February 23, 1999
Sierra Pacific Resources
Contact: Mark Ruelle/Rich Atkinson
Phone: (775) 834-4358

For Immediate Release

RENO - February 22, 1999 -- Sierra Pacific Resources (NYSE:SPR) Board of Directors, meeting here today, approved a quarterly dividend on common stock of 34 cents per share, an increase of 4.6 percent. The dividend is payable May 1, 1999 to shareholders of record at the close of business on April 15, 1999. The increase brings the indicated annual dividend to $1.36 per share of common stock.

"Because of continued strong growth in utility sales and disciplined cost control by our employees, we're pleased to be able to raise our dividend and still have a payout ratio consistent with the capital funding requirements of our growing business," said Malyn K. Malquist, chairman, president and chief executive officer.

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 development company; and e·three, an energy services company.