RENO, Nev., Sept. 16 /PRNewswire-FirstCall/ --
Sierra Pacific Resources (NYSE: SRP) today said that the United States
Bankruptcy Court for the Southern District of New York will hear additional
arguments on October 3, 2002, regarding litigation involving Enron Power
Marketing and Sierra Pacific's subsidiaries, Nevada Power Company and Sierra
Pacific Power Company.
The Enron Corp. subsidiary has been seeking the posting of collateral from
the Sierra Pacific companies for claims related to contracts that had been
terminated by Enron earlier this year.
Although the Court denied on Friday, September 13, 2002, Sierra Pacific's
request for a stay until a ruling by FERC on the issue expected in May 2003,
the Company said it was encouraged that the New York Court delayed a decision
on the collateral request pending further arguments.
Headquartered in Nevada, Sierra Pacific Resources 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 50 percent interest in an interstate natural gas
transmission partnership and several unregulated energy services companies.
SOURCE Sierra Pacific Resources
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CONTACT:
Media, Sonya Headen, +1-702-367-5222, or
Analyst, Rich Atkinson, +1-775-834-5640, both for Sierra Pacific
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