News Releases

Sierra Pacific Resources Files Initial Shelf Registration Statement To Register Convertible Notes

RENO, Nev.
May 7, 2003

Sierra Pacific Resources (NYSE: SRP) announced today that it has filed an initial shelf registration statement with the Securities and Exchange Commission (the "SEC") to register $300 million of its previously-issued 7.25% Convertible Notes due 2010 (the "Notes") that were sold in a private placement on February 14, 2003. The shelf registration statement, when declared effective by the SEC, will cover resales of the Notes by the existing noteholders and the common stock and related rights that are issuable upon conversion of the Notes. The filing of this registration statement does not reflect a new issuance of securities by Sierra Pacific Resources.

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 a 50 percent interest in an interstate natural gas transmission partnership, Sierra Pacific Communications, a telecommunications company, and Sierra Pacific Energy (e-three), an energy conservation services company.

This press release does not constitute an offer to sell these securities, nor is it a solicitation of an offer to purchase these securities.

SOURCE: Sierra Pacific Resources

CONTACT: analysts, Vicki Erickson, +1-775-834-5646, or media, Karl
Walquist, +1-775-834-3891, or Andrea Smith, +1-702-367-5683, all of Sierra
Pacific Resources