-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H/YHwd5c4smvCGixVl+MT+W7BcsTRqTktkHJVDaagm1KHNU/zmBGU/A8nq2hFDkT TtVZl1/xzvDh8+gcdmCTFw== 0000950135-04-003234.txt : 20040623 0000950135-04-003234.hdr.sgml : 20040623 20040623141815 ACCESSION NUMBER: 0000950135-04-003234 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040623 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040623 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEVADA POWER CO CENTRAL INDEX KEY: 0000071180 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 880045330 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 002-28348 FILM NUMBER: 04876961 BUSINESS ADDRESS: STREET 1: 6226 W SAHARA AVE CITY: LAS VEGAS STATE: NV ZIP: 89146 BUSINESS PHONE: 7023675000 MAIL ADDRESS: STREET 1: P O BOX 230 CITY: LAS VEGAS STATE: NV ZIP: 89151 FORMER COMPANY: FORMER CONFORMED NAME: SOUTHERN NEVADA POWER CO DATE OF NAME CHANGE: 19701113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIERRA PACIFIC RESOURCES /NV/ CENTRAL INDEX KEY: 0000741508 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 880198358 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08788 FILM NUMBER: 04876960 BUSINESS ADDRESS: STREET 1: PO BOX 30150 STREET 2: 6100 NEIL RD CITY: RENO STATE: NV ZIP: 89511 BUSINESS PHONE: 7758344011 MAIL ADDRESS: STREET 1: P O BOX 30150 STREET 2: 6100 NEIL ROAD CITY: RENO STATE: NV ZIP: 89511 8-K 1 b50946pre8vk.htm SIERRA PACIFIC RESOURCES/NEVADA POWER COMPANY SIERRA PACIFIC RESOURCES/NEVADA POWER COMPANY
Table of Contents

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) June 23, 2004

         
Commission File
Number
  Registrant, State of Incorporation, Address of Principal Executive Offices and Telephone Number   I.R.S. employer Identification Number
 
        
1-8788
  SIERRA PACIFIC RESOURCES   88-0198358
  P.O. Box 10100 (6100 Neil Road)    
  Reno, Nevada 89520-0400 (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)

 

TABLE OF CONTENTS

Item 5. Other Events
Item 7. Financial Statements and Exhibits
Signatures

Table of Contents

Item 5. Other Events

Nevada Power Company, a wholly owned subsidiary of Sierra Pacific Resources (NYSE:SRP), announced today that it has reached an agreement to acquire from Duke Energy the partially constructed 1,200 MW (megawatt) natural gas-fired combined-cycle power plant located in the Moapa Valley, 20 miles northeast of Las Vegas. Total costs to acquire and complete construction of the facility are estimated at $558 million, of which $182 million is for the facility in its current state of completion. The transaction, which is subject to approval by the Public Utilities Commission of Nevada (PUCN), is expected to close this fall.

“We expect the facility to be fully operational by the summer of 2006,” said Walter Higgins, chairman and chief executive officer of Sierra Pacific Resources. “This will go a long way toward reducing the amount of purchased power that we buy to fill the growing demand for electricity in southern Nevada. It also reduces our reliance on what has been a volatile energy marketplace. We believe acquiring a more balanced mix of our own generation and purchased power is clearly in the best interest of our customers and investors.”

The Moapa facility consists of four natural gas-fired combustion turbines, two steam turbines and four heat recovery steam generators operating in combined-cycle mode.

Nevada Power is planning to finance the acquisition and construction of the plant with a combination of internally generated cash and external financing. “Acquiring this facility is in line with our long-term strategy to reduce our dependence on power markets in order to provide safe, reliable electric service at a reasonable price to our customers while at the same time increasing value for our shareholders through prudent capital investments,” Higgins said.

Additional details of the agreement will be provided in a separate filing with the PUCN.

In November 2003, Nevada Power received approval from the PUCN of its Integrated Resource Plan (IRP), which included construction of a 520 MW plant at the existing Harry Allen site. The company investigated a potential acquisition of a power plant being built by independent developers within Southern Nevada as a potentially more economic option. Duke Energy's Moapa Facility was identified as the primary candidate and discussions commenced, leading to the agreement.

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, the parties’ abilities to satisfy any applicable closing conditions, construction risk related to the completion of the plant, Nevada Power’s ability to access the capital markets to finance the acquisition on favorable terms and to obtain required regulatory approvals for the amendment to Nevada Power’s IRP and for the financing of the acquisition. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of Nevada Power Company are contained in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2004 and its Annual Report on Form 10-K for the year ended December 31, 2003, filed with the SEC. Nevada Power 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

Item 7. Financial Statements and Exhibits

     (a) Financial Statements of Businesses Acquired

           Not required

     (b) Pro forma financial information

          Not required

     (c) Exhibits

          Not required

 

Table of Contents

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: June 23, 2004  By:   /s/ John E. Brown    
    John E. Brown   
    Vice President and Controller   
 
         
  Nevada Power Company
(Registrant)
 		  
Date: June 23, 2004  By:   /s/ John E. Brown    
    John E. Brown   
    Vice President and Controller   

 

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