News Releases

Sierra Pacific Resources CEO Michael Yackira Addresses Clean Energy Summit

Aug 19, 2008


Media Contact:  Adam Grant (702) 402-5222
Analyst Contact:  Britta Carlson, (702) 402-5624

In a presentation today at the National Clean Energy Summit, Sierra Pacific Resources (NYSE:SRP) President and Chief Executive Officer Michael Yackira outlined a three-part energy supply strategy that focuses on increasing investments in energy efficiency and conservation, expanding renewable energy initiatives and adding generation that uses clean, cutting-edge technologies. 

His statements reinforced the messages of President Bill Clinton and Senate Majority Leader Harry Reid that Nevada should be at the forefront of renewable energy and energy efficiency and conservation.

"We support the desire to make Nevada the focal point of renewable energy development with the hope of making our state energy independent and reducing carbon and other emissions,"Yackira said. "Whether it's through efficiency, renewables, more stringent building codes or the deployment of plug-in, hybrid-electric vehicles, we are fortunate that in Nevada we have the capability of leading the nation in these important issues."

The company's increased focus on renewable energy development has resulted in a joint ownership agreement with renewable energy developer Ormat for a 30-megawatt geothermal plant.  This is the first such joint effort by a utility and a developer.  Also proposed are a heat recovery project in southern Nevada and a 200-megawatt wind project in the northeast part of the state

"We already have much to be proud of here in Nevada having used geothermal power for more than 20 years with more to come, and that the Nevada Solar One and Nellis photovoltaic projects came on line last year,"Yackira said. 

He has also expressed appreciation of Senator Reid, Senator John Ensign and Nevada's entire Congressional delegation for their advocacy of the extension of production tax credits and investment tax credits which are crucial to the continuation of renewable energy projects.

"In addition, our company has committed $135 million toward the Clinton Global Initiative as well as increased its investment in energy efficiency and customer-owned renewable energy from $2 million in 2001 to a planned $60 to $80 million in 2008,"Yackira said.

Many of these efficiency programs have already made a significant impact including: 

  • Approximately 500 million kWh savings in 2007-2008.
  • Five million compact fluorescent bulbs have been distributed through rebate programs.
  • Through SolarGenerations, 270 solar projects have been installed and provide 1.5 million watts.

"Our ongoing efforts to complete more renewable projects, transmit that energy statewide, as well as provide programs to our customers that reduce overall demand, build the much needed momentum toward the goal of energy independence in Nevada for Nevadans,{"Yackira concluded.

Headquartered in Nevada, Sierra Pacific Resources is a holding company whose principal subsidiaries are Nevada Power Company, the electric utility for most of southern Nevada, and Sierra Pacific Power Company, the electric utility for most of northern Nevada and the Lake Tahoe area of California. Sierra Pacific Power Company also distributes natural gas in the Reno-Sparks area of northern Nevada.

This press release contains forward-looking statements regarding the future performance of Nevada Power Company, within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, economic conditions both nationally and regionally, changes in the rate of industrial, commercial and residential growth in its service territory, unfavorable rulings in its pending and future regulatory filings, Nevada Power's ability to maintain access to the capital markets for general corporate purposes and to finance construction projects, Nevada Power's ability to purchase sufficient fuel, natural gas and power to meet its power demands and, financial market conditions, changes in environmental laws and regulations, and construction risks. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of Sierra Pacific Resources and Nevada Power Company are contained in their Quarterly Reports on Form 10-Q for the quarter ended March 31, 2008 and their Annual Reports on Form 10-K and/or Form 10-K/A for the year ended December 31, 2007, each filed with the SEC. The companies undertake no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.