News Releases

New Officers Named for Nevada Power - Sierra Pacific Merged Company

Feb 15, 1999

February 16, 1999
Sierra Pacific Resources
Contact: Media for SP:Faye I. Andersen/Media for NP:Tom Henley
Phone: (775) 834-4822/(702) 367-5681

For Immediate Release

LAS VEGAS and RENO, NEVADA (February 16, 1999) --Sierra Pacific Resources (NYSE: SRP) and Nevada Power Company (NYSE, PCX: NVP) officials announced today they have selected members of the executive team for the merged company. Previously named to lead the merged company were Michael R. Niggli, who will serve as chairman and CEO, and Malyn Malquist, who will serve as president and COO. In addition, 11 other officers were named today. The officers will assume their duties when the merger has been completed. The new corporate structure represents a 30 percent reduction in executive management from one year ago.

The companies recently passed a major milestone in their plans to merge when they received approval from the Public Utilities Commission of Nevada. Approval of the merger is still pending before the Federal Energy Regulatory Commission and the Securities and Exchange Commission. The merger of the two companies is expected to be completed in the second quarter of 1999.

Investor contact for SPR: Rich Atkinson (775) 834-4358

Investor contact for NP: Lauran M. Watson (702) 367-5610