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 NV Energy, Inc. (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)
NV Energy, Inc.
EBITDA
	Three Months ended March 31,						Year ended December 31,									LTM March 31,
	2009			2008			2008			2007			2006			2009
Net Income (Loss)	$	(22,244	)	$	24,058		$	208,887		$	197,295		$	277,451		$	162,585
Interest charges (including AFUDC(1))		82,633			68,504			300,857			279,788			311,088			314,986
Income taxes (benefit)		(11,414	)		16,708			95,354			87,555			145,605			67,232
Depreciation and amortization		78,048			62,070			260,608			235,532			228,875			276,586
EBITDA	$	127,023		$	171,340		$	865,706		$	800,170		$	963,019		$	821,389
EBITDA/Interest Charges		1.54	x		2.50	x		2.88	x		2.86	x		3.10	x		2.61	x
Debt/EBITDA		43.26	x		24.79	x		6.09	x		5.31	x		4.16	x		6.69	x
NV Energy, Inc.
Interest charges (including AFUDC(1))	$	82,633		$	68,504		$	300,857		$	279,788		$	311,088		$	314,986
Long-Term debt	$	5,485,643		$	4,137,617		$	5,266,982		$	4,137,864		$	4,001,542		$	5,485,643
Current maturities of long term debt		8,885			110,168			9,291			110,285			8,348			8,885
Total Debt	$	5,494,528		$	4,247,785		$	5,276,273		$	4,248,149		$	4,009,890		$	5,494,528

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Nevada Power Company
EBITDA
	Three Months ended March 31,						Year ended December 31,									LTM March 31,
	2009			2008			2008			2007			2006			2009
Net Income (Loss)	$	(35,151	)	$	7,971		$	151,431		$	165,694		$	224,540		$	108,309
Interest charges (including AFUDC(1))		55,043			41,473			186,822			174,667			176,612			200,392
Income taxes (benefit)		(16,365	)		6,523			71,382			78,352			117,510			48,494
Depreciation and amortization		52,363			40,630			171,080			152,139			141,585			182,813
EBITDA	$	55,890		$	96,597		$	580,715		$	570,852		$	660,247		$	540,008
EBITDA/Interest Charges		1.02	x		2.33	x		3.11	x		3.27	x		3.74	x		2.69	x
Debt/EBITDA		64.51	x		26.64	x		5.84	x		4.44	x		3.61	x		6.68	x
Nevada Power Company
Interest charges (including AFUDC(1))	$	55,043		$	41,473		$	186,822		$	174,667		$	176,612		$	200,392
Long-Term debt	$	3,596,840		$	2,564,629		$	3,385,106		$	2,528,141		$	2,380,139		$	3,596,840
Current maturities of long term debt		8,885			8,616			8,691			8,642			5,948			8,885
Total Debt	$	3,605,725		$	2,573,245		$	3,393,797		$	2,536,783		$	2,386,087		$	3,605,725

Sierra Pacific Power Company
EBITDA
	Three Months ended March 31,						Year ended December 31,									LTM March 31,
	2009			2008			2008			2007			2006			2009
Net Income	$	19,136		$	24,284		$	90,582		$	65,667		$	57,709		$	85,434
Interest charges (including AFUDC(1))		17,927			16,587			72,712			60,735			71,506			74,052
Income taxes		9,286			13,233			37,603			26,009			27,829			33,656
Depreciation and amortization		25,685			21,440			89,528			83,393			87,279			93,773
EBITDA	$	72,034		$	75,544		$	290,425		$	235,804		$	244,323		$	286,915
EBITDA/Interest Charges		4.02	x		4.55	x		3.99	x		3.88	x		3.42	x		3.87	x
Debt/EBITDA		19.48	x		15.69	x		4.81	x		5.03	x		4.39	x		4.89	x
Sierra Pacific Power Company
Interest charges (including AFUDC(1))	$	17,927		$	16,587		$	72,712		$	60,735		$	71,506		$	74,052
Long-Term debt	$	1,402,964		$	1,083,870		$	1,395,987		$	1,084,550		$	1,070,858		$	1,402,964
Current maturities of long term debt		-			101,552			600			101,643			2,400			-
Total Debt	$	1,402,964		$	1,185,422		$	1,396,587		$	1,186,193		$	1,073,258		$	1,402,964
(1) Allowance for Funds Used During Construction or Allowance for Borrowed Funds Used During Construction.

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