Exhibit 99.1

NEVADA POWER ANNOUNCES PRIVATE OFFERING

AUGUST 8, 2003
Nevada Power
Contact: Andrea Smith
Phone: (702) 367-5683

For Immediate Release

Las Vegas, Nev. -- Nevada Power Company, a subsidiary of Sierra Pacific
Resources (NYSE: SRP), today announced that it will privately offer $350 million
principal amount of its General and Refunding Mortgage Notes, Series G, with an
anticipated maturity of 10 years. The sale of the notes is expected to be
consummated in mid-August 2003.

Nevada Power Company plans to use the proceeds from the sale of the notes to
repay maturing debt; $210 million principal amount of its unsecured 6% Notes due
September 15, 2003, and $140 million principal amount of its General and
Refunding Mortgage Notes, Floating Rate, Series B, due October 15, 2003, on or
prior to maturity.

The notes will be secured by the lien of the Company's General and Refunding
Mortgage Indenture, which constitutes a lien on substantially all of the
company's real property and tangible personal property located in the State of
Nevada. The notes will be sold to qualified institutional buyers in reliance on
Rule 144A and outside the United States in compliance with Regulation S under
the Securities Act of 1933 (the "Securities Act"). The notes will not be
registered under the Securities Act and may not be offered or sold by holders
thereof without registration unless an exemption from such registration is
available.

Nevada Power Company is a regulated public utility engaged in the distribution,
transmission, generation, purchase and sale of electric energy in the southern
Nevada communities of Las Vegas, North Las Vegas, Henderson, Searchlight,
Laughlin and their adjoining areas. The Company also provides electricity to
Nellis Air Force Base, the Department of Energy at Mercury and Jackass Flats at
the Nevada Test Site. Nevada Power Company provides electricity to approximately
669,000 residential and business customers in a 4,500 square mile service area.

This press release does not constitute an offer to sell these securities, nor a
solicitation of an offer to purchase these securities, nor is it a solicitation
of any proxy or consent for any purpose.

This press release may contain forward-looking statements regarding the future
performance of the Company within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are subject to a variety of
risks and uncertainties that could cause actual results to differ materially
from current expectations. If we are



unable to consummate the offering of the notes in a timely manner, our ability
to repay the $350 million of our indebtedness referenced above will be adversely
affected. Other risks and uncertainties include, but are not limited to, further
unfavorable rulings in future rate cases, the ability of the Company to access
capital markets for working capital and the repayment of maturing debt, whether
suppliers, such as Enron Power Marketing, that have terminated their power
supply agreements with us will be successful in pursuing their claims against us
for liquidated damages, whether we will have sufficient liquidity to pay our
power requirements, operating hazards, uninsured risks and changes in
energy-related federal or state legislation and regulations. Additional
cautionary statements regarding other risk factors that could have an effect on
the future performance of the Company are contained in the Company's 10-K for
the year ended December 31, 2002 and the Company's 10-Q for the quarter ended
June 30, 2003, filed with the Securities and Exchange Commission. The Company
undertakes no obligation to release publicly the result of any revisions to
these forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.