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) May 12, 2003
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Registrant, State of Incorporation, Address of
Commission File Principal Executive Offices and Telephone I.R.S. employer
Number Number Identification Number
1-08788 SIERRA PACIFIC RESOURCES 88-0198358
P.O. Box 10100
(6100 Neil Road)
Reno, Nevada 89520-0400 (89511)
(775) 834-4011
2-28348 NEVADA POWER COMPANY 88-0420104
6226 West Sahara Avenue
Las Vegas, Nevada 89146
(702) 367-5000
0-00508 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
Deferred Energy Rate Case Decision
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On May 13, 2003, Sierra Pacific Resources, the parent corporation of Nevada
Power Company (the "Company"), issued a press release announcing that the Public
Utilities Commission of Nevada ("PUCN") finalized an order allowing the Company
to recover over three years approximately $148 million of $195 million in
deferred energy costs incurred by the Company from October 1, 2001, through
September 30, 2002.
The PUCN's order also provides for the base tariff energy rate (going forward
rate) to be set at approximately $42 per MWh, which will result in an overall
6.3 percent decrease for a typical residential customer of the Company. The rate
reduction will become effective May 19, 2003.
A copy of the press release, dated May 13, 2003, is attached as Exhibit 99.1
hereto.
Legal Proceedings
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On May 12, 2003, the Company filed a Motion to Reconsider, Alter or Amend (the
"Motion") the Order of the First Judicial District Court of Nevada (the "Court")
that was issued on April 28, 2003 (the "Order"), denying the Company's appeal of
the March 29, 2002 decision of the PUCN that disallowed the recovery of $437
million of deferred energy costs incurred by the Company on behalf of its
customers in 2001. The Motion requests that the Court reconsider its Order with
respect to the "Merrill Lynch" disallowances that comprised approximately $180
million of the $437 million of the 2001 disallowed deferred energy costs. The
Company is unable to predict how or when the Court will rule on the Motion.
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) Exhibit.
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99.1 Sierra Pacific Resources- Press Release issued May 13, 2003
SIGNATURE
Pursuant to the requirements 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.
SIERRA PACIFIC RESOURCES
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(Registrant)
Date: May 15, 2003 By: /s/ John E. Brown
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John E. Brown
Vice President, Controller
NEVADA POWER COMPANY
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(Registrant)
Date: May 15, 2003 By: /s/ John E. Brown
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John E. Brown
Vice President, Controller
SIERRA PACIFIC POWER COMPANY
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(Registrant)
Date: May 15, 2003 By: /s/ John E. Brown
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John E. Brown
Vice President, Controller
EXHIBIT INDEX
Exhibit 99.1
Sierra Pacific Resources- Press Release issued May 13, 2003.