EXHIBIT 12.3

SIERRA PACIFIC POWER COMPANY

RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

	Six Months Ended June 30,						Year Ended December 31,
	2010			2009			2009			2008			2007			2006			2005
EARNINGS AS DEFINED:
Net Income (Loss)	$	28,435		$	33,940		$	73,085		$	90,582		$	65,667		$	57,709		$	52,074
Income Taxes		15,693			15,255			31,225			37,603			26,009			27,829			28,379
Fixed Charges		37,292			38,504			74,955			84,478			75,655			79,093			72,652
Capitalized Interest (allowance for borrowed funds used during construction)		(888	)		(1,500	)		(3,044	)		(9,464	)		(12,771	)		(5,505	)		(1,504	)
Total	$	80,532		$	86,199		$	176,221		$	203,199		$	154,560		$	159,126		$	151,601
FIXED CHARGES AS DEFINED:
Interest Expensed and Capitalized (1)	$	37,292		$	38,504		$	74,955		$	84,478		$	75,655		$	79,093		$	72,652
Total	$	37,292		$	38,504		$	74,955		$	84,478		$	75,655		$	79,093		$	72,652
RATIO OF EARNINGS TO FIXED CHARGES		2.16			2.24			2.35			2.41			2.04			2.01			2.09

(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, “Earnings” represent net income before, solely with respect to the years ended December 31, 2006, 2005 and 2004, pre-tax preferred stock dividend requirement adjusted for income taxes and fixed charges excluding capitalized interest.  “Fixed charges” represent the aggregate of interest charges on long-term debt (whether expensed or capitalized) and the portion of rental expense deemed attributable to interest.