EXHIBIT 99.1


For Immediate Release                              Media Contacts:
May 19, 2003                                       Faye I. Andersen 775-834-4822

              STIPULATED AGREEMENT ALLOWING ELECTRIC RATE DECREASE
                           IN NORTHERN NEVADA APPROVED

CARSON CITY, NV, MAY 19, 2003 - The Public Utilities Commission of Nevada (PUCN)
today approved the previously-announced stipulated agreement that gives electric
ratepayers served by Sierra Pacific Power 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 Sierra Pacific Resources (NYSE:SRP), 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 agency was due to
begin hearings in Sierra Pacific Power's annual deferred energy case.

"We are hopeful this signals the end of the huge run-up in energy costs that we
have seen over the past few years and will lead to more stable pricing for our
customers," said Jeff Ceccarelli, president of Sierra Pacific Power. Ceccarelli
thanked all of the parties for their diligence in working through some extremely
complex issues. "We also are very appreciative that the PUCN recognized the
challenges that were overcome to reach this agreement," he said.

As a result, the typical customer using 675 kilowatt hours of electricity will
see a monthly decrease of $0.82, from $71.06 to $70.38, or $9.84 annually,
beginning June 1.

In addition to the decrease in prices, the stipulated agreement allows Sierra
Pacific to maintain its base tariff energy rate, or the current rate it charges
to recover fuel and purchased power costs to supply customers with electricity.
Additionally, all of the parties in the agreement have consented to the
dismissal of civil cases on file with the First Judicial District Court in
Nevada, addressing the PUCN's decision in Sierra Pacific's previous deferred
energy filing. The parties have further agreed to commence discussions no later
than July 1, 2003 on the merits of performance-based ratemaking.

Aside from the state agencies and Sierra Pacific, other parties involved in the
proposed agreement include interveners in the pending deferred energy rate case;
namely, Barrick Goldstrike Mines, the Northern Nevada Industrial Electric Users,
Boomtown Hotel & Casino, Circus and Eldorado Joint Venture, Club Cal Neva,
Eldorado Resorts LLC, John Ascuaga's Nugget, Monarch Casino & Resort, Inc., Park
Place Entertainment Corporation, and Peppermill Casinos, Inc.

The PUCN also voted today to allow Sierra Pacific Power to recover costs
invested in conservation programs. This will result in a slight increase in
electric bills of 5-to-7 cents per



month to pay for low-income weatherization, energy education, information and
conservation programs.

Sierra Pacific Power Company serves approximately 280,000 electric customers in
northern Nevada. The company also provides electricity to the Lake Tahoe area of
California and distributes natural gas in the Reno-Sparks metropolitan area.
Sierra Pacific Power Company is a wholly-owned subsidiary of Sierra Pacific
Resources (NYSE:SRP). Nevada Power, the electric utility for most of southern
Nevada, is the principal subsidiary of Sierra Pacific Resources. Other
subsidiaries include the Tuscarora Gas Pipeline Company, which owns a 50 percent
interest in an interstate natural gas transmission partnership, several
unregulated energy services companies and Sierra Pacific Communications, a
telecommunications network development company.

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