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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