Today the Board of Directors of Sierra Pacific Resources (NYSE: SRP) approved a quarterly dividend on common stock of 20 cents per share. The dividend is payable Dec. 15, 2001, to shareholders of record at the close of business on Nov. 21, 2001.

The Board of Directors also declared a quarterly dividend of $0.4875 per share on the Class A1 Preferred Stock of Sierra Pacific Power Company. The dividend is payable on Dec. 1, 2001, to preferred stock shareholders of record as of Nov. 16, 2001.

Headquartered in Nevada, Sierra Pacific Resources is a holding company whose 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 50% 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.

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SOURCE: Sierra Pacific Resources

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 Sierra
Pacific Resources