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) December 19, 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
0-508 SIERRA PACIFIC POWER COMPANY 88-0044418
P.O. Box 10100 (6100 Neil Road)
Reno, Nevada 89520-0400 (89511)
(775) 834-4011
None
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(Former name, former address and former fiscal year, if
changed since last report)
ITEM 5. OTHER EVENTS
On December 19, 2002, Federal Energy Regulatory Commission ("FERC")
Administrative Law Judge ("ALJ") Carmen Cintron issued an order dismissing
complaints filed by Nevada Power Company and Sierra Pacific Power Company (the
"Utilities") against 9 of their major electric energy suppliers under section
206 of the Federal Power Act. The Utilities' complaints requested that the FERC
reduce the price of electric power for certain contracts they entered into in
2001 for deliveries in the summer of 2002 and thereafter. The Utilities have
already paid the full contract price for all power actually delivered by their
suppliers, but are contesting and will continue to contest claims made by those
suppliers, including Enron Power Marketing, Inc., that terminated their
contracts with the Utilities. Judge Cintron stated that the Utilities did not
meet the public interest standard burden of proof, which she believed applied to
the reformation of the Utilities' contracts. The Utilities plan to file a brief
with the full FERC taking exception to the ALJ's findings on or before January
18, 2003. The full FERC is not expected to issue a final ruling on the matter
until May 31, 2003.
On December 19, 2002, the federal bankruptcy court judge overseeing the
bankruptcy case of Enron Power Marketing, Inc. ("Enron") rendered a decision in
the lawsuit filed by Enron in its bankruptcy case asserting claims for damages
related to the termination of its power supply agreements with the Utilities.
The bankruptcy court judge ordered the Utilities to pay into escrow $16 million
for Nevada Power Company and $6 million for Sierra Pacific Power Company, for
power previously delivered by Enron to the Utilities under their terminated
power contracts. The judge deferred rendering a decision with respect to Enron's
claims for termination payments for undelivered power allegedly due under the
terminated contracts of $200 million and $87 million for Nevada Power Company
and Sierra Pacific Power Company, respectively, until an unspecified date in the
future.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(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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None
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
(Registrant)
Date: December 23, 2002 By: /s/ John E. Brown
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John E. Brown
Vice President and Controller
NEVADA POWER COMPANY
(Registrant)
Date: December 23, 2002 By: /s/ John E. Brown
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John E. Brown
Vice President and Controller
SIERRA PACIFIC POWER COMPANY
(Registrant)
Date: December 23, 2002 By: /s/ John E. Brown
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John E. Brown
Vice President and Controller