News Releases

Sierra Pacific Resources Names Utility Veteran New Executive VP for Strategy and Policy

Jan 21, 2003

Sierra Pacific Resources
Contact: Andrea Smith
Phone: (702) 334-5683

For Immediate Release

Las Vegas, NVÂ- Walter M. Higgins, chairman and CEO of Sierra Pacific Resources (NYSE: SRP), today announced that Michael W. Yackira will be joining the company as executive vice president, strategy and policy.

"Michael brings to our organization a broad range of management experience, including more than a decade as an executive with FPL Group, Inc., one of the largest electric utility holding companies in the United States," Higgins said."He also has worked in other industries and his background includes extensive roles in operations, finance, marketing, regulatory matters and other areas that will be invaluable in performing his new responsibilities and in helping us prepare for the challenges Sierra Pacific Resources and our industry face in the years ahead."

In a separate development, the company also announced that John Young, senior vice president, energy supply, has resigned to become senior vice president and chief operating officer of Exelon Power, a division of Exelon Generation, and will be headquartered in Kennett Square, PA. Exelon Corporation, among the nation's largest electric utilities, has one of the industry's largest portfolios of electricity generation capacity.

In his newly created position, Yackira, 51, will oversee Sierra Pacific Resources'strategic planning and development, regulatory affairs, business development, marketing strategy and development, and non-utility businesses. He also will be responsible for energy supply until a successor for Young is named. Yackira, who will be based in Las Vegas and will report to Higgins, will officially join Sierra Pacific Resources at the end of this month. Young's resignation will be effective February 28.

Yackira was with Florida-based FPL Group, Inc. from 1989- 2000. His positions during that span included being president of FPL Energy, an independent power producer with domestic and international operations; vice president- finance&CFO of FPL Group; and senior vice presidentÂ- finance&CFO of Florida Power&Light Co. He also was senior vice president of marketing and regulatory services for the Florida utility. His initial job at FPL was vice president of corporate planning and development.

Positions Yackira has held in other industries included, most recently (2001-2002), vice president and CFO of Mars, Inc. From 1984-1989, he held a number of executive and officer positions with subsidiaries of GTE Corporation. Earlier in his career, he was vice president of finance and administration with St. Joe Petroleum, Inc. and was a senior auditor with Arthur Andersen&Co. He holds a BS degree in accounting from the City University of New York's Lehman College and is a Certified Public Accountant.

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 several unregulated energy services companies.