Nevada Power (NVP) 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

          EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA is presented here because Sierra Pacific Resources (the “Company”) considers it a supplemental measure of its performance and believes debt-holders frequently use EBITDA to analyze operating performance and debt service capacity. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are:

• EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments;

• EBITDA does not reflect changes in, or cash requirements for, working capital needs;

• EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debts;

• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and

• Other companies in this industry may calculate EBITDA differently than we do, which will limit its usefulness as a comparative measure.

Because of these limitations, the Company’s management relies primarily on our GAAP results as a measure of the Company’s performance and uses EBITDA on a supplemental basis.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Sierra Pacific Resources
EBITDA
	Nine Months ended September 30,						Year ended December 31,									LTM September 30,
	2008			2007			2007			2006			2005			2008
Net Income Applicable to Common Stock	$	210,975		$	193,583		$	197,295		$	277,451		$	82,237		$	214,687
Interest charges		213,500			210,037			279,788			311,088			284,927			283,251
Income taxes		99,146			96,796			87,555			145,605			43,118			89,905
Depreciation and amortization		185,656			174,787			235,532			228,875			214,662			246,401
EBITDA	$	709,277		$	675,203		$	800,170		$	963,019		$	624,944		$	834,244
EBITDA/Interest Expense		3.32	x		3.21	x		2.86	x		3.10	x		2.19	x		2.95	x
Debt/EBITDA		6.77	x		6.59	x		5.31	x		4.16	x		6.20	x		5.76	x
Sierra Pacific Resources
Net interest expense	$	213,500		$	210,037		$	279,788		$	311,088		$	284,927		$	283,251
Long-Term debt	$	4,793,078		$	4,337,745		$	4,137,864		$	4,001,542		$	3,817,122		$	4,793,078
Current maturities of long term debt		9,794			109,614			110,285			8,348			58,909			9,794
Total Debt	$	4,802,872		$	4,447,359		$	4,248,149		$	4,009,890		$	3,876,031		$	4,802,872
Nevada Power Company
EBITDA
	Nine Months ended September 30,						Year ended December 31,									LTM September 30,
	2008			2007			2007			2006			2005			2008
Net Income	$	165,482		$	161,280		$	165,694		$	224,540		$	132,734		$	169,896
Interest charges		130,732			132,155			174,667			176,612			134,657			173,244
Income taxes		80,942			83,498			78,352			117,510			63,995			75,796
Depreciation and amortization		120,855			112,745			152,139			141,585			124,098			160,249
EBITDA	$	498,011		$	489,678		$	570,852		$	660,247		$	455,484		$	579,185
EBITDA/Interest Expense		3.81	x		3.71	x		3.27	x		3.74	x		3.38	x		3.34	x
Debt/EBITDA		5.99	x		5.48	x		4.44	x		3.61	x		4.88	x		5.15	x
Nevada Power Company
Net interest expense	$	130,732		$	132,155		$	174,667		$	176,612		$	134,657		$	173,244
Long-Term debt	$	2,975,201		$	2,677,193		$	2,528,141		$	2,380,139		$	2,214,063		$	2,975,201
Current maturities of long term debt		8,656			7,971			8,642			5,948			6,509			8,656
Total Debt	$	2,983,857		$	2,685,164		$	2,536,783		$	2,386,087		$	2,220,572		$	2,983,857
Sierra Pacific Power Company
EBITDA
	Nine Months ended September 30,						Year ended December 31,									LTM September 30,
	2008			2007			2007			2006			2005			2008
Net Income	$	68,052		$	57,528		$	65,667		$	57,709		$	52,074		$	76,191
Interest charges		51,458			45,199			60,735			71,506			69,067			66,994
Income taxes		29,423			24,468			26,009			27,829			28,379			30,964
Depreciation and amortization		64,801			62,043			83,393			87,279			90,569			86,151
EBITDA	$	213,734		$	189,238		$	235,804		$	244,323		$	240,089		$	260,300
EBITDA/Interest Expense		4.15	x		4.19	x		3.88	x		3.42	x		3.48	x		3.89	x
Debt/EBITDA		6.05	x		6.40	x		5.03	x		4.39	x		4.14	x		4.97	x
Sierra Pacific Power Company
Net interest expense	$	51,458		$	45,199		$	60,735		$	71,506		$	69,067		$	66,994
Long-Term debt	$	1,292,867		$	1,110,166		$	1,084,550		$	1,070,858		$	941,804		$	1,292,867
Current maturities of long term debt		1,139			101,643			101,643			2,400			52,400			1,139
Total Debt	$	1,294,006		$	1,211,809		$	1,186,193		$	1,073,258		$	994,204		$	1,294,006