News Releases

Nevada Power Compnay and Sierra Pacific Resources Set Special Stockholder Meetings for Oct 9

Sep 7, 1998

Sierra Pacific Resources
Contact: (SPR)Media:Faye Andersen/Investors:Richard Atkinson (NP)Media:Tom Henley/Investors:Lauran M. Watson
Phone: (SPR)(775) 834.4822,(775)834.4358/(NP)(775) 367.5681,(775) 367.5610

For Immediate Release

LAS VEGAS and RENO, NEVADA (September 8, 1998) - Nevada Power Company (NYSE, PCX: NVP) and Sierra Pacific Resources (NYSE: 81112) announced today that they have each scheduled special meetings of stockholders to vote on matters related to the previously announced agreement to merge Nevada Power Company with Sierra Pacific Resources.

The special meeting of the stockholders for Sierra Pacific Resources has been scheduled for 9:00 a.m. (PDT) on October 9, 1998 at Peppermill Hotel Casino, 2707 South Virginia Sheet, Reno, Nevada. The special meeting of the stockholders for Nevada Power Company has been scheduled for 3:00 p.m. (PDT) on October 9,.1998 at the Riviera Hotel&Casino, Convention Center, 2901 Las Vegas Boulevard South, Las Vegas, Nevada.

Michael R. Niggli, President and Chief Operating Officer of Nevada Power Company, said, We are excited about the opportunities this merger presents and look forward to completing it as soon as possible."

Malyn K. Malquist, Chairman, President and Chief Executive Officer of Sierra Pacific Resources, said,"Together, Nevada Power and Sierra Pacific will create the premier distribution, transmission and energy services company in Nevada - the fastest growing state in the nation."

For more information regarding proxy materials, contact Innisfree M&A Incorporated at (888) 750-5834 for Nevada Power Company. For Sierra Pacific, contact, MacKenzie Partners at (800) 322-2885.

Nevada Power Company, based in Las Vegas, provides electric service to more than 1.2 million residents In southern Nevada. Customer growth in 1997 reached 6.4 percent, the highest rate of growth for any investor-owned utility In the United States. Revenues for 1997 were nearly $800 million, with earnings in excess of $83.2 million. The weighted average number of shares outstanding In 1997 was 49.7 million. Nevada Power has approximately 1,900 employees.

Sierra Pacific Resources, based in Reno, Nevada, provides electric service to approximately 287,000 customers In a 50,000 square mile region in northern Nevada and the Lake Tahoe area of California, natural gas service to 100,000 customers, and water service to 85,000 customers in the Reno-Sparks area- Other operating subsidiaries include Tuscarora Gas Pipeline Company, which owns 50 percent interest in an interstate natural gas pipeline partnership, and e.three, an energy services company. Operating revenues for 1997 were $663.2 million, with earnings of $74.4 million. The weighted average number of shares outstanding was 30.9 million. Sierra Pacific has approximately 1,500 employees.