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 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

	Year Ended December 31,
	2007			2006			2005			2004
Net Income Applicable to Common Stock	$	197,295		$	277,451		$	82,237		$	28,571
Interest charges		279,788			311,088			284,927			307,546
Income taxes		87,555			145,605			43,118			18,050
Depreciation and amortization		235,532			228,875			214,662			205,922
EBITDA	$	800,170		$	963,019		$	624,944		$	560,089
EBITDA/Interest charges		2.86	x		3.10	x		2.19	x		1.82	x
Total Debt/EBITDA		5.31	x		4.16	x		6.20	x		7.30	x
Sierra Pacific Resources
Interest charges	$	279,788		$	311,088		$	284,927		$	307,546
Long-term debt	$	4,137,864		$	4,001,542		$	3,817,122		$	4,081,281
Current maturities of long-term debt		110,285			8,348			58,909			8,491
Total Debt	$	4,248,149		$	4,009,890		$	3,876,031		$	4,089,772

Nevada Power Company

EBITDA

	Year Ended December 31,
	2007			2006			2005			2004
Net Income	$	165,694		$	224,540		$	132,734		$	104,312
Interest charges		174,667			176,612			134,657			137,388
Income taxes		78,352			117,510			63,995			56,572
Depreciation and amortization		152,139			141,585			124,098			118,841
EBITDA	$	570,852		$	660,247		$	455,484		$	417,113
EBITDA/Interest charges		3.27	x		3.74	x		3.38	x		3.04	x
Total Debt/EBITDA		4.44	x		3.61	x		4.88	x		5.47	x
Nevada Power Company
Interest charges	$	174,667		$	176,612		$	134,657		$	137,388
Long-term debt	$	2,528,141		$	2,380,139		$	2,214,063		$	2,275,690
Current maturities of long-term debt		8,642			5,948			6,509			6,091
Total Debt	$	2,536,783		$	2,386,087		$	2,220,572		$	2,281,781

Sierra Pacific Power Company

EBITDA

	Year Ended December 31,
	2007			2006			2005			2004
Net Income	$	65,667		$	57,709		$	52,074		$	18,577
Interest charges		60,735			71,506			69,067			62,831
Income taxes		26,009			27,829			28,379			325
Depreciation and amortization		83,393			87,279			90,569			86,806
EBITDA	$	235,804		$	244,323		$	240,089		$	168,539
EBITDA/Interest charges		3.88	x		3.42	x		3.48	x		2.68	x
Total Debt/EBITDA		5.03	x		4.39	x		4.14	x		5.91	x
Sierra Pacific Power Company
Interest charges	$	60,735		$	71,506		$	69,067		$	62,831
Long-term debt	$	1,084,550		$	1,070,858		$	941,804		$	994,309
Current maturities of long-term debt		101,643			2,400			52,400			2,400
Total Debt	$	1,186,193		$	1,073,258		$	994,204		$	996,709