News Releases

Sierra Pacific Resources Comments on SNWA Announcement

Aug 21, 2002

Sierra Pacific Resources
Contact: Sonya Headen
Phone: 702-367-5222

For Immediate Release

Las Vegas, NV.Â- Walt Higgins, Chairman, President, and CEO Sierra Pacific Resources acknowledged today in a press conference that the Southern Nevada Water Authority has been authorized by its Board of Directors to approach Sierra Pacific Resources with an offer to acquire Nevada Power Company."We have not received such an offer. At this point, we know only what was contained in Morgan Stanley&Company's public presentation to the SNWA board. That presentation did not go into great detail regarding the basic assumptions behind their analyses or the nature of any possible transaction so it would be inappropriate for me to speculate on those."

"We have said on several occasions that neither Sierra Pacific Resources nor Nevada Power Company are for sale. However, I can assure you that we will give careful consideration to any offer made by SNWA. Our evaluation will be based on what is in the best interests of our shareholders, our customers, our employees and the community."

"At this point, I am uncertain as to when or how the offer might be extended. I have been told that we are likely to receive a letter and backup materials. Since this is a very complex issue, it will require a careful, detailed analysis of any material presented to us and I cannot predict how long such analysis might take."