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SECURITIES AND EXCHANGE COMMISSION
FORM 8-K
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) November 6, 2003
| Commission File Number | Registrant, State of Incorporation, Address of Principal Executive Offices and Telephone Number | I.R.S. employer Identification Number | ||
| 1-08788 | SIERRA PACIFIC RESOURCES | 88-0198358 | ||
| P.O. Box 10100 (6100 Neil Road) | ||||
| Reno, Nevada 89520-0400 (89511) | ||||
| (775) 834-4011 | ||||
| 2-28348 | NEVADA POWER COMPANY | 88-0420104 | ||
| 6226 West Sahara Avenue | ||||
| Las Vegas, Nevada 89146 | ||||
| (702) 367-5000 | ||||
| 0-00508 | SIERRA PACIFIC POWER COMPANY | 88-0044418 | ||
| P.O. Box 10100 (6100 Neil Road) | ||||
| Reno, Nevada 89520-0400 (89511) | ||||
| (775) 834-4011 |
None
| Item 5. Other Events | ||||||||
| Item 7. Financial Statements and Exhibits | ||||||||
| Signatures | ||||||||
| Exhibit Index | ||||||||
| PRESS RELEASE ISSUED NOVEMBER 6, 2003 | ||||||||
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Item 5. Other Events
On November 6, 2003, the federal Bankruptcy Court Judge overseeing the bankruptcy case of Enron Power Marketing, Inc. (“EPMI”) rendered a decision on the motion by Nevada Power Company (“NPC”) and Sierra Pacific Power Company (“SPPC”) to stay the execution of EPMI’s judgment against NPC and SPPC for approximately $235 million and $102 million, respectively, for liquidated damages and pre-Judgment interest for power supply contracts terminated by EPMI in May 2002 (the “Judgment”).
The Bankruptcy Court Judge’s ruling stays the execution of the Judgment, which stay will be secured by the posting into escrow by NPC and SPPC of $235 million and $103 million, respectively, of General and Refunding Mortgage Bonds plus approximately $280,000 in cash for pre-Judgment interest. NPC and SPPC have sufficient regulatory authority from the Public Utilities Commission of Nevada to comply with the Bankruptcy Court Judge’s ruling. Additionally, NPC and SPPC will pay a total of $35 million in cash on a pro rata basis into the escrow account, which will lower the principal amount of General and Refunding Mortgage Bonds held in escrow by a like amount, 90 days after the date of the final stay order. The Bankruptcy Court Judge added that conditions related to the order will be reviewed by the Court approximately two weeks after the payment of the $35 million in cash collateral.
Sierra Pacific Resources (the parent of NPC and SPPC) issued a press release announcing the decision of the Bankruptcy Court Judge. A copy of the press release, dated November 6, 2003 is attached as Exhibit 99.1 hereto.
Item 7. Financial Statements and Exhibits
| (a) | Financial Statements of Businesses Acquired |
| Not required |
| (b) | Pro forma financial information |
| Not required |
| (c) | Exhibits |
| 99.1 – Press Release dated November 6, 2003 |
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have each duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.
| Sierra Pacific Resources (Registrant) | ||||
| Date: November 7, 2003 | By: | /s/ John E. Brown John E. Brown Vice President and Controller | ||
| Nevada Power Company (Registrant) | ||||
| Date: November 7, 2003 | By: | /s/ John E. Brown John E. Brown Vice President and Controller | ||
| Sierra Pacific Power Company (Registrant) | ||||
| Date: November 7, 2003 | By: | /s/ John E. Brown John E. Brown Vice President and Controller | ||
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Exhibit Index
Exhibit 99.1-Press Release issued November 6, 2003.