News Releases

Sierra Pacific Resources Names Board for New Company

Jul 14, 1999

July 15, 1999
Sierra Pacific Resources
Contact: Faye Andersen
Phone: (775) 834- 4822

For Immediate Release

RENO, NEVADA (July 14, 1999) - Sierra Pacific Resources (SRP:NYSE) today announced the formation of their new board of directors to lead the merged companies of Sierra Pacific and Nevada Power Co. (NYSE,PSE:NVP). The combined entity will be named Sierra Pacific Resources.

The new board, comprised of members from both companies'boards, will assume their duties on July 28, the expected closing date of the merger between the two Nevada utilities. They include:

Michael R. Niggli, Chairman and CEO of Sierra Pacific Resources.

Malyn K. Malquist, President and COO of Sierra Pacific Resources.

Edward P. Bliss, Consultant, Scudder Kemper Investment Co., retired partner, Loomis, Sayles&Company, Inc.

Mary Kaye Cashman, CEO and Vice Chair of the Board of Cashman Equipment Company.

Mary Lee Coleman, President of Coleman Enterprises.

Krestine M. Corbin, President and CEO of Sierra Machinery, Inc.

T. J. Day, Senior Partner, Hale Day Gallagher Co.

James R. Donnelley, Vice Chairman of the Board, R.R. Donnelley&Sons Company.

Fred D. Gibson, Jr., Retired Chairman and Director of American Pacific Corporation.

John L. Goolsby, Retired President and CEO of The Howard Hughes Corporation.

Jerry E. Herbst, CEO of Terrible Herbst, Inc.

James L. Murphy, CPA, Retired Partner and Consultant to Grant Thornton, L.L. P.

John F. O'Reilly, Chairman and CEO of Keefer, O'Reilly, Ferrario&Lubbers.

Dennis E. Wheeler, Chairman, President and CEO of Coeur d'Alene Mines Corporation.

The new Sierra Pacific Resources will have a market capitalization of approximately $2.0 billion. The merged companies will serve more than 800,000 electric customers throughout Nevada and parts of northeastern California, plus serve more than 100,000 natural gas and more than 65,000 water customers in the Reno-Sparks metropolitan area.

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

Contacts for Nevada Power Media:Sonya Headen((702) 367-5680, and Investors:Lauran M. Watson (702) 367-5610.