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