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) November 1, 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

2

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 September 30, 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 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

(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

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.

	NV Energy, Inc.  (Registrant)
Date:  November 1, 2010	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer
	Nevada Power Company d/b/a NV Energy  (Registrant)
Date:  November 1, 2010	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer
	Sierra Pacific Power Company d/b/a NV Energy  (Registrant)
Date:  November 1, 2010	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 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
	Nine Months ended September 30,						Year Ended December 31,									LTM September 30,
	2010			2009			2009			2008			2007			2010
Net Income	$	217,971		$	178,785		$	182,936		$	208,887		$	197,295		$	222,122
Interest expense (net of AFUDC(1) - debt)		241,625			250,996			334,314			300,857			279,788			324,943
Income tax expense		115,052			80,704			75,451			95,354			87,555			109,799
Depreciation and amortization		249,067			240,912			321,921			260,608			235,532			330,076
EBITDA	$	823,715		$	751,397		$	914,622		$	865,706		$	800,170		$	986,940
EBITDA/Interest expense		3.41	x		2.99	x		2.74	x		2.88	x		2.86	x		3.04	x
Total Debt/EBITDA		6.88	x		7.40	x		5.95	x		6.09	x		5.31	x		5.74	x
NV Energy, Inc.
Interest expense (net of AFUDC(1) - debt)	$	241,625		$	250,996		$	334,314		$	300,857		$	279,788		$	324,943
Long-term debt	$	5,313,407		$	5,549,052		$	5,303,357		$	5,266,982		$	4,137,864		$	5,313,407
Current maturities of long-term debt		356,538			9,286			134,474			9,291			110,285			356,538
Total Debt	$	5,669,945		$	5,558,338		$	5,437,831		$	5,276,273		$	4,248,149		$	5,669,945
(1)  Allowance for funds used during construction.

Nevada Power Company
EBITDA
	Nine Months ended September 30,						Year Ended December 31,									LTM September 30,
	2010			2009			2009			2008			2007			2010
Net Income	$	181,586		$	140,941		$	134,284		$	151,431		$	165,694		$	174,929
Interest expense (net of AFUDC(1) - debt)		161,496			170,535			226,252			186,822			174,667			217,213
Income tax expense		93,216			65,857			61,652			71,382			78,352			89,011
Depreciation and amortization		169,330			160,869			215,873			171,080			152,139			224,334
EBITDA	$	605,628		$	538,202		$	638,061		$	580,715		$	570,852		$	705,487
EBITDA/Interest expense		3.75	x		3.16	x		2.82	x		3.11	x		3.27	x		3.25	x
Total Debt/EBITDA		6.44	x		6.89	x		5.73	x		5.84	x		4.44	x		5.53	x
Nevada Power Company
Interest expense (net of AFUDC(1) - debt)	$	161,496		$	170,535		$	226,252		$	186,822		$	174,667		$	217,213
Long-term debt	$	3,546,724		$	3,701,308		$	3,535,440		$	3,385,106		$	2,528,141		$	3,546,724
Current maturities of long-term debt		356,538			9,286			119,474			8,691			8,642			356,538
Total Debt	$	3,903,262		$	3,710,594		$	3,654,914		$	3,393,797		$	2,536,783		$	3,903,262
(1)  Allowance for funds used during construction.

Sierra Pacific Power Company
EBITDA
	Nine Months ended September 30,						Year Ended December 31,									LTM September 30,
	2010			2009			2009			2008			2007			2010
Net Income	$	52,897		$	58,206		$	73,085		$	90,582		$	65,667		$	67,776
Interest expense (net of AFUDC(1) - debt)		51,141			51,473			69,413			72,712			60,735			69,081
Income tax expense		30,066			25,926			31,225			37,603			26,009			35,365
Depreciation and amortization		79,737			80,043			106,048			89,528			83,393			105,742
EBITDA	$	213,841		$	215,648		$	279,771		$	290,425		$	235,804		$	277,964
EBITDA/Interest expense		4.18	x		4.19	x		4.03	x		3.99	x		3.88	x		4.02	x
Total Debt/EBITDA		5.99	x		6.32	x		4.64	x		4.81	x		5.03	x		4.61	x
Sierra Pacific Power Company
Interest expense (net of AFUDC(1) - debt)	$	51,141		$	51,473		$	69,413		$	72,712		$	60,735		$	69,081
Long-term debt	$	1,281,138		$	1,362,002		$	1,282,225		$	1,395,987		$	1,084,550		$	1,281,138
Current maturities of long-term debt		-			-			15,000			600			101,643			-
Total Debt	$	1,281,138		$	1,362,002		$	1,297,225		$	1,396,587		$	1,186,193		$	1,281,138
(1)  Allowance for 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 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 (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)
	Nine Months ended September 30,						Year Ended December 31,									LTM September 30,
	2010			2009			2009			2008			2007			2010
Net Income	$	217,971		$	178,785		$	182,936		$	208,887		$	197,295		$	222,122
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		249,067			240,912			321,921			260,608			235,532			330,076
Deferred taxes and deferred investment tax credit		129,459			115,389			111,219			52,060			79,337			125,289
AFUDC(1) (debt and equity)		(38,264	)		(34,940	)		(44,503	)		(67,968	)		(57,776	)		(47,827	)
Carrying charge on Lenzie Generating Station		-			-			-			-			(16,080	)		-
Reinstated interest on deferred energy		-			-			-			-			(11,076	)		-
Gain on sale of asset		(7,575	)		-			-			-			(1,369	)		(7,575	)
Amortization of other regulatory assets		59,643			69,701			-			-			-			(10,058	)
Deferred rate increase		(6,250	)		(61,795	)		-			-			-			55,545
Other, net		8,922			3,282			(2,004	)		100,482			71,543			3,636
FFO (before deferred energy)		612,973			511,334			569,569			554,069			497,406			671,208
Deferred energy		134,969			221,321			306,406			2,717			309,587			220,054
Adjusted FFO	$	747,942		$	732,655		$	875,975		$	556,786		$	806,993		$	891,262
Long-term debt	$	5,313,407		$	5,549,052		$	5,303,357		$	5,266,982		$	4,137,864		$	5,313,407
Current maturities of long-term debt		356,538			9,286			134,474			9,291			110,285			356,538
Total Debt	$	5,669,945		$	5,558,338		$	5,437,831		$	5,276,273		$	4,248,149		$	5,669,945
Interest expense (net of AFUDC(1) debt)	$	241,625		$	250,996		$	334,314		$	300,857		$	279,788		$	324,943
AFUDC(1) (debt)		17,349			15,847			20,229			29,527			25,967			21,731
Adjusted Interest Expense	$	258,974		$	266,843		$	354,543		$	330,384		$	305,755		$	346,674
Total Debt/FFO								9.55	x		9.52	x		8.54	x		8.45	x
Total Debt/Adjusted FFO								6.21	x		9.48	x		5.26	x		6.36	x
FFO Adjusted Interest Coverage								2.61	x		2.68	x		2.63	x		2.94	x
Adjusted FFO Interest Coverage								3.47	x		2.69	x		3.64	x		3.57	x
Shareholders' Equity							$	3,223,922		$	3,131,186		$	2,996,575		$	3,368,514
Total Capitalization (including current maturities of long-term debt)							$	8,661,753		$	8,407,459		$	7,244,724		$	9,038,459
Total Debt/Total Capitalization								62.78	%		62.76	%		58.64	%		62.73	%
(1) Allowance for borrowed funds used during construction or allowance for equity funds used during construction.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Nevada Power Company
Funds From Operations (FFO)
	Nine Months ended September 30,						Year Ended December 31,									LTM September 30,
	2010			2009			2009			2008			2007			2010
Net Income	$	181,586		$	140,941		$	134,284		$	151,431		$	165,694		$	174,929
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		169,330			160,869			215,873			171,080			152,139			224,334
Deferred taxes and deferred investment tax credit		93,730			100,126			96,831			45,039			56,868			90,435
AFUDC(1) (debt and equity)		(34,318	)		(30,041	)		(38,209	)		(45,980	)		(29,057	)		(42,486	)
Carrying charge on Lenzie Generating Station		-			-			-			-			(16,080	)		-
Reinstated interest on deferred energy		-			-			-			-			(11,076	)		-
Amortization of other regulatory assets		41,415			41,791			-			-						(376	)
Uncollected revenue - deferred rate increase		(6,250	)		(61,795	)		-			-						55,545
Other, net		3,085			5,507			(34,291	)		73,209			38,821			(36,713	)
FFO (Before Deferred Energy Costs)		448,578			357,398			374,488			394,779			357,309			465,668
Deferred energy		99,407			144,656			216,629			4,211			218,992			171,380
Adjusted FFO	$	547,985		$	502,054		$	591,117		$	398,990		$	576,301		$	637,048
Long-term debt	$	3,546,724		$	3,701,308		$	3,535,440		$	3,385,106		$	2,528,141		$	3,546,724
Current maturities of long-term debt		356,538			9,286			119,474			8,691			8,642			356,538
Total Debt	$	3,903,262		$	3,710,594		$	3,654,914		$	3,393,797		$	2,536,783		$	3,903,262
Interest expense (net of AFUDC(1) debt)	$	161,496		$	170,535		$	226,252		$	186,822		$	174,667		$	217,213
AFUDC(1) (debt)		15,763			13,483			17,184			20,063			13,196			19,464
Adjusted Interest Expense	$	177,259		$	184,018		$	243,436		$	206,885		$	187,863		$	236,677
Total Debt/FFO								9.76	x		8.60	x		7.10	x		8.38	x
Total Debt/Adjusted FFO								6.18	x		8.51	x		4.40	x		6.13	x
FFO Adjusted Interest Coverage								2.54	x		2.91	x		2.90	x		2.97	x
Adjusted FFO Interest Coverage								3.43	x		2.93	x		4.07	x		3.69	x
Shareholder's Equity							$	2,650,039		$	2,627,567		$	2,376,740		$	2,769,675
Total Capitalization (including current maturities of long-term debt)							$	6,304,953		$	6,021,364		$	4,913,523		$	6,672,937
Total Debt/Total Capitalization								57.97	%		56.36	%		51.63	%		58.49	%
(1) Allowance for borrowed funds used during construction or allowance for equity funds used during construction.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)
Sierra Pacific Power Company
Funds From Operations (FFO)
	Nine Months ended September 30,						Year Ended December 31,									LTM September 30,
	2010			2009			2009			2008			2007			2010
Net Income	$	52,897		$	58,206		$	73,085		$	90,582		$	65,667		$	67,776
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		79,737			80,043			106,048			89,528			83,393			105,742
Deferred taxes and deferred investment tax credit		21,134			38,782			32,548			24,598			(36,713	)		14,900
AFUDC(1) (debt and equity)		(3,946	)		(4,899	)		(6,293	)		(21,988	)		(28,719	)		(5,340	)
Gain on sale of asset		(7,575	)		-			-			-			-			(7,575	)
Amortization of other regulatory assets		18,056			27,361			-			-			-			(9,305	)
Other, net		4,454			(2,444	)		30,368			22,872			29,451			37,266
FFO (before deferred energy)		164,757			197,049			235,756			205,592			113,079			203,464
Deferred energy		35,562			76,665			89,777			(1,494	)		90,595			48,674
Adjusted FFO	$	200,319		$	273,714		$	325,533		$	204,098		$	203,674		$	252,138
Long-term debt	$	1,281,138		$	1,362,002		$	1,282,225		$	1,395,987		$	1,084,550		$	1,281,138
Current maturities of long-term debt		-			-			15,000			600			101,643			-
Total Debt	$	1,281,138		$	1,362,002		$	1,297,225		$	1,396,587		$	1,186,193		$	1,281,138
Interest expense (net of AFUDC(1) debt)	$	51,141		$	51,473		$	69,413		$	72,712		$	60,735		$	69,081
AFUDC(1) (debt)		1,586			2,364			3,044			9,464			12,771			2,266
Adjusted Interest Expense	$	52,727		$	53,837		$	72,457		$	82,176		$	73,506		$	71,347
Total Debt/FFO								5.50	x		6.79	x		10.49	x		6.30	x
Total Debt/Adjusted FFO								3.98	x		6.84	x		5.82	x		5.08	x
FFO Adjusted Interest Coverage								4.25	x		3.50	x		2.54	x		3.85	x
Adjusted FFO Interest Coverage								5.49	x		3.48	x		3.77	x		4.53	x
Shareholder's Equity							$	1,009,258		$	877,961		$	1,001,840		$	1,014,181
Total Capitalization (including current maturities of long-term debt)							$	2,306,483		$	2,274,548		$	2,188,033		$	2,295,319
Total Debt/Total Capitalization								56.24	%		61.40	%		54.21	%		55.82	%
(1) Allowance for borrowed funds used during construction or allowance for equity funds used during construction.