Sierra Pacific Power 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

          EBITDA represents net income (loss) 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
	Three Months ended March 31,						Year Ended December 31,									LTM March 31,
	2010			2009			2009			2008			2007			2010
Net Income (Loss)	$	(1,721	)	$	(22,244	)	$	182,936		$	208,887		$	197,295		$	203,459
Interest expense (net of AFUDC (1) - debt)		80,064			82,633			334,314			300,857			279,788			331,745
Income tax expense (benefit)		1,256			(11,414	)		75,451			95,354			87,555			88,121	��
Depreciation and amortization		80,948			78,048			321,921			260,608			235,532			324,821
EBITDA	$	160,547		$	127,023		$	914,622		$	865,706		$	800,170		$	948,146
EBITDA/Interest expense		2.01	x		1.54	x		2.74	x		2.88	x		2.86	x		2.86	x
Total Debt/EBITDA		34.60	x		43.26	x		5.95	x		6.09	x		5.31	x		5.86	x
NV Energy, Inc.
Interest expense (net of AFUDC (1) - debt)	$	80,064		$	82,633		$	334,314		$	300,857		$	279,788		$	331,745
Long-term debt	$	5,546,626		$	5,485,643		$	5,303,357		$	5,266,982		$	4,137,864		$	5,546,626
Current maturities of long-term debt		7,785			8,885			134,474			9,291			110,285			7,785
Total Debt	$	5,554,411		$	5,494,528		$	5,437,831		$	5,276,273		$	4,248,149		$	5,554,411

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Nevada Power Company
EBITDA
	Three Months ended March 31,						Year Ended December 31,									LTM March 31,
	2010			2009			2009			2008			2007			2010
Net Income (Loss)	$	(12,326	)	$	(35,151	)	$	134,284		$	151,431		$	165,694		$	157,109
Interest expense (net of AFUDC (1) - debt)		53,356			55,043			226,252			186,822			174,667			224,565
Income tax expense (benefit)		(4,119	)		(16,365	)		61,652			71,382			78,352			73,898
Depreciation and amortization		55,101			52,363			215,873			171,080			152,139			218,611
EBITDA	$	92,012		$	55,890		$	638,061		$	580,715		$	570,852		$	674,183
EBITDA/Interest expense		1.72	x		1.02	x		2.82	x		3.11	x		3.27	x		3.00	x
Total Debt/EBITDA		41.16	x		64.51	x		5.73	x		5.84	x		4.44	x		5.62	x
Nevada Power Company
Interest expense (net of AFUDC (1) - debt)	$	53,356		$	55,043		$	226,252		$	186,822		$	174,667		$	224,565
Long-term debt	$	3,779,120		$	3,596,840		$	3,535,440		$	3,385,106		$	2,528,141		$	3,779,120
Current maturities of long-term debt		7,785			8,885			119,474			8,691			8,642			7,785
Total Debt	$	3,786,905		$	3,605,725		$	3,654,914		$	3,393,797		$	2,536,783		$	3,786,905

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Sierra Pacific Power Company
EBITDA
	Three Months ended March 31,						Year Ended December 31,									LTM March 31,
	2010			2009			2009			2008			2007			2010
Net Income	$	17,120		$	19,136		$	73,085		$	90,582		$	65,667		$	71,069
Interest expense (net of AFUDC (1) - debt)		17,045			17,927			69,413			72,712			60,735			68,531
Income tax expense		7,676			9,286			31,225			37,603			26,009			29,615
Depreciation and amortization		25,847			25,685			106,048			89,528			83,393			106,210
EBITDA	$	67,688		$	72,034		$	279,771		$	290,425		$	235,804		$	275,425
EBITDA/Interest expense		3.97	x		4.02	x		4.03	x		3.99	x		3.88	x		4.02	x
Total Debt/EBITDA		18.94	x		19.48	x		4.64	x		4.81	x		5.03	x		4.65	x
Sierra Pacific Power Company
Interest expense (net of AFUDC (1) - debt)	$	17,045		$	17,927		$	69,413		$	72,712		$	60,735		$	68,531
Long-term debt	$	1,281,863		$	1,402,964		$	1,282,225		$	1,395,987		$	1,084,550		$	1,281,863
Current maturities of long-term debt		-			-			15,000			600			101,643			-
Total Debt	$	1,281,863		$	1,402,964		$	1,297,225		$	1,396,587		$	1,186,193		$	1,281,863

 (1) Allowance for borrowed funds used during construction.