Nevada Power Company announced that it has extended the expiration date of the exchange offer relating to its $250 million aggregate principal amount of 10-7/8% General and Refunding Mortgage Notes, Series E, due 2009 which were originally issued on October 29, 2002 in a private offering. In the exchange offer, Nevada Power -- a subsidiary of Sierra Pacific Resources (NYSE: SRP) -- is offering to exchange up to $250 million of new notes which will be substantially identical to the outstanding notes except that the new notes 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 May 20, 2003, 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 of Sierra Pacific Resources 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.

SOURCE: Nevada Power Company

CONTACT: Analysts, Rich Atkinson, +1-702-367-5630, or Media, Faye I.
Andersen, +1-775-834-4822, both of Nevada Power Company