Sierra Pacific Power 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
	Year Ended December 31,
	2008			2007			2006
Net Income Applicable to Common Stock	$	208,887		$	197,295		$	277,451
Interest charges (including AFUDC(1) )		300,857			279,788			311,088
Income taxes		95,354			87,555			145,605
Depreciation and amortization		260,608			235,532			228,875
EBITDA	$	865,706		$	800,170		$	963,019
EBITDA/Interest charges		2.88	x		2.86	x		3.10	x
Total Debt/EBITDA		6.09	x		5.31	x		4.16	x
NV Energy, Inc.
Interest charges (including AFUDC(1) )	$	300,857		$	279,788		$	311,088
Long-term debt	$	5,266,982		$	4,137,864		$	4,001,542
Current maturities of long-term debt		9,291			110,285			8,348
Total Debt	$	5,276,273		$	4,248,149		$	4,009,890

Nevada Power Company
EBITDA
	Year Ended December 31,
	2008			2007			2006
Net Income	$	151,431		$	165,694		$	224,540
Interest charges (including AFUDC(1) )		186,822			174,667			176,612
Income taxes		71,382			78,352			117,510
Depreciation and amortization		171,080			152,139			141,585
EBITDA	$	580,715		$	570,852		$	660,247
EBITDA/Interest charges		3.11	x		3.27	x		3.74	x
Total Debt/EBITDA		5.84	x		4.44	x		3.61	x
Nevada Power Company
Interest charges (including AFUDC(1) )	$	186,822		$	174,667		$	176,612
Long-term debt	$	3,385,106		$	2,528,141		$	2,380,139
Current maturities of long-term debt		8,691			8,642			5,948
Total Debt	$	3,393,797		$	2,536,783		$	2,386,087

Sierra Pacfic Power Company
EBITDA
	Year Ended December 31,
	2008			2007			2006
Net Income	$	90,582		$	65,667		$	57,709
Interest charges (including AFUDC(1) )		72,712			60,735			71,506
Income taxes		37,603			26,009			27,829
Depreciation and amortization		89,528			83,393			87,279
EBITDA	$	290,425		$	235,804		$	244,323
EBITDA/Interest charges		3.99	x		3.88	x		3.42	x
Total Debt/EBITDA		4.81	x		5.03	x		4.39	x
Sierra Pacific Power Company
Interest charges (including AFUDC(1) )	$	72,712		$	60,735		$	71,506
Long-term debt	$	1,395,987		$	1,084,550		$	1,070,858
Current maturities of long-term debt		600			101,643			2,400
Total Debt	$	1,396,587		$	1,186,193		$	1,073,258

                                (1)  Allowance for Funds Used During Construction or Allowance for Borrowed Funds Used During Construction