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 5, 2009

	Registrant, State of Incorporation, Address of	I.R.S. Employer
Commission File	Principal Executive Offices and Telephone	Identification
Number	Number	Number

1-08788	NV ENERGY, INC.	88-0198358
	Nevada
	6226 West Sahara Avenue
	Las Vegas, Nevada 89146
	(702)  402-5000

2-28348	NEVADA POWER COMPANY d/b/a	88-0420104
	NV ENERGY
	Nevada
	6226 West Sahara Avenue
	Las Vegas, Nevada 89146
	(702) 402-5000

0-00508	SIERRA PACIFIC POWER COMPANY d/b/a	88-0044418
	NV ENERGY
	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))

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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

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Item 2.02 Results of Operations and Financial Condition

            NV Energy, Inc. (NVE) made available, on its website at www.nvenergy.com, comparative years financial information, including financial information for the quarter ended March 31, 2009.  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 NVE and why NVE’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 Information — Funds from Operations

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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.

	NV Energy, Inc.  (Registrant)
Date:  May 5, 2009	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer
	Nevada Power Company d/b/a NV Energy  (Registrant)
Date:  May 5, 2009	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer
	Sierra Pacific Power Company d/b/a NV Energy  (Registrant)
Date:  May 5, 2009	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer

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EX-99.1

EXHIBIT 99.1

          EBITDA represents net income before interest, taxes, depreciation and amortization.  EBITDA is presented here because NV Energy, Inc. (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)
NV Energy, Inc.
EBITDA
	Three Months ended March 31,						Year ended December 31,									LTM March 31,
	2009			2008			2008			2007			2006			2009
Net Income (Loss)	$	(22,244	)	$	24,058		$	208,887		$	197,295		$	277,451		$	162,585
Interest charges (including AFUDC(1))		82,633			68,504			300,857			279,788			311,088			314,986
Income taxes (benefit)		(11,414	)		16,708			95,354			87,555			145,605			67,232
Depreciation and amortization		78,048			62,070			260,608			235,532			228,875			276,586
EBITDA	$	127,023		$	171,340		$	865,706		$	800,170		$	963,019		$	821,389
EBITDA/Interest Charges		1.54	x		2.50	x		2.88	x		2.86	x		3.10	x		2.61	x
Debt/EBITDA		43.26	x		24.79	x		6.09	x		5.31	x		4.16	x		6.69	x
NV Energy, Inc.
Interest charges (including AFUDC(1))	$	82,633		$	68,504		$	300,857		$	279,788		$	311,088		$	314,986
Long-Term debt	$	5,485,643		$	4,137,617		$	5,266,982		$	4,137,864		$	4,001,542		$	5,485,643
Current maturities of long term debt		8,885			110,168			9,291			110,285			8,348			8,885
Total Debt	$	5,494,528		$	4,247,785		$	5,276,273		$	4,248,149		$	4,009,890		$	5,494,528

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Nevada Power Company
EBITDA
	Three Months ended March 31,						Year ended December 31,									LTM March 31,
	2009			2008			2008			2007			2006			2009
Net Income (Loss)	$	(35,151	)	$	7,971		$	151,431		$	165,694		$	224,540		$	108,309
Interest charges (including AFUDC(1))		55,043			41,473			186,822			174,667			176,612			200,392
Income taxes (benefit)		(16,365	)		6,523			71,382			78,352			117,510			48,494
Depreciation and amortization		52,363			40,630			171,080			152,139			141,585			182,813
EBITDA	$	55,890		$	96,597		$	580,715		$	570,852		$	660,247		$	540,008
EBITDA/Interest Charges		1.02	x		2.33	x		3.11	x		3.27	x		3.74	x		2.69	x
Debt/EBITDA		64.51	x		26.64	x		5.84	x		4.44	x		3.61	x		6.68	x
Nevada Power Company
Interest charges (including AFUDC(1))	$	55,043		$	41,473		$	186,822		$	174,667		$	176,612		$	200,392
Long-Term debt	$	3,596,840		$	2,564,629		$	3,385,106		$	2,528,141		$	2,380,139		$	3,596,840
Current maturities of long term debt		8,885			8,616			8,691			8,642			5,948			8,885
Total Debt	$	3,605,725		$	2,573,245		$	3,393,797		$	2,536,783		$	2,386,087		$	3,605,725

Sierra Pacific Power Company
EBITDA
	Three Months ended March 31,						Year ended December 31,									LTM March 31,
	2009			2008			2008			2007			2006			2009
Net Income	$	19,136		$	24,284		$	90,582		$	65,667		$	57,709		$	85,434
Interest charges (including AFUDC(1))		17,927			16,587			72,712			60,735			71,506			74,052
Income taxes		9,286			13,233			37,603			26,009			27,829			33,656
Depreciation and amortization		25,685			21,440			89,528			83,393			87,279			93,773
EBITDA	$	72,034		$	75,544		$	290,425		$	235,804		$	244,323		$	286,915
EBITDA/Interest Charges		4.02	x		4.55	x		3.99	x		3.88	x		3.42	x		3.87	x
Debt/EBITDA		19.48	x		15.69	x		4.81	x		5.03	x		4.39	x		4.89	x
Sierra Pacific Power Company
Interest charges (including AFUDC(1))	$	17,927		$	16,587		$	72,712		$	60,735		$	71,506		$	74,052
Long-Term debt	$	1,402,964		$	1,083,870		$	1,395,987		$	1,084,550		$	1,070,858		$	1,402,964
Current maturities of long term debt		-			101,552			600			101,643			2,400			-
Total Debt	$	1,402,964		$	1,185,422		$	1,396,587		$	1,186,193		$	1,073,258		$	1,402,964
(1) Allowance for Funds Used During Construction or Allowance for Borrowed Funds Used During Construction.

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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 NV Energy, Inc. (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 (loss) is the most directly comparable GAAP measure to FFO.

Since FFO excludes certain items includable in net income (loss), 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 (loss) when evaluating the Company’s financial performance or to cash flow from (used by) 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)
NV Energy, Inc.
Funds From Operations (FFO)
	Three Months ended March 31,						Year Ended December 31,									LTM March 31,
	2009			2008(1)			2008			2007(1)			2006(1)			2009
Net Income (Loss)	$	(22,244	)	$	24,058		$	208,887		$	197,295		$	277,451		$	162,585
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		78,048			62,070			260,608			235,532			228,875			276,586
Deferred taxes and deferred investment tax credit		5,264			9,482			52,060			79,337			136,026			47,842
AFUDC(2) (Debt and Equity)		(11,364	)		(21,109	)		(67,968	)		(57,776	)		(35,345	)		(58,223	)
Reinstatement of deferred energy costs		-			-			-			-			(178,825	)		-
Carrying charge on Lenzie plant		-			-			-			(16,080	)		(33,440	)		-
Reinstated interest on deferred energy		-			-			-			(11,076	)		-			-
Gain on sale of investment		-			-			-			(1,369	)		(62,927	)		-
Other, net		16,836			(9,394	)		100,482			71,543			53,561			126,712
Funds from Operations (Before Deferred Energy Costs)		66,540			65,107			554,069			497,406			385,376			555,502
Amortization of deferred energy costs, net of deferrals		45,803			58,847			2,717			309,587			127,495			(10,327	)
Payment to terminating supplier		-			-			-			-			(65,368	)		-
Proceeds from claim on terminating supplier		-			-			-			-			41,365			-
Adjusted Funds from Operations	$	112,343		$	123,954		$	556,786		$	806,993		$	488,868		$	545,175
Long-term debt		5,485,643			4,137,617		$	5,266,982		$	4,137,864		$	4,001,542			5,485,643
Current maturities of long-term debt		8,885			110,168			9,291			110,285			8,348			8,885
Total Debt	$	5,494,528		$	4,247,785		$	5,276,273		$	4,248,149		$	4,009,890		$	5,494,528
Interest charges		82,633			68,504		$	300,857		$	279,788		$	311,088			314,986
AFUDC(2) (Debt)		5,146			9,152			29,527			25,967			17,119			25,521
Adjusted Interest Expense	$	87,779		$	77,656		$	330,384		$	305,755		$	328,207		$	340,507
Total Debt/Funds from operations								9.52	x		8.54	x		10.41	x		9.89	x
Total Debt/Adjusted FFO								9.48	x		5.26	x		8.20	x		10.08	x
Funds from Operations Interest Coverage								2.68	x		2.63	x		2.17	x		2.63	x
Adjusted Funds From Operations Interest Coverage								2.69	x		3.64	x		2.49	x		2.60	x
Common Shareholders' Equity							$	3,131,186		$	2,996,575		$	2,622,297		$	3,086,337
Total Capitalization (including current maturities of long-term debt)							$	8,407,459		$	7,244,724		$	6,632,187		$	8,580,865
Total Debt/Total Capitalization								62.76	%		58.64	%		60.46	%		64.03	%
(1) Certain financial statement line items of prior period's information have been re-grouped or reclassified to conform with current period presentation. The re-grouping or reclassifications have not affected previously reported results of operations or common shareholders' equity.
(2) Allowance for Funds Used During Construction or Allowance for Borrowed Funds Used During Construction.

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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,
	2009			2008(1)			2008			2007(1)			2006(1)			2009
Net Income (Loss)	$	(35,151	)	$	7,971		$	151,431		$	165,694		$	224,540		$	108,309
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		52,363			40,630			171,080			152,139			141,585			182,813
Deferred taxes and deferred investment tax credit		19,424			(14,443	)		45,039			56,868			107,392			78,906
AFUDC(2) (Debt and Equity)		(10,183	)		(12,213	)		(45,980	)		(29,057	)		(23,369	)		(43,950	)
Reinstatement of deferred energy costs		-			-			-			-			(178,825	)		-
Carrying charge on Lenzie plant		-			-			-			(16,080	)		(33,440	)		-
Reinstated interest on deferred energy		-			-			-			(11,076	)		-			-
Other, net		10,269			(6,784	)		73,209			38,821			25,783			90,262
Funds from Operations (Before Deferred Energy Costs)		36,722			15,161			394,779			357,309			263,666			416,340
Amortization of deferred energy costs, net of deferrals		35,928			44,042			4,211			218,992			74,413			(3,903	)
Payment to terminating supplier		-			-			-			-			(37,410	)		-
Proceeds from claim on terminating supplier		-			-			-			-			26,391			-
Adjusted Funds from Operations	$	72,650		$	59,203		$	398,990		$	576,301		$	327,060		$	412,437
Long-term debt		3,596,840			2,564,629		$	3,385,106		$	2,528,141		$	2,380,139			3,596,840
Current maturities of long-term debt		8,885			8,616			8,691			8,642			5,948			8,885
Total Debt	$	3,605,725		$	2,573,245		$	3,393,797		$	2,536,783		$	2,386,087		$	3,605,725
Interest charges	$	55,043		$	41,473		$	186,822		$	174,667		$	176,612			200,392
AFUDC(2) (Debt)		4,562			5,355			20,063			13,196			11,614			19,270
Adjusted Interest Expense	$	59,605		$	46,828		$	206,885		$	187,863		$	188,226		$	219,662
Total Debt/Funds from Operations								8.60	x		7.10	x		9.05	x		8.66	x
Total Debt/Adjusted FFO								8.51	x		4.40	x		7.30	x		8.74	x
Funds from Operations Interest Coverage								2.91	x		2.90	x		2.40	x		2.90	x
Adjusted Funds From Operations Interest Coverage								2.93	x		4.07	x		2.74	x		2.88	x
Common Shareholder's Equity							$	2,627,567		$	2,376,740		$	2,172,198		$	2,570,426
Total Capitalization (including current maturities of long-term debt)							$	6,021,364		$	4,913,523		$	4,558,285		$	6,176,151
Total Debt/Total Capitalization								56.36	%		51.63	%		52.35	%		58.38	%
(1) Certain financial statement line items of prior period's information have been re-grouped or reclassified to conform with current period presentation. The re-grouping or reclassifications have not affected previously reported results of operations or common shareholders's equity.
(2) Allowance for Funds Used During Construction or Allowance for Borrowed Funds Used During Construction.

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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,
	2009			2008(1)			2008			2007(1)			2006(1)			2009
Net Income	$	19,136		$	24,284		$	90,582		$	65,667		$	57,709		$	85,434
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		25,685			21,440			89,528			83,393			87,279			93,773
Deferred taxes and deferred investment tax credit		8,597			9,629			24,598			(36,713	)		(39,361	)		23,566
AFUDC(2) (Debt and Equity)		(1,181	)		(8,896	)		(21,988	)		(28,719	)		(11,976	)		(14,273	)
Other, net		6,395			(1,310	)		22,872			29,451			23,457			30,577
Funds from Operations (Before Deferred Energy Costs)		58,632			45,147			205,592			113,079			117,108			219,077
Amortization of deferred energy costs, net of deferrals		9,875			14,805			(1,494	)		90,595			53,082			(6,424	)
Payment to terminating supplier		-			-			-			-			(27,958	)		-
Proceeds from claim on terminating supplier		-			-			-			-			14,974			-
Adjusted Funds from Operations	$	68,507		$	59,952		$	204,098		$	203,674		$	157,206		$	212,653
Long-term debt	$	1,402,964		$	1,083,870		$	1,395,987		$	1,084,550		$	1,070,858		$	1,402,964
Current maturities of long-term debt	$	-		$	101,552			600			101,643			2,400			-
Total Debt	$	1,402,964		$	1,185,422		$	1,396,587		$	1,186,193		$	1,073,258		$	1,402,964
Interest charges	$	17,927		$	16,587		$	72,712		$	60,735		$	71,506		$	74,052
AFUDC(2) (Debt)		584			3,797			9,464			12,771			5,505			6,251
Adjusted Interest Expense	$	18,511		$	20,384		$	82,176		$	73,506		$	77,011		$	80,303
Total Debt/Funds from Operations								6.79	x		10.49	x		9.16	x		6.40	x
Total Debt/Adjusted FFO								6.84	x		5.82	x		6.83	x		6.60	x
Funds from Operations Interest Coverage								3.50	x		2.54	x		2.52	x		3.73	x
Adjusted Funds From Operations Interest Coverage								3.48	x		3.77	x		3.04	x		3.65	x
Common Shareholder's Equity							$	877,961		$	1,001,840		$	884,737		$	975,406
Total Capitalization (including current maturities of long-term debt)							$	2,274,548		$	2,188,033		$	1,957,995		$	2,378,370
Total Debt/Total Capitalization								61.40	%		54.21	%		54.81	%		58.99	%
(1) Certain financial statement line items of prior period's information have been re-grouped or reclassified to conform with current period presentation. The re-grouping or reclassifications have not affected previously reported results of operations or common shareholders's equity.
(2) Allowance for Funds Used During Construction or Allowance for Borrowed Funds Used During Construction.

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