News Releases

Nevada Power Company Calls for Redemption of 8.20% Cumulative Quarterly Income Preferred Securities, Series A, of NVP Capital I

Mar 29, 2006


Media, Andrea Smith, (702) 367-5843,
Analysts, Britta Carlson, (702) 367-5624 

Nevada Power Company announced that its wholly-owned subsidiary, NVP Capital I will redeem all of its outstanding 8.20% Cumulative Quarterly Income Preferred Securities, Series A, CUSIP No. 62944M209, NYSE: NVP-P (the"Preferred Securities") on April 27, 2006 (the"Redemption Date"). On March 28, 2006, there were approximately $118,871,500 aggregate principal amount of Preferred Securities outstanding.

On the Redemption Date, each Preferred Security will be redeemed at a price of $25.00, together with accrued and unpaid distributions as of the Redemption Date. On and after the Redemption Date, distributions on the Preferred Securities will no longer accrue, and all rights of the holders of such Preferred Securities, except the right to receive the redemption price plus distributions accrued to the Redemption Date, will cease.

A notice of redemption is being sent to the registered holders of the Preferred Securities, who must present and surrender their Preferred Securities at the offices of The Bank of New York, as Institutional Trustee, at the applicable address below, in order to receive payment of the redemption price for the Preferred Securities:

By Mail or by Hand:
          The Bank of New York
          111 Sanders Creek Parkway
          East Syracuse, NY 13057
          Attention:  Redemption Unit

Nevada Power Company, a wholly-owned subsidiary of Sierra Pacific Resources (NYSE: SRP), is a regulated public utility engaged in the distribution, transmission, generation, purchase and sale of electric energy in the southern Nevada communities of Las Vegas, North Las Vegas, Henderson, Searchlight, Laughlin and their adjoining areas. The Company also provides electricity to Nellis Air Force Base, the Department of Energy at Mercury and Jackass Flats at the Nevada Test Site. Nevada Power Company provides electricity to approximately 750,000 residential and business customers in a 4,500 square mile service area.