Sierra Pacific Power 8-K Sierra Pacific Resources Reports 2006 Third Quarter Earnings

EXHIBIT 99.2

     In addition to earnings applicable to common stock for Sierra Pacific Resources and Sierra Pacific Power and net income for Nevada Power, the companies have provided supplemental “adjusted earnings applicable to common stock” for Sierra Pacific Resources and “adjusted net income” for Nevada Power, all of which are non-GAAP financial measures, in order to provide information that management believes aids the reader in determining earnings after taking into consideration many items that are primarily non-operational in nature.

     Reconciliations between GAAP earnings applicable to common stock and adjusted earnings applicable to common stock for Sierra Pacific Resources and between GAAP net income and adjusted net income for Nevada Power are provided in the table below. These non-GAAP measures should not be considered as substitutes for the GAAP measures.

     Since all periods being reported are affected by at least one of these items that are primarily non-operational in nature, management believes the non-GAAP financial measures are helpful to assure that they are taken into consideration accurately in assessing the financial performance for the three and nine month periods ended September 30, 2006, compared with the three and nine month periods ended September 30, 2005.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Adjusted Earnings Applicable to Common Stock, Adjusted Net Income
(Dollars in Thousands, Except Per Share Amounts)
(Unaudited)

Sierra Pacific Resources

	Three months ended					Nine months ended
	September 30,					September 30,
	2006			2005		2006			2005
Earnings Applicable to Common Stock	$	222,246		$	61,018	$	251,324		$	60,583
Reinstatement of deferred energy costs, net of tax		(116,236	)				(116,236	)
Early debt conversion, net of tax					35,100					35,100
Early debt conversion fees, net of tax					4,763					4,763
Adjusted Earnings Applicable to Common Stock	$	106,010		$	100,881	$	135,088		$	100,446
Adjusted Earnings Applicable to Common Stock - diluted	$	0.50		$	0.55	$	0.66		$	0.55
Weighted Average shares outstanding diluted		211,641,821			183,752,200		204,744,823			183,607,923

Nevada Power

	Three months ended					Nine months ended
	September 30,					September 30,
	2006			2005		2006			2005
Net Income	$	211,113		$	99,472	$	236,273		$	112,408
Reinstatement of deferred energy costs, net of tax		(116,236	)				(116,236	)
Adjusted Net Income	$	94,877		$	99,472	$	120,037		$	112,408