Sierra Pacific Resources
Contact:
Analyst Contacts:Rich Atkinson 775-834-5640
Barbara Doble 702-367-5442

News Media Contact:Karl Walquist 775-834-3891
Phone: see above

For Immediate Release

The Sierra Pacific Resources (NYSE: SRP) Board of Directors meeting Tuesday in Reno declared a quarterly dividend of $0.4875 per share on the preferred stock of Sierra Pacific Power Company. The dividend is payable on Sept. 1, 2001, to preferred stock shareholders of record as of Aug. 10, 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 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.