EXHIBIT 99.1

Aug. 11, 2003

     SIERRA PACIFIC RESOURCES' SHAREHOLDERS APPROVE POTENTIAL STOCK ISSUANCE

      Reno, Nev. -- Sierra Pacific Resources' (NYSE: SPR) proposal providing an
option to issue additional shares of common stock in connection with the
conversion of its $300 million of 7.25% of convertible notes due in 2010 was
approved today at a special shareholders' meeting at the company's Reno office.

      Of 91,698,590 votes cast, approximately two-thirds, or 58,704,509 shares,
were in favor of the possible conversion. A total of 31,702,220 shares were
voted against the measure and 1,286,861 shares abstained. Favorable votes
represented more than 50% of the company's total outstanding shares of common
stock.

      "We are pleased that shareholders have given us the option to convert the
notes entirely into common stock," said Walt Higgins, chairman, president and
chief executive officer of Sierra Pacific Resources. "The option of issuing
shares rather than paying the cash conversion price of the notes will allow us
the option to reduce our debt without requiring additional cash.

      "We are continuing to move forward with the initiatives that will restore
our company to financial and operational health," Higgins added.

      Headquartered in Nevada, Sierra Pacific Resources is a holding company
whose principal subsidiaries are Nevada Power Company, the electric utility for
most of southern Nevada, and Sierra Pacific Power Company, the electric utility
for most of northern Nevada and the Lake Tahoe area of California. Sierra
Pacific Power Company also distributes natural gas in

the Reno-Sparks area of northern Nevada. Other subsidiaries include the
Tuscarora Gas Pipeline Company, which owns a 50% interest in an interstate
natural gas transmission partnership.

                                       ###

FORWARD-LOOKING STATEMENTS: This press release contains forward-looking
statements regarding the future performance of Sierra Pacific Resources and its
subsidiaries, Nevada Power Company and Sierra Pacific Power 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. For Sierra
Pacific Resources, these risks and uncertainties include, but are not limited
to, Resources' ability to access the capital markets to refinance future debt
maturities and for general corporate purposes, Resources' ability to receive
dividends from its subsidiaries and the financial performance of the Company's
subsidiaries, particularly Nevada Power Company and Sierra Pacific Power
Company. For Nevada Power Company and Sierra Pacific Power Company, these risks
and uncertainties include, but are not limited to, unfavorable rulings in their
future rate cases, their ability to access the capital markets to refinance debt
and for general corporate purposes, their ability to purchase sufficient power
to meet their power demands, whether terminated power suppliers will be
successful in pursuing claims against Nevada Power and Sierra Pacific Power for
liquidated damages under their terminated power contracts and weather conditions
during the summer months of 2003 and beyond. Additional cautionary statements
regarding other risk factors that could have an effect on the future performance
of Sierra Pacific Resources, Nevada Power Company and Sierra Pacific Power
Company are contained in their Quarterly Report on Form 10-Q for the quarter
ended June 30, 2003, filed with the SEC. The Companies undertake 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.