News Releases

Nevada Power and Sierra Pacific Re-file Hart-Scott-Rodino Merger Application

Mar 18, 1999

March 19, 1999
Sierra Pacific Resources
Contact: Media:Faye I. Andersen/Investors:Richard Atkinson
Phone: (775) 834-4822/(775) 834-4358

For Immediate Release

RENO, NEVADA (March 19, 1999) -- Sierra Pacific Resources (NYSE:SRP) and Nevada Power Company (NYSE, PSE:NVP) said today they will re-file their Hart-Scott-Rodino merger application with the Department of Justice (DOJ) and Federal Trade Commission. The two utilities announced their intent to merge in April 1998, and following approvals by Nevada state regulators in January, made their filing with the DOJ on February 19, 1999.

"For technical reasons, we are re-filing the application with the DOJ," said Steve Oldham, vice president, Strategic Development for Sierra Pacific. The re-filing will give the DOJ more time to review the application and resets the clock on the 30-day waiting period for a decision on the matter.

The DOJ's inquiries centered around the merger's effect on competition, the generation divestiture plan and transmission issues. Oldham said,"The proposed merger is a jump start towards competition in Nevada. This merger will facilitate competition in Nevada since both companies have agreed to divest themselves of their generating plants, open access to their transmission lines, and already are complying with many of the state's rules to restructure utilities."

"We still expect that the merger of Sierra Pacific and Nevada Power is on track for completion in the second quarter of 1999, as originally anticipated," Oldham said.