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 Sierra Pacific Resources (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:

s	EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments;
s	EBITDA does not reflect changes in, or cash requirements for, working capital needs;
s	EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debts;
s	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
s	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)

Sierra Pacific Resources

EBITDA

	Nine Months ended September 30,				Year ended December 31,									LTM September 30,
	2007		2006		2006			2005			2004			2007
Net Income Applicable to Common Stock	$	193,583	$	251,324	$	277,451		$	82,237		$	28,571		$	219,710
Interest charges		210,037		228,670		311,088			284,927			307,546			292,455
Income taxes		96,796		132,597		145,605			43,118			18,050			109,804
Depreciation and amortization		174,787		170,112		228,875			214,662			205,922			233,550
EBITDA	$	675,203	$	782,703	$	963,019		$	624,944		$	560,089		$	855,519
EBITDA/Interest expense						3.10	x		2.19	x		1.82	x		2.93	x
Debt/EBITDA						4.16	x		6.20	x		7.30	x		5.20	x
Sierra Pacific Resources
Net interest expense	$	210,037	$	228,670	$	311,088		$	284,927		$	307,546		$	292,455
Long-term debt	$	4,337,745	$	4,162,341	$	4,001,542		$	3,817,122		$	4,081,281		$	4,337,745
Current maturities of long-term debt		109,614		41,051		8,348			58,909			8,491			109,614
Total Debt	$	4,447,359	$	4,203,392	$	4,009,890		$	3,876,031		$	4,089,772		$	4,447,359

Nevada Power Company

EBITDA

	Nine Months ended September 30,				Year ended December 31,										LTM September 30,
	2007		2006		2006				2005			2004			2007
Net Income	$	161,280	$	236,273	$	224,540			$	132,734		$	104,312		$	149,547
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Interest charges		132,155		134,063		176,612				134,657			137,388			174,704
Income taxes		83,498		123,402		117,510				63,995			56,572			77,606
Depreciation and amortization		112,745		104,076		141,585				124,098			118,841			150,254
EBITDA	$	489,678	$	597,814	$	660,247			$	455,484		$	417,113		$	552,111
EBITDA/Interest expense						3.74	x			3.38	x		3.04	x		3.16	x
Debt/EBITDA						3.61	x			4.88	x		5.47	x		4.86	x
Nevada Power Company
Net interest expense	$	132,155	$	134,063	$	176,612			$	134,657		$	137,388		$	174,704
Long-term debt	$	2,677,193	$	2,429,256	$	2,380,139			$	2,214,063		$	2,275,690		$	2,677,193
Current maturities of long-term debt		7,971		18,651		5,948				6,509			6,091			7,971
Total Debt	$	2,685,164	$	2,447,907	$	2,386,087			$	2,220,572		$	2,281,781		$	2,685,164
Sierra Pacific Power Company
EBITDA

	Nine Months ended September 30,				Year ended December 31,									LTM September 30,
	2007		2006		2006			2005			2004			2007
Net Income	$	57,528	$	42,299	$	57,709		$	52,074		$	18,577		$	72,938
Interest charges		45,199		54,833		71,506			69,067			62,831			61,872
Income taxes		24,468		22,249		27,829			28,379			325			30,048
Depreciation and amortization		62,043		66,037		87,279			90,569			86,806			83,285
EBITDA	$	189,238	$	185,418	$	244,323		$	240,089		$	168,539		$	248,143
EBITDA/Interest expense						3.42	x		3.48	x		2.68	x		4.01	x
Debt/EBITDA						4.39	x		4.14	x		5.91	x		4.88	x
Sierra Pacific Power Company
Net interest expense	$	45,199	$	54,833	$	71,506		$	69,067		$	62,831		$	61,872
Long-term debt	$	1,110,166	$	1,072,076	$	1,070,858		$	941,804		$	994,309		$	1,110,166
Current maturities of long-term debt		101,643		22,400		2,400			52,400			2,400			101,643
Total Debt	$	1,211,809	$	1,094,476	$	1,073,258		$	994,204		$	996,709		$	1,211,809