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

																LTM
	Three Months ended March 31,						Year ended December 31,									March 31,
	2008			2007			2007			2006			2005			2008
Net Income Applicable to Common Stock	$	24,058		$	15,607		$	197,295		$	277,451		$	82,237		$	205,746
Interest charges		68,504			69,669			279,788			311,088			284,927			278,623
Income taxes		16,708			10,628			87,555			145,605			43,118			93,635
Depreciation and amortization		62,070			56,233			235,532			228,875			214,662			241,369
EBITDA	$	171,340		$	152,137		$	800,170		$	963,019		$	624,944		$	819,373
EBITDA/Interest Expense		2.50	x		2.18	x		2.86	x		3.10	x		2.19	x		2.94	x
Debt/EBITDA		25.00	x		27.32	x		5.31	x		4.16	x		6.20	x		5.23	x
Sierra Pacific Resources
Net interest expense	$	68,504		$	69,669		$	279,788		$	311,088		$	284,927		$	278,623
Long-Term debt	$	4,173,617		$	4,147,322		$	4,137,864		$	4,001,542		$	3,817,122		$	4,173,617
Current maturities of long term debt		110,168			8,625			110,285			8,348			58,909			110,168
Total Debt	$	4,283,785		$	4,155,947		$	4,248,149		$	4,009,890		$	3,876,031		$	4,283,785

Nevada Power Company
EBITDA

	Three Months ended March 31,						Year ended December 31,									LTM March 31,
	2008			2007			2007			2006			2005		��	2008
Net Income	$	7,971		$	4,582		$	165,694		$	224,540		$	132,734		$	169,083
Interest charges		41,473			43,992			174,667			176,612			134,657			172,148
Income taxes		6,523			2,366			78,352			117,510			63,995			82,509
Depreciation and amortization		40,630			35,761			152,139			141,585			124,098			157,008
EBITDA	$	96,597		$	86,701		$	570,852		$	660,247		$	455,484		$	580,748
EBITDA/Interest Expense		2.33	x		1.97	x		3.27	x		3.74	x		3.38	x		3.37	x
Debt/EBITDA		26.64	x		28.93	x		4.44	x		3.61	x		4.88	x		4.43	x
Nevada Power Company
Net interest expense	$	41,473		$	43,992		$	174,667		$	176,612		$	134,657		$	172,148
Long-Term debt	$	2,564,629		$	2,501,650		$	2,528,141		$	2,380,139		$	2,214,063		$	2,564,629
Current maturities of long term debt		8,616			6,225			8,642			5,948			6,509			8,616
Total Debt	$	2,573,245		$	2,507,875		$	2,536,783		$	2,386,087		$	2,220,572		$	2,573,245

Sierra Pacific Power Company
EBITDA

																LTM
	Three Months ended March 31,						Year ended December 31,									March 31,
	2008			2007			2007			2006			2005			2008
Net Income	$	24,284		$	21,968		$	65,667		$	57,709		$	52,074		$	67,983
Interest charges		16,587			14,783			60,735			71,506			69,067			62,539
Income taxes		13,233			9,571			26,009			27,829			28,379			29,671
Depreciation and amortization		21,440			20,472			83,393			87,279			90,569			84,361
EBITDA	$	75,544		$	66,794		$	235,804		$	244,323		$	240,089		$	244,554
EBITDA/Interest Expense		4.55	x		4.52	x		3.88	x		3.42	x		3.48	x		3.91	x
Debt/EBITDA		15.69	x		16.43	x		5.03	x		4.39	x		4.14	x		4.85	x
Sierra Pacific Power Company
Net interest expense	$	16,587		$	14,783		$	60,735		$	71,506		$	69,067		$	62,539
Long-Term debt	$	1,083,870		$	1,095,180		$	1,084,550		$	1,070,858		$	941,804		$	1,083,870
Current maturities of long term debt		101,552			2,400			101,643			2,400			52,400			101,552
Total Debt	$	1,185,422		$	1,097,580		$	1,186,193		$	1,073,258		$	994,204		$	1,185,422