8-K

UNITED STATES

 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)   August 5, 2008

	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, former address and former fiscal year, 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 CFR230.425)

o Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR240.14a-12(b))

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

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

2

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 financial information for the quarter ended June 30, 2008.  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 exhibit is furnished with this Form 8-K:

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

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

3

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: August 5, 2008	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel Chief Accounting Officer

	Nevada Power Company (Registrant)
Date: August 5, 2008	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel Chief Accounting Officer

	Sierra Pacific Power Company (Registrant)
Date: August 5, 2008	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel Chief Accounting Officer

4

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:

• EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments;

• EBITDA does not reflect changes in, or cash requirements for, working capital needs;

• EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debts;

• 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

• 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
	Six Months ended June 30,						Year ended December 31,									LTM June 30,
	2008			2007			2007			2006			2005			2008
Net Income Applicable to Common Stock	$	60,192		$	41,361		$	197,295		$	277,451		$	82,237		$	216,126
Interest charges		135,804			140,286			279,788			311,088			284,927			275,306
Income taxes		33,735			22,547			87,555			145,605			43,118			98,743
Depreciation and amortization		126,411			115,911			235,532			228,875			214,662			246,032
EBITDA	$	356,142		$	320,105		$	800,170		$	963,019		$	624,944		$	836,207
EBITDA/Interest Expense		2.62	x		2.28	x		2.86	x		3.10	x		2.19	x		3.04	x
Debt/EBITDA		12.53	x		13.75	x		5.31	x		4.16	x		6.20	x		5.34	x
Sierra Pacific Resources
Net interest expense	$	135,804		$	140,286		$	279,788		$	311,088		$	284,927		$	275,306
Long-Term debt	$	4,451,781		$	4,291,833		$	4,137,864		$	4,001,542		$	3,817,122		$	4,451,781
Current maturities of long term debt		10,298			109,092			110,285			8,348			58,909			10,298
Total Debt	$	4,462,079		$	4,400,925		$	4,248,149		$	4,009,890		$	3,876,031		$	4,462,079
Nevada Power Company
EBITDA
	Six Months ended June 30,						Year ended December 31,									LTM June 30,
	2008			2007			2007			2006			2005			2008
Net Income	$	41,146		$	28,186		$	165,694		$	224,540		$	132,734		$	178,654
Interest charges		82,461			88,260			174,667			176,612			134,657			168,868
Income taxes		22,519			14,573			78,352			117,510			63,995			86,298
Depreciation and amortization		82,953			74,594			152,139			141,585			124,098			160,498
EBITDA	$	229,079		$	205,613		$	570,852		$	660,247		$	455,484		$	594,318
EBITDA/Interest Expense		2.78	x		2.33	x		3.27	x		3.74	x		3.38	x		3.52	x
Debt/EBITDA		11.67	x		12.95	x		4.44	x		3.61	x		4.88	x		4.50	x
Nevada Power Company
Net interest expense	$	82,461		$	88,260		$	174,667		$	176,612		$	134,657		$	168,868
Long-Term debt	$	2,664,929		$	2,655,630		$	2,528,141		$	2,380,139		$	2,214,063		$	2,664,929
Current maturities of long term debt		8,636			7,449			8,642			5,948			6,509			8,636
Total Debt	$	2,673,565		$	2,663,079		$	2,536,783		$	2,386,087		$	2,220,572		$	2,673,565
Sierra Pacific Power Company
EBITDA
	Six Months ended June 30,						Year ended December 31,									LTM June 30,
	2008			2007			2007			2006			2005			2008
Net Income	$	35,133		$	31,976		$	65,667		$	57,709		$	52,074		$	68,824
Interest charges		32,466			30,237			60,735			71,506			69,067			62,964
Income taxes		18,138			13,539			26,009			27,829			28,379			30,608
Depreciation and amortization		43,458			41,317			83,393			87,279			90,569			85,534
EBITDA	$	129,195		$	117,069		$	235,804		$	244,323		$	240,089		$	247,930
EBITDA/Interest Expense		3.98	x		3.87	x		3.88	x		3.42	x		3.48	x		3.94	x
Debt/EBITDA		9.78	x		10.14	x		5.03	x		4.39	x		4.14	x		5.10	x
Sierra Pacific Power Company
Net interest expense	$	32,466		$	30,237		$	60,735		$	71,506		$	69,067		$	62,964
Long-Term debt	$	1,261,788		$	1,085,764		$	1,084,550		$	1,070,858		$	941,804		$	1,261,788
Current maturities of long term debt		1,662			101,643			101,643			2,400			52,400			1,662
Total Debt	$	1,263,450		$	1,187,407		$	1,186,193		$	1,073,258		$	994,204		$	1,263,450

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 Sierra Pacific Resources (the “Company”) believes that these measures are useful to investors because the rating 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)
	Six Months ended June 30,						Year Ended December 31,									LTM June 30,
	2008			2007			2007			2006			2005			2008
Net Income Applicable to Common Stock	$	60,192		$	41,361		$	197,295		$	277,451		$	82,237		$	216,126
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		126,411			115,911			235,532			228,875			214,662			246,032
Deferred taxes and deferred investment tax credit		88,346			31,661			79,337			136,026			41,609			136,022
AFUDC (Debt and Equity)		(44,310	)		(23,887	)		(57,776	)		(35,345	)		(45,013	)		(78,199	)
Reinstatement of deferred energy costs		-			-			-			(178,825	)		-			-
Carrying charge on Lenzie plant		-			(16,080	)		(16,080	)		(33,440	)		-			-
Reinstated interest on deferred energy		-			(11,076	)		(11,076	)		-			-			-
Gain on sale of investment		-			-			(1,369	)		(62,927	)		-			(1,369	)
Other, net		(10,992	)		15,782			23,679			24,650			(219	)		(3,095	)
Funds from Operations (Before Deferred Energy Costs)		219,647			153,672			449,542			356,465			293,276			515,517
Amortization of deferred energy costs - electric		106,821			88,482			246,907			166,821			188,221			265,246
Amortization of deferred energy costs - gas		(865	)		638			701			6,234			1,446			(802	)
Deferral of energy costs - electric plus terminated suppliers		(73,464	)		30,941			51,311			(45,996	)		(23,063	)		(53,094	)
Deferral of energy costs - gas		896			(638	)		10,668			436			(2,519	)		12,202
Payment to terminating supplier		-			-			-			(65,368	)		-			-
Proceeds from claim on terminating supplier		-			-			-			41,365			-			-
Adjusted Funds from Operations	$	253,035		$	273,095		$	759,129		$	459,957		$	457,361		$	739,069
Long-term debt	$	4,451,781		$	4,291,833		$	4,137,864		$	4,001,542		$	3,817,122		$	4,451,781
Current maturities of long-term debt		10,298			109,092			110,285			8,348			58,909			10,298
Total Debt	$	4,462,079		$	4,400,925		$	4,248,149		$	4,009,890		$	3,876,031		$	4,462,079
Preferred Stock	$	-		$	-		$	-		$	-		$	50,000		$	-
Interest charges	$	135,804		$	140,286		$	279,788		$	311,088		$	284,927		$	275,306
AFUDC (Debt)		19,240			10,708			25,967			17,119			24,691			34,499
Adjusted Interest Expense	$	155,044		$	150,994		$	305,755		$	328,207		$	309,618		$	309,805
Total Debt/Funds from operations								9.45	x		11.25	x		13.22	x		8.66	x
Total Debt/Adjusted FFO								5.60	x		8.72	x		8.47	x		6.04	x
Funds from Operations Interest Coverage								2.47	x		2.09	x		1.95	x		2.66	x
Adjusted Funds From Operations Interest Coverage								3.48	x		2.40	x		2.48	x		3.39	x
Common Shareholders' Equity							$	2,996,575		$	2,622,297		$	2,060,154		$	3,024,027
Total Capitalization (including current maturities of long-term debt)							$	7,244,724		$	6,632,187		$	5,986,185		$	7,486,106
Total Debt/Total Capitalization								58.64	%		60.46	%		64.75	%		59.60	%

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Nevada Power Company
Funds From Operations (FFO)
	Six Months ended June 30,						Year Ended December 31,									LTM June 30,
	2008			2007			2007			2006			2005			2008
Net Income	$	41,146		$	28,186		$	165,694		$	224,540		$	132,734		$	178,654
																	-
Adjustments to reconcile net income to net cash from operating activities:																	-
Depreciation and amortization		82,953			74,594			152,139			141,585			124,098			160,498
Deferred taxes and deferred investment tax credit		18,119			9,826			56,868			107,392			86,910			65,161
AFUDC (Debt and Equity)		(25,925	)		(11,598	)		(29,057	)		(23,369	)		(41,870	)		(43,384	)
Reinstatement of deferred energy costs		-			-			-			(178,825	)		-			-
Carrying charge on Lenzie plant		-			(16,080	)		(16,080	)		(33,440	)		-			-
Reinstated interest on deferred energy		-			(11,076	)		(11,076	)		-			-			-
Other, net		(8,562	)		2,587			5,831			3,394			(7,433	)		(5,318	)
Funds from Operations (Before Deferred Energy Costs)		107,731			76,439			324,319			241,277			294,439			355,611
Amortization of deferred energy costs		88,210			64,747			203,213			120,499			131,471			226,676
Deferral of energy costs plus terminated suppliers		(54,895	)		23,023			15,779			(46,086	)		(31,219	)		(62,139	)
Payment to terminating supplier		-			-			-			(37,410	)		-			-
Proceeds from claim on terminating supplier		-			-			-			26,391			-			-
Adjusted Funds from Operations	$	141,046		$	164,209		$	543,311		$	304,671		$	394,691		$	520,148
Long-term debt	$	2,664,929		$	2,655,630		$	2,528,141		$	2,380,139		$	2,214,063		$	2,664,929
Current maturities of long-term debt		8,636			7,449			8,642			5,948			6,509			8,636
Total Debt	$	2,673,565		$	2,663,079		$	2,536,783		$	2,386,087		$	2,220,572		$	2,673,565
Interest charges	$	82,461		$	88,260		$	174,667		$	176,612		$	134,657		$	168,868
AFUDC (Debt)		11,375			5,253			13,196			11,614			23,187			19,318
Adjusted Interest Expense	$	93,836		$	93,513		$	187,863		$	188,226		$	157,844		$	188,186
Total Debt/Funds from Operations								7.82	x		9.89	x		7.54	x		7.52	x
Total Debt/Adjusted FFO								4.67	x		7.83	x		5.63	x		5.14	x
Funds from Operations Interest Coverage								2.73	x		2.28	x		2.87	x		2.89	x
Adjusted Funds From Operations Interest Coverage								3.89	x		2.62	x		3.50	x		3.76	x
Common Shareholder's Equity							$	2,376,740		$	2,172,198		$	1,762,089		$	2,534,866
Total Capitalization (including current maturities of long-term debt)							$	4,913,523		$	4,558,285		$	3,982,661		$	5,208,431
Total Debt/Total Capitalization								51.63	%		52.35	%		55.76	%		51.33	%

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Sierra Pacific Power Company
Funds From Operations (FFO)
	Six Months ended June 30,						Year Ended December 31,									LTM June 30,
	2008			2007			2007			2006			2005			2008
Net Income	$	35,133		$	31,976		$	65,667		$	57,709		$	52,074		$	68,824
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		43,458			41,317			83,393			87,279			90,569			85,534
Deferred taxes and deferred investment tax credit		10,537			(7,652	)		(36,713	)		(39,361	)		209			(18,524	)
AFUDC (Debt and Equity)		(18,385	)		(12,289	)		(28,719	)		(11,976	)		(3,143	)		(34,815	)
Other, net		2,235			13,216			14,577			16,935			318			3,596
Funds from Operations (Before Deferred Energy Costs)		72,978			66,568			98,205			110,586			140,027			104,615
Amortization of deferred energy costs - electric		18,611			23,735			43,694			46,322			56,750			38,570
Amortization of deferred energy costs - gas		(865	)		638			701			6,234			1,446			(802	)
Deferral of energy costs - electric plus terminated suppliers		(18,569	)		7,918			35,532			90			8,156			9,045
Deferral of energy costs - gas		896			(638	)		10,668			436			(2,519	)		12,202
Payment to terminating supplier		-			-			-			(27,958	)		-			-
Proceeds from claim on terminating supplier		-			-			-			14,974			-			-
Adjusted Funds from Operations	$	73,051		$	98,221		$	188,800		$	150,684		$	203,860		$	163,630
Long-term debt	$	1,261,788		$	1,085,764		$	1,084,550		$	1,070,858		$	941,804		$	1,261,788
Current maturities of long-term debt		1,662			101,643			101,643			2,400			52,400			1,662
Total Debt	$	1,263,450		$	1,187,407		$	1,186,193		$	1,073,258		$	994,204		$	1,263,450
Preferred Stock	$	-		$	-		$	-		$	-		$	50,000			-
Interest charges	$	32,466		$	30,237		$	60,735		$	71,506		$	69,067		$	62,964
AFUDC (Debt)		7,865			5,455			12,771			5,505			1,504			15,181
Adjusted Interest Expense	$	40,331		$	35,692		$	73,506		$	77,011		$	70,571		$	78,145
Total Debt/Funds from Operations								12.08	x		9.71	x		7.10	x		12.08	x
Total Debt/Adjusted FFO								6.28	x		7.12	x		4.88	x		7.72	x
Funds from Operations Interest Coverage								2.34	x		2.44	x		2.98	x		2.34	x
Adjusted Funds From Operations Interest Coverage								3.57	x		2.96	x		3.89	x		3.09	x
Common Shareholder's Equity							$	1,001,840		$	884,737		$	727,777		$	998,221
Total Capitalization (including current maturities of long-term debt)							$	2,188,033		$	1,957,995		$	1,771,981		$	2,261,671
Total Debt/Total Capitalization								54.21	%		54.81	%		56.11	%		55.86	%