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) September 30, 2002
Registrant, State of Incorporation, I.R.S. employer
Commission File Address of Principal Executive Offices and Identification
Number Telephone Number 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
On September 30, 2002, El Paso Merchant Energy Group ("EPME") notified
Nevada Power Company ("NPC") that EPME was terminating all transactions entered
into between NPC and EPME under the Western Systems Power Pool Agreement (the
"Agreement"). Under the Agreement, termination payments for terminated contracts
are equal to the present value of the net gains and losses under the contract,
aggregated to a single liquidated amount. At the present time, NPC expects that
net gains and losses between the parties, including a delayed payment amount of
approximately $19 million owed to EPME by NPC for power deliveries through
September 15, 2002, will net to a small payment due to NPC. Calculations of
exact amounts will be completed in the next week. Under the Agreement, any
dispute regarding the calculation of gains and losses is subject to mediation.
NPC believes it has adequate power and fuel supplies and availability
to meet current needs despite the EPME termination.
Separately, NPC has reached delayed payment agreements for summer 2002
power deliveries with BP Energy, Mirant, Constellation and Tractabel.
Previously, NPC and Duke Energy Trading and Marketing had reached a delayed
payment agreement for summer 2002 deliveries.
Item 7. Financial Statements and Exhibits
(a) Financial Statements of Businesses Acquired
Not required
(b) Pro forma financial information
Not required
(c) Exhibits
None
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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: October 2, 2002 By: /s/ John E. Brown
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John E. Brown
Controller
Nevada Power Company
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(Registrant)
Date: October 2, 2002 By: /s/ John E. Brown
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John E. Brown
Controller
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