LAS VEGAS, March 16 /PRNewswire-FirstCall/ -- Nevada Power Company, a
subsidiary of Sierra Pacific Resources (NYSE: SRP), announced that the Public
Utilities Commission of Nevada (PUCN) today unanimously approved the
stipulation agreement filed on February 23, 2005, involving the company's
annual deferred energy case.
    As previously announced, the monthly bill of a typical residential
customer using 1250 kilowatts will increase by 0.76 percent, or approximately
93 cents, from $122.33 to $123.26.  Overall rates, including commercial
customers, will decrease by approximately 0.6 percent.  These rates also
include recovery of costs associated with conservation and energy efficiency
programs.
    Under the agreement reached by Nevada Power, the staff of the PUCN, the
State Attorney General's Bureau of Consumer Protection, and a coalition of
major utility customers, Nevada Power will recover -- on a dollar-for-dollar
basis with no profit to the company -- $115.9 million in past fuel and
purchased power costs.
    The stipulation allows recovery of the past fuel and purchased power costs
over the next two years with new rates effective on April 1, 2005.

    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.  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 725,000 residential and business customers in a
4,500 square mile service area.

    This press release contains forward-looking statements regarding the
future performance of Sierra Pacific Resources and its subsidiaries, Nevada
Power Company and Sierra Pacific 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.  For Sierra Pacific
Resources, these risks and uncertainties include, but are not limited to, the
Company's ability to maintain access to the capital markets, its ability to
receive dividends from its subsidiaries and the financial performance of the
Company's subsidiaries, particularly Nevada Power Company and Sierra Pacific
Power Company.  For Nevada Power Company and Sierra Pacific Power Company,
these risks and uncertainties include, but are not limited to, adverse
decisions in the Enron litigation or other pending or future litigation,
unfavorable rulings in their pending and future rate cases, their ability to
maintain access to the capital markets for general corporate purposes, their
ability to purchase sufficient power to meet their power demands and weather
conditions during the summer months of 2005 and beyond.  Additional cautionary
statements regarding other risk factors that could have an effect on the
future performance of Sierra Pacific Resources, Nevada Power Company and
Sierra Pacific Power Company are contained in the 2004 form 10K being filed
with the SEC on March 16, 2005.  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.

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