News Releases


Jul 22, 2004

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.-- Sierra Pacific Resources (NYSE:SRP) announced that the Federal Energy Regulatory Commission (FERC) today issued an order calling for an expedited hearing on a complaint by its electric utilitiesÂ- Nevada Power Company and Sierra Pacific Power Company Â- against Enron Power Marketing, Inc. The complaint involves the long-standing dispute with Enron in which the Nevada utilities claim that Enron wrongfully terminated contracts and therefore is not entitled to termination payments of some $336 million.

"We are extremely pleased that the FERC has decided to conduct hearings on this issue," said Michael Yackira, executive vice president and chief financial officer of Sierra Pacific Resources."We have asserted for many months that this issue falls under FERC's jurisdiction and that Enron improperly terminated contracts which were entered into under market conditions that they and others grossly manipulated in the first place."

"The evidence of Enron's wrongful actions has been mounting day after day," Yackira added."We are especially grateful for the support we have received from Nevada's full Congressional delegation, our state's Attorney General, the Public Utilities Commission of Nevada and others who played crucial roles in urging and instigating this action by the FERC."

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.