News Releases

Department of Justice Authorizes Nevada Power - Sierra Pacific Merger

Apr 15, 1999

April 16, 1999
Sierra Pacific Resources
Contact: Faye I. Andersen
Phone: (775) 834-4822

For Immediate Release

RENO, NEVADA (April 16, 1999) -- The U.S. Department of Justice (DOJ) today informed Nevada Power Company (NYSE, PCX:NVP) and Sierra Pacific (NYSE:SRP) that it was going to permit the waiting period required by the Hart, Scott, Rodino Act to expire without issuing further requests for information or taking any further action. The DOJ reviews proposed mergers to assess any anti-competitive issues that might be created by a merger. By allowing the waiting period to expire, the DOJ has effectively authorized the companies to proceed with their merger.

"This is another major step that brings us closer to the completion of our vision of creating a western utility that benefits all of our customers," said Malyn K. Malquist, CEO, president and chairman of Sierra Pacific Resources.

Michael R. Niggli, president and CEO of Nevada Power said,"We're glad that the DOJ determined that the merger did not present any anti-competitive effects warranting further review or analysis. We look forward to completing the final steps of the merger process in the next two months."

Earlier this week, the proposed merger received approval from the Federal Energy Regulatory Commission. With today's action by the Department of Justice, the two remaining issues to be resolved are completion of compliance filings with the Nevada regulatory commission and approval from the Securities and Exchange Commission.

Contacts for Sierra Pacific Media: Faye I. Andersen(775) 834-4822 and Investors:Richard Atkinson (775) 834-4358.

Contacts for Nevada Power Media:Tom Henley(702) 367-5681, and Investors:Lauran M. Watson (702) 367-5610.