LAS VEGAS, June 12, 2002 — The Public Utilities Commission of Nevada (PUCN) voted recently to approve $300 million in bond authority for Nevada Power Co., a subsidiary of Sierra Pacific Resources.
Proceeds from the bonds, along with cash flow, are to be used to help retire debt that comes due in the next 18 months, to meet capital expenditures for this year and for corporate liquidity purposes.
“Our number one priority is to provide safe, reliable service to our customers, and this authority will help ensure we have the financial wherewithal to meet that goal,” said Walter Higgins, Chairman, President and Chief Executive Officer of Sierra Pacific.
The Company has set no timetable for issuing the bonds, which will be a function of overall market conditions and the appetite at the time for Nevada Power debt.
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.