RENO, Nev., Sept. 16, 2002 — Sierra Pacific Resources recently said that a U.S. Bankruptcy Court will hear additional arguments on Oct. 3 regarding litigation involving Enron Power Marketing and Sierra Pacific’s subsidiaries, Nevada Power Co. and Sierra Pacific Power Co.
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 September 13 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 Co., the electric utility for most of southern Nevada, and Sierra Pacific Power Co., the electric utility for most of northern Nevada and the Lake Tahoe area of California.
Sierra Pacific Power Co. also distributes natural gas in the Reno-Sparks area of northern Nevada. Other subsidiaries include the Tuscarora Gas Pipeline Co., which owns 50 percent interest in an interstate natural gas transmission partnership and several unregulated energy services companies.
Source: Sierra Pacific Resources