LAS VEGAS, Aug. 22 /PRNewswire-FirstCall/ -- Sierra Pacific Resources
(NYSE: SRP) announced that it has received from the Southern Nevada Water
Authority a letter stating that "SNWA is prepared to enter into good faith
negotiation of definitive agreements to acquire all of the assets and assume
certain existing publicly disclosed indebtedness of Nevada Power..."
The letter was delivered to the company's Reno offices at approximately
5:15 p.m. (PDT), on Thursday, August 22, 2002.
Sierra Pacific Resources said the letter does not constitute a formal
offer. The company said it would have no further comment at this time."
Earlier in the day, Walt Higgins, chairman, president and chief executive
officer of Sierra Pacific Resources, had issued the following statement:
"The Southern Nevada Water Authority has been authorized by its Board
of Directors to approach Sierra Pacific Resources with an offer to
acquire Nevada Power Company. We have not received such an offer. At
this point, we know only what was contained in Morgan Stanley & Company's
public presentation to the SNWA board. That presentation did not go into
great detail regarding the basic assumptions behind their analyses or the
nature of any possible transaction so it would be inappropriate for me to
speculate on those.
We have said on several occasions that neither Sierra Pacific
Resources nor Nevada Power Company are for sale. However, I can assure
you that we will give careful consideration to any offer made by SNWA.
Our evaluation will be based on what is in the best interests of our
shareholders, our customers, our employees and the community.
At this point, I am uncertain as to when or how the offer might be
extended. I have been told that we are likely to receive a letter and
backup materials. Since this is a very complex issue, it will require a
careful, detailed analysis of any material presented to us and I cannot
predict how long such analysis might take."
SOURCE Nevada Power Company
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CONTACT:
Media, Sonya Headen, +1-702-367-5222, or Jack
Leone, +1-702-367-5680, both of Nevada Power Company
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