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
	Six Months ended June 30,						Year ended December 31,									LTM June 30,
	2009			2008			2008			2007			2006			2009
Net Income (Loss)	$	(3,861	)	$	60,192		$	208,887		$	197,295		$	277,451		$	144,834
Interest charges (including AFUDC(1))		166,192			135,804			300,857			279,788			311,088			331,245
Income taxes (benefit)		(1,821	)		33,735			95,354			87,555			145,605			59,798
Depreciation and amortization		158,371			126,411			260,608			235,532			228,875			292,568
EBITDA	$	318,881		$	356,142		$	865,706		$	800,170		$	963,019		$	828,445
EBITDA/Interest Charges		1.92	x		2.62	x		2.88	x		2.86	x		3.10	x		2.50	x
Debt/EBITDA		17.50	x		12.53	x		6.09	x		5.31	x		4.16	x		6.74	x
NV Energy, Inc.
Interest charges (including AFUDC(1))	$	166,192		$	135,804		$	300,857		$	279,788		$	311,088		$	331,245
Long-Term debt	$	5,571,799		$	4,451,781		$	5,266,982		$	4,137,864		$	4,001,542		$	5,571,799
Current maturities of long term debt		9,085			10,298			9,291			110,285			8,348			9,085
Total Debt	$	5,580,884		$	4,462,079		$	5,276,273		$	4,248,149		$	4,009,890		$	5,580,884

Nevada Power Company
EBITDA
	Six Months ended June 30,						Year ended December 31,									LTM June 30,
	2009			2008			2008			2007			2006			2009
Net Income (Loss)	$	(22,650	)	$	41,146		$	151,431		$	165,694		$	224,540		$	87,635
Interest charges (including AFUDC(1))		112,180			82,461			186,822			174,667			176,612			216,541
Income taxes (benefit)		(10,969	)		22,519			71,382			78,352			117,510			37,894
Depreciation and amortization		105,873			82,953			171,080			152,139			141,585			194,000
EBITDA	$	184,434		$	229,079		$	580,715		$	570,852		$	660,247		$	536,070
EBITDA/Interest Charges		1.64	x		2.78	x		3.11	x		3.27	x		3.74	x		2.48	x
Debt/EBITDA		20.18	x		11.67	x		5.84	x		4.44	x		3.61	x		6.94	x
Nevada Power Company
Interest charges (including AFUDC(1))	$	112,180		$	82,461		$	186,822		$	174,667		$	176,612		$	216,541
Long-Term debt	$	3,712,016		$	2,664,929		$	3,385,106		$	2,528,141		$	2,380,139		$	3,712,016
Current maturities of long term debt		9,085			8,636			8,691			8,642			5,948			9,085
Total Debt	$	3,721,101		$	2,673,565		$	3,393,797		$	2,536,783		$	2,386,087		$	3,721,101

Sierra Pacific Power Company
EBITDA
	Six Months ended June 30,						Year ended December 31,									LTM June 30,
	2009			2008			2008			2007			2006			2009
Net Income	$	33,940		$	35,133		$	90,582		$	65,667		$	57,709		$	89,389
Interest charges (including AFUDC(1))		34,686			32,466			72,712			60,735			71,506			74,932
Income taxes		15,255			18,138			37,603			26,009			27,829			34,720
Depreciation and amortization		52,498			43,458			89,528			83,393			87,279			98,568
EBITDA	$	136,379		$	129,195		$	290,425		$	235,804		$	244,323		$	297,609
EBITDA/Interest Charges		3.93	x		3.98	x		3.99	x		3.88	x		3.42	x		3.97	x
Debt/EBITDA		10.07	x		9.78	x		4.81	x		5.03	x		4.39	x		4.62	x
Sierra Pacific Power Company
Interest charges (including AFUDC(1))	$	34,686		$	32,466		$	72,712		$	60,735		$	71,506		$	74,932
Long-Term debt	$	1,373,992		$	1,261,788		$	1,395,987		$	1,084,550		$	1,070,858		$	1,373,992
Current maturities of long term debt		-			1,662			600			101,643			2,400			-
Total Debt	$	1,373,992		$	1,263,450		$	1,396,587		$	1,186,193		$	1,073,258		$	1,373,992
(1) Allowance for Funds Used During Construction or Allowance for Borrowed Funds Used During Construction.