Nevada Power Company Announces Redemption of All of Its Remaining 9% General and Refunding Mortgage Notes, Series G, Due 2013

LAS VEGAS–(EMWNews)–Nevada Power Company (the “Company”),

a wholly owned subsidiary of Sierra Pacific Resources (NYSE:SRP),

announced today that it will redeem the remaining $17,244,000 aggregate

principal amount of its 9% General and Refunding Mortgage Notes,

Series G, due 2013 (the “Notes”)

on August 15, 2008. Upon such redemption, there will not be any Notes

outstanding. The Notes will be redeemed at a redemption price equal to

$1,045 for each $1,000 Note redeemed, including accrued and unpaid

interest to the redemption date.

On and after the redemption date (upon payment of the redemption price

by the Company), interest on the Notes will cease to accrue, the holders

of the Notes will no longer be entitled to the lien of the General and

Refunding Mortgage Indenture, dated as of May 1, 2001, of the Company to

The Bank of New York Mellon (formerly the Bank of New York), as trustee,

as heretofore amended and supplemented, and the Company’s

obligations with respect to the Notes shall be satisfied and discharged.

Notices of redemption are being sent to the registered holders of the

Notes. Copies of the notices of redemption may be obtained from The Bank

of New York Mellon, the trustee for the Notes, at: The Bank of New York

Mellon, Attn: Global Corporate Trust, at 111 Sanders Creek Parkway, East

Syracuse, NY 13057.

Nevada Power Company is a regulated public utility engaged in the

distribution, transmission, generation, purchase and sale of electric

energy in the communities of Las Vegas, North Las Vegas, Henderson,

Searchlight, Laughlin and their adjoining areas. Nevada Power also

provides electricity to Nellis Air Force Base, the Department of Energy

at Mercury and Jackass Flats at the Nevada Test Site. The Company

provides electricity to approximately 826,000 residential and business

customers in a 4,500 square mile service area.

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.

This press release shall not constitute an offer to sell, or the

solicitation of an offer to buy, the securities of the Company, nor

shall there be any offer, solicitation or sale of any securities of the

Company in any state in which such offer, solicitation or sale would be

unlawful prior to the registration or qualification under the securities

law of any such state or jurisdiction.

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. 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

Annual Report on Form 10-K for the year ended December 31, 2007 and the

Company’s Quarterly Report on Form 10-Q for

the quarter ended March 31, 2008, both 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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