News Releases

ARCO Executive Named CFO of Sierra Pacific Resources

Jul 20, 2001

Sierra Pacific Resources
Contact: Sonya Headen (702) 367-522
Faye Andersen (775) 834-4822

Phone: see above

For Immediate Release

Las Vegas, July 20, 2001-- Dennis Schiffel, a former finance and planning executive with Atlantic Richfield Company (ARCO), has been named senior vice president and chief financial officer of Sierra Pacific Resources (NYSE:SRP), replacing Mark Ruelle, who was recently named president of Sierra Pacific's southern Nevada utility, Nevada Power.

Schiffel most recently was Vice PresidentÂ- Corporate Planning for ARCO prior to its acquisition by BP. While with ARCO, he held several other executive positions that included investor relations, finance, planning, and treasury in ARCO's parent company or operating units in North America, Europe and Southeast Asia.

Prior to his corporate career, Schiffel headed economic and public policy programs with the Battelle Memorial Institute, the National Science Foundation and the Solar Energy Research Institute. Schiffel earned a bachelor of science degree in economics from Ohio State University, an MBA from Indiana University, a law degree from The George Washington University, and M.A. and Ph.D. degrees in economics from Claremont Graduate School.

"Dennis brings to our company a tremendous knowledge of the energy industry and a track record of success in building shareholder value," said Walt Higgins, CEO and chairman of Sierra Pacific."His experience with the energy industry, solar power, financing, and long-range strategic and financial planning are particularly valuable as we seek to strengthen our position in our changing industry. In particular, his knowledge of the public policy environment, capital markets and business planning is particularly relevant in an industry that is so profoundly influenced by government, global markets and our economy."

Schiffel and his wife Dorothy live in Las Vegas.

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.