LAS VEGAS, June 30 /PRNewswire/ -- Nevada Power Company announced today
that it has established a revolving short-term credit facility to provide
additional liquidity during the 2003 summer months. The facility, effective
during this time of year when power purchases are traditionally at their
highest levels, makes available up to $60 million on a revolving basis until
September 8, 2003, subject to certain conditions. The credit facility was
entered into with Merrill Lynch & Co. The Company's obligations under the
credit facility are secured by a pledge of a general and refunding mortgage
bond in a principal amount equal to the total amount of the facility.
Headquartered in Las Vegas, Nevada Power is the principal electric utility
in southern Nevada. It is a wholly owned subsidiary of Sierra Pacific
Resources (NYSE: SRP), which also is the holding company for 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 of
Sierra Pacific Resources include the Tuscarora Gas Pipeline Company, which
owns 50 percent interest in an interstate natural gas transmission
partnership, Sierra Pacific Communications, a telecommunications company, and
Sierra Pacific Energy (e-three), an energy conservation services company.
SOURCE Nevada Power Company
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CONTACT:
Analysts, Vicki Erickson, +1-775-834-5646, or
Media, Sonya Headen, +1-702-367-5222, or Karl Walquist,
+1-775-834-3891, all of Nevada Power Company
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