LAS VEGAS, April 1 /PRNewswire-FirstCall/ -- Nevada Power Company, a
subsidiary of Sierra Pacific Resources (NYSE: SRP), today announced that it
will privately offer $130 million principal amount of its General and
Refunding Mortgage Notes, Series I, due 2012. The sale of the notes is
expected to be consummated during the next week.
    Nevada Power Company plans to use the proceeds from the sale of the notes
to repay $130 million principal amount of its secured 6.20% Series B, Senior
Notes due April 15, 2004, on or prior to maturity. The notes will be secured
by the lien of Nevada Power Company's General and Refunding Mortgage
Indenture, which constitutes a lien on substantially all of the Company's real
property and tangible personal property located in the State of Nevada. The
offering will be made only to qualified institutional buyers in accordance
with Rule 144A under the Securities Act of 1933, as amended (the "Securities
Act") and outside the United States in compliance with Regulation S under the
Securities Act. The notes will not be registered under the Securities Act and
may not be offered or sold by holders thereof without registration unless an
exemption from such registration is available. This press release does not
constitute an offer to sell these notes, nor a solicitation for an offer to
purchase these notes, nor is it a solicitation of any proxy or consent for any
purpose.
     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 703,000 residential and business customers in a
4,500 square mile service area.

    This press release contains forward-looking statements regarding the
future performance of the 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. If we are unable to consummate the offering of the
notes in a timely manner, our ability to repay the $130 million of our
indebtedness referenced above will be adversely affected. Other risks and
uncertainties include, but are not limited to, unfavorable rulings in the
Company's future rate cases, adverse decisions in pending or future
litigation, the Company's ability to access the capital markets to refinance
upcoming debt maturities and for general corporate purposes, the Company's
ability to purchase sufficient power to meet its power demands, whether
terminated power suppliers will be successful in pursuing claims against the
Company for liquidated damages under their terminated power contracts and
weather conditions during the summer months of 2004 and beyond. Additional
cautionary statements regarding other risk factors that could have an effect
on the future performance of the Company are contained in its Annual Report on
Form 10- K for the year ended December 31, 2003, filed with the SEC. The
Company undertakes 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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