News Releases

Sierra Pacific Resources Declares Dividend on Preferred Stock

May 22, 2001

Sierra Pacific Resources
Analyst Contacts:
Rich Atkinson 775-834-5300
Barbara Doble 702-367-5604
News Media Contacts:
Faye I. Andersen 775-834-4822
Karl Walquist 775-834-3891
Phone: please see above

For Immediate Release

Las Vegas -The Sierra Pacific Resources (NYSE: SRP) Board of Directors meeting today in Las Vegas declared a quarterly dividend of $0.4875 per share on the preferred stock of Sierra Pacific Power Company, payable June 1, 2001, to holders of record as of May 29, 2001.

Headquartered in Nevada, 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% interest in an interstate natural gas transmission partnership, and Sierra Pacific Communications, a telecommunications company.