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,
	2011			2010			2010			2009			2008
Net Income (Loss)	$	2,330		$	(1,721	)	$	226,984		$	182,936		$	208,887
Interest expense (net of AFUDC(1) - debt)		77,343			80,064			333,010			334,314			300,857
Income tax expense (benefit)		(725	)		1,256			113,764			75,451			95,354
Depreciation and amortization		83,102			80,948			333,059			321,921			260,608
EBITDA	$	162,050		$	160,547		$	1,006,817		$	914,622		$	865,706
EBITDA/Interest expense		2.10	x		2.01	x		3.02	x		2.74	x		2.88	x
Total Debt/EBITDA		32.47	x		34.60	x		5.24	x		5.95	x		6.09	x
NV Energy, Inc.
Interest expense (net of AFUDC(1) - debt)	$	77,343		$	80,064		$	333,010		$	334,314		$	300,857
Long-term debt	$	4,905,822		$	5,546,626		$	4,924,109		$	5,303,357		$	5,266,982
Current maturities of long-term debt		355,847			7,785			355,929			134,474			9,291
Total Debt	$	5,261,669		$	5,554,411		$	5,280,038		$	5,437,831		$	5,276,273
(1)  Allowance for funds used during construction.

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Nevada Power Company
EBITDA
	Three Months ended March 31,						Year Ended December 31,
	2011			2010			2010			2009			2008
Net Income (Loss)	$	(9,020	)	$	(12,326	)	$	185,943		$	134,284		$	151,431
Interest expense (net of AFUDC(1) - debt)		52,033			53,356			214,367			226,252			186,822
Income tax expense (benefit)		(4,933	)		(4,119	)		91,757			61,652			71,382
Depreciation and amortization		57,673			55,101			226,252			215,873			171,080
EBITDA	$	95,753		$	92,012		$	718,319		$	638,061		$	580,715
EBITDA/Interest expense		1.84	x		1.72	x		3.35	x		2.82	x		3.11	x
Total Debt/EBITDA		37.33	x		41.16	x		4.98	x		5.73	x		5.84	x
Nevada Power Company
Interest expense (net of AFUDC(1) - debt)	$	52,033		$	53,356		$	214,367		$	226,252		$	186,822
Long-term debt	$	3,218,908		$	3,779,120		$	3,221,833		$	3,535,440		$	3,385,106
Current maturities of long-term debt		355,847			7,785			355,929			119,474			8,691
Total Debt	$	3,574,755		$	3,786,905		$	3,577,762		$	3,654,914		$	3,393,797
(1)  Allowance for funds used during construction.

Sierra Pacific Power Company
EBITDA
	Three Months ended March 31,						Year Ended December 31,
	2011			2010			2010			2009			2008
Net Income	$	16,576		$	17,120		$	72,375		$	73,085		$	90,582
Interest expense (net of AFUDC(1) - debt)		16,946			17,045			68,514			69,413			72,712
Income tax expense		8,318			7,676			40,404			31,225			37,603
Depreciation and amortization		25,429			25,847			106,807			106,048			89,528
EBITDA	$	67,269		$	67,688		$	288,100		$	279,771		$	290,425
EBITDA/Interest expense		3.97	x		3.97	x		4.20	x		4.03	x		3.99	x
Total Debt/EBITDA		17.55	x		18.94	x		4.15	x		4.64	x		4.81	x
Sierra Pacific Power Company
Interest expense (net of AFUDC(1) - debt)	$	16,946		$	17,045		$	68,514		$	69,413		$	72,712
Long-term debt	$	1,180,413		$	1,281,863		$	1,195,775		$	1,282,225		$	1,395,987
Current maturities of long-term debt		-			-			-			15,000			600
Total Debt	$	1,180,413		$	1,281,863		$	1,195,775		$	1,297,225		$	1,396,587
(1)  Allowance for funds used during construction.

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