Sierra Pacific Resources
Contact: Media:
Andrea Smith (702) 367-5683
Analyst Contact:
Vicki Erickson (775) 834-5646
Phone:please see above

For Immediate Release

Las Vegas, Nev. -- The Public Utilities Commission of Nevada (PUCN) today finalized separate orders allowing Nevada Power Company, a wholly owned subsidiary of Sierra Pacific Resources (NYSE:SRP), to increase general rates by approximately $45 million and to recover approximately $169 million in deferred energy and fuel costs as well as conservation programs, which will be collected over the next several years.

The company had originally sought a $133 million general rate increase and to recover $173 million in deferred energy and fuel costs as well as conservation programs.

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.