e8vk

0000950135-05-006930.txt : 20051213 0000950135-05-006930.hdr.sgml : 20051213 20051213060206 ACCESSION NUMBER: 0000950135-05-006930 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051213 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051213 DATE AS OF CHANGE: 20051213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIERRA PACIFIC POWER CO CENTRAL INDEX KEY: 0000090144 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 880044418 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-00508 FILM NUMBER: 051259699 BUSINESS ADDRESS: STREET 1: 6100 NEIL RD STREET 2: P O BOX 10100 CITY: RENO STATE: NV ZIP: 89520-0400 BUSINESS PHONE: 7026895408 MAIL ADDRESS: STREET 1: 6100 NEIL ROAD STREET 2: P.O. BOX 10100 CITY: RENO STATE: NV ZIP: 89520 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: 051259700 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: 051259701 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 b58173spe8vk.htm SIERRA PACIFIC RESOURCES e8vk

UNITED STATES 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) December 13, 2005


	Registrant, State of Incorporation, Address of
Commission File	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

0-508	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)

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


	Item 7.01 Regulation FD Disclosure
	Item 9.01 Financial Statements and Exhibits
Signatures
Exhibit Index
Ex-99.1 Information from December 13-16, 2005 Presentation

Item 7.01 Regulation FD Disclosure

Sierra Pacific Resources will be conducting meetings with investors, bankers and analysts from December 13 through December 16, 2005. The information furnished in exhibit 99.1 hereto is a reconciliation of certain non-GAAP financial information that will be included in presentations made by Sierra Pacific Resources during these meetings. Pursuant to general instruction B.2 to Form 8-K, the information furnished pursuant to Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

Item 9.01 Financial Statements and Exhibits

99.1 Information from December 13 — 16, 2005 Presentation

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: December 13, 2005	By:	/s/ John E. Brown
		John E. Brown
		Controller

	Nevada Power Company (Registrant)
Date: December 13, 2005	By:	/s/ John E. Brown
		John E. Brown
		Controller

	Sierra Pacific Power Company (Registrant)
Date: December 13, 2005	By:	/s/ John E. Brown
		John E. Brown
		Controller

Exhibit Index


Exhibit No.		Description
99.1		Information from December 13 — 16, 2005 Presentation

EX-99.1 2 b58173spexv99w1.htm EX-99.1 INFORMATION FROM DECEMBER 13-16, 2005 PRESENTATION exv99w1

Exhibit 99.1

The information set forth below is a reconciliation of certain non-GAAP financial information that will be included in a presentation to investors, bankers and analysts in meetings to be held in December 2005. The information furnished pursuant to this exhibit shall not be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The following tables define Funds from Operations for the periods shown below.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands)

Sierra Pacific Resources


	Year ended December 31,									12 mos. ended
	2002			2003			2004			Sept. 30, 2005
Net Income (Loss)		(303,621	)		(136,629	)		32,471			91,741
Non-cash items included in net income (loss):
Depreciation and amortization		174,200			191,259			205,647			212,095
Deferred taxes and deferred investment tax credit		(169,714	)		(50,724	)		33,690			57,939
AFUDC and capitalized interest		(5,234	)		(11,741	)		(14,536	)		(37,820	)
Deferred energy costs disallowed		493,053			90,964			1,586			—
Goodwill impairment		—			—			11,695			—
Early retirement and severance amortization		2,706			2,786			—			—
Unrealized loss on derivative instrument		—			46,065			—			—
Impairment of assets of subsidiary		—			32,911			—			—
Loss on disposal of discontinued operations		—			9,555			2,346			—
Plant costs disallowed		—			—			47,092			—
Other non-cash		10,341			(7,131	)		(27,353	)		(23,262	)

Funds from Operations (Before Deferred Energy Costs)		201,731			167,315			292,638			300,693
Amortization of deferred energy costs — electric		176,718			250,134			265,418			196,172
Amortization of deferred energy costs — gas		13,231			13,095			3,242			(370	)
Deferral of energy costs — electric		(434,279	)		(179,826	)		(147,589	)		(191,499	)
Deferral of energy costs — gas		10,270			2,592			(7,480	)		(5,477	)

Total Impact of Deferred Energy Costs		(234,060	)		85,995			113,591			(1,174	)

Adjusted Funds from Operations		(32,329	)		253,310			406,229			299,519
Debt		3,930,491			3,823,644			4,089,772			3,773,626	⁽¹⁾
Preferred											50,000
Net Interest Expense		279,057			366,282			306,427			276,266
AFUDC		(5,270	)		(5,976	)		(8,587	)

Adjusted Interest Expense		284,327			372,258			315,014			297,173
Debt/Funds from Operations		19.48x			22.85x			13.98x			12.55x
Debt/ adjusted Funds from Operations		(121.58x	)		15.09x			10.07x			12.60x
Funds from Operations Interest Coverage		1.71x			1.45x			1.93x			2.01x
Adjusted Funds from Operations Interest Coverage		0.89x			1.68x			2.29x			2.01x
Common shareholders’ equity											1,807,408
Total Capitalization											5,631,034
Debt/Capitalization											67.01	%

(1) The temporary bridge financing of $240 mm in short term debt related to the PIES remarketing is not included.

Nevada Power Company


	Year ended December 31,									12 mos. ended
	2002			2003			2004			Sept. 30, 2005
Net Income		(235,070	)		19,277			104,312			132,338
Non-cash items included in net income:
Depreciation and amortization		98,198			109,655			118,841			122,632
Deferred taxes and deferred investment tax credit		(131,076	)		2,710			57,066			61,202
AFUDC		(3,259	)		(5,545	)		(9,969	)		(34,906	)
Deferred energy costs disallowed		434,125			45,964			1,586			—
Other non-cash		(6,332	)		(8,962	)		(44,149	)		(42,620	)

Funds from Operations (Before Deferred Energy Costs)		156,586			163,099			227,687			238,646
Amortization of deferred energy costs		146,554			204,610			228,765			158,794
Deferral of energy costs		(338,152	)		(131,590	)		(112,992	)		(147,877	)

Total Impact of Deferred Energy Costs		(191,598	)		73,020			115,773			10,917

Adjusted Funds from Operations		(35,012	)		236,119			343,460			249,563
Debt											2,119,774
Net Interest Expense								137,388			131,981
AFUDC								(5,738	)

Adjusted Interest Expense								143,126			151,408
Debt/Funds from Operations											8.88x
Debt/ adjusted Funds from Operations											8.49x
Funds from Operations Interest Coverage											2.58x
Adjusted Funds from Operations Interest Coverage											2.65x
Common shareholders’ equity											1,751,301
Total Cap											3,871,075
Debt/Capitalization											54.76	%

Sierra Pacific Power Company


	Year ended December 31,					12 mos. ended
	2002	2003	2004			Sept. 30, 2005
Net Income (Loss)				18,577			60,199
Non-cash items included in net income (loss):
Depreciation and amortization				86,806			89,474
Deferred taxes and deferred investment tax credit				11,640			19,982
AFUDC				(4,567	)		(2,914	)
Plant costs disallowed				47,092			—
Other non-cash				474			(1,534	)

Funds from Operations (Before Deferred Energy Costs)				160,022			165,207
Amortization of deferred energy costs — electric				36,653			37,376
Amortization of deferred energy costs — gas				3,241			(371	)
Deferral of energy costs — electric				(34,598	)		(43,623	)
Deferral of energy costs — gas				(7,480	)		(5,477	)

Total Impact of Deferred Energy Costs				(2,184	)		(12,095	)

Adjusted Funds from Operations				157,838			153,112
Debt							994,711
Interest				62,831			59,958
AFUDC				(2,849	)

Adjusted Interest Expense				65,680			61,438
Preferred							50,000
Debt/Funds from Operations							6.02x
Debt/ adjusted Funds from Operations							6.50x
Funds from Operations Interest Coverage							3.69x
Adjusted Funds from Operations Interest Coverage							3.49x
Common shareholders’ equity							720,826
Total Cap							1,765,537
Debt/Capitalization							56.34	%

Table of Contents

Table of Contents

Table of Contents

Table of Contents


(1)		The temporary bridge financing of $240 mm in short term debt related to the PIES remarketing is not included.