News Releases

$300 Million Bond Authority Approved for Nevada Power

Jun 10, 2002

Nevada Power
Contact:Andrea Smith,
IPhone: 702-367-5683

For Immediate Release


Las Vegas, Nev. -- The Public UtilitiesCommission of Nevada (PUCN) voted today to approve $300 million in bond authorityfor Nevada Power Company, a subsidiary of Sierra Pacific Resources (NYSE: SRP).

Proceeds from the bonds, along withcash flow, are to be used to help retire debt that comes due in the next 18months, to meet capital expenditures for this year and for corporate liquiditypurposes.

"Our number one priority isto provide safe, reliable service to our customers, and this authority willhelp ensure we have the financial wherewithal to meet that goal," saidWalter Higgins, Chairman, President and Chief Executive Officer of Sierra Pacific.

The Company has set no timetablefor issuing the bonds, which will be a function of overall market conditionsand the appetite at the time for Nevada Power debt.

Headquartered in Nevada, Sierra PacificResources is a holding company whose principal subsidiaries are Nevada PowerCompany, the electric utility for most of southern Nevada, and Sierra PacificPower Company, the electric utility for most of northern Nevada and the LakeTahoe area of California. Sierra Pacific Power Company also distributes naturalgas in the Reno-Sparks area of northern Nevada. Other subsidiaries include theTuscarora Gas Pipeline Company, which owns 50 percent interest in an interstatenatural gas transmission partnership and several unregulated energy servicescompanies.

Safe-harbor Language: This pressrelease may contain forward-looking statements regarding the future performanceof Sierra Pacific Resources within the meaning of the Private Securities LitigationReform Act of 1995. These statements are subject to a variety of risks and uncertaintiesthat could cause actual results to differ materially from current expectations.These risks and uncertainties include, but are not limited to, further unfavorablerulings in pending and future rate cases, the ability of the Company to accesscapital markets in light of recent ratings downgrades, whether suppliers willcontinue to honor existing power and fuel supply contracts, whether long-termpower costs can be lowered through negotiation or administrative proceedings,weather conditions during the summer of 2002 and beyond, operating hazards,uninsured risks and changes in energy-related federal or state legislation andregulations. Additional cautionary statements regarding other risk factors thatcould have an effect on the future performance of the Company are containedin the Company's Form 10-K filed with the SEC. The Company undertakes no obligationto release publicly the result of any revisions to these forward-looking statementsthat may be made to reflect events or circumstances after the date hereof orto reflect the occurrence of unanticipated events.