EXHIBIT 12.3

SIERRA PACIFIC POWER COMPANY

RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

	Six Months Ended June 30, 2008						Year ended December 31,
	2009			2008			2008			2007			2006			2005			2004
EARNINGS AS DEFINED:
Income From Continuing Operations
After Interest Charges	$	33,940		$	35,133		$	90,582		$	65,667		$	57,709		$	52,074		$	18,577
Income Taxes		15,255			18,138			37,603			26,009			27,829			28,379			325
Income From Continuing Operations
Before Income Taxes		49,195			53,271			128,185			91,676			85,538			80,453			18,902
Fixed Charges		38,504			42,357			84,478			75,655			79,093			72,652			67,685
Capitalized Interest (allowance for borrowed funds used during construction)		(1,500	)		(7,865	)		(9,464	)		(12,771	)		(5,505	)		(1,504	)		(2,849	)
	$	86,199		$	87,763		$	203,199		$	154,560		$	159,126		$	151,601		$	83,738
Total
FIXED CHARGES AS DEFINED:	$	38,504		$	42,357		$	84,478		$	75,655		$	79,093		$	72,652		$	67,685
Interest Expensed and Capitalized (1)		-			-			-			-			-			-			-
Total		38,504			42,357			84,478			75,655			79,093			72,652		$	67,685
RATIO OF EARNINGS TO FIXED CHARGES		2.24			2.07			2.41			2.04			2.01			2.09			1.24

(1) Includes amortization of premiums, discounts, and capitalized debt expense and interest component of rent expense.

For the purpose of calculating the ratios of earnings to fixed charges, “Fixed charges” represent the aggregate of interest charges on short-term and long-term debt (whether expensed or capitalized) and the portion of rental expense deemed attributable to interest.  “Earnings” represents pre-tax income (or loss) from continuing operations before, solely with respect to the years ended December 31, 2006, 2005 and 2004,  pre-tax preferred stock dividend requirement plus fixed charges (excluding capitalized interest).