources' utility subsidiaries serve approximately 95 percent of Nevada's residents, providing electricity and/or gas to approximately 1.04 million customers in their service territories.

This press release does not constitute an offer to sell these securities, nor a solicitation of an offer to purchase these securities, nor is it a solicitation of any proxy or consent for any purpose.


SOURCE: Sierra Pacific Resources

Contact: Analyst, Rich Atkinson, +1-775-834-5640, Analyst, Barbara
Doble, +1-702-367-5442, or Media, Karl Walquist, +1-775-834-3891, all of
Sierra Pacific Resources