Nevada Power (NVP) 8-K NV Energy, Inc., Reports 2009 Earnings

Exhibit 99.1

FOR IMMEDIATE RELEASE
February 8, 2010	Analyst Contact: Britta Carlson, (702) 402-5624
	Media Contact: Karl Walquist, (775) 834-3891

NV Energy, Inc., Reports 2009 Earnings

Las Vegas — NV Energy, Inc. (NYSE: NVE) today announced consolidated net income of $182.9 million, or 78 cents per share, for the year ended December 31, 2009, compared with consolidated net income of $208.9 million, or 89 cents per share, for the same period in 2008.

The decrease in 2009 fiscal year earnings as compared with 2008 was primarily due to costs related to the Higgins Generating Station and the Clark Peaking Units not included in rates prior to July 1, 2009.

The company earned consolidated net income of $4.2 million, or 2 cents per share, for the fourth quarter ended December 31, 2009, compared with a consolidated net loss of $2.1 million, or 1 cent per share, for the same period in 2008.

The increased earnings in the fourth quarter 2009, compared with 2008 was primarily due to higher general rates as a result of the general rate case effective July 1, 2009 at our southern Nevada utility, partially offset by severance costs.

“We are satisfied with the results we achieved this year when considering the economic conditions we faced,” Michael Yackira, president and chief executive officer of NV Energy, said. “Much of the year over year decline is attributable to expenses related to investment in new generating facilities, which are now accounted for in rates, partially offset by cost discipline throughout the company.”

Webcast Scheduled for 7 a.m. PST today, Monday, February 8, 2010

Senior management of NV Energy will review the company’s 2009 financial results and other matters during a conference call and live webcast today, Monday, Feb. 8, at 7 a.m. Pacific Standard Time.

The webcast will be accessible on the NV Energy website:

www.nvenergy.com.

An archived version of the webcast will remain on the NV Energy website for approximately one month following the live webcast. To listen to a recording of the call by telephone, call (800) 475-6701, and international callers should dial (320) 365-3844. Use the conference call access code, 143110, to listen to the recording.

Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a 54,500-square-mile service territory that stretches north to south from Elko to Laughlin, NV Energy provides a wide range of energy services and products to

P.O. BOX 98910, LAS VEGAS, NEVADA 89151-0001     6226 WEST SAHARA AVENUE, LAS VEGAS, NEVADA 89146
P.O. BOX 30150, RENO, NEVADA 89520-3150     6100 NEIL ROAD, RENO, NEVADA 89511     nvenergy.com

approximately 2.4 million citizens of Nevada as well as approximately 40 million tourists annually.

This press release may contain forward-looking statements regarding the future performance of NV Energy, Inc. and its subsidiaries, Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy, within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, NV Energy Inc.’s ability to maintain access to the capital markets, NV Energy Inc.’s ability to receive dividends from its subsidiaries, the financial performance of NV Energy Inc.’s subsidiaries, particularly Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, and the discretion of NV Energy Inc.’s Board of Directors with respect to the payment of future dividends based on its periodic review of factors that ordinarily affect dividend policy, such as current and prospective financial condition, earnings and liquidity, prospective business conditions, regulatory factors, and dividend restrictions in NV Energy Inc.’s and its subsidiaries’ financing agreements. For Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, these risks and uncertainties include, but are not limited to, future economic conditions both nationally and regionally, changes in the rate of industrial, commercial and residential growth in their service territories, their ability to procure sufficient renewable energy sources in each compliance year to satisfy the Nevada Renewable Energy Portfolio Standard, changes in environmental laws and regulations, construction risks, their ability to maintain access to the capital markets for general corporate purposes and to finance construction projects, employee workforce factors, including changes in and renewals of collective bargaining agreements, strikes or work stoppages, unseasonable weather, drought, threat of wildfire and other natural phenomena, their ability to purchase sufficient fuel, natural gas and power to meet their power demands and natural gas demands for Sierra Pacific Power Company d/b/a NV Energy, financial market conditions, and unfavorable rulings in their future regulatory filings. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy are contained in their quarterly reports on Form 10-Q for the quarters ended March 31, 2009, June 30, 2009, and September 30, 2009 and their Annual Reports on Form 10-K for the year ended December 31, 2008, each filed with the SEC. NV Energy Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy undertake no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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NV ENERGY, INC.
CONSOLIDATED INCOME STATEMENTS
(Dollars in Thousands, Except Per Share Amounts)

	Year ended						Three Months Ended
	December 31,						December 31,
	2009			2008			2009			2008
OPERATING REVENUES	$	3,585,798		$	3,528,113		$	772,883		$	766,137
OPERATING EXPENSES:
Fuel for power generation		881,768			1,039,267			197,294			214,162
Purchased power		758,736			974,343			124,551			145,708
Gas purchased for resale		153,607			170,468			52,150			62,180
Deferred energy -net		289,076			(10,265	)		74,021			48,710
Other operating expenses		453,413			394,019			120,858			98,610
Maintenance		102,309			94,069			20,090			29,138
Depreciation and amortization		321,921			260,608			81,009			74,952
Taxes other than income		60,885			53,525			17,308			13,259
Total Operating Expenses		3,021,715			2,976,034			687,281			686,719
OPERATING INCOME		564,083			552,079			85,602			79,418
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt)		(334,314	)		(300,857	)		(83,318	)		(87,357	)
Interest income (expense) on regulatory items		(2,280	)		5,255			(1,407	)		1,213
AFUDC-equity		24,274			38,441			5,181			5,506
Other income		33,122			34,278			1,913			9,491
Other expense		(26,498	)		(24,955	)		(9,073	)		(14,151	)
Total Other Income (Expense)		(305,696	)		(247,838	)		(86,704	)		(85,298	)
Income (Loss) before income tax expense		258,387			304,241			(1,102	)		(5,880	)
Income tax expense (benefit)		75,451			95,354			(5,253	)		(3,792	)
NET INCOME (LOSS)	$	182,936		$	208,887		$	4,151		$	(2,088	)
Amount per share basic and diluted
Net Income per share basic and diluted	$	0.78		$	0.89		$	0.02		$	(0.01	)
Weighted Average Shares of Common Stock Outstanding — basic		234,542,292			234,031,750			234,728,309			234,199,000
Weighted Average Shares of Common Stock Outstanding — diluted		235,180,688			234,585,004			235,644,043			234,199,000
Dividends Declared Per Share of Common Stock	$	0.41		$	0.34		$	0.11		$	0.10

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NEVADA POWER COMPANY
CONSOLIDATED INCOME STATEMENTS
(Dollars in Thousands)

	Year ended						Three Months Ended
	December 31,						December 31,
	2009			2008			2009			2008
OPERATING REVENUES	$	2,423,377		$	2,315,427		$	477,559		$	449,207
OPERATING EXPENSES:
Fuel for power generation		587,647			755,925			132,292			141,957
Purchased power		627,759			680,816			86,013			103,655
Deferred energy — net		207,611			(6,947	)		62,701			37,160
Other operating expenses		279,865			249,236			73,094			60,092
Maintenance		71,019			63,282			12,739			20,555
Depreciation and amortization		215,873			171,080			55,004			50,225
Taxes other than income		37,241			32,069			10,847			8,054
Total Operating Expenses		2,027,015			1,945,461			432,690			421,698
OPERATING INCOME		396,362			369,966			44,869			27,509
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt)		(226,252	)		(186,822	)		(55,717	)		(56,090	)
Interest income (expense) on regulatory items		3,463			7,342			572			1,661
AFUDC-equity		21,025			25,917			4,467			4,824
Other income		19,658			16,631			932			3,661
Other expense		(18,320	)		(10,221	)		(5,985	)		(5,176	)
Total Other Income (Expense)		(200,426	)		(147,153	)		(55,731	)		(51,120	)
Income (Loss) before income tax expense		195,936			222,813			(10,862	)		(23,611	)
Income tax expense (benefit)		61,652			71,382			(4,205	)		(9,560	)
NET INCOME (LOSS)	$	134,284		$	151,431		$	(6,657	)	$	(14,051	)

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SIERRA PACIFIC POWER COMPANY
CONSOLIDATED INCOME STATEMENTS
(Dollars in Thousands)

	Year ended						Three Months Ended
	December 31,						December 31,
	2009			2008			2009			2008
OPERATING REVENUES:
Electric	$	957,130		$	1,002,674		$	222,744		$	244,062
Gas		205,263			209,987			72,577			72,862
Total Operating Revenues		1,162,393			1,212,661			295,321			316,924
OPERATING EXPENSES:
Fuel for power generation		294,121			283,342			65,002			72,205
Purchased power		130,977			293,527			38,538			42,053
Gas purchased for resale		153,607			170,468			52,150			62,180
Deferred energy — electric — net		73,829			1,291			5,607			13,863
Deferred energy — gas — net		7,636			(4,609	)		5,713			(2,313	)
Other operating expenses		170,849			141,064			47,101			37,320
Maintenance		31,290			30,787			7,351			8,583
Depreciation and amortization		106,048			89,528			26,005			24,727
Taxes other than income		23,447			21,304			6,401			5,176
Total Operating Expenses		991,804			1,026,702			253,868			263,794
OPERATING INCOME		170,589			185,959			41,453			53,130
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt)		(69,413	)		(72,712	)		(17,940	)		(21,254	)
Interest income (expense) on regulatory items		(5,743	)		(2,087	)		(1,979	)		(448	)
AFUDC-equity		3,249			12,524			714			682
Other income		13,276			12,819			977			1,488
Other expense		(7,648	)		(8,318	)		(3,047	)		(2,888	)
Total Other Income (Expense)		(66,279	)		(57,774	)		(21,275	)		(22,420	)
Income before income tax expense		104,310			128,185			20,178			30,710
Income tax expense		31,225			37,603			5,299			8,180
NET INCOME	$	73,085		$	90,582		$	14,879		$	22,530

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Gross margin is presented by Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy in order to provide information by segment that management believes aids the reader in determining how profitable the electric and gas business is at the most fundamental level. Gross margin, which is a “non-GAAP financial measure” as defined in accordance with SEC rules, provides a measure of income available to support the other operating expenses of the business and is utilized by management in its analysis of its business.

Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy believe presenting gross margin allows the reader to assess the impact of regulatory treatment and its overall regulatory environment on a consistent basis. To the extent purchased power and natural gas supply costs are deemed prudent by the PUCN, changes in these costs are designed to pass through to our customers and do not effect gross margin or operating income. Gross margin, as calculated below, provides a measure of income available to support the other operating expenses of Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy. Gross margin may be impacted by such factors as customer usage, customer growth and general base rate adjustments (filed every three years by statute). Reconciliations to GAAP operating income are provided in tables herein. These non-GAAP measures should not be considered as substitutes for the GAAP measures.

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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Gross Margin
(Dollars in Thousands)
(Unaudited)

Nevada Power Company

						% Change from
	2009		2008			Prior Year
Operating Revenues	$	2,423,377	$	2,315,427			4.7	%
Energy Costs:
Fuel for power generation		587,647		755,925
Purchased Power		627,759		680,816
Deferred energy — net		207,611		(6,947	)
		1,423,017		1,429,794			-0.5	%
Gross Margin	$	1,000,360	$	885,633			13.0	%
Other operating expenses		279,865		249,236
Maintenance		71,019		63,282
Depreciation and amortization		215,873		171,080
Taxes other than income		37,241		32,069
Operating Income	$	396,362	$	369,966			7.1	%

Sierra Pacific Power Company

						% Change from
	2009		2008			Prior Year
Operating Revenues:
Electric	$	957,130	$	1,002,674
Gas		205,263		209,987
	$	1,162,393	$	1,212,661			-4.1	%
Energy Costs:
Fuel for power generation		294,121		283,342
Purchased Power		130,977		293,527
Gas purchased for resale		153,607		170,468
Deferred energy — electric — net		73,829		1,291
Deferred energy — gas — net		7,636		(4,609	)
	$	660,170	$	744,019			-11.3	%
Gross Margin	$	502,223	$	468,642			7.2	%
Other operating expenses		170,849		141,064
Maintenance		31,290		30,787
Depreciation and amortization		106,048		89,528
Taxes other than income		23,447		21,304
Operating Income	$	170,589	$	185,959			-8.3	%
Energy Costs by Segment:
Electric	$	498,927	$	578,160
Gas		161,243		165,859
	$	660,170	$	744,019
Gross Margin by Segment:
Electric	$	458,203	$	424,514
Gas		44,020		44,128
	$	502,223	$	468,642			7.2	%

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Summary of Selected Operating Statistics

Nevada Power Company
Operating Revenues
(dollars in thousands)

					% Change from			Avg. Change
	2009		2008		Prior Year			in customers
Operating Revenues:
Residential	$	1,143,836	$	1,064,510		7.5	%		0.1	%
Commercial		477,477		471,236		1.3	%		0.4	%
Industrial		720,850		678,117		6.3	%		1.5	%
Retail Revenues		2,342,163		2,213,863		5.8	%
Other		81,214		101,564		-20.0	%
Total Operating Revenues	$	2,423,377	$	2,315,427		4.7	%
Retail sales in thousands of MWhs		20,957		21,381		-2.0	%

Sierra Pacific Power Company
Operating Revenues
(dollars in thousands)

					% Change from			Avg. Change
	2009		2008		Prior Year			in customers
Electric Operating Revenues:
Residential	$	345,455	$	340,972		1.3	%		-0.1	%
Commercial		381,805		386,678		-1.3	%		1.3	%
Industrial		199,510		240,711		-17.1	%		1.8	%
Retail revenues		926,770		968,361		-4.3	%
Other		30,360		34,313		-11.5	%
Total Revenues	$	957,130	$	1,002,674		-4.5	%
Retail sales in thousands of MWhs		8,162		8,560		-4.6	%

					% Change from			Avg. Change
	2009		2008		Prior Year			in customers
Gas Operating Revenues:
Residential	$	116,680	$	114,845		1.6	%
Commercial		52,186		52,163		0.0	%
Industrial		17,458		19,514		-10.5	%
Retail revenues		186,324		186,522		-0.1	%		0.4	%
Wholesale revenue		16,560		20,956		-21.0	%
Miscellaneous		2,379		2,509		-5.2	%
Total Revenues	$	205,263	$	209,987		-2.2	%
Retail sales in thousands of decatherms		15,046		15,070		-0.2	%

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Summary of Selected Operating Statistics

Nevada Power Company
MWH Electric Sales
(in MWh’s)

					% Change from
	2009		2008		prior year
Residential		8,893,542		9,041,403		-1.6	%
Commercial & Industrial
Gaming/Recreation/Restaurants		3,392,658		3,695,156		-8.2	%
All Other Retail		8,670,931		8,644,314		0.3	%
Total Retail		20,957,131		21,380,873		-2.0	%
Wholesale		69,915		83,123		-15.9	%
Sales to Public Authorities		240,302		231,647		3.7	%
Total		21,267,348		21,695,643		-2.0	%

Sierra Pacific Power Company
MWH Electric Sales
(in MWh’s)

					% Change from
	2009		2008		prior year
Residential		2,502,537		2,523,923		-0.8	%
Mining		1,405,087		1,632,882		-14.0	%
Commercial and Industrial		4,254,749		4,403,403		-3.4	%
Total Retail		8,162,373		8,560,208		-4.6	%
Wholesale		14,993		15,577		-3.7	%
Streetlights		16,535		16,108		2.7	%
Total		8,193,901		8,591,893		-4.6	%

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Financial Highlights
(Dollars in Thousands)
(Unaudited)

NV Energy, Inc
Capital Structure

	December 31, 2009				December 31, 2008
Current maturities of long-term debt	$	134,474	1.6	%	$	9,291	0.1	%
Long-term debt		5,303,357	61.2	%		5,266,982	62.7	%
Total Debt	$	5,437,831	62.8	%	$	5,276,273	62.8	%
Total shareholders’ equity		3,223,922	37.2	%		3,131,186	37.2	%
Total Capitalization (including current maturities of long-term debt)	$	8,661,753	100.0	%	$	8,407,459	100.0	%

Nevada Power Company
Capital Structure

	December 31, 2009				December 31, 2008
Current maturities of long-term debt	$	119,474	1.9	%	$	8,691	0.2	%
Long-term debt		3,535,440	56.1	%		3,385,106	56.2	%
Total Debt	$	3,654,914	58.0	%	$	3,393,797	56.4	%
Total shareholder’s equity		2,650,039	42.0	%		2,627,567	43.6	%
Total Capitalization (including current maturities of long-term debt)	$	6,304,953	100.0	%	$	6,021,364	100.0	%

Sierra Pacific Power Company
Capital Structure

	December 31, 2009				December 31, 2008
Current maturities of long-term debt	$	15,000	0.6	%	$	600	0.0	%
Long-term debt		1,282,225	55.6	%		1,395,987	61.4	%
Total Debt	$	1,297,225	56.2	%	$	1,396,587	61.4	%
Common shareholder’s equity		1,009,258	43.8	%		877,961	38.6	%
Total Capitalization (including current maturities of long-term debt)	$	2,306,483	100.0	%	$	2,274,548	100.0	%

NVE Available Liquidity as of December 31, 2009 (dollars in millions)

	NVE		NPC(1)		SPPC
Cash and Cash Equivalents	$	3.7	$	42.6	$	14.4
Balance available on Revolving Credit Facilities		N/A		553.3		301.8
	$	3.7	$	595.9	$	316.2

⁽¹⁾   NPC’s balance reflects combined amount available under the multi-year revolving credit facility and the $90  million supplemental revolving credit facility. The supplemental facility expired January 3, 2010.

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