News Releases

FERC Approves SPR-PGE Transaction

Nov 21, 2000

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

For Immediate Release

Reno, Nevada (November 21, 2000)-- The Federal Energy Regulatory Commission (FERC) today unanimously approved Sierra Pacific Resources'(NYSE:SRP) application to acquire Portland General Electric (PGE) and its Open Access Transmission Tariff for filing.

Sierra Pacific announced its intent to acquire PGE in November 1999 and has completed all state and most federal regulatory approvals.

"FERC approval is a major milestone in Sierra Pacific's actions to acquire PGE," said Sierra Pacific Chairman, President and Chief Executive Officer Walter M. Higgins."We've worked hard to reach this point and we appreciate the diligent work on behalf of FERC staff and all of the parties to bring this transaction closer to completion."

Sierra Pacific has already obtained approval from the Oregon Public Utilities Commission and the U.S. Department of Justice. The only remaining approval must come from the U. S. Securities and Exchange Commission, under the Public Utilities Holding Company Act. The transaction is expected to close during the first quarter of 2001.

"This is a significant event for us, as well as for all of our customers, who will benefit from the efficiencies and combined success of merging our two companies," Higgins said.

PGE serves approximately 720,000 electric customers in the Portland-Salem region of northwest Oregon.

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.


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