RENO, Nev., March 31 /PRNewswire/ -- The Public Utilities Commission of
Nevada (PUCN) has voted to allow Nevada Power Company to recover, over three
years, $485 million out of the $922 million of deferred energy costs incurred
by Nevada Power during the peak months of 2001 through a rate change effective
April 1, 2002. In doing so, the PUCN has denied Nevada Power recovery of
$437 million of costs incurred by the Company on behalf of its customers in
2001 when the volatility in the Western energy markets drove the cost of
electricity to unprecedented high prices. Nevada Power stated that it is
currently reviewing the order and evaluating its options.
Headquartered in Nevada, Sierra Pacific Resources (NYSE: SRP) 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 small non-utility companies.
SOURCE Nevada Power Company
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Company News On-Call:
http://www.prnewswire.com/comp/604296.html
CONTACT:
Andrea Smith of Nevada Power Company,
+1-702-367-5683
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