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 28, 2003

Commission File	Registrant, State of Incorporation, Address of Principal Executive Offices and Telephone	I.R.S. employer
Number	Number	Identification Number
1-08788	SIERRA PACIFIC RESOURCES P.O. Box 10100 (6100 Neil Road) Reno, Nevada 89520-0400 (89511) (775) 834-4011	88-0198358
2-28348	NEVADA POWER COMPANY 6226 West Sahara Avenue Las Vegas, Nevada 89146 (702) 367-5000	88-0420104
0-00508	SIERRA PACIFIC POWER COMPANY P.O. Box 10100 (6100 Neil Road) Reno, Nevada 89520-0400 (89511) (775) 834-4011	88-0044418

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

Item 5.   Other Events

     On August 28, 2003, the federal bankruptcy court judge overseeing the bankruptcy case of Enron Power Marketing, Inc. (“EPMI”) rendered a decision in the lawsuit filed by EPMI in its bankruptcy case asserting claims for damages related to the termination of its power supply agreements with Nevada Power Company (“NPC”) and Sierra Pacific Power Company (“SPPC” and together with NPC, the “Utilities”). The bankruptcy court judge granted EPMI’s motion for summary judgment with respect to EPMI’s claims against NPC and SPPC of approximately $200 million and $87 million, respectively, of liquidated damages, for power not delivered by EPMI, under power supply contracts terminated by EPMI in May 2002. The bankruptcy court judge also dismissed the Utilities’ counter-claims against EPMI, dismissed the Utilities’ counter-claims against Enron Corp., the parent of EPMI, and denied the Utilities’ motion to dismiss or stay the proceedings pending the final outcome of their Federal Energy Regulatory Commission proceedings against EPMI. In addition to the claims for termination payments described above, NPC and SPPC had previously deposited approximately $17.7 million and $6.7 million, respectively, into an escrow account for energy delivered by EPMI to each of NPC and SPPC in April 2002, for which the Utilities had not paid.

     The Utilities are reviewing the decision of the bankruptcy court judge. The Utilities are evaluating their options and will consider all possible courses of action. In the event that the Utilities are required to post collateral to secure EPMI’s termination payment or to pay the termination payment pending final appeal of EPMI’s lawsuit, the Utilities anticipate issuing secured bonds under their respective General and Refunding Mortgage Indentures either to serve as collateral or to raise funds to secure or pay the termination payments. On the basis of net utility property as of June 30, 2003, NPC and SPPC currently have the ability under their General and Refunding Mortgage Indentures to issue approximately $777 million and $364.9 million, respectively, of additional General and Refunding Mortgage securities. The Utilities’ ability to issue such bonds requires regulatory approval from the Public Utilities Commission of Nevada (the “PUCN”). In addition, if the Utilities are required to make payment on EPMI’s claims or to raise funds to collateralize the claims, they may need to access the capital markets to raise such funds. There can be no assurances that the Utilities will have sufficient regulatory approval to issue bonds or be able to access the capital markets to raise funds or that they can do so in a timely manner. Any requirement to pay or provide security for EPMI’s claims for termination payments, could adversely affect Sierra Pacific Resources’ (the parent of NPC and SPPC), NPC’s and SPPC’s cash flow, financial condition and liquidity, and could make it difficult for one or more of Sierra Pacific Resources, NPC or SPPC to continue to operate outside of bankruptcy.

     For additional information regarding the EPMI proceedings and the Utilities’ financial condition and liquidity, see the Quarterly Reports on Form 10-Q filed by NPC and SPPC for the quarter ended June 30, 2003.

     Sierra Pacific Resources issued a press release announcing the decision of the bankruptcy court judge in the EPMI lawsuit against the Utilities. A copy of the press release, dated August 28, 2003, is attached as Exhibit 99.1 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 28, 2003

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 29, 2003	By:	/s/ John E. Brown John E. Brown Vice President and Controller
	Nevada Power Company (Registrant)
Date:    August 29, 2003	By:	/s/ John E. Brown John E. Brown Vice President and Controller
	Sierra Pacific Power Company (Registrant)
Date:    August 29, 2003	By:	/s/ John E. Brown John E. Brown Vice President and Controller

Exhibit Index

Exhibit 99.1 — Press Release issued August 28, 2003. EX-99.1 3 b47610spexv99w1.txt PRESS RELEASE DATED AUGUST 28, 2003 Exhibit 99.1 FROM: Sierra Pacific Resources TO: PR Newswire Analyst Contact: US1 Vicki Erickson 775-834-5646 1-800-473-5152 Media Contact: Andrea Smith 702-334-5683 ENRON BANKRUPTCY COURT ISSUES DECISION August 28, 2003 Las Vegas, Nev. -- Sierra Pacific Resources (NYSE:SRP) today said the Bankruptcy Court for the Southern District of New York has rendered a decision in Enron's bankruptcy proceedings granting Enron Power Marketing Inc.'s motion for summary judgment with respect to Enron's claims for terminated contracts. Walt Higgins, chairman and CEO of Sierra Pacific Resources, said, "We are currently studying the decision and will consider all possible courses of action once an order is issued. "We are disappointed with this decision but, as I've said on many occasions during Enron's bankruptcy proceedings, we will aggressively pursue our rights throughout the court system. We do not believe those who were largely responsible for the 2000-2001 western energy crisis should benefit in any way from the dysfunctional marketplace they helped create." Headquartered in Nevada, Sierra Pacific Resources is a holding company whose principal subsidiaries are Nevada Power Company, the electric utility for most of southern Nevada, and Sierra Pacific Power Company, the electric utility for most of northern Nevada and the Lake Tahoe area of California. Sierra Pacific Power Company also distributes natural gas in the Reno-Sparks area of northern Nevada. Other subsidiaries include the Tuscarora Gas Pipeline Company, which owns a 50% interest in an interstate natural gas transmission partnership. FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements regarding the future performance of Sierra Pacific Resources and its subsidiaries, Nevada Power Company and Sierra Pacific Power 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. For Sierra Pacific Resources, these risks and uncertainties include, but are not limited to, Resources' ability to access the capital markets to refinance future debt maturities and for general corporate purposes, Resources' ability to receive dividends from its subsidiaries and the financial performance of the Company's subsidiaries, particularly Nevada Power Company and Sierra Pacific Power Company. For Nevada Power Company and Sierra Pacific Power Company, these risks and uncertainties include, but are not limited to, unfavorable rulings in their future rate cases, their ability to access the capital markets to refinance debt and for general corporate purposes, their ability to purchase sufficient power to meet their power demands, whether terminated power suppliers will be successful in pursuing claims against Nevada Power and Sierra Pacific Power for liquidated damages under their terminated power contracts and weather conditions during the summer months of 2003 and beyond. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of Sierra Pacific Resources, Nevada Power Company and Sierra Pacific Power Company are contained in their Quarterly Report on Form 10-Q for the quarter ended June 30, 2003, filed with the SEC. The Companies 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. -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                                                                    Exhibit 99.1

FROM: Sierra Pacific Resources                         TO: PR Newswire
      Analyst Contact:                                     US1
      Vicki Erickson   775-834-5646                        1-800-473-5152
      Media Contact:
      Andrea Smith 702-334-5683

                     ENRON BANKRUPTCY COURT ISSUES DECISION

August 28, 2003

Las Vegas, Nev. -- Sierra Pacific Resources (NYSE:SRP) today said the Bankruptcy
Court for the Southern District of New York has rendered a decision in Enron's
bankruptcy proceedings granting Enron Power Marketing Inc.'s motion for summary
judgment with respect to Enron's claims for terminated contracts.

Walt Higgins, chairman and CEO of Sierra Pacific Resources, said, "We are
currently studying the decision and will consider all possible courses of action
once an order is issued.

"We are disappointed with this decision but, as I've said on many occasions
during Enron's bankruptcy proceedings, we will aggressively pursue our rights
throughout the court system. We do not believe those who were largely
responsible for the 2000-2001 western energy crisis should benefit in any way
from the dysfunctional marketplace they helped create."

Headquartered in Nevada, Sierra Pacific Resources is a holding company whose
principal subsidiaries are Nevada Power Company, the electric utility for most
of southern Nevada, and Sierra Pacific Power Company, the electric utility for
most of northern Nevada and the Lake Tahoe area of California. Sierra Pacific
Power Company also distributes natural gas in the Reno-Sparks area of northern
Nevada. Other subsidiaries include the Tuscarora Gas Pipeline Company, which
owns a 50% interest in an interstate natural gas transmission partnership.

FORWARD-LOOKING STATEMENTS: This press release contains forward-looking
statements regarding the future performance of Sierra Pacific Resources and its
subsidiaries, Nevada Power Company and Sierra Pacific Power 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. For Sierra
Pacific Resources, these risks and uncertainties include, but are not limited
to, Resources' ability to access the capital markets to refinance future debt
maturities and for general corporate purposes, Resources' ability to receive
dividends from its subsidiaries and the financial performance of the Company's
subsidiaries, particularly Nevada Power Company and Sierra Pacific Power
Company. For Nevada Power Company and Sierra Pacific Power Company, these risks
and uncertainties include, but are not limited to, unfavorable rulings in their
future rate cases, their ability to access the capital markets to refinance debt
and for general corporate purposes, their ability to purchase sufficient power
to meet their power demands, whether






terminated power suppliers will be successful in pursuing claims against Nevada
Power and Sierra Pacific Power for liquidated damages under their terminated
power contracts and weather conditions during the summer months of 2003 and
beyond. Additional cautionary statements regarding other risk factors that could
have an effect on the future performance of Sierra Pacific Resources, Nevada
Power Company and Sierra Pacific Power Company are contained in their Quarterly
Report on Form 10-Q for the quarter ended June 30, 2003, filed with the SEC. The
Companies 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.