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 2, 2011

Commission File Number	Registrant, State of Incorporation, Address of Principal Executive Offices and Telephone Number	I.R.S. Employer Employer Identification 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 Press Release dated November 2, 2011

 EX-99.2 Supplemental Slides dated November 2, 2011

Item 2.02 Results of Operations and Financial Condition

     On November 2, 2011, 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 period ended September 30, 2011. 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 November 2, 2011 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.

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

     EX-99.1 — Press Release dated November 2, 2011.

     EX-99.2 — Supplemental Slides dated November 2, 2011.

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 2, 2011	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer

	Nevada Power Company d/b/a NV Energy      (Registrant)
Date: November 2, 2011	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer

	Sierra Pacific Power Company d/b/a NV Energy      (Registrant)
Date: November 2, 2011	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

November 2, 2011

Analyst Contacts: Max Kuniansky, (702) 402-5627
Britta Carlson, (702) 402-5624
Media Contact: Karl Walquist, (775) 834-3891

NV Energy Reports Third Quarter Earnings

Las Vegas — NV Energy, Inc. (NYSE: NVE) today announced financial results for the three months and nine months ended September 30, 2011.

NV Energy, Inc.
Consolidated Results
Periods Ended September 30

	Net Income				EPS
	($ in millions)				(diluted)
	2011		2010		2011		2010
Three Months	$	173.5	$	177.5	$	0.73	$	0.75
Nine Months	$	188.7	$	212.8	$	0.80	$	0.90

“As expected, the completion of the new Harry Allen combined cycle plant was a key factor affecting our third quarter results,” said Michael Yackira, president and chief executive officer of NV Energy, Inc. “Harry Allen concludes our major investments in new efficient generation over the past five years. I am pleased that our continuing efforts to control spending helped mitigate the additional costs of this new plant.”

The 2010 amounts in the table above incorporate an $8.0 million (pre-tax) accrual for the September 2010 termination of a long term service agreement¹. In the third quarter of 2011, after reaching a settlement with the vendor, NV Energy reversed the accrued termination costs. The reversal benefitted results for the three and nine months ended September 30, 2011 by $8.0 million (pre-tax).

Results for the nine months ended September 30, 2011 were adversely affected by $8.6 million of pre-tax adjustments in connection with energy efficiency implementation rates as previously disclosed.

Results for both periods ended September 30, 2010 reflect the results of NV Energy’s California operations, which were sold effective January 1, 2011. Results for the nine months ended September 30, 2010 also reflect a $7.6 million pre-tax gain on a May 2010 asset sale as previously disclosed.

¹  A revision to the September 30, 2010 SEC Form 10-Q as disclosed in the SEC Form 10-K for the fiscal year ended December 31, 2010.

Webcast Scheduled for 7 a.m. PDT today, Wednesday, November 2, 2011

Senior management of NV Energy will review the company’s third quarter 2011 financial results and other matters during a conference call and live webcast today, Wednesday, November 2, at 7 a.m. Pacific Daylight Time.

The webcast will be accessible on the NV Energy website at: www.nvenergy.com.

A taped replay will remain on the company’s website for approximately 30 days. To listen to the replay by telephone, call (800) 475-6701. International callers should dial (320) 365-3844. Use the conference call access code, 219843.

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 combined 45,592 square-mile service territory, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada and nearly 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 and Sierra Pacific Power Company both 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 Renewable Energy 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, unseasonable weather, drought, threat of wildfire and other natural phenomena, explosions, fires, accidents, mechanical breakdowns that may occur while operating and maintaining an electric and natural gas system, 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 quarterly reports on Form 10-Q for the quarters ended March 31, 2011 and June 30, 2011, and Annual Reports on Form 10-K for the year ended December 31, 2010, each filed with the Securities and Exchange Commission. 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 INCOME STATEMENTS
(Dollars in Thousands, Except Per Share Amounts)
(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
OPERATING REVENUES	$	1,017,796		$	1,128,039		$	2,333,710		$	2,625,211
OPERATING EXPENSES:
Fuel for power generation		216,779			247,233			519,920			650,514
Purchased power		223,348			249,854			518,672			522,538
Gas purchased for resale		10,137			10,823			87,753			101,536
Deferred energy		(33,620	)		34,055			(43,678	)		106,554
Other operating expenses		127,645			112,741			331,166			320,755
Maintenance		11,369			31,126			73,317			85,715
Depreciation and amortization		93,737			83,423			266,445			249,067
Taxes other than income		15,205			15,420			46,134			47,532
Total Operating Expenses		664,600			784,675			1,799,729			2,084,211
OPERATING INCOME		353,196			343,364			533,981			541,000
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt: $1,326, $6,485, $10,371 and $17,349)		(80,496	)		(80,789	)		(238,718	)		(241,625	)
Interest expense on regulatory items		(4,316	)		(3,685	)		(12,140	)		(8,753	)
AFUDC-equity		1,690			7,824			12,854			20,915
Other income		4,645			9,246			14,942			30,524
Other expense		(9,857	)		(4,313	)		(23,600	)		(17,038	)
Total Other Income (Expense)		(88,334	)		(71,717	)		(246,662	)		(215,977	)
Income Before Income Tax Expense		264,862			271,647			287,319			325,023
Income tax expense		91,400			94,101			98,639			112,252
NET INCOME	$	173,462		$	177,546		$	188,680		$	212,771
Amount per share basic and diluted
Net income per share — basic	$	0.74		$	0.76		$	0.80		$	0.91
Net income per share — diluted		0.73			0.75			0.80			0.90
Weighted Average Shares of Common Stock Outstanding — basic		235,990,373			235,117,058			235,796,321			234,991,208
Weighted Average Shares of Common Stock Outstanding — diluted		237,901,330			236,477,187			237,320,796			236,136,725
Dividends Declared Per Share of Common Stock	$	0.12		$	0.11		$	0.36		$	0.33

NV ENERGY, INC.
CONSOLIDATED OPERATING STATISTICS AND FINANCIAL HIGHLIGHTS
(unaudited)

ELECTRIC SALES — MWh’s

(in thousands)

	Three Months Ended September 30,							Nine Months Ended September 30,
					Change from							Change from
	2011		2010		Prior Year			2011		2010		Prior Year
Residential		4,322		4,409		(2.0)	%		8,694		9,007		(3.5)	%
Commercial		2,141		2,192		(2.3)	%		5,472		5,616		(2.6)	%
Industrial		2,713		2,799		(3.1)	%		7,680		7,707		(0.4)	%
TOTAL RETAIL		9,176		9,400		(2.4)	%		21,846		22,330		(2.2)	%
Other		65		67		(3.0)	%		178		181		(1.7)	%
TOTAL		9,241		9,467		(2.4)	%		22,024		22,511		(2.2)	%

ELECTRIC SALES — MWh’s (EXCLUDING CALIFORNIA)*

(in thousands)

	Three Months Ended September 30,										Nine Months Ended September 30,
								Average										Average
					Change from			Change in							Change from			Change in
	2011		2010		Prior Year			Customers			2011		2010		Prior Year			Customers
Residential		4,322		4,354		(0.7)	%		0.9	%		8,694		8,801		(1.2)	%		0.9	%
Commercial		2,141		2,153		(0.6)	%		0.5	%		5,472		5,499		(0.5)	%		0.6	%
Industrial		2,713		2,775		(2.2)	%		(3.0	)%		7,680		7,621		0.8	%		(1.7)	%
TOTAL RETAIL		9,176		9,282		(1.1)	%					21,846		21,921		(0.3)	%
Other		65		67		(3.0)	%					178		181		(1.7)	%
TOTAL		9,241		9,349		(1.2)	%		0.8	%		22,024		22,102		(0.4)	%		0.8	%

* Represents results for 2011 and 2010 excluding amounts related to the California operations which were sold on January 1, 2011.

GAS SALES — Dth

(in thousands)

	Three Months Ended September 30,							Nine Months Ended September 30,
					Change from							Change from
	2011		2010		Prior Year			2011		2010		Prior Year
TOTAL RETAIL		1,187		1,272		(6.7)	%		10,593		10,108		4.8	%

ELECTRIC SOURCES — MWh’s

(in thousands)

	Three Months Ended September 30,							Nine Months Ended September 30,
					Change from							Change from
	2011		2010		Prior Year			2011		2010		Prior Year
Generated		6,180		6,263		(1.3)	%		14,477		15,693		(7.7)	%
Purchased		3,577		3,571		0.2	%		9,081		7,854		15.6	%
TOTAL		9,757		9,834					23,558		23,547

DEGREE DAYS

	Three Months Ended September 30,							Nine Months Ended September 30,
					Change from							Change from
	2011		2010		Prior Year			2011		2010		Prior Year
SOUTH
Heating		—		—		N/A			1,131		1,170		(3.3	)%
Cooling		2,312		2,412		(4.1)	%		3,329		3,418		(2.6	)%
NORTH
Heating		3		39		(92.3)	%		3,201		3,023		5.9	%
Cooling		848		767		10.6	%		960		904		6.2	%

CAPITAL STRUCTURE

(dollars in thousands)

	September 30, 2011				September 30, 2010
Current maturities of long-term debt	$	136,139	1.6	%	$	356,538	3.9	%
Long-term debt		5,038,232	58.3	%		5,313,407	58.8	%
Total debt	$	5,174,371	59.9	%	$	5,669,945	62.8	%
Total shareholders’ equity		3,465,689	40.1	%		3,363,314	37.2	%
Total capitalization (including current maturities of long-term debt)	$	8,640,060	100.0	%	$	9,033,259	100.0	%

AVAILABLE LIQUIDITY AS OF SEPTEMBER 30, 2011

(dollars in millions)

	NVE		NPC			SPPC
Cash and Cash Equivalents	$	32.9	$	34.8		$	66.3
Balance available on Revolving Credit Facilities		N/A		548.0			237.5
Less reduction for hedging transactions		N/A		(1.7	)		(0.5	)
	$	32.9	$	581.1		$	303.3

NEVADA POWER COMPANY
CONSOLIDATED INCOME STATEMENTS
(Dollars in Thousands)
(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
OPERATING REVENUES	$	798,914		$	870,950		$	1,662,880		$	1,836,144
OPERATING EXPENSES:
Fuel for power generation		162,976			181,100			378,790			469,282
Purchased power		181,733			216,309			399,707			412,276
Deferred energy		(10,354	)		22,296			(1,274	)		81,719
Other operating expenses		88,455			73,762			215,491			203,773
Maintenance		3,460			23,707			45,122			58,945
Depreciation and amortization		67,212			56,575			186,798			169,330
Taxes other than income		9,105			9,038			28,209			28,857
Total Operating Expenses		502,587			582,787			1,252,843			1,424,182
OPERATING INCOME		296,327			288,163			410,037			411,962
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt: $842, $5,787, $8,962 and $15,763)		(55,267	)		(54,144	)		(163,036	)		(161,496	)
Interest expense on regulatory items		(2,478	)		(1,157	)		(5,911	)		(1,965	)
AFUDC-equity		1,026			6,795			10,979			18,555
Other income		2,990			3,842			9,298			9,084
Other expense		(7,324	)		(3,034	)		(15,235	)		(9,338	)
Total Other Income (Expense)		(61,053	)		(47,698	)		(163,905	)		(145,160	)
Income Before Income Tax Expense		235,274			240,465			246,132			266,802
Income tax expense		80,666			81,537			84,481			90,416
NET INCOME	$	154,608		$	158,928		$	161,651		$	176,386

NEVADA POWER COMPANY
CONSOLIDATED OPERATING STATISTICS AND FINANCIAL HIGHLIGHTS
(unaudited)

ELECTRIC SALES — MWh’s

(in thousands)

	Three Months Ended September 30,										Nine Months Ended September 30,
								Average										Average
					Change from			Change in							Change from			Change in
	2011		2010		Prior Year			Customers			2011		2010		Prior Year			Customers
Residential		3,711		3,758		(1.3)	%		1.1	%		7,021		7,162		(2.0)	%		1.1	%
Commercial		1,319		1,327		(0.6)	%		0.7	%		3,307		3,322		(0.5)	%		0.5	%
Industrial		2,070		2,123		(2.5)	%		(2.9)	%		5,793		5,771		0.4	%		(1.7)	%
TOTAL RETAIL		7,100		7,208		(1.5)	%					16,121		16,255		(0.8)	%
Other		61		63		(3.2)	%					166		169		(1.8)	%
TOTAL		7,161		7,271		(1.5)	%		1.0	%		16,287		16,424		(0.8)	%		1.0	%

ELECTRIC SOURCES — MWh’s

(in thousands)

	Three Months Ended September 30,							Nine Months Ended September 30,
					Change from							Change from
	2011		2010		Prior Year			2011		2010		Prior Year
Generated		4,879		4,738		3.0	%		11,138		11,868		(6.2)	%
Purchased		2,520		2,804		(10.1)	%		5,821		5,211		11.7	%
TOTAL		7,399		7,542					16,959		17,079

DEGREE DAYS

	Three Months Ended September 30,							Nine Months Ended September 30,
					Change from							Change from
	2011		2010		Prior Year			2011		2010		Prior Year
Heating		—		—		N/A			1,131		1,170		(3.3	)%
Cooling		2,312		2,412		(4.1)	%		3,329		3,418		(2.6	)%

CAPITAL STRUCTURE

(dollars in thousands)

	September 30, 2011				September 30, 2010
Current maturities of long-term debt	$	136,139	2.1	%	$	356,538	5.3	%
Long-term debt		3,352,044	52.4	%		3,546,724	53.2	%
Total debt	$	3,488,183	54.5	%	$	3,903,262	58.5	%
Total shareholders’ equity		2,913,311	45.5	%		2,764,475	41.5	%
Total capitalization (including current maturities of long-term debt)	$	6,401,494	100.0	%	$	6,667,737	100.0	%

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
OPERATING REVENUES:
Electric	$	202,263		$	237,798		$	545,462		$	649,337
Gas		16,615			19,286			125,357			139,711
Total Operating Revenues		218,878			257,084			670,819			789,048
OPERATING EXPENSES:
Fuel for power generation		53,803			66,133			141,130			181,232
Purchased power		41,615			33,545			118,965			110,262
Gas purchased for resale		10,137			10,823			87,753			101,536
Deferral of energy — electric — net		(22,095	)		9,964			(45,924	)		17,189
Deferral of energy — gas — net		(1,171	)		1,795			3,520			7,646
Other operating expenses		38,529			38,004			113,432			114,371
Maintenance		7,909			7,419			28,195			26,770
Depreciation and amortization		26,525			26,848			79,647			79,737
Taxes other than income		6,052			6,330			17,675			18,494
Total Operating Expenses		161,304			200,861			544,393			657,237
OPERATING INCOME		57,574			56,223			126,426			131,811
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt: $484,
$698, $1,409 and $1,586)		(16,861	)		(16,983	)		(50,581	)		(51,141	)
Interest expense on regulatory items		(1,838	)		(2,528	)		(6,229	)		(6,788	)
AFUDC-equity		664			1,029			1,875			2,360
Other income		1,448			2,379			4,677			14,276
Other expense		(2,255	)		(1,285	)		(7,403	)		(7,555	)
Total Other Income (Expense)		(18,842	)		(17,388	)		(57,661	)		(48,848	)
Income Before Income Tax Expense		38,732			38,835			68,765			82,963
Income tax expense		13,396			14,373			23,341			30,066
NET INCOME	$	25,336		$	24,462		$	45,424		$	52,897

SIERRA PACIFIC POWER COMPANY
CONSOLIDATED OPERATING STATISTICS AND FINANCIAL HIGHLIGHTS
(unaudited)

ELECTRIC SALES — MWh’s

(in thousands) 

	Three Months Ended September 30,							Nine Months Ended September 30,
					Change from							Change from
	2011		2010		Prior Year			2011		2010		Prior Year
Residential		611		651		(6.1)	%		1,673		1,845		(9.3)	%
Commercial		822		865		(5.0)	%		2,165		2,294		(5.6)	%
Industrial		643		676		(4.9)	%		1,887		1,936		(2.5)	%
TOTAL RETAIL		2,076		2,192		(5.3)	%		5,725		6,075		(5.8)	%
Other		4		4		N/A			12		12		—	%
TOTAL		2,080		2,196		(5.3)	%		5,737		6,087		(5.7)	%

ELECTRIC SALES — MWh’s (EXCLUDING CALIFORNIA)*

(in thousands) 

	Three Months Ended September 30,										Nine Months Ended September 30,
								Average										Average
					Change from			Change in							Change from			Change in
	2011		2010		Prior Year			Customers			2011		2010		Prior Year			Customers
Residential		611		596		2.5	%		0.3	%		1,673		1,639		2.1	%		0.3	%
Commercial		822		826		(0.5)	%		0.1	%		2,165		2,177		(0.6)	%		0.8	%
Industrial		643		652		(1.4)	%		(4.2)	%		1,887		1,850		2.0	%		(1.8)	%
TOTAL RETAIL		2,076		2,074		0.1	%					5,725		5,666		1.0	%
Other		4		4		N/A						12		12		—	%
TOTAL		2,080		2,078		0.1	%		0.2	%		5,737		5,678		1.0	%		0.4	%

* Represents results for 2011 and 2010 excluding amounts related to the California operations which were sold on January 1, 2011.

GAS SALES — Dth

(in thousands) 

	Three Months Ended September 30,							Nine Months Ended September 30,
					Change from							Change from
	2011		2010		Prior Year			2011		2010		Prior Year
TOTAL RETAIL		1,187		1,272		(6.7)	%		10,593		10,108		4.8	%

ELECTRIC SOURCES — MWh’s

(in thousands) 

	Three Months Ended September 30,							Nine Months Ended September 30,
					Change from							Change from
	2011		2010		Prior Year			2011		2010		Prior Year
Generated		1,301		1,525		(14.7)	%		3,339		3,825		(12.7)	%
Purchased		1,057		767		37.8	%		3,260		2,643		23.3	%
TOTAL		2,358		2,292					6,599		6,468

DEGREE DAYS

	Three Months Ended September 30,							Nine Months Ended September 30,
					Change from							Change from
	2011		2010		Prior Year			2011		2010		Prior Year
Heating		3		39		(92.3)	%		3,201		3,023		5.9	%
Cooling		848		767		10.6	%		960		904		6.2	%

CAPITAL STRUCTURE

(dollars in thousands) 

	September 30, 2011				September 30, 2010
Long-term debt	$	1,179,688	55.1	%	$	1,281,138	55.8	%
Total debt	$	1,179,688	55.1	%	$	1,281,138	55.8	%
Total shareholders’ equity		961,386	44.9	%		1,014,181	44.2	%
Total capitalization (including current maturities of long-term debt)	$	2,141,074	100.0	%	$	2,295,319	100.0	%

Gross margin is presented by Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy in order to provide information 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 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 are based primarily on general base rate adjustments (which are required to be filed by statute every three years). 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.

NV Energy, Inc.

Consolidated Gross Margin

(dollars in thousands)

	Three Months Ended September 30,								Nine Months Ended September 30,
						Change from								Change from
	2011			2010		Prior Year %			2011			2010		Prior Year %
Operating Revenues:	$	1,017,796		$	1,128,039		(9.8	)%	$	2,333,710		$	2,625,211		(11.1	)%
Energy Costs:
Fuel for power generation		216,779			247,233		(12.3	)%		519,920			650,514		(20.1	)%
Purchased power		223,348			249,854		(10.6	)%		518,672			522,538		(0.7	)%
Gas purchased for resale		10,137			10,823		(6.3	)%		87,753			101,536		(13.6	)%
Deferred energy		(33,620	)		34,055					(43,678	)		106,554
	$	416,644		$	541,965		(23.1	)%	$	1,082,667		$	1,381,142		(21.6	)%
Gross Margin	$	601,152		$	586,074		2.6	%	$	1,251,043		$	1,244,069		0.6	%
Other operating expenses		127,645			112,741					331,166			320,755
Maintenance		11,369			31,126					73,317			85,715
Depreciation and amortization		93,737			83,423					266,445			249,067
Taxes other than income		15,205			15,420					46,134			47,532
Operating Income	$	353,196		$	343,364		2.9	%	$	533,981		$	541,000		(1.3	)%

Nevada Power Company

Gross Margin

(dollars in thousands)

	Three Months Ended September 30,								Nine Months Ended September 30,
						Change from								Change from
	2011			2010		Prior Year %			2011			2010		Prior Year %
Operating Revenues:	$	798,914		$	870,950		(8.3	)%	$	1,662,880		$	1,836,144		(9.4	)%
Energy Costs:
Fuel for power generation		162,976			181,100		(10.0	)%		378,790			469,282		(19.3	)%
Purchased power		181,733			216,309		(16.0	)%		399,707			412,276		(3.0	)%
Deferred energy		(10,354	)		22,296		(146.4	)%		(1,274	)		81,719		(101.6	)%
	$	334,355		$	419,705		(20.3	)%	$	777,223		$	963,277		(19.3	)%
Gross Margin	$	464,559		$	451,245		3.0	%	$	885,657		$	872,867		1.5	%
Other operating expenses		88,455			73,762					215,491			203,773
Maintenance		3,460			23,707					45,122			58,945
Depreciation and amortization		67,212			56,575					186,798			169,330
Taxes other than income		9,105			9,038					28,209			28,857
Operating Income	$	296,327		$	288,163		2.8	%	$	410,037		$	411,962		(0.5	)%

Sierra Pacific Power Company

Gross Margin

(dollars in thousands)

	Three Months Ended September 30,								Nine Months Ended September 30,
						Change from								Change from
	2011			2010		Prior Year %			2011			2010		Prior Year %
Operating Revenues:
Electric	$	202,263		$	237,798		(14.9	)%	$	545,462		$	649,337		(16.0	)%
Gas		16,615			19,286		(13.8	)%		125,357			139,711		(10.3	)%
		218,878			257,084		(14.9	)%		670,819			789,048		(15.0	)%
Energy Costs:
Fuel for power generation		53,803			66,133		(18.6	)%		141,130			181,232		(22.1	)%
Purchased power		41,615			33,545		24.1	%		118,965			110,262		7.9	%
Gas Purchased for resale		10,137			10,823		(6.3	)%		87,753			101,536		(13.6	)%
Deferral of energy — electric — net		(22,095	)		9,964		(321.7	)%		(45,924	)		17,189		(367.2	)%
Deferral of energy — gas — net		(1,171	)		1,795		(165.2	)%		3,520			7,646		(54.0	)%
	$	82,289		$	122,260		(32.7	)%	$	305,444		$	417,865		(26.9	)%
Gross Margin by Segment:
Electric		128,940			128,156		0.6	%		331,291			340,654		(2.7	)%
Gas		7,649			6,668		14.7	%		34,084			30,529		11.6	%
Gross Margin	$	136,589		$	134,824		1.3	%	$	365,375		$	371,183		(1.6	)%
Other operating expenses		38,529			38,004					113,432			114,371
Maintenance		7,909			7,419					28,195			26,770
Depreciation and amortization		26,525			26,848					79,647			79,737
Taxes other than income		6,052			6,330					17,675			18,494
Operating Income	$	57,574		$	56,223		2.4	%	$	126,426		$	131,811		(4.1	)%

EX-99.2

Exhibit 99.2

Third Quarter 2011 Earnings Call Supplemental Slides DRAFT 4 November 2, 2011

Third Quarter Financial Results NV Energy Consolidated Major Drivers Q3 2011 vs. Q3 2010 * A revision to the September 30, 2010 Form 10-Q as disclosed in 2010 Form 10-K. Pre-Tax After Tax Gross Margin: ($ millions) EPS Impact Energy efficiency recovery $ 23.1 $ 0.06 Retail margin 5.5 0.02 California sale (5.2) (0.01) Stranded cost recovery bonds (2010) (4.5) (0.01) Other: Energy efficiency costs (23.1) (0.06) Harry Allen plant (17.3) (0.05) Termination accrual (2010) & reversal (2011) 16.0 0.04 Refinancings 4.8 0.01 Trust investments (5.7) (0.02)

Gross Margin NV Energy Consolidated $ millions $ millions $ millions $ millions

Operating and Maintenance Expense NV Energy Consolidated $ millions $ millions $ millions $ millions

Customer and Usage Trends NV Energy South Customer growth has not changed significantly since the second quarter 2011. The trend in low-use customer accounts is favorable.

Customer and Usage Trends NV Energy North Customer growth has not changed significantly since the second quarter 2011. The trend in low-use customer accounts is favorable.

Update on Major Projects Harry Allen NV Energize ON-Line Cost: $704 million* 484 MW natural gas combined cycle plant located in Southern Nevada In service as of May 4, 2011 Estimated cost: $556 million* NVE's ownership: approximately $139 million* Provides access to renewable energy resources throughout Nevada Connects Northern and Southern service areas Joint dispatch and ability to share resources Positions Nevada and NVE as renewable energy exporters in the future Estimated cost: $300 million* $139 million American Recovery & Reinvestment Act grant Approximately 516,000 smart meters installed 1.45 million smart meters expected to be installed by 2012 * Includes AFUDC

Nevada Economy Shows Signs of Stabilization Southern Nevada Northern Nevada Nevada Unemployment Rate Source: Center for Business and Economic Research, LVCVA, DETR July 2011 taxable sales increased 1.7% compared to last year Construction employment increased 2.0% as of August 2011, compared to August 2010 Gaming revenue decreased for the month of August by 9.5% compared to last year Washoe County residential permits have decreased, while commercial permits have increased in August 2011 compared to a year ago Hotel/motel occupancy increased 2.1% for August compared to last year Visitor volume increased 2.1% for August compared to last year Taxable sales increased 2.6% for the month of July compared to last year Gaming revenue decreased for the month of August by 6.7% compared to last year Construction employment decreased 10.0% as of August 2011, compared to August 2010 Southern Nevada residential permits have decreased, while commercial permits have increased in August 2011 compared to a year ago