SECURITIES AND EXCHANGE COMMISSION

                           Washington, D.C. 20549

                                 FORM 10-K/A

               ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                   OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 1994   Commission file number 1-4698

                            NEVADA POWER COMPANY
           (Exact name of registrant as specified in its charter)
               Nevada                                     88-0045330
  (State or other jurisdiction of                       (I.R.S. Employer
   incorporation or organization)                      Identification No.)

       6226 West Sahara Avenue                           89102
          Las Vegas, Nevada                            (Zip Code)
 (Address of principal executive offices)

     Registrant's telephone number, including area code: (702) 367-5000

Securities registered pursuant to Section 12(b) of the Act:

                                           Name of each exchange
          Title of each class               on which registered
          -------------------              ---------------------
       Common Stock, $1 Par Value         New York Stock Exchange
                                           Pacific Stock Exchange
       Stock Purchase Rights              New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

          Cumulative Preferred Stock, $20 Par Value, 5.40% Series
                              (Title of class)

          Cumulative Preferred Stock, $20 Par Value, 5.20% Series
                              (Title of class)

     Indicate by check mark whether the registrant (1) has filed all reports
required to  be filed  by Section 13 or 15(d) of the Securities Exchange Act
of 1934  during the preceding 12 months (or for such shorter period that the
registrant was  required to  file such reports), and (2) has been subject to
such filing requirements for the past 90 days. YES X NO
                                                  ---  ---
     Indicate by  check mark  if disclosure of delinquent filers pursuant to
Item 405  of Regulation  S-K is  not  contained  herein, and  will  not  be
contained, to  the best  of registrant's  knowledge, in definitive proxy or
information statements  incorporated by  reference in  Part III of this Form
10-K or any amendment to this Form 10-K. X 
                                        ---
  45,798,919 shares of Common Stock were outstanding as of March 23, 1995.

     The aggregate  market value  of Common  Stock, which is the only voting
stock, held  by non-affiliates  as of  March  23,  1995, was  $915,978,380.
(Computed by  reference to  the closing price on March 23, 1995, as reported
by  the   Wall  Street   Journal  as   New  York  Stock Exchange  Composite
Transactions.)

                       DOCUMENTS INCORPORATED BY REFERENCE

     (1) Portions  of the Registrant's Annual Report to Shareholders for the
year ended December 31, 1994 are incorporated by reference into Parts II and
IV hereof.

     (2) Portions of the Registrant's definitive Proxy Statement dated March
14, 1995  for the  Company's annual meeting of shareholders on May 12, 1995,
are incorporated by reference into Part III hereof.


                                SIGNATURES
     Pursuant to  the requirements of Section 13 or 15(d) of the Securities
Exchange Act  of 1934,  the registrant  has duly  caused this  report to be
signed on its behalf by the undersigned, thereunto duly authorized.

                                         NEVADA POWER COMPANY
                                 -------------------------------------
                                             (Registrant)

     May 16, 1995           By           CHARLES A. LENZIE
                                 -------------------------------------
                                           Charles A. Lenzie
                                       Chairman of the Board and
                                         Chief Executive Officer

     Pursuant to  the requirements  of the  Securities Act of  1934,  this
report has  been signed  below by  the following  persons on behalf of the
registrant and in the capacities and on the dates indicated.

     May 16, 1995           By           CHARLES A. LENZIE
                                 -------------------------------------
                                    Charles A. Lenzie, Chairman of
                                      the Board, Chief Executive
                                         Officer and Director
                                     (Principal Executive Officer)

     May 16, 1995           By           STEVEN W. RIGAZIO
                                 -------------------------------------
                                   Steven W. Rigazio, Vice President,
                                    Finance and Planning, Treasurer,
                                         Chief Financial Officer
                                        (Principal Financial and
                                      Principal Accounting Officer)


     May 16, 1995           By           MARY LEE COLEMAN
                                 -------------------------------------
                                      Mary Lee Coleman, Director

     May 16, 1995           By           FRED D. GIBSON JR.
                                 -------------------------------------
                                     Fred D. Gibson Jr., Director

     May 16, 1995           By            JOHN L. GOOLSBY
                                 -------------------------------------
                                       John L. Goolsby, Director

     May 16, 1995           By             JERRY HERBST
                                 -------------------------------------
                                        Jerry Herbst, Director

     May 16, 1995           By           JAMES C. HOLCOMBE
                                 -------------------------------------
                                   James C. Holcombe, President and
                                               Director

     May 16, 1995           By             CONRAD L. RYAN
                                 -------------------------------------
                                        Conrad L. Ryan, Director

     May 16, 1995           By             FRANK E. SCOTT
                                 -------------------------------------
                                        Frank E. Scott, Director

     May 16, 1995           By            ARTHUR M. SMITH
                                 -------------------------------------
                                       Arthur M. Smith, Director

     May 16, 1995           By           JELINDO A. TIBERTI
                                 -------------------------------------
                                      Jelindo A. Tiberti, Director