Nevada Power (NVP) 8-K Regulation FD Disclosure

Exhibit 99.2

The information furnished pursuant to this exhibit shall not be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands)

     1. Funds from Operations:

Nevada Power Company

																12 mos.
										Nine Months Ended						Ended
	Year Ended December 31,									September 30						September 30,
	2002			2003			2004			2005			2004			2005
Net Income (Loss)		(235,070	)		19,277			104,312			112,408			84,382			132,338
Non-cash items included in net income (loss):
Depreciation and amortization		98,198			109,655			118,841			92,421			88,630			122,632
Deferred taxes and deferred investment tax credit		(131,076	)		2,710			57,066			52,680			48,544			61,202
AFUDC and capitalized interest		(3,259	)		(5,545	)		(9,969	)		(29,171	)		(4,234	)		(34,906	)
Deferred energy costs disallowed		434,125			45,964			1,586			—			1,586			—
Other non-cash		(6,332	)		(8,962	)		(44,149	)		(22,201	)		(23,730	)		(42,620	)
Funds from Operations (Before Deferred Energy Costs)		156,586			163,099			227,687			206,137			195,178			238,646
Amortization of deferred energy costs		146,554			204,610			228,765			108,480			178,451			158,794
Deferral of energy costs		(338,152	)		(131,590	)		(112,992	)		(137,048	)		(102,163	)		(147,877	)
Total Impact of Deferred Energy Costs		(191,598	)		73,020			115,773			(28,568	)		76,288			10,917
Adjusted Funds from Operations		(35,012	)		236,119			343,460			177,569			271,466			249,563
Debt (1)		2,037,987			2,035,300			2,281,781			2,119,774			2,030,956			2,119,774
Net Interest Expense		132,510			190,472			137,388			118,350			123,757			131,981
AFUDC		(3,412	)		(2,700	)		(5,738	)		(16,154	)		(2,465	)		(19,427	)
Adjusted Interest Expense		135,922			193,172			143,126			134,504			126,222			151,408
Debt/Funds from Operations		13.02x			12.48x			10.02x			10.28x			10.41x			8.88x
Debt/ Adjusted Funds from Operations		(58.21x	)		8.62x			6.64x			11.94x			7.48x			8.49x
Funds from Operations Interest Coverage		2.15x			1.84x			2.59x			2.53x			2.55x			2.58x
Adjusted Funds from Operations Interest Coverage		0.74x			2.22x			3.40x			2.32x			3.15x			2.65x
Common shareholders’ equity																	1,751,301
Total Capitalization																	3,871,075
Debt/Capitalization																	54.76	%

(1) Includes current maturities of long-term debt.

2. EBITDA:

Nevada Power Company

																						12 mos.
														Three Months Ended				Nine Months Ended				Ended
	Year Ended December 31,													September 30,				September 30,				September 30,
	2000			2001		2002			2003			2004		2005		2004		2005		2004		2005
Net Income (Loss):		($7.9	)	$	63.4		($235.1	)	$	19.3		$	104.3	$	99.5	$	86.2	$	112.4	$	84.4		$132.3
Deferred Energy Costs Disallowed		—			—		434.1			46.0			1.6		—		—		—		1.6		—
Disallowed Merger Costs		—			—		—			—			4.0		—		—		—		4.0		—
Disallowed Plant Costs		—			—		—			—			—		—		—		—		—		—
Impairment of Goodwill		—			—		—			—			—		—		—		—		—		—
Adjusted Net Income (Loss)		($7.9	)	$	63.4	$	199.1		$	65.2		$	109.9	$	99.5	$	86.2	$	112.4	$	89.9		$132.3
Interest Charge		86.0			108.3		132.5			190.5			137.4		36.4		40.8		118.4		123.8		132.0
Income Tax Expenses (Benefits)		(11.0	)		32.7		(131.8	)		(0.6	)		56.6		46.7		46.5		52.7		45.4		63.9
Depreciation and Amortization		86.0			93.1		98.2			109.7			118.8		31.3		29.9		92.4		88.6		122.6
EBITDA	$	153.1		$	297.5	$	298.0		$	364.8		$	422.7	$	213.8	$	203.4	$	375.9	$	347.7		$450.8