Sierra Pacific Resources
Contact: Mark Ruelle / Rich Atkinson
Phone: (775) 834-5400 / (775) 834-4358
For Immediate Release
Sierra Pacific Resources (SRP: NYSE) supports Nevada Governor Kenny Guinn's decision to create an energy policy in the State of Nevada, according to Walter M. Higgins, chairman, president and chief executive officer of the parent company for the state's two major electric utilities.
Higgins comments came on the heels of an announcement today by the governor that he will empanel a bipartisan committee to recommend a Nevada energy policy for the state."We look forward to working with the governor's bipartisan committee to formulate sound energy policy in the State of Nevada,"Higgins said.
As part of his announcement today, the governor temporarily delayed the opening of electric markets in Nevada until Sept. 1, 2001, or sooner. Higgins added,"Sierra Pacific continues to support competition in the electric industry and believes that real competition, when there are adequate supplies available, is good for the customer."
Higgins also expressed appreciation for the governor's support of the"global settlement"."Keeping that settlement in place is in the best interest of all Nevadans,"he said.
The"global settlement"is an agreement negotiated this summer by the utilities, major customers, the state Bureau of Consumer Protection and the staff of the Public Utilities Commission of Nevada (PUCN). The settlement was approved by the PUCN.
Headquartered in Reno, Nev., Sierra Pacific Resources is a holding company whose principal subsidiaries are Nevada Power Co., the electric utility for southern Nevada, and 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 and Sierra Pacific Communications, a telecommunications company.
