SOURCE: Nevada Power Company

October 10, 2006 19:39 ET

Nevada Power Company Extends Exchange Offer for Its General and Refunding Mortgage Notes, Series N

LAS VEGAS, NV -- (MARKET WIRE) -- October 10, 2006 --Nevada Power Company, a wholly owned subsidiary of Sierra Pacific Resources (NYSE: SRP), announced today that it has extended the expiration date of the exchange offer relating to its $370 million aggregate principal amount of 6.650% General and Refunding Mortgage Notes, Series N, due 2036. In the exchange offer, the Company is offering to exchange up to $370 million of new notes which will be substantially identical to the outstanding notes except that the new notes will be registered under the Securities Act of 1933. To accommodate certain holders of the outstanding notes, the Company has lowered the minimum denomination in which notes may be exchanged to $2,000 and integral multiples of $1,000 in excess thereof. As a result of the extension, the exchange offer will expire at 5:00 p.m., New York time, on October 13, 2006, three days later than the originally scheduled expiration date.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, the securities of the Company, nor shall there be any offer, solicitation or sale of any securities of the Company in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities law of any such state or jurisdiction.

Nevada Power Company 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, including Nellis Air Force Base and the Department of Energy's Nevada Test Site in Nye County. The Company provides electricity to approximately 774,000 residential and business customers.

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. Other subsidiaries include the Tuscarora Gas Pipeline Company, which owns a 50 percent interest in an interstate natural gas transmission partnership and several unregulated energy services companies.

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