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 6, 2010

	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, 2010.  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 and furnished herewith 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 on Form 8-K 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

(d) 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 6, 2010	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Interim Chief Financial Officer
	Nevada Power Company d/b/a NV Energy  (Registrant)
Date:  May 6, 2010	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Interim Chief Financial Officer
	Sierra Pacific Power Company d/b/a NV Energy  (Registrant)
Date:  May 6, 2010	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Interim Chief Financial Officer

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EX-99.1

EXHIBIT 99.1

          EBITDA represents net income (loss) 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,
	2010			2009			2009			2008			2007			2010
Net Income (Loss)	$	(1,721	)	$	(22,244	)	$	182,936		$	208,887		$	197,295		$	203,459
Interest expense (net of AFUDC (1) - debt)		80,064			82,633			334,314			300,857			279,788			331,745
Income tax expense (benefit)		1,256			(11,414	)		75,451			95,354			87,555			88,121
Depreciation and amortization		80,948			78,048			321,921			260,608			235,532			324,821
EBITDA	$	160,547		$	127,023		$	914,622		$	865,706		$	800,170		$	948,146
EBITDA/Interest expense		2.01	x		1.54	x		2.74	x		2.88	x		2.86	x		2.86	x
Total Debt/EBITDA		34.60	x		43.26	x		5.95	x		6.09	x		5.31	x		5.86	x
NV Energy, Inc.
Interest expense (net of AFUDC (1) - debt)	$	80,064		$	82,633		$	334,314		$	300,857		$	279,788		$	331,745
Long-term debt	$	5,546,626		$	5,485,643		$	5,303,357		$	5,266,982		$	4,137,864		$	5,546,626
Current maturities of long-term debt		7,785			8,885			134,474			9,291			110,285			7,785
Total Debt	$	5,554,411		$	5,494,528		$	5,437,831		$	5,276,273		$	4,248,149		$	5,554,411

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Nevada Power Company
EBITDA
	Three Months ended March 31,						Year Ended December 31,									LTM March 31,
	2010			2009			2009			2008			2007			2010
Net Income (Loss)	$	(12,326	)	$	(35,151	)	$	134,284		$	151,431		$	165,694		$	157,109
Interest expense (net of AFUDC (1) - debt)		53,356			55,043			226,252			186,822			174,667			224,565
Income tax expense (benefit)		(4,119	)		(16,365	)		61,652			71,382			78,352			73,898
Depreciation and amortization		55,101			52,363			215,873			171,080			152,139			218,611
EBITDA	$	92,012		$	55,890		$	638,061		$	580,715		$	570,852		$	674,183
EBITDA/Interest expense		1.72	x		1.02	x		2.82	x		3.11	x		3.27	x		3.00	x
Total Debt/EBITDA		41.16	x		64.51	x		5.73	x		5.84	x		4.44	x		5.62	x
Nevada Power Company
Interest expense (net of AFUDC (1) - debt)	$	53,356		$	55,043		$	226,252		$	186,822		$	174,667		$	224,565
Long-term debt	$	3,779,120		$	3,596,840		$	3,535,440		$	3,385,106		$	2,528,141		$	3,779,120
Current maturities of long-term debt		7,785			8,885			119,474			8,691			8,642			7,785
Total Debt	$	3,786,905		$	3,605,725		$	3,654,914		$	3,393,797		$	2,536,783		$	3,786,905

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Sierra Pacific Power Company
EBITDA
	Three Months ended March 31,						Year Ended December 31,									LTM March 31,
	2010			2009			2009			2008			2007			2010
Net Income	$	17,120		$	19,136		$	73,085		$	90,582		$	65,667		$	71,069
Interest expense (net of AFUDC (1) - debt)		17,045			17,927			69,413			72,712			60,735			68,531
Income tax expense		7,676			9,286			31,225			37,603			26,009			29,615
Depreciation and amortization		25,847			25,685			106,048			89,528			83,393			106,210
EBITDA	$	67,688		$	72,034		$	279,771		$	290,425		$	235,804		$	275,425
EBITDA/Interest expense		3.97	x		4.02	x		4.03	x		3.99	x		3.88	x		4.02	x
Total Debt/EBITDA		18.94	x		19.48	x		4.64	x		4.81	x		5.03	x		4.65	x
Sierra Pacific Power Company
Interest expense (net of AFUDC (1) - debt)	$	17,045		$	17,927		$	69,413		$	72,712		$	60,735		$	68,531
Long-term debt	$	1,281,863		$	1,402,964		$	1,282,225		$	1,395,987		$	1,084,550		$	1,281,863
Current maturities of long-term debt		-			-			15,000			600			101,643			-
Total Debt	$	1,281,863		$	1,402,964		$	1,297,225		$	1,396,587		$	1,186,193		$	1,281,863

 (1) Allowance for borrowed funds used during construction.

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,
	2010			2009			2009			2008			2007			2010
Net Income (Loss)	$	(1,721	)	$	(22,244	)	$	182,936		$	208,887		$	197,295		$	203,459
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		80,948			78,048			321,921			260,608			235,532			324,821
Deferred taxes and deferred investment tax credit		1,284			5,264			111,219			52,060			79,337			107,239
AFUDC (1) (debt and equity)		(10,892	)		(11,364	)		(44,503	)		(67,968	)		(57,776	)		(44,031	)
Carrying charge on Lenzie Generating Station		-			-			-			-			(16,080	)		-
Reinstated interest on deferred energy		-			-			-			-			(11,076	)		-
Gain on sale of investment		-			-			-			-			(1,369	)		-
Other, net		21,206			16,836			(2,004	)		100,482			71,543			2,366
FFO (before deferred energy)		90,825			66,540			569,569			554,069			497,406			593,854
Deferred energy		26,824			45,803			306,406			2,717			309,587			287,427
Adjusted FFO	$	117,649		$	112,343		$	875,975		$	556,786		$	806,993		$	881,281
Long-term debt	$	5,546,626		$	5,485,643		$	5,303,357		$	5,266,982		$	4,137,864		$	5,546,626
Current maturities of long-term debt		7,785			8,885			134,474			9,291			110,285			7,785
Total Debt	$	5,554,411		$	5,494,528		$	5,437,831		$	5,276,273		$	4,248,149		$	5,554,411
Interest expense (net of AFUDC(1) - debt)	$	80,064		$	82,633		$	334,314		$	300,857		$	279,788		$	331,745
AFUDC (1) (debt)		4,939			5,146			20,229			29,527			25,967			20,022
Adjusted Interest Expense	$	85,003		$	87,779		$	354,543		$	330,384		$	305,755		$	351,767
Total Debt/FFO								9.55	x		9.52	x		8.54	x		9.35	x
Total Debt/Adjusted FFO								6.21	x		9.48	x		5.26	x		6.30	x
FFO Adjusted Interest Coverage								2.61	x		2.68	x		2.63	x		2.69	x
Adjusted FFO Interest Coverage								3.47	x		2.69	x		3.64	x		3.51	x
Shareholders' Equity							$	3,223,922		$	3,131,186		$	2,996,575		$	3,197,525
Total Capitalization (including current maturities of long-term debt)							$	8,661,753		$	8,407,459		$	7,244,724		$	8,751,936
Total Debt/Total Capitalization								62.78	%		62.76	%		58.64	%		63.46	%

 (1) Allowance for borrowed funds used during construction or allowance for equity 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,
	2010			2009			2009			2008			2007			2010
Net Income (Loss)	$	(12,326	)	$	(35,151	)	$	134,284		$	151,431		$	165,694		$	157,109
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		55,101			52,363			215,873			171,080			152,139			218,611
Deferred taxes and deferred investment tax credit		(3,990	)		19,424			96,831			45,039			56,868			73,417
AFUDC (1) (debt and equity)		(9,894	)		(10,183	)		(38,209	)		(45,980	)		(29,057	)		(37,920	)
Carrying charge on Lenzie Generating Station		-			-			-			-			(16,080	)		-
Reinstated interest on deferred energy		-			-			-			-			(11,076	)		-
Other, net		14,267			10,269			(34,291	)		73,209			38,821			(30,293	)
FFO (before deferred energy)		43,158			36,722			374,488			394,779			357,309			380,924
Deferred energy		24,695			35,928			216,629			4,211			218,992			205,396
Adjusted FFO	$	67,853		$	72,650		$	591,117		$	398,990		$	576,301		$	586,320
Long-term debt	$	3,779,120		$	3,596,840		$	3,535,440		$	3,385,106		$	2,528,141		$	3,779,120
Current maturities of long-term debt		7,785			8,885			119,474			8,691			8,642			7,785
Total Debt	$	3,786,905		$	3,605,725		$	3,654,914		$	3,393,797		$	2,536,783		$	3,786,905
Interest expense (net of AFUDC(1) - debt)	$	53,356		$	55,043		$	226,252		$	186,822		$	174,667		$	224,565
AFUDC (1) (debt)		4,532			4,562			17,184			20,063			13,196			17,154
Adjusted Interest Expense	$	57,888		$	59,605		$	243,436		$	206,885		$	187,863		$	241,719
Total Debt/FFO								9.76	x		8.60	x		7.10	x		9.94	x
Total Debt/Adjusted FFO								6.18	x		8.51	x		4.40	x		6.46	x
FFO Adjusted Interest Coverage								2.54	x		2.91	x		2.90	x		2.58	x
Adjusted FFO Interest Coverage								3.43	x		2.93	x		4.07	x		3.43	x
Shareholder's Equity							$	2,650,039		$	2,627,567		$	2,376,740		$	2,610,729
Total Capitalization (including current maturities of long-term debt)							$	6,304,953		$	6,021,364		$	4,913,523		$	6,397,634
Total Debt/Total Capitalization								57.97	%		56.36	%		51.63	%		59.19	%

  (1) Allowance for borrowed funds used during construction or allowance for equity 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,
	2010			2009			2009			2008			2007			2010
Net Income	$	17,120		$	19,136		$	73,085		$	90,582		$	65,667		$	71,069
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		25,847			25,685			106,048			89,528			83,393			106,210
Deferred taxes and deferred investment tax credit		7,534			8,597			32,548			24,598			(36,713	)		31,485
AFUDC (1) (debt and equity)		(998	)		(1,181	)		(6,293	)		(21,988	)		(28,719	)		(6,110	)
Other, net		6,494			6,395			30,368			22,872			29,451			30,467
FFO (before deferred energy)		55,997			58,632			235,756			205,592			113,079			233,121
Deferred energy		2,129			9,875			89,777			(1,494	)		90,595			82,031
Adjusted FFO	$	58,126		$	68,507		$	325,533		$	204,098		$	203,674		$	315,152
Long-term debt	$	1,281,863		$	1,402,964		$	1,282,225		$	1,395,987		$	1,084,550		$	1,281,863
Current maturities of long-term debt		-			-			15,000			600			101,643			-
Total Debt	$	1,281,863		$	1,402,964		$	1,297,225		$	1,396,587		$	1,186,193		$	1,281,863
Interest expense (net of AFUDC(1) - debt)	$	17,045		$	17,927		$	69,413		$	72,712		$	60,735		$	68,531
AFUDC (1) (debt)		407			584			3,044			9,464			12,771			2,867
Adjusted Interest Expense	$	17,452		$	18,511		$	72,457		$	82,176		$	73,506		$	71,398
Total Debt/FFO								5.50	x		6.79	x		10.49	x		5.50	x
Total Debt/Adjusted FFO								3.98	x		6.84	x		5.82	x		4.07	x
FFO Adjusted Interest Coverage								4.25	x		3.50	x		2.54	x		4.27	x
Adjusted FFO Interest Coverage								5.49	x		3.48	x		3.77	x		5.41	x
Shareholder's Equity							$	1,009,258		$	877,961		$	1,001,840		$	1,013,388
Total Capitalization (including current maturities of long-term debt)							$	2,306,483		$	2,274,548		$	2,188,033		$	2,295,251
Total Debt/Total Capitalization								56.24	%		61.40	%		54.21	%		55.85	%

   (1) Allowance for borrowed funds used during construction or allowance for equity funds used during construction.

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