Sierra Pacific Resources
Contact: Analyst Contacts:
Rich Atkinson 775-834-5640
Barbara Doble 702-367-5647

Media Contact:
Karl Walquist 775-834-3891
Phone: see above

For Immediate Release

Las Vegas, Nev. -- Sierra Pacific Resources (NYSE: SRP) today reported consolidated fourth quarter earnings of $5.8 million, or 6 cents per share, with the utility subsidiaries, Nevada Power Company and Sierra Pacific Power Company, contributing $6.9 million and $9.3 million, respectively. For 2001, consolidated earnings were $56.7 million, or 65 cents per share, inclusive of a one-time gain and other one-time charges.

Consolidated net income for 2001, excluding one-time items, was $73.3 million, or 84 cents per share. These items, which were recognized predominately in the first and second quarters, include a $25.8 million gain on the sale of Sierra Pacific Power Company's water business and $42.4 million of one-time charges, including the termination of the Portland General Electric acquisition and uncollectible accounts receivable.

Nevada Power contributed earnings of $63.4 million for 2001, compared to a loss of ($7.9) million for 2000, and Sierra Pacific Power contributed earnings of $45.9 million, compared to earnings of $2.1 million for 2000. The 2001 results include operating losses incurred in the first quarter as a result of unrecovered fuel and purchased power costs.

Assembly Bill 369, passed in April 2001, allows the company's two electric utilities to accumulate energy costs in excess of their base tariff energy rate and, subject to prudency review, to recover the balance through rates over a 3-year period. Decisions are due in the pending general and deferred energy rate cases for Nevada Power and Sierra Pacific Power on April 1 and June 1, respectively.

Sierra Pacific Resources'executives will discuss 2001 financial results during a live webcast today, Feb. 14, at 7 a.m. Pacific Standard Time. Interested parties can access the webcast atwww.sierrapacificresources.com/investors/news. A recording of the call will be archived at the same website. Those who would rather listen to a recording of the webcast by telephone can call 1-800-947-6564.

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 50 percent interest in an interstate natural gas transmission partnership, and Sierra Pacific Communications, a telecommunications company.

This press release contains forward-looking statements regarding the future performance of Sierra Pacific Resources. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2000, and its Form 10-Q for the quarter ended September 30, 2001. These reports have been filed with the Securities and Exchange Commission and are available without charge through the EDGAR system at its Web site,www.sec.gov

Financial Highlights
To view a pdf version of Sierra Pacific Resources Financial Highlights,CLICK HERE.