News Releases

Sierra Pacific Raises Dividend, Elects Officers

Feb 23, 1998

Sierra Pacific Resources
Contact: Analyst Contact: Rich Atkinson/Media Contact: Karl Walquist
Phone: (775)834-4358/(775)834-4345

For Immediate Release

Sierra Pacific Resources (NYSE: SRP) Board of Directors, meeting today in Reno, approved a quarterly dividend on common stock of 32.5 cents per share, an increase of 1.5 cents per share, or 4.8 percent. The dividend is payable May 1, 1998, to shareholders of record at the close of business on April 16, 1998.

"We increased the dividend because of the company's continued excellent financial performance," said Malyn K. Malquist, chairman, president and chief executive officer."We have been achieving great results because of continued strong growth in utility sales and disciplined cost control by our employees."

The board also elected Malquist chairman. In January, he was appointed president and CEO, following Walter Higgins'resignation.

Jeffrey L. Ceccarelli was elected vice president of Distribution Services for Sierra Pacific's utility subsidiary, Sierra Pacific Power Company.

Ceccarelli will be responsible for the operation of Sierra Pacific Power's electric, natural gas and water distribution systems, including new business development, planning, construction, maintenance and emergency response.

Ceccarelli has 25 years of utility experience with Sierra Pacific, serving as director of Customer Operations since January 1996. Previously, he was director of Engineering and Operations. Ceccarelli has held management positions in customer service, civil engineering and construction, gas and water design and planning, and transmission design.

Headquartered in Reno, Nev., Sierra Pacific Resources is a holding company whose principal subsidiary is Sierra Pacific Power Co., the electric utility for most of northern Nevada and the Lake Tahoe area of California, and a natural gas and water distributor in the Reno-Sparks area. Other subsidiaries include the Tuscarora Gas Pipeline Co., which owns 50 percent interest in an interstate natural gas transmission partnership; Lands of Sierra, a real estate management company; and e.three, an energy services company.