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) April 26, 2010

Commission File Number	Registrant, Address of Principal Executive Offices and Telephone Number	I.R.S. Employer Identification Number	State of Incorporation
1-08788	NV ENERGY, INC. 6226 West Sahara Avenue Las Vegas, Nevada 89146 (702) 402-5000	88-0198358	Nevada
2-28348	NEVADA POWER COMPANY d/b/a NV ENERGY 6226 West Sahara Avenue Las Vegas, Nevada 89146 (702) 402-5000	88-0420104	Nevada
0-00508	SIERRA PACIFIC POWER COMPANY d/b/a NV ENERGY P.O. Box 10100 (6100 Neil Road) Reno, Nevada 89520-0400 (89511) (775) 834-4011	88-0044418	Nevada

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 Press Release dated April 26, 2010

 EX-99.2 Supplemental Slides dated April 26, 2010

Item 2.02 Results of Operations and Financial Condition

     On April 26, 2010, NV Energy, Inc. and its two utility subsidiaries, Nevada Power Company (d/b/a NV Energy) and Sierra Pacific Power Company (d/b/a NV Energy), issued a press release disclosing financial results for the quarter ended March 31, 2010. The text of the release is furnished herewith as Exhibit 99.1.

Item 7.01 Regulation FD Disclosure

     In addition to the earnings press release on April 26, 2010 discussed in Item 2.02 above, NV Energy, Inc. and its two utility subsidiaries, Nevada Power Company (d/b/a NV Energy) and Sierra Pacific Power Company (d/b/a NV Energy), posted supplemental slides containing additional financial information about the companies to its website, www.nvenergy.com. A copy of these supplemental slides is furnished herewith as Exhibit 99.2.

     The information contained in this Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed “filed” for the purpose of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits — The following exhibits are furnished with this Form 8-K:

     EX-99.1 — Press Release dated April 26, 2010.

     EX-99.2 — Supplemental Slides dated April 26, 2010.

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: April 26, 2010	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Interim Chief Financial Officer
	Nevada Power Company d/b/a NV Energy           (Registrant)
Date: April 26, 2010	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Interim Chief Financial Officer
	Sierra Pacific Power Company d/b/a NV Energy           (Registrant)
Date: April 26, 2010	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Interim Chief Financial Officer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE
April 26, 2010	Analyst Contact: Britta Carlson, (702) 402-5624
	Media Contact: Karl Walquist, (775) 834-3891

NV Energy, Inc., Reports First Quarter Results

Las Vegas — NV Energy, Inc. (NYSE: NVE) today announced a consolidated net loss of $1.7 million, or 1 cent per share, for the quarter ended March 31, 2010, compared with a consolidated net loss of $22.2 million, or 9 cents per share, for the quarter ended March 31, 2009.

The improvement in the first quarter 2010 versus the first quarter 2009 was due to an increase in rates as a result of the southern Nevada utility’s general rate case, effective on July 1, 2009.

NV Energy’s two utilities contributed gross margin of $304.9 million in the first quarter 2010, $21 million higher than the first quarter 2009.

“Much of the first quarter-to-quarter improvement is attributable to our investments in new generating facilities in southern Nevada that are now included in rates,” said Michael Yackira, president and chief executive officer of NV Energy.

Webcast Scheduled for 7 a.m. PDT today, Monday, April 26

Senior management of NV Energy will review the company’s 2010 first quarter financial results and other matters during a conference call and live webcast today, Monday, April 26, at 7 a.m. Pacific Daylight Time.

The webcast will be accessible on the NV Energy website:

www.nvenergy.com.

An archived version of the webcast will remain on the NV Energy website for approximately one month following the live webcast. To listen to a recording of the call by telephone, call (800) 475-6701, and international callers should dial (320) 365-3844. Use the conference call access code, 153625, to listen to the recording.

Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a 54,500-square-mile service territory that stretches north to south from Elko to Laughlin, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada as well as approximately 40 million tourists annually.

This press release may contain forward-looking statements regarding the future performance of NV Energy, Inc. and its subsidiaries, Nevada Power Company d/b/a NV Energy and Sierra

P.O. BOX 98910, LAS VEGAS, NEVADA 89151-0001	6226 WEST SAHARA AVENUE, LAS VEGAS, NEVADA 89146
P.O. BOX 30150, RENO, NEVADA 89520-3150	6100 NEIL ROAD, RENO, NEVADA 89511 nvenergy.com

Pacific Power Company d/b/a NV Energy, within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, NV Energy Inc.’s ability to maintain access to the capital markets, NV Energy Inc.’s ability to receive dividends from its subsidiaries, the financial performance of NV Energy Inc.’s subsidiaries, particularly Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, and the discretion of NV Energy Inc.’s Board of Directors with respect to the payment of future dividends based on its periodic review of factors that ordinarily affect dividend policy, such as current and prospective financial condition, earnings and liquidity, prospective business conditions, regulatory factors, and dividend restrictions in NV Energy Inc.’s and its subsidiaries’ financing agreements. For Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, these risks and uncertainties include, but are not limited to, future economic conditions both nationally and regionally, changes in the rate of industrial, commercial and residential growth in their service territories, their ability to procure sufficient renewable energy sources in each compliance year to satisfy the Nevada Portfolio Standard, changes in environmental laws and regulations, construction risks, their ability to maintain access to the capital markets for general corporate purposes and to finance construction projects, employee workforce factors, including changes in and renewals of collective bargaining agreements, strikes or work stoppages, unseasonable weather, drought, threat of wildfire and other natural phenomena, their ability to purchase sufficient fuel, natural gas and power to meet their power demands and natural gas demands for Sierra Pacific Power Company d/b/a NV Energy, financial market conditions, and unfavorable rulings in their pending and future regulatory filings. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy are contained in their Annual Reports on Form 10-K/A for the year ended December 31, 2009, each filed with the SEC. NV Energy Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy undertake no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

NV ENERGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Amounts)
(unaudited)

	Three Months Ended
	March 31,
	2010			2009
OPERATING REVENUES	$	716,969		$	755,267
OPERATING EXPENSES:
Fuel for power generation		221,619			230,104
Purchased power		107,363			125,387
Gas purchased for resale		65,559			70,272
Deferred energy		17,566			45,635
Other operating expenses		109,106			114,677
Maintenance		25,729			34,400
Depreciation and amortization		80,948			78,048
Taxes other than income		16,173			14,647
Total Operating Expenses		644,063			713,170
OPERATING INCOME		72,906			42,097
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt: 2010-$4,939, 2009-$5,146)		(80,064	)		(82,633	)
Interest income (expense) on regulatory items		(2,071	)		1,180
AFUDC-equity		5,953			6,218
Other income		5,877			5,058
Other expense		(3,066	)		(5,578	)
Total Other Income (Expense)		(73,371	)		(75,755	)
Loss Before Income Tax Expense		(465	)		(33,658	)
Income tax expense (benefit)		1,256			(11,414	)
NET LOSS	$	(1,721	)	$	(22,244	)
Amount per share basic and diluted
Net loss per share basic and diluted	$	(0.01	)	$	(0.09	)
Weighted Average Shares of Common Stock Outstanding — basic and diluted		234,858,642			234,331,044
Dividends Declared Per Share of Common Stock	$	0.11		$	0.10

NEVADA POWER COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands)
(unaudited)

	Three Months Ended
	March 31,
	2010			2009
OPERATING REVENUES	$	426,960		$	436,529
OPERATING EXPENSES:
Fuel for power generation		156,115			154,062
Purchased power		71,227			88,206
Deferred energy		19,463			38,190
Other operating expenses		67,880			70,193
Maintenance		17,019			27,534
Depreciation and amortization		55,101			52,363
Taxes other than income		10,026			9,063
Total Operating Expenses		396,831			439,611
OPERATING INCOME (LOSS)		30,129			(3,082	)
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt: 2010-$4,532, 2009-$4,562)		(53,356	)		(55,043	)
Interest income (expense) on regulatory items		(31	)		1,853
AFUDC-equity		5,362			5,621
Other income		2,583			2,342
Other expense		(1,132	)		(3,207	)
Total Other Income (Expense)		(46,574	)		(48,434	)
Loss Before Income Tax Expense		(16,445	)		(51,516	)
Income tax benefit		(4,119	)		(16,365	)
NET LOSS	$	(12,326	)	$	(35,151	)

SIERRA PACIFIC POWER COMPANY
CONSOLIDATED INCOME STATEMENTS
(Dollars in Thousands)
(unaudited)

	Three Months Ended
	March 31,
	2010			2009
OPERATING REVENUES:
Electric	$	209,981		$	237,738
Gas		80,020			80,993
Total Operating Revenues		290,001			318,731
OPERATING EXPENSES:
Fuel for power generation		65,504			76,042
Purchased power		36,136			37,181
Gas purchased for resale		65,559			70,272
Deferred energy — electric — net		(1,500	)		11,796
Deferred energy — gas — net		(397	)		(4,351	)
Other operating expenses		40,672			44,015
Maintenance		8,710			6,866
Depreciation and amortization		25,847			25,685
Taxes other than income		6,066			5,524
Total Operating Expenses		246,597			273,030
OPERATING INCOME		43,404			45,701
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt: 2010-$407, 2009-$584)		(17,045	)		(17,927	)
Interest income (expense) on regulatory items		(2,040	)		(673	)
AFUDC-equity		591			597
Other income		1,755			2,715
Other expense		(1,869	)		(1,991	)
Total Other Income (Expense)		(18,608	)		(17,279	)
Income Before Income Tax Expense		24,796			28,422
Income tax expense		7,676			9,286
NET INCOME	$	17,120		$	19,136

Gross margin is presented by Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy in order to provide information by segment that management believes aids the reader in determining how profitable the electric and gas business is at the most fundamental level. Gross margin, which is a “non-GAAP financial measure” as defined in accordance with SEC rules, provides a measure of income available to support the other operating expenses of the business and is utilized by management in its analysis of its business.

Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy believe presenting gross margin allows the reader to assess the impact of regulatory treatment and their overall regulatory environment on a consistent basis. Gross margin, as a percentage of revenue, is primarily impacted by the fluctuations in regulated electric and natural gas supply costs versus the fixed rates collected from customers. While these fluctuating costs impact gross margin as a percentage of revenue, they only impact gross margin amounts if the costs cannot be passed through to customers. Gross margin, which Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy calculate as operating revenues less energy costs, provides a measure of income available to support the other operating expenses. Gross margin changes based on such factors as general base rate adjustments (which are required to be filed by statute every three years) and reflect Nevada Power Company and Sierra Pacific Power Company’s both d/b/a NV Energy strategy to increase internal power generation versus purchased power, which generates no gross margin. Reconciliations between GAAP operating income and gross margin are provided in tables herein. These non-GAAP measures should not be considered as substitutes for the GAAP measures.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Gross Margin
(Dollars in Thousands)
(Unaudited)

Nevada Power Company

	Three Months Ended					% Change
	March 31,					from Prior
	2010		2009			Year
Operating Revenues	$	426,960	$	436,529			-2.2	%
Energy Costs:
Fuel for power generation		156,115		154,062
Purchased Power		71,227		88,206
Deferred energy — net		19,463		38,190
	$	246,805	$	280,458			-12.0	%
Gross Margin	$	180,155	$	156,071			15.4	%
Other operating expenses		67,880		70,193
Maintenance		17,019		27,534
Depreciation and amortization		55,101		52,363
Taxes other than income		10,026		9,063
Operating Income (Loss)	$	30,129		($3,082	)		1077.6	%

Sierra Pacific Power Company

	Three Months Ended						% Change
	March 31,						from Prior
	2010			2009			Year
Operating Revenues:
Electric	$	209,981		$	237,738
Gas		80,020			80,993
	$	290,001		$	318,731			-9.0	%
Energy Costs:
Fuel for power generation		65,504			76,042
Purchased Power		36,136			37,181
Gas purchased for resale		65,559			70,272
Deferred energy — electric — net		(1,500	)		11,796
Deferred energy — gas — net		(397	)		(4,351	)
	$	165,302		$	190,940			-13.4	%
Gross Margin	$	124,699		$	127,791			-2.4	%
Other operating expenses		40,672			44,015
Maintenance		8,710			6,866
Depreciation and amortization		25,847			25,685
Taxes other than income		6,066			5,524
Operating Income	$	43,404		$	45,701			-5.0	%
Energy Costs by Segment:
Electric	$	100,140		$	125,019
Gas		65,162			65,921
	$	165,302		$	190,940			-13.4	%
Gross Margin by Segment:
Electric	$	109,841		$	112,719
Gas		14,858			15,072
	$	124,699		$	127,791			-2.4	%

Summary of Selected Operating Statistics

Nevada Power Company
Operating Revenues
(dollars in thousands)

	Three Months Ended				% Change			Avg.
	March 31,				from Prior			Change in
	2010		2009		Year			customers
Operating Revenues:
Residential	$	196,593	$	191,370		2.7	%		-0.4	%
Commercial		94,269		96,794		-2.6	%		1.6	%
Industrial		119,648		128,039		-6.6	%		0.1	%
Retail revenues		410,510		416,203		-1.4	%
Other		16,450		20,326		-19.1	%
Total Operating Revenues	$	426,960	$	436,529		-2.2	%
Retail sales in thousands of MWhs		4,086		4,121		-0.8	%

Sierra Pacific Power Company
Operating Revenues
(dollars in thousands)

	Three Months Ended				% Change			Avg.
	March 31,				from Prior			Change in
	2010		2009		Year			customers
Electric Operating Revenues:
Residential	$	83,159	$	93,785		-11.3	%		-0.2	%
Commercial		76,974		90,437		-14.9	%		0.1	%
Industrial		42,631		46,067		-7.5	%		-1.9	%
Retail revenues		202,764		230,289		-12.0	%
Other		7,217		7,449		-3.1	%
Total Electric Operating Revenues	$	209,981	$	237,738		-11.7	%
Retail sales in thousands of MWhs		1,960		1,980		-1.0	%

	Three Months Ended				% Change			Avg.
	March 31,				from Prior			Change in
	2010		2009		Year			customers
Gas Operating Revenues:
Residential	$	42,363	$	45,881		-7.7	%
Commercial		20,482		21,840		-6.2	%
Industrial		5,939		5,892		0.8	%
Retail revenues		68,784		73,613		-6.6	%		0.6	%
Wholesale revenue		10,561		6,734		56.8	%
Miscellaneous		675		646		4.5	%
Total Gas Operating Revenues	$	80,020	$	80,993		-1.2	%
Retail sales in thousands of decatherms		5,985		6,107		-2.0	%

Financial Highlights
(Dollars in Thousands)
(Unaudited)

NV Energy, Inc
Capital Structure

	March 31, 2010				March 31, 2009
Current maturities of long-term debt(1)	$	237,785	2.7	%	$	8,885	0.1	%
Long-term debt		5,316,626	60.7	%		5,485,643	63.9	%
Total Debt	$	5,554,411	63.5	%	$	5,494,528	64.0	%
Total shareholders’ equity		3,197,525	36.5	%		3,086,337	36.0	%
Total Capitalization (including current maturities of long-term debt)	$	8,751,936	100.0	%	$	8,580,865	100.0	%

Nevada Power Company
Capital Structure

	March 31, 2010				March 31, 2009
Current maturities of long-term debt(1)	$	237,785	3.7	%	$	8,885	0.1	%
Long-term debt		3,549,120	55.5	%		3,596,840	58.2	%
Total Debt	$	3,786,905	59.2	%	$	3,605,725	58.3	%
Total shareholder’s equity		2,610,729	40.8	%		2,570,426	41.7	%
Total Capitalization (including current maturities of long-term debt)	$	6,397,634	100.0	%	$	6,176,151	100.0	%

Sierra Pacific Power Company
Capital Structure

	March 31, 2010				March 31, 2009
Current maturities of long-term debt	$	—	0.0	%	$	—	0.0	%
Long-term debt		1,281,863	55.8	%		1,402,964	59.0	%
Total Debt	$	1,281,863	55.8	%	$	1,402,964	59.0	%
Total shareholder’s equity		1,013,388	44.2	%		975,406	41.0	%
Total Capitalization (including current maturities of long-term debt)	$	2,295,251	100.0	%	$	2,378,370	100.0	%

⁽¹⁾ Includes amounts borrowed under NPC’s revolving credit facility as of March 31, 2010 that are expected to be reclassified to long-term debt upon closing of its new revolving credit facility.

NVE Available Liquidity as of March 31, 2010 (dollars in millions)

	NVE		NPC		SPPC
Cash and Cash Equivalents	$	10.6	$	34.8	$	28.5
Balance available on Revolving Credit Facilities		N/A		344.3		317.9
	$	10.6	$	379.1	$	346.4

EX-99.2

Exhibit 99.2

Earnings Conference Call 1st Quarter 2010 Supplemental Slides April 26, 2010

Consolidated Margin Variance Allocations 1ST Quarter 2010 vs. 2009 (dollars in thousands) 155.4% (25.8%) (30.5%) 0.9% 100.0% $32,630 ($5,411) ($6,422) $196 $20,993

Reconciliation of Non-GAAP Financial Measures Gross Margin (dollars in thousands) NVE Consolidated % Change from 2010 2009 Prior Year Operating Revenues $716,969 $755,267 -5.1% Energy Costs: Fuel for power generation 221,619 230,104 Purchased Power 107,363 125,387 Gas purchased for resale 65,559 70,272 Deferred energy - net 17,566 45,635 412,107 471,398 -12.6% Gross Margin $304,862 $283,869 7.4% Other operating expenses 109,106 114,677 Maintenance 25,729 34,400 Depreciation and amortization 80,948 78,048 Taxes other than income 16,173 14,647 Operating Income $72,906 $42,097 73.2%

Retail Electric Sales Volume by Customer Class Southern Territory MWh 4,086 3,789 4,002 4,194 4,121 4,293

Retail Electric Sales Volume by Customer Class Northern Territory 2,296 2,069 2,151 2,150 1,980 1,960

Residential Electric Customer Growth - 1st Quarter 2010 1.5% 5.0% 0.6% 2.2% 0.0% 2.7% 3.3% 1.2% - -0.2% - -0.4%