8-K

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 9, 2007

	Registrant, State of Incorporation, Address of	I.R.S. Employer
Commission File	Principal Executive Offices and Telephone	Identification
Number	Number	Number
1-08788	SIERRA PACIFIC RESOURCES	88-0198358
	Nevada
	P.O. Box 30150 (6100 Neil Road)
	Reno, Nevada 89520-0400 (89511)
	(775) 834-4011
2-28348	NEVADA POWER COMPANY	88-0420104
	Nevada
	6226 West Sahara Avenue
	Las Vegas, Nevada 89146
	(702) 367-5000
0-00508	SIERRA PACIFIC POWER COMPANY	88-0044418
	Nevada
	P.O. Box 10100 (6100 Neil Road)
	Reno, Nevada 89520-0400 (89511)
	(775) 834-4011
	None

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EX-99.1 Reconciliation of Non-GAAP Financial Information - EBITDA

EX-99.2 Reconciliation of Non-GAAP Financial Information - Funds from Operations

Item 2.02 Results of Operations and Financial Condition

    Sierra Pacific Resources made available, on its website at www.sierrapacificresources.com, comparative years financial information, including current year financial information as of March 31, 2007. A reconciliation of the non-GAAP financial information contained within the posting to the most directly comparable financial measures calculated and presented in accordance with GAAP is attached hereto as Exhibits 99.1 and 99.2. Disclosures regarding definitions of these financial measures used by Sierra Pacific and why Sierra Pacific's management believes these financial measures provide useful information to investors are also included in Exhibits 99.1 and 99.2.

    The information in this Current Report (including Exhibits 99.1 and 99.2) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits-- The following exhibits are furnished with this Form 8-K:

EX-99.1 - Reconciliation of Non-GAAP Financial Information - EBITDA

EX-99.2 - Reconciliation of Non-GAAP Financial Informationi - Funds from Operations

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have each duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

	Sierra Pacific Resources (Registrant)
Date: May 9, 2007	By:	/s/ John E. Brown
		John E. Brown
		Controller
	Nevada Power Company (Registrant)
Date: May 9, 2007	By:	/s/ John E. Brown
		John E. Brown
		Controller
	Sierra Pacific Power Company (Registrant)
Date: May 9, 2007	By:	/s/ John E. Brown
		John E. Brown
		Controller

EX-99.1

EXHIBIT 99.1

 EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA is presented here because Sierra Pacific Resources (the “Company”) considers it a supplemental measure of its performance and believes debt-holders frequently use EBITDA to analyze operating performance and debt service capacity. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are:

w	EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments;
w	EBITDA does not reflect changes in, or cash requirements for, working capital needs;
w	EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debts;
w	Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and
w	Other companies in this industry may calculate EBITDA differently than we do, which will limit its usefulness as a comparative measure.

Because of these limitations, the Company's management relies primarily on our GAAP results as a measure of the Company's performance and uses EBITDA on a supplemental basis.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Sierra Pacific Resources
EBITDA
	Three Months ended March 31,					Year ended December 31,						LTM March 31,
	2007		2006			2006		2005		2004		2007
Net Income Applicable to Common Stock	$	15,607	$	1,242		$	277,451	$	82,237	$	28,571	$	291,816
Interest Charges		69,669		72,599			311,088		284,927		307,546		308,158
Income taxes		10,628		1,281			145,605		43,118		18,050		154,952
Depreciation and Amortization		56,233		57,461			228,875		214,662		205,922		227,647
EBITDA	$	152,137	$	132,583		$	963,019	$	624,944	$	560,089	$	982,573
EBITDA/Interest Expense							3.10x		2.19x		1.82x		3.19x
Debt/EBITDA							4.16x		6.20x		7.30x		4.23x
Sierra Pacific Resources
Net interest expense	$	69,669	$	72,599		$	311,088	$	284,927	$	307,546	$	308,158
Long-Term Debt	$	4,147,322	$	4,001,542		$	4,001,542	$	3,817,122	$	4,081,281	$	4,147,322
Current maturities of long term debt		8,625		8,348			8,348		58,909		8,491		8,625
Total Debt	$	4,155,947	$	4,009,890		$	4,009,890	$	3,876,031	$	4,089,772	$	4,155,947
Nevada Power Company
EBITDA
	Three Months ended March 31,					Year ended December 31,							LTM March 31,
		2007		2006			2006		2005		2004		2007
Net Income (Loss)	$	4,582	$	(3,296	)	$	224,540	$	132,734	$	104,312	$	232,418
Interest Charges		43,992		41,194			176,612		134,657		137,388		179,410
Income taxes		2,366		(1,686	)		117,510		63,995		56,572		121,562
Depreciation and Amortization		35,761		34,237			141,585		124,098		118,841		143,109
EBITDA	$	86,701	$	70,449		$	660,247	$	455,484	$	417,113	$	676,499
EBITDA/Interest Expense							3.74x		3.38x		3.04x		3.77x
Debt/EBITDA							3.61x		4.88x		5.47x		3.71x
Nevada Power Company
Net interest expense	$	43,992	$	41,194		$	176,612	$	134,657	$	137,388	$	179,410
Long-Term Debt	$	2,501,650	$	2,380,139		$	2,380,139	$	2,214,063	$	2,275,690	$	2,501,650
Current maturities of long term debt		6,225		5,948			5,948		6,509		6,091		6,225
Total Debt	$	2,507,875	$	2,386,087		$	2,386,087	$	2,220,572	$	2,281,781	$	2,507,875
Sierra Pacific Power Company
EBITDA
	Three Months ended March 31,						Year ended December 31,						LTM March 31,
		2007		2006			2006		2005		2004		2007
Net Income	$	21,968	$	13,272		$	57,709	$	52,074	$	18,577	$	66,405
Interest Charges		14,783		18,156			71,506		69,067		62,831		68,133
Income Taxes		9,571		7,672			27,829		28,379		325		29,728
Depreciation and Amortization		20,472		23,224			87,279		90,569		86,806		84,527
EBITDA	$	66,794	$	62,324		$	244,323	$	240,089	$	168,539	$	248,793
EBITDA/Interest Expense							3.42x		3.48x		2.68x		3.65x
Debt/EBITDA							4.39x		4.14x		5.91x		4.41x
Sierra Pacific Power Company
Net interest expense	$	14,783	$	18,156		$	71,506	$	69,067	$	62,831	$	68,133
Long-Term Debt	$	1,095,180	$	1,070,858		$	1,070,858	$	941,804		994,309	$	1,095,180
Current maturities of long term debt plus short-term borrowings		2,400		2,400			2,400		52,400		2,400		2,400
Total Debt	$	1,097,580	$	1,073,258		$	1,073,258	$	994,204	$	996,709	$	1,097,580

EX-99.2

EXHIBIT 99.2

Funds from Operations (“FFO”) and Adjusted FFO, which is FFO adjusted to account for cash inflows or outflows associated with the deferred energy accounts, are presented here because the Company believes that these measures are useful to investors because the ratings agencies use these measures when determining a company's credit ratings. The cost of the Company's debt, the ability of the Company's subsidiaries to pay dividends to the Company, and other capital and operational costs and expenses are impacted by the Company's credit ratings. The Company believes that net income is the most directly comparable GAAP measure to FFO.

Since FFO excludes certain items includable in net income, reliance on the measure has limitations; management compensates for these limitations by using the measure simply as a supplemental measure that is weighed in the balance with other GAAP measures. FFO is not necessarily an indication of the Company's cash flow available to fund cash needs. Additionally, it should not be used as an alternative to net income when evaluating the Company's financial performance or to cash flow from operating, investing and financing activities when evaluating the Company's liquidity or ability to make cash distributions or pay debt service. The FFO presented by the Company may not be comparable to the FFO presented by other utility companies.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Sierra Pacific Resources
Funds From Operations (FFO)
	Three Months ended March 31,						Year ended December 31,									LTM March 31,
	2007			2006			2006			2005			2004			2007
Net Income Applicable to Common Stock	$	15,607		$	1,242		$	277,451		$	82,237		$	28,571		$	291,816
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		56,233			57,461			228,875			214,662			205,922			227,647
Deferred taxes and deferred investment tax credit		5,165			(1,822	)		136,026			41,609			33,690			143,013
AFUDC (Debt and Equity)		(11,901	)		(12,134	)		(35,345	)		(45,013	)		(14,535	)		(35,112	)
Deferred Energy Costs Disallowed		-			-			-			-			1,586			-
Goodwill Impairment		-			-			-			-			11,695			-
Impairment of assets of subsidiary		-			-			-			-			10,997			-
Gain on Sale of Discontinued Operations		-			-			-			-			(2,506	)		-
Plant Costs disallowed		-			-			-			-			47,092			-
Reinstatement of deferred energy costs		-			-			(178,825	)		-			-			(178,825	)
Reinstatement of interest on deferred energy		(11,076	)		-			-			-			-			(11,076	)
Carrying Charge on Lenzie Plant		(10,082	)		(4,031	)		(33,440	)		-			-			(39,491	)
Gain on Sale of Investment		-			-			(62,927	)		-			-			(62,927	)
Other, net		(3,637	)		41			24,650			(219	)		23,453			20,972
Funds from Operations (Before Deferred Energy Costs)		40,309			40,757			356,465			293,276			345,965			356,017
Amortization Deferred energy costs - electric		36,141			32,560			166,821			188,221			265,418			170,402
Amortization Deferred energy costs - gas		478			3,021			6,234			1,446			3,242			3,691
Deferral of energy costs - electric plus terminated suppliers		228			(34,776	)		(45,996	)		(23,063	)		(147,589	)		(10,992	)
Deferral of energy costs - gas		(2,330	)		1,592			436			(2,519	)		(7,480	)		(3,486	)
Payment to terminating supplier		-			(65,368	)		(65,368	)		-			(61,129	)		-
Proceeds from claim on terminating supplier		-			41,365			41,365			-			-			-
Adjusted Funds from Operations	$	74,826		$	19,151		$	459,957		$	457,361		$	398,427		$	515,632
Long-term Debt		4,147,322			4,122,580			4,001,542			3,817,122			4,081,281			4,147,322
Current maturities of long term debt plus short-term borrowings		8,625			196,325			8,348			58,909			8,491			8,625
Total Debt	$	4,155,947		$	4,318,905		$	4,009,890		$	3,876,031		$	4,089,772		$	4,155,947
Preferred Stock		-			-			-			50,000			50,000			-
Net interest expense		69,669			72,599			311,088			284,927			307,546			308,158
AFUDC Debt		5,334			6,002			17,119			24,691			8,587			16,451
Adjusted Interest Expense	$	75,003		$	78,601		$	328,207		$	309,618		$	316,133		$	324,609
Debt/Funds from operations								11.25x			13.22x			11.82x			11.67x
Debt/Adjusted FFO								8.72x			8.47x			10.26x			8.06x
Funds from Operations Interest Coverage								2.09x			1.95x			2.09x			2.10x
Adjusted Funds From Operations Interest Coverage								2.40x			2.48x			2.26x			2.59x
Common shareholders equity							$	2,622,297		$	2,060,154		$	1,498,616		$	2,642,158
Total Capitalization							$	6,632,187		$	5,986,185		$	5,638,388		$	6,789,480
Debt/Capitalization								60.46	%		64.75	%		72.53	%		61.21	%

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Nevada Power Company
Funds From Operations (FFO)
	Three Months ended March 31,						Year ended December 31,									LTM March 31,
	2007			2006			2006			2005			2004			2007
Net Income (Loss)	$	4,582		$	(3,296	)	$	224,540		$	132,734		$	104,312		$	232,418
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		35,761			34,237			141,585			124,098			118,841			143,109
Deferred taxes and deferred investment tax credit		(2,645	)		(4,820	)		107,392			86,910			57,066			109,567
AFUDC (Debt and Equity)		(5,648	)		(10,801	)		(23,369	)		(41,870	)		(9,968	)		(18,216	)
Deferred Energy Costs Disallowed		-			-			-			-			1,586			-
Reinstatement of Deferred Energy Costs		-			-			(178,825	)								(178,825	)
Reinstatement of Interest of Deferred Energy		(11,076	)		-			-			-			-			(11,076	)
Carrying Charge on Lenzie Plant		(10,082	)		(4,031	)		(33,440	)		-			-			(39,491	)
Other, net		(4,419	)		(405	)		3,394			(7,433	)		(44,149	)		(620	)
Funds from Operations (Before Deferred Energy Costs)		6,473			10,884			241,277			294,439			227,688			236,866
Amortization Deferred energy costs		24,082			21,278			120,499			131,471			228,765			123,303
Deferral of energy costs plus terminated suppliers		(844	)		(23,286	)		(46,086	)		(31,219	)		(112,992	)		(23,644	)
Payment to terminating supplier		-			(37,410	)		(37,410	)		-			(50,311	)		-
Proceeds from claim on terminating supplier		-			26,391			26,391			-			-			-
Adjusted Funds from Operations	$	29,711		$	(2,143	)	$	304,671		$	394,691		$	293,150		$	336,525
Long-term Debt		2,501,650			2,388,210			2,380,139			2,214,063			2,275,690			2,501,650
Current maturities of long term debt		6,225			163,925			5,948			6,509			6,091			6,225
Total Debt	$	2,507,875		$	2,552,135		$	2,386,087		$	2,220,572		$	2,281,781		$	2,507,875
Net interest expense		43,992			41,194			176,612			134,657			137,388			179,410
AFUDC Debt		2,550			5,372			11,614			23,187			5,738			8,792
Adjusted Interest Expense		46,542			46,566		$	188,226		$	157,844		$	143,126		$	188,202
Debt/Funds from operations								9.89x			7.54x			10.02x			10.59x
Debt/Adjusted FFO								7.83x			5.63x			7.78x			7.45x
Funds from Operations Interest Coverage								2.28x			2.87x			2.59x			2.26x
Adjusted Funds From Operations Interest Coverage								2.62x			3.50x			3.05x			2.79x
Common shareholders equity							$	2,172,198		$	1,762,089		$	1,436,788		$	2,176,988
Total Capitalization							$	4,558,285		$	3,982,661		$	3,718,569		$	4,678,638
Debt/Capitalization								52.35	%		55.76	%		61.36	%		53.60	%

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Sierra Pacific Power Company
Funds From Operations (FFO)
	Three Months ended March 31,						Year ended December 31,									LTM March 31,
	2007			2006			2006			2005			2004			2007
Net Income	$	21,968		$	12,272		$	57,709		$	52,074		$	18,577		$	67,405
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		20,472			23,224			87,279			90,569			86,806			84,527
Deferred taxes and deferred investment tax credit		1,142			(41,878	)		(39,361	)		209			11,640			3,659
AFUDC (Debt and Equity)		(6,253	)		(1,333	)		(11,976	)		(3,143	)		(4,567	)		(16,896	)
Plant Costs disallowed		-			-			-			-			47,092			-
Other, net		1,881			1,090			16,935			318			474			17,726
Funds from Operations (Before Deferred Energy Costs)		39,210			(6,625	)		110,586			140,027			160,022			156,421
Amortization Deferred energy costs - electric		12,052			11,282			46,322			56,750			36,653			47,092
Amortization Deferred energy costs - gas		478			3,021			6,234			1,446			3,241			3,691
Deferral of energy costs - electric plus terminated suppliers		1,072			(11,490	)		90			8,156			(34,598	)		12,652
Deferral of energy costs - gas		(2,330	)		1,592			436			(2,519	)		(7,480	)		(3,486	)
Payment to terminating supplier		-			(27,958	)		(27,958	)		-			(10,818	)		-
Proceeds from claim on terminating supplier		-			14,974			14,974			-			-			-
Adjusted Funds from Operations	$	50,482		$	(15,204	)	$	150,684		$	203,860		$	147,020		$	216,370
Long-term Debt		1,095,180			1,073,197			1,070,858			941,804			994,309			1,095,180
Current maturities of long term debt plus short-term borrowings		2,400			32,400			2,400			52,400			2,400			2,400
Total Debt	$	1,097,580		$	1,105,597		$	1,073,258		$	994,204		$	996,709			1,097,580
Preferred Stock		-			-			-			50,000			50,000			-
Net interest expense		14,783			18,156			71,506			69,067			62,831			68,133
AFUDC Debt		2,784			630			5,505			1,504			2,849			7,659
Adjusted Interest Expense	$	17,567		$	18,786		$	77,011		$	70,571		$	65,680			75,792
Debt/Funds from operations								9.71x			7.10x			6.23x			7.02x
Debt/Adjusted FFO								7.12x			4.88x			6.78x			5.07x
Funds from Operations Interest Coverage								2.44x			2.98x			3.44x			3.06x
Adjusted Funds From Operations Interest Coverage								2.96x			3.89x			3.24x			3.85x
Common shareholders equity							$	884,737		$	727,777		$	705,395		$	906,987
Total Capitalization							$	1,957,995		$	1,771,981		$	1,752,104		$	2,002,167
Debt/Capitalization								54.81	%		56.11	%		56.89	%		54.82	%