Today the Board of Directors for Sierra Pacific Resources (NYSE: SRP) approved a quarterly dividend on common stock of 20 cents per share. The dividend is payable September 15, 2001, to shareholders of record at the close of business on August 24, 2001.

The Board of Directors also established a quarterly schedule of when future dividends would normally be paid, if declared:

                         December 15
                         March 15
                         June 15
                         September 15

Payment of future dividends will be determined by the Company's Board of Directors and will be subject to factors that ordinarily affect dividend policy, such as earnings, cash flow, estimates of future earnings and cash flow, business conditions, regulatory factors, financial condition and other matters.

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. 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, and Sierra Pacific Communications, a telecommunications company.

On July 2, 2001, Sierra Pacific Resources filed a registration statement with the Securities and Exchange Commission to sell 20 million shares of common stock.

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SOURCE: Sierra Pacific Resources

Contact: media, Faye I. Andersen, +1-775-834-4822, or analyst, Richard
Atkinson, +1-775-834-5640, both for Sierra Pacific Resources

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