Sierra Pacific Resources
Contact: Media Contact: Faye I. Andersen / Analyst Contact: Rich Atkinson
Phone: (775) 834-4822 / (775) 834-4358
For Immediate Release
RENO, NEVADA, August 9/PR Newswire/ -- The Board of Directors of Sierra Pacific Resources (NYSE:SRP) announced today that Walter M. Higgins has been named chairman, president and chief executive officer. Higgins will begin his new duties at Sierra Pacific immediately. His primary office location will be Las Vegas.
Higgins, 55, returns to Sierra Pacific Resources, where he served from 1994 to 1998 as chairman of the board, president and chief executive officer. Since January 1998, he has served as chairman and chief executive officer of AGL Resources, Inc., in Atlanta, Georgia. AGL Resources is the holding company of Atlanta Gas Light, one of the nation's largest natural gas distribution companies.
Prior to joining Sierra Pacific Resources in 1993, Higgins was president and chief operating officer of Louisville Gas&Electric Co. (LG&E). He joined LG&E in 1991 after serving nearly 14 years with Portland General Electric Co. (PGE) in Oregon, where his last position was that of senior vice president.
"We're delighted to welcome Walt Higgins back to Sierra Pacific and the West," said James R. Donnelley, acting chairman of the Board of Directors of Sierra Pacific Resources."During his tenure at Sierra Pacific, Walt established himself as a strong, well respected leader with the PUCN, our major customers, public officials, and employees. He is the best person to guide our company through the exciting and challenging times that lie ahead as the utility industry undergoes significant change."
Noting that Sierra Pacific Resources is currently in the process of acquiring PGE from Enron Corp., Donnelley said Higgins'experience both at SPR and PGE will be a major asset."Walt's unique background and experience will be helpful with respect to that transaction," Donnelley added.
Higgins graduated with distinction from the United States Naval Academy, and served as a commissioned naval officer. He is a graduate of the Stanford University Graduate School of Business Executive Program, and the University of Idaho Public Utility Executive course.
Sierra Pacific Resources is a holding company whose principal subsidiaries are Nevada Power Company, the electric utility for southern Nevada, and Sierra Pacific Power Company, 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 Company, which owns 50 percent interest in an interstate natural gas transmission partnership and Sierra Pacific Communications, a telecommunications company.
