Nv Energy (NVE) 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
	Nine Months ended September 30,						Year Ended December 31,									LTM September 30,
	2010			2009			2009			2008			2007			2010
Net Income	$	217,971		$	178,785		$	182,936		$	208,887		$	197,295		$	222,122
Interest expense (net of AFUDC(1) - debt)		241,625			250,996			334,314			300,857			279,788			324,943
Income tax expense		115,052			80,704			75,451			95,354			87,555			109,799
Depreciation and amortization		249,067			240,912			321,921			260,608			235,532			330,076
EBITDA	$	823,715		$	751,397		$	914,622		$	865,706		$	800,170		$	986,940
EBITDA/Interest expense		3.41	x		2.99	x		2.74	x		2.88	x		2.86	x		3.04	x
Total Debt/EBITDA		6.88	x		7.40	x		5.95	x		6.09	x		5.31	x		5.74	x
NV Energy, Inc.
Interest expense (net of AFUDC(1) - debt)	$	241,625		$	250,996		$	334,314		$	300,857		$	279,788		$	324,943
Long-term debt	$	5,313,407		$	5,549,052		$	5,303,357		$	5,266,982		$	4,137,864		$	5,313,407
Current maturities of long-term debt		356,538			9,286			134,474			9,291			110,285			356,538
Total Debt	$	5,669,945		$	5,558,338		$	5,437,831		$	5,276,273		$	4,248,149		$	5,669,945
(1)  Allowance for funds used during construction.

Nevada Power Company
EBITDA
	Nine Months ended September 30,						Year Ended December 31,									LTM September 30,
	2010			2009			2009			2008			2007			2010
Net Income	$	181,586		$	140,941		$	134,284		$	151,431		$	165,694		$	174,929
Interest expense (net of AFUDC(1) - debt)		161,496			170,535			226,252			186,822			174,667			217,213
Income tax expense		93,216			65,857			61,652			71,382			78,352			89,011
Depreciation and amortization		169,330			160,869			215,873			171,080			152,139			224,334
EBITDA	$	605,628		$	538,202		$	638,061		$	580,715		$	570,852		$	705,487
EBITDA/Interest expense		3.75	x		3.16	x		2.82	x		3.11	x		3.27	x		3.25	x
Total Debt/EBITDA		6.44	x		6.89	x		5.73	x		5.84	x		4.44	x		5.53	x
Nevada Power Company
Interest expense (net of AFUDC(1) - debt)	$	161,496		$	170,535		$	226,252		$	186,822		$	174,667		$	217,213
Long-term debt	$	3,546,724		$	3,701,308		$	3,535,440		$	3,385,106		$	2,528,141		$	3,546,724
Current maturities of long-term debt		356,538			9,286			119,474			8,691			8,642			356,538
Total Debt	$	3,903,262		$	3,710,594		$	3,654,914		$	3,393,797		$	2,536,783		$	3,903,262
(1)  Allowance for funds used during construction.

Sierra Pacific Power Company
EBITDA
	Nine Months ended September 30,						Year Ended December 31,									LTM September 30,
	2010			2009			2009			2008			2007			2010
Net Income	$	52,897		$	58,206		$	73,085		$	90,582		$	65,667		$	67,776
Interest expense (net of AFUDC(1) - debt)		51,141			51,473			69,413			72,712			60,735			69,081
Income tax expense		30,066			25,926			31,225			37,603			26,009			35,365
Depreciation and amortization		79,737			80,043			106,048			89,528			83,393			105,742
EBITDA	$	213,841		$	215,648		$	279,771		$	290,425		$	235,804		$	277,964
EBITDA/Interest expense		4.18	x		4.19	x		4.03	x		3.99	x		3.88	x		4.02	x
Total Debt/EBITDA		5.99	x		6.32	x		4.64	x		4.81	x		5.03	x		4.61	x
Sierra Pacific Power Company
Interest expense (net of AFUDC(1) - debt)	$	51,141		$	51,473		$	69,413		$	72,712		$	60,735		$	69,081
Long-term debt	$	1,281,138		$	1,362,002		$	1,282,225		$	1,395,987		$	1,084,550		$	1,281,138
Current maturities of long-term debt		-			-			15,000			600			101,643			-
Total Debt	$	1,281,138		$	1,362,002		$	1,297,225		$	1,396,587		$	1,186,193		$	1,281,138
(1)  Allowance for funds used during construction.