EXHIBIT 12.3

SIERRA PACIFIC POWER COMPANY

RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

	Three Months Ended March 31,						Year Ended December 31,
	2011			2010			2010			2009			2008			2007			2006
EARNINGS AS DEFINED:
Net Income	$	16,576		$	17,120		$	72,375		$	73,085		$	90,582		$	65,667		$	57,709
Income Taxes		8,318			7,676			40,404			31,225			37,603			26,009			27,829
Fixed Charges		17,834			18,700			72,815			74,955			84,478			75,655			79,093
Capitalized Interest (allowance for borrowed     funds used during construction)		(420	)		(407	)		(1,912	)		(3,044	)		(9,464	)		(12,771	)		(5,505	)
Total	$	42,308		$	43,089		$	183,682		$	176,221		$	203,199		$	154,560		$	159,126
FIXED CHARGES AS DEFINED:
Interest Expensed and Capitalized (1)	$	17,834		$	18,700		$	72,815		$	74,955		$	84,478		$	75,655		$	79,093
Total	$	17,834		$	18,700		$	72,815		$	74,955		$	84,478		$	75,655		$	79,093
RATIO OF EARNINGS TO FIXED CHARGES		2.37			2.30			2.52			2.35			2.41			2.04			2.01

(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 year ended December 31, 2006, 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.