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) August 13, 2003
                                                         ---------------


Commission        Registrant, State of Incorporation, Address    I.R.S. Employer
File Number           of Principal Executive Offices and              Number
                              Telephone Number

  1-8788       SIERRA PACIFIC RESOURCES                             88-0198358
               P.O. Box 10100 (6100 Neil Road)
               Reno, Nevada 895-0400 (89511)
               (775) 834-4011

  1-4698       NEVADA POWER COMPANY                                 88-0045330
               6226 West Sahara Avenue
               Las Vegas, Nevada 89146
               (702) 367-5000


                                      None
- --------------------------------------------------------------------------------
      (Former name, former address and former fiscal year, if changed since
                                  last report)


ITEM 5. OTHER EVENTS

     On August 13, 2003, Nevada Power Company (the "Company"), a wholly-owned
subsidiary of Sierra Pacific Resources ("Resources"), announced that it has
priced a private offering of $350 million principal amount of its 9% General and
Refunding Mortgage Notes, Series G, due 2013. The notes are expected to be
delivered on August 18, 2003. A copy of the press release is attached as Exhibit
99.1 hereto.

     In connection the offering, the Company has prepared an Offering Memorandum
for distribution to the purchasers. Excerpts from this Offering Memorandum
containing certain updated information regarding the Company and Resources are
attached as Exhibit 99.2 hereto.

ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS

     (a)  Financial Statements of Businesses Acquired

          Not required

     (b)  Pro forma financial information

          Not required

     (c)  Exhibits

          99.1  Press Release dated August 13, 2003
          99.2  Excerpts from the Offering Memorandum




                                   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.


                                        SIERRA PACIFIC RESOURCES
                                        ------------------------
                                        (Registrant)


Date: August 14, 2003                   By: /s/ Richard K. Atkinson
                                           ----------------------------------
                                           Richard K. Atkinson
                                           Vice President and Chief Financial
                                           Officer


                                        NEVADA POWER COMPANY
                                        --------------------
                                        (Registrant)


Date: August 14, 2003                   By: /s/ Richard K. Atkinson
                                           ----------------------------------
                                           Richard K. Atkinson
                                           Vice President and Chief Financial
                                           Officer


                                  EXHIBIT INDEX

99.1 - Press Release dated August 13, 2003
99.2 - Excerpts from the Offering Memorandum

EX-99.1

                                                                    Exhibit 99.1
NEVADA POWER PRICES PRIVATE OFFERING

AUGUST 13, 2003
Nevada Power
Contact:
Media: Sonya Headen; (702) 367-5222
Analyst: Vicki Erickson; (775) 834-5646
Phone: please see above

For Immediate Release

Las Vegas, Nev. - Nevada Power Company, a subsidiary of Sierra Pacific Resources
(NYSE: SRP), announced today that it has priced a private offering of $350
million principal amount of its 9% General and Refunding Mortgage Notes, Series
G, due 2013. The notes are expected to be delivered on August 18, 2003.

As previously announced, the company plans to use the proceeds from the sale of
the notes to repay $210 million of its unsecured 6% Notes due September 15, 2003
and $140 million of its General and Refunding Mortgage Notes, Floating Rate,
Series B, due October 15, 2003, on or prior to maturity.

The notes, with a term of 10 years, will be secured by the lien of the company's
General and Refunding Mortgage Indenture. The notes will be sold to qualified
institutional buyers in reliance on Rule 144A and outside the United States in
compliance with Regulation S under the Securities Act of 1933 (the "Securities
Act"). The notes will not be registered under the Securities Act and may not be
offered or sold by holders thereof without registration unless an exemption from
such registration is available.

Nevada Power Company is a regulated public utility engaged in the distribution,
transmission, generation, purchase and sale of electric energy in the southern
Nevada communities of Las Vegas, North Las Vegas, Henderson, Searchlight,
Laughlin and their adjoining areas. The company also provides electricity to
Nellis Air Force Base, the Department of Energy at Mercury and Jackass Flats at
the Nevada Test Site. Nevada Power Company provides electricity to approximately
669,000 residential and business customers in a 4,500 square mile service area.

This press release does not constitute an offer to sell these securities, nor a
solicitation of an offer to purchase these securities, nor is it a solicitation
of any proxy or consent for any purpose.

This press release may contain forward-looking statements regarding the future
performance of the company 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. If the



company is unable to consummate the offering of the notes in a timely manner,
its ability to repay the $350 million of its indebtedness referenced above will
be adversely affected. Other risks and uncertainties include, but are not
limited to, further unfavorable rulings in future rate cases, the ability of the
company to access capital markets for working capital and the repayment of
maturing debt, whether suppliers, such as Enron Power Marketing, that have
terminated their power supply agreements with the company will be successful in
pursuing their claims against the company for liquidated damages, whether the
company will have sufficient liquidity to pay for its power requirements,
operating hazards, uninsured risks and changes in energy-related federal or
state legislation and regulations. Additional cautionary statements regarding
other risk factors that could have an effect on the future performance of the
company are contained in the company's 10-K for the year ended December 31, 2002
and the company's 10-Q for the quarter ended June 30, 2003, filed with the
Securities and Exchange Commission. The company undertakes 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.

EX-99.2

                                                                    Exhibit 99.2

Reference in this offering memorandum to "we," us," "our" and "NPC" refer to
Nevada Power Company, unless the context indicates otherwise.

                              RECENT DEVELOPMENTS

ENRON LITIGATION

       Enron Power Marketing, Inc. ("Enron") has filed a complaint with the
United States Bankruptcy Court for the Southern District of New York seeking to
recover approximately $216 million from us for liquidated damages for power
supply contracts terminated by Enron in May 2002 and for power previously
delivered to us. See "Risk Factors" on page 9 for a description of the Enron
litigation. On August 7, 2003, the Bankruptcy Court heard oral arguments from
the parties on the motions currently in front of the Bankruptcy Court. The
bankruptcy judge has not indicated when a decision may be expected.

       A decision adverse to us in the lawsuit with respect to liability as to
Enron's claims on the merits for undelivered power, would have a material
adverse effect on our financial condition and liquidity and would render our
ability to operate outside of bankruptcy uncertain.

SIERRA PACIFIC RESOURCES SPECIAL SHAREHOLDER MEETING

       On February 14, 2003, Sierra Pacific Resources issued and sold $300
million of its 7.25% Convertible Notes due 2010. The Convertible Notes were
issued to the holders with registration rights. The Convertible Notes are not
convertible prior to August 14, 2003. At any time on or after August 14, 2003
through the close of business February 14, 2010, the holders of the Convertible
Notes may convert their notes into shares of Sierra Pacific Resources' common
stock. Pursuant to the terms of the Convertible Notes, the holders of the
Convertible Notes are entitled to receive (i) 76.7073 shares of Sierra Pacific
Resources' common stock for each $1,000 principal amount of Convertible Notes
surrendered for conversion, and (ii) an amount of cash equal to the market value
of 142.4564 shares of Sierra Pacific Resources' common stock at the time of
conversion, based on the average closing price of such common stock over five
consecutive trading days, for each $1,000 principal amount of Convertible Notes
surrendered for conversion.

       On August 11, 2003, Sierra Pacific Resources held a special shareholders
meeting at which it received shareholder approval to have the option of issuing
shares of its common stock in lieu of the cash payment component of the
conversion price of the notes.

REVOLVING CREDIT FACILITY

       On June 30, 2003, we entered into a $60 million Revolving Credit
Agreement with Merrill Lynch Capital Corporation to provide additional liquidity
for our summer 2003 power purchases. As of July 31, 2003, we had borrowed $20
million under the credit facility, which was paid in full on August 11, 2003.

       The Credit Agreement prohibits payments to Sierra Pacific Resources in
respect of our common stock and provides that our ratio of consolidated total
debt to consolidated total capitalization may not exceed .65 to 1.00. Our
obligations under our Credit Agreement are secured by our $60 million Series F
General and Refunding Mortgage Bond. Our Credit Agreement will expire no later
than September 8, 2003.

OTHER PROCEEDINGS

       On August 8, 2003, the Bureau of Consumer Protection ("BCP") of the
Office of the Attorney General of Nevada filed suit in Nevada District Court in
Las Vegas challenging the May 13, 2003 decision of the PUCN in our deferred
energy rate case on the grounds that the PUCN should have disallowed additional
deferred purchased power and fuel costs. If the Nevada District Court rules in
favor of the BCP's lawsuit and disallows additional deferred purchased power and
fuel costs, our financial condition and operations may be adversely affected.

                            ------------------------

       We are incorporated in Nevada. Our principal executive office is located
at 6226 W. Sahara Avenue, (P.O. Box 230), Las Vegas, Nevada 89146 and our
telephone number is (702) 367-5000.
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