Nevada Power Company, a subsidiary of Sierra Pacific Resources (NYSE: SRP), announced today that it has extended the expiration date of the exchange offer relating to its $350 million aggregate principal amount of 8.25% General and Refunding Mortgage Bonds, Series A, due June 1, 2011, which were originally issued on May 24, 2001, in a private offering. In the exchange offer, Nevada Power Company is offering to exchange up to $350 million of new bonds, which will be substantially identical to the outstanding bonds except that the new bonds will be registered under the Securities Act of 1933. As a result of the extension, the exchange offer will expire at 5:00 p.m., New York time, on Jan. 22, 2002, one day later than the originally scheduled expiration date.

Headquartered in Nevada, Sierra Pacific Resources is a holding company whose principal subsidiaries are Nevada Power Company, the electric utility for most of southern Nevada, and Sierra Pacific Power Company, 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. Other subsidiaries include the Tuscarora Gas Pipeline Company, which owns 50 percent interest in an interstate natural gas transmission partnership, several unregulated energy services companies and Sierra Pacific Communications, a telecommunications network development company.

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SOURCE: Nevada Power Company

Contact: Analysts, Rich Atkinson, +1-775-834-5640, or Barbara Doble,
+1-702-367-5647, or Media, Karl Walquist, +1-775-834-3891, all of Nevada Power
Company

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