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 19, 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
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
On May 19, 2003, Sierra Pacific Resources ("SPR"), the parent corporation of
Sierra Pacific Power Company (the "Company"), issued a press release announcing
that the Public Utilities Commission of Nevada ("PUCN") approved the
previously-announced stipulated agreement that gives electric ratepayers served
by the Company in northern Nevada a rate decrease of $9.8 million, or an overall
1.4 percent decrease, beginning June 1, 2003.
The agreement reached by SPR, the staff of the PUCN, the State Attorney
General's Bureau of Consumer Protection, and a coalition of major utility
customers also calls for a rate decrease of $19.8 million, or an overall 2.7%
decrease, the following year, commencing June 1, 2004. The agreement was filed
with the PUCN last week as the PUCN was due to begin hearings in the Company's
annual deferred energy case.
The stipulated agreement also included the following significant provisions:
- - The Company will reduce its deferred energy balance by $45 million dollars,
from a balance of approximately $15.4 million collectible from customers to
a balance of approximately $29.6 million payable to customers. This will
result in an after tax write-off of approximately $29.3 million for the
Company.
- - The Company will discontinue accruing carrying charges on deferred energy
balances that it is already collecting from customers and on the $29.6
million amount payable to customers as a result of this decision.
- - The Company's base tariff energy rate will remain at the rate currently in
effect.
- - Contingent contract termination payments are deferred for consideration to
a future Company filing.
- - All parties to the stipulation agree to commence discussions no later than
July 1, 2003, to address the merits of performance based ratemaking.
- - The parties have consented to the dismissal of the civil cases on file with
the First Judicial District Court in Nevada that address the PUCN decision
on the Company's previous deferred energy filing.
A copy of the press release, dated May 19, 2003, is attached as Exhibit 99.1
hereto.
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 19, 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 20, 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 20, 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 19, 2003.