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
	Nine Months ended September 30,						Year ended December 31,									LTM September 30,
	2009			2008			2008			2007			2006			2009
Net Income	$	178,785		$	210,975		$	208,887		$	197,295		$	277,451		$	176,697
Interest charges (including AFUDC(1))		250,996			213,500			300,857			279,788			311,088			338,353
Income taxes		80,704			99,146			95,354			87,555			145,605			76,912
Depreciation and amortization		240,912			185,656			260,608			235,532			228,875			315,864
EBITDA	$	751,397		$	709,277		$	865,706		$	800,170		$	963,019		$	907,826
EBITDA/Interest Expense		2.99	x		3.32	x		2.88	x		2.86	x		3.10	x		2.68	x
Debt/EBITDA		7.40	x		6.77	x		6.09	x		5.31	x		4.16	x		6.12	x
NV Energy, Inc.
Interest charges (including AFUDC(1))	$	250,996		$	213,500		$	300,857		$	279,788		$	311,088		$	338,353
Long-Term debt	$	5,549,052		$	4,793,078		$	5,266,982		$	4,137,864		$	4,001,542		$	5,549,052
Current maturities of long term debt		9,286			9,794			9,291			110,285			8,348			9,286
Total Debt	$	5,558,338		$	4,802,872		$	5,276,273		$	4,248,149		$	4,009,890		$	5,558,338

Nevada Power Company
EBITDA
	Nine Months ended September 30,						Year ended December 31,									LTM September 30,
	2009			2008			2008			2007			2006			2009
Net Income	$	140,941		$	165,482		$	151,431		$	165,694		$	224,540		$	126,890
Interest charges (including AFUDC(1))		170,535			130,732			186,822			174,667			176,612			226,625
Income taxes		65,857			80,942			71,382			78,352			117,510			56,297
Depreciation and amortization		160,869			120,855			171,080			152,139			141,585			211,094
EBITDA	$	538,202		$	498,011		$	580,715		$	570,852		$	660,247		$	620,906
EBITDA/Interest Expense		3.16	x		3.81	x		3.11	x		3.27	x		3.74	x		2.74	x
Debt/EBITDA		6.89	x		5.99	x		5.84	x		4.44	x		3.61	x		5.98	x
Nevada Power Company
Interest charges (including AFUDC(1))	$	170,535		$	130,732		$	186,822		$	174,667		$	176,612		$	226,625
Long-Term debt	$	3,701,308		$	2,975,201		$	3,385,106		$	2,528,141		$	2,380,139		$	3,701,308
Current maturities of long term debt		9,286			8,656			8,691			8,642			5,948			9,286
Total Debt	$	3,710,594		$	2,983,857		$	3,393,797		$	2,536,783		$	2,386,087		$	3,710,594

Sierra Pacific Power Company
EBITDA
	Nine Months ended September 30,						Year ended December 31,									LTM September 30,
	2009			2008			2008			2007			2006			2009
Net Income	$	58,206		$	68,052		$	90,582		$	65,667		$	57,709		$	80,736
Interest charges (including AFUDC(1))		51,473			51,458			72,712			60,735			71,506			72,727
Income taxes		25,926			29,423			37,603			26,009			27,829			34,106
Depreciation and amortization		80,043			64,801			89,528			83,393			87,279			104,770
EBITDA	$	215,648		$	213,734		$	290,425		$	235,804		$	244,323		$	292,339
EBITDA/Interest Expense		4.19	x		4.15	x		3.99	x		3.88	x		3.42	x		4.02	x
Debt/EBITDA		6.32	x		6.05	x		4.81	x		5.03	x		4.39	x		4.66	x
Sierra Pacific Power Company
Interest charges (including AFUDC(1))	$	51,473		$	51,458		$	72,712		$	60,735		$	71,506		$	72,727
Long-Term debt	$	1,362,002		$	1,292,867		$	1,395,987		$	1,084,550		$	1,070,858		$	1,362,002
Current maturities of long term debt		-			1,139			600			101,643			2,400			-
Total Debt	$	1,362,002		$	1,294,006		$	1,396,587		$	1,186,193		$	1,073,258		$	1,362,002

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