SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) April 11, 2002
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Registrant, State of Incorporation,
Commission File Address of Principal Executive Offices I.R.S. employer
Number and Telephone Number Identification Number
1-8788 SIERRA PACIFIC RESOURCES 88-0198358
P.O. Box 10100 (6100 Neil Road)
Reno, Nevada 89520-0400 (89511)
(775) 834-4011
1-4698 NEVADA POWER COMPANY 88-0045330
6226 West Sahara Avenue
Las Vegas, Nevada 89146
(702) 367-5000
None
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(Former name, former address and former fiscal year, if changed since last
report)
Item 5. Other Events - Material Litigation
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On April 11, 2002, Nevada Power Company (the "Company") filed a lawsuit in
Federal District Court in Nevada seeking to reverse portions of the recent
decision of the Public Utilities Commission of Nevada ("PUCN") denying the
recovery of $437 million of deferred energy costs incurred by the Company on
behalf of its customers in 2001. The Company asserts that, as a result of the
PUCN's decision, the Company's credit rating was reduced to junk status, the
Company's parent, Sierra Pacific Resources, suffered a reduction in its equity
market capitalization by approximately 41% and the disallowed costs are
effectively imposed upon Sierra Pacific Resources' shareholders.
In its lawsuit, the Company alleges that the order of the PUCN is: in
violation of constitutional and statutory provisions; made upon unlawful
procedure; affected by other error of law; clearly erroneous in view of the
reliable, probative and substantial evidence on the whole record; arbitrary and
capricious and characterized by abuse of discretion. The Company's lawsuit
requests that the Federal District Court reverse the order of the PUCN and
remand the matter to the PUCN with direction that the PUCN authorize the Company
to immediately establish rates that would allow the Company to recover its
entire deferred energy balance of $922 million, with a carrying charge, over
three years.
At this time, the Company cannot predict how long it will take for the
lawsuit to be resolved or the outcome of the lawsuit. A copy of the Company's
April 11, 2002 filing is attached hereto as Exhibit 99.1.
Item 7. Financial Statements and Exhibits
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(a) Financial Statements of Businesses Acquired
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Not required
(b) Pro forma financial information
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Not required
(c) Exhibits
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Nevada Power Company
99.1 - Petition for Judicial Review of an Order of the Public Utilities
Commission of Nevada; Request for Expedited Hearing; and Request for
Evidentiary Hearing to Adduce Non-Record Evidence of Irregularity in
Proceedings, Case No. 02-00612A, filed on April 11, 2002 in the case of
Nevada Power Company, Petitioner v. Public Utilities Commission of
Nevada, Defendant, in the First Judicial District Court of the State of
Nevada in and for Carson City.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrants have each duly caused this report to be signed on their behalf
by the undersigned, thereunto duly authorized.
Sierra Pacific Resources
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(Registrant)
Date: April 12, 2002 By: /s/ John E. Brown
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John E. Brown
Controller
Nevada Power Company
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(Registrant)
Date: April 12, 2002 By: /s/ John E. Brown
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John E. Brown
Controller
Exhibit Index
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Nevada Power Company
Exhibit 99.1 - Petition for Judicial Review of an Order of the Public Utilities
Commission of Nevada; Request for Expedited Hearing; and Request for Evidentiary
Hearing to Adduce Non-Record Evidence of Irregularity in Proceedings, Case No.
02-00612A, filed on April 11, 2002 in the case of Nevada Power Company,
Petitioner v. Public Utilities Commission of Nevada, Defendant, in the First
Judicial District Court of the State of Nevada in and for Carson City.