Sierra Pacific Power Company d/b/a NV Energy Announces Make-Whole Premium Relating to Redemption of Notes

LAS VEGAS, Dec. 20, 2010 /PRNewswire-FirstCall/ -- Sierra Pacific Power Company d/b/a NV Energy (the "Company"), a wholly-owned subsidiary of NV Energy, Inc. (NYSE: NVE), announced today that it has established the make-whole premium for each $1,000 principal amount of its 6 1/4% General and Refunding Mortgage Notes, Series H, due 2012 (the "Notes") which the Company previously announced that it would redeem.  The redemption date will be December 23, 2010.

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The redemption price for each $1,000 principal amount of the Notes will be $1,069.61, which includes a make-whole premium of $69.61.  The Company will also pay accrued and unpaid interest on the Notes to, but not including, the redemption date.

The make-whole premium for the Notes was calculated by Credit Suisse Securities (USA) LLC in accordance with the terms of the Notes. The terms of the redemption are described in the notice of redemption, which was sent to the registered holders of the Notes on or about November 23, 2010.  Notes are to be surrendered to The Bank of New York Mellon, the Paying Agent, in exchange for payment of the redemption price and accrued interest.  Questions relating to, and requests for additional copies of, the notice of redemption should be directed to The Bank of New York Mellon Trust Company, N.A., which can be reached at (800) 254-2826 or by mail at:  The Bank of New York Mellon, Attn: Debt Processing Group, at 111 Sanders Creek Parkway, East Syracuse, NY 13057.

Sierra Pacific Power Company d/b/a NV Energy is 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.  

Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a 54,500-square-mile service territory that stretches north to south from Elko to Laughlin, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada as well as approximately 40 million tourists annually.

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. These risks and uncertainties include, but are not limited to, current and prospective financial conditions, earnings and liquidity, prospective business conditions, regulatory factors, and dividend restrictions in the Company's financing agreements. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the Company are contained in its quarterly reports on Form 10-Q for the periods ending March 31, 2010, June 30, 2010 and September 30, 2010 and its Annual Report on Form 10-K as amended by Form 10-K/A for the year ended December 31, 2009. 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.

SOURCE NV Energy

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