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) March 1, 2011

	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))

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

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 year ended December 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 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

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:  March 1, 2011	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer
	Nevada Power Company d/b/a NV Energy  (Registrant)
Date:  March 1, 2011	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer
	Sierra Pacific Power Company d/b/a NV Energy  (Registrant)
Date:  March 1, 2011	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer

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
	Year Ended December 31,
	2010			2009			2008
Net Income	$	226,984		$	182,936		$	208,887
Interest expense (net of AFUDC(1) - debt)		333,010			334,314			300,857
Income tax expense		113,764			75,451			95,354
Depreciation and amortization		333,059			321,921			260,608
EBITDA	$	1,006,817		$	914,622		$	865,706
EBITDA/Interest expense		3.02	x		2.74	x		2.88	x
Total Debt/EBITDA		5.24	x		5.95	x		6.09	x
NV Energy, Inc.
Interest expense (net of AFUDC(1) - debt)	$	333,010		$	334,314		$	300,857
Long-term debt	$	4,924,109		$	5,303,357		$	5,266,982
Current maturities of long-term debt		355,929			134,474			9,291
Total Debt	$	5,280,038		$	5,437,831		$	5,276,273
(1) Allowance for funds used during construction.

RECONCILIATION  OF NON-GAAP FINANCIAL MEASURES
(Dollars in Thousands)
Nevada Power Company
EBITDA
	Year Ended December 31,
	2010			2009			2008
Net Income	$	185,943		$	134,284		$	151,431
Interest expense (net of AFUDC(1) - debt)		214,367			226,252			186,822
Income tax expense		91,757			61,652			71,382
Depreciation and amortization		226,252			215,873			171,080
EBITDA	$	718,319		$	638,061		$	580,715
EBITDA/Interest expense		3.35	x		2.82	x		3.11	x
Total Debt/EBITDA		4.98	x		5.73	x		5.84	x
Nevada Power Company
Interest expense (net of AFUDC(1) - debt)	$	214,367		$	226,252		$	186,822
Long-term debt	$	3,221,833		$	3,535,440		$	3,385,106
Current maturities of long-term debt		355,929			119,474			8,691
Total Debt	$	3,577,762		$	3,654,914		$	3,393,797
(1) Allowance for funds used during construction.

RECONCILIATION  OF NON-GAAP FINANCIAL MEASURES
(Dollars in Thousands)
Sierra Pacific Power Compay
EBITDA
	Year Ended December 31,
	2010			2009			2008
Net Income	$	72,375		$	73,085		$	90,582
Interest expense (net of AFUDC(1) - debt)		68,514			69,413			72,712
Income tax expense		40,404			31,225			37,603
Depreciation and amortization		106,807			106,048			89,528
EBITDA	$	288,100		$	279,771		$	290,425
EBITDA/Interest expense		4.20	x		4.03	x		3.99	x
Total Debt/EBITDA		4.15	x		4.64	x		4.81	x
Sierra Pacific Power Company
Interest expense (net of AFUDC(1) - debt)	$	68,514		$	69,413		$	72,712
Long-term debt	$	1,195,775		$	1,282,225		$	1,395,987
Current maturities of long-term debt		-			15,000			600
Total Debt	$	1,195,775		$	1,297,225		$	1,396,587
(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)
	Year Ended December 31,
	2010			2009			2008
Net Income	$	226,984		$	182,936		$	208,887
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		333,059			321,921			260,608
Deferred taxes and deferred investment tax credit		129,231			111,219			52,060
AFUDC(1) (debt and equity)		(51,467	)		(44,503	)		(67,968	)
Gain on sale of asset		(7,575	)		-			-
Amortization of other regulatory assets		110,654			101,641			7,453
Deferred rate increase		(8,343	)		(95,890	)		-
Other, net		(20,666	)		(7,755	)		93,029
FFO (before deferred energy)		711,877			569,569			554,069
Deferred energy		147,497			306,406			2,717
Adjusted FFO	$	859,374		$	875,975		$	556,786
Long-term debt	$	4,924,109		$	5,303,357		$	5,266,982
Current maturities of long-term debt		355,929			134,474			9,291
Total Debt	$	5,280,038		$	5,437,831		$	5,276,273
Interest expense (net of AFUDC(1) debt)	$	333,010		$	334,314		$	300,857
AFUDC(1) (debt)		23,355			20,229			29,527
Adjusted Interest Expense	$	356,365		$	354,543		$	330,384
Total Debt/FFO		7.42	x		9.55	x		9.52	x
Total Debt/Adjusted FFO		6.14	x		6.21	x		9.48	x
FFO Adjusted Interest Coverage		3.00	x		2.61	x		2.68	x
Adjusted FFO/Adjusted Interest Coverage		3.41	x		3.47	x		2.69	x
Shareholders' Equity	$	3,350,818		$	3,223,922		$	3,131,186
Total Capitalization (including current maturities of long-term debt)	$	8,630,856		$	8,661,753		$	8,407,459
Total Debt/Total Capitalization		61.18	%		62.78	%		62.76	%
(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)
	Year Ended December 31,
	2010			2009			2008
Net Income	$	185,943		$	134,284		$	151,431
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		226,252			215,873			171,080
Deferred taxes and deferred investment tax credit		92,859			96,831			45,039
AFUDC(1) (debt and equity)		(46,672	)		(38,209	)		(45,980	)
Amortization of other regulatory assets		74,625			61,758			24,459
Deferred rate increase		(8,343	)		(95,890	)		-
Other, net		(16,153	)		(159	)		48,750
FFO (Before Deferred Energy Costs)		508,511			374,488			394,779
Deferred energy		116,230			216,629			4,211
Adjusted FFO	$	624,741		$	591,117		$	398,990
Long-term debt	$	3,221,833		$	3,535,440		$	3,385,106
Current maturities of long-term debt		355,929			119,474			8,691
Total Debt	$	3,577,762		$	3,654,914		$	3,393,797
Interest expense (net of AFUDC(1) debt)	$	214,367		$	226,252		$	186,822
AFUDC(1) (debt)		21,443			17,184			20,063
Adjusted Interest Expense	$	235,810		$	243,436		$	206,885
Total Debt/FFO		7.04	x		9.76	x		8.60	x
Total Debt/Adjusted FFO		5.73	x		6.18	x		8.51	x
FFO Adjusted Interest Coverage		3.16	x		2.54	x		2.91	x
Adjusted FFO/Adjusted Interest Coverage		3.65	x		3.43	x		2.93	x
Shareholder's Equity	$	2,761,632		$	2,650,039		$	2,627,567
Total Capitalization (including current maturities of long-term debt)	$	6,339,394		$	6,304,953		$	6,021,364
Total Debt/Total Capitalization		56.44	%		57.97	%		56.36	%
(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)
	Year Ended December 31,
	2010			2009			2008
Net Income	$	72,375		$	73,085		$	90,582
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		106,807			106,048			89,528
Deferred taxes and deferred investment tax credit		39,220			32,548			24,598
AFUDC(1) (debt and equity)		(4,795	)		(6,293	)		(21,988	)
Gain on sale of asset		(7,575	)		-			-
Amortization of other regulatory assets		35,799			39,146			(13,822	)
Other, net		(7,929	)		(8,778	)		36,694
FFO (before deferred energy)		233,902			235,756			205,592
Deferred energy		31,267			89,777			(1,494	)
Adjusted FFO	$	265,169		$	325,533		$	204,098
Long-term debt	$	1,195,775		$	1,282,225		$	1,395,987
Current maturities of long-term debt		-			15,000			600
Total Debt	$	1,195,775		$	1,297,225		$	1,396,587
Interest expense (net of AFUDC(1) debt)	$	68,514		$	69,413		$	72,712
AFUDC(1) (debt)		1,912			3,044			9,464
Adjusted Interest Expense	$	70,426		$	72,457		$	82,176
Total Debt/FFO		5.11	x		5.50	x		6.79	x
Total Debt/Adjusted FFO		4.51	x		3.98	x		6.84	x
FFO Adjusted Interest Coverage		4.32	x		4.25	x		3.50	x
Adjusted FFO/Adjusted Interest Coverage		4.77	x		5.49	x		3.48	x
Shareholder's Equity	$	973,420		$	1,009,258		$	877,961
Total Capitalization (including current maturities of long-term debt)	$	2,169,195		$	2,306,483		$	2,274,548
Total Debt/Total Capitalization		55.13	%		56.24	%		61.40	%
(1) Allowance for borrowed funds used during construction or allowance for equity funds used during construction.