LAS VEGAS, Aug. 8 /PRNewswire/ -- Nevada Power Company, a subsidiary of
Sierra Pacific Resources (NYSE: SRP), today announced that it will privately
offer $350 million principal amount of its General and Refunding Mortgage
Notes, Series G, with an anticipated maturity of 10 years.  The sale of the
notes is expected to be consummated in mid-August 2003.
    Nevada Power Company plans to use the proceeds from the sale of the notes
to repay maturing debt; $210 million principal amount of its unsecured 6%
Notes due September 15, 2003, and $140 million principal amount of its General
and Refunding Mortgage Notes, Floating Rate, Series B, due October 15, 2003,
on or prior to maturity.
    The notes will be secured by the lien of the 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 notes will be sold to qualified institutional buyers in
reliance on Rule 144A and outside the United States in compliance with
Regulation S under the Securities Act of 1933 (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.

    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 669,000 residential and business customers in a
4,500 square mile service area.

    This press release does not constitute an offer to sell these securities,
nor a solicitation of an offer to purchase these securities, nor is it a
solicitation of any proxy or consent for any purpose.

    This press release may contain 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 $350 million of our
indebtedness referenced above will be adversely affected.  Other risks and
uncertainties include, but are not limited to, further unfavorable rulings in
future rate cases, the ability of the Company to access capital markets for
working capital and the repayment of maturing debt, whether suppliers, such as
Enron Power Marketing, that have terminated their power supply agreements with
us will be successful in pursuing their claims against us for liquidated
damages, whether we will have sufficient liquidity to pay our power
requirements, operating hazards, uninsured risks and changes in energy-related
federal or state legislation and regulations.  Additional cautionary
statements regarding other risk factors that could have an effect on the
future performance of the Company are contained in the Company's 10-K for the
year ended December 31, 2002 and the Company's 10-Q for the quarter ended June
30, 2003, filed with the Securities and Exchange Commission.  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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