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) November 3, 2006

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

None

(Former name or former address, 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

EX-99.1 Reconciliation of Non-GAAP Financial Information - EBITDA

EX-99.2 Reconciliation of Non-GAAP Financial Informationi - Funds from Operations

Item 2.02 Results of Operations and Financial Condition

     As previously announced during Sierra Pacific Resources’ Third Quarter 2006 earnings conference call conducted on November 3, 2006, Sierra Pacific Resources made available, on its website at www.sierrapacificresources.com, certain supplemental financial information, including year-to-date and twelve month financial information as of September 30, 2006. A reconciliation of the non-GAAP financial information contained within the posting to the most directly comparable financial measures calculated and presented in accordance with GAAP is attached hereto as Exhibits 99.1 and 99.2. Disclosures regarding definitions of these financial measures used by Sierra Pacific and why Sierra Pacific’s management believes these financial measures provide useful information to investors are also included in Exhibits 99.1 and 99.2.

     The information in this Current Report (including Exhibits 99.1 and 99.2) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits — The following exhibits are furnished with this Form 8-K:

EX-99.1 — Reconciliation of Non-GAAP Financial Information – EBITDA

EX-99.2 — Reconciliation of Non-GAAP Financial Information – Funds from Operations

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: November 3, 2006	By:	/s/ John E. Brown
		John E. Brown
		Controller
	Nevada Power Company (Registrant)
Date: November 3, 2006	By:	/s/ John E. Brown
		John E. Brown
		Controller
	Sierra Pacific Power Company (Registrant)
Date: November 3, 2006	By:	/s/ John E. Brown
		John E. Brown
		Controller

EX-99.1

EXHIBIT 99.1

          EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA is presented here because Sierra Pacific Resources (the “Company”) considers it a supplemental measure of its performance and believes debt-holders frequently use EBITDA to analyze operating performance and debt service capacity. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are:

• EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments;

• EBITDA does not reflect changes in, or cash requirements for, working capital needs;

• EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debts;

• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and

• Other companies in this industry may calculate EBITDA differently than we do, which will limit its usefulness as a comparative measure.

          Because of these limitations, the Company’s management relies primarily on our GAAP results as a measure of the Company’s performance and uses EBITDA on a supplemental basis.

          Funds from Operations (“FFO”) and Adjusted FFO, which is FFO adjusted to account for cash inflows or outflows associated with the deferred energy accounts, are presented here because the Company believes that these measures are useful to investors because the ratings agencies use these measures when determining a company’s credit ratings. The cost of the Company’s debt, the ability of the Company’s subsidiaries to pay dividends to the Company, and other capital and operational costs and expenses are impacted by the Company’s credit ratings. The Company believes that net income is the most directly comparable GAAP measure to FFO.

          Since FFO excludes certain items includable in net income, reliance on the measure has limitations; management compensates for these limitations by using the measure simply as a supplemental measure that is weighed in the balance with other GAAP measures. FFO is not necessarily an indication of the Company’s cash flow available to fund cash needs. Additionally, it should not be used as an alternative to net income when evaluating the Company’s financial performance or to cash flow from operating, investing and financing activities when evaluating the Company’s liquidity or ability to make cash distributions or pay debt service. The FFO presented by the Company may not be comparable to the FFO presented by other utility companies.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)

Sierra Pacific Resources
EBITDA

														LTM ended
	Nine months ended September 30,				Year ended December 31,									September 30,
	2006		2005		2005			2004			2003			2006
Net Income (Loss)	$	253,665	$	63,508	$	86,137		$	32,471		$	(136,629	)	$	276,294
Interest Charges		228,670		236,957		284,927			306,427			366,282			276,640
Income taxes		132,636		31,458		43,173			20,631			(44,207	)		144,351
Depreciation and Amortization		170,112		159,949		214,662			205,647			191,259			224,825
EBITDA	$	785,083	$	491,872	$	628,899		$	565,176		$	376,705		$	922,110
EBITDA/Interest Expense						2.21	x		1.84	x		1.03	x		3.33	x
Debt/EBITDA						6.16	x		7.24	x		10.15	x		4.56	x
Sierra Pacific Resources
Net interest expense	$	228,670	$	236,957	$	284,927		$	306,427		$	366,282		$	276,640
Long-Term Debt	$	4,162,341	$	3,734,822	$	3,817,122		$	4,081,281		$	3,579,674		$	4,162,341
Current maturities of long term debt plus short-term borrowings		41,051		278,804		58,909			8,491			243,970			41,051
Total Debt	$	4,203,392	$	4,013,626	$	3,876,031		$	4,089,772		$	3,823,644		$	4,203,392

Nevada Power Company
EBITDA

														LTM ended
	Nine months ended September 30,				Year ended December 31,									September 30,
	2006		2005		2005			2004			2003			2006
Net Income (Loss)	$	236,273	$	112,408	$	132,734		$	104,312		$	19,277		$	256,599
Interest Charges		134,063		118,350		134,657			137,388			190,472			150,370
Income taxes		123,402		52,679		63,995			56,572			(614	)		134,718
Depreciation and Amortization		104,076		92,421		124,098			118,841			109,655			135,753
EBITDA	$	597,814	$	375,858	$	455,484		$	417,113		$	318,790		$	677,440
EBITDA/Interest Expense						3.38	x		3.04	x		1.67	x		4.51	x
Debt/EBITDA						4.88	x		5.47	x		6.38	x		3.61	x
Nevada Power Company
Net interest expense	$	134,063	$	118,350	$	134,657		$	137,388		$	190,472		$	150,370
Long-Term Debt	$	2,429,256	$	2,113,370	$	2,214,063		$	2,275,690		$	1,899,709		$	2,429,256
Current maturities of long term debt		18,651		6,404		6,509			6,091			135,570			18,651
Total Debt	$	2,447,907	$	2,119,774	$	2,220,572		$	2,281,781		$	2,035,279		$	2,447,907

Sierra Pacific Power Company
EBITDA

														LTM ended
	Nine months ended September 30,				Year ended December 31,									September 30,
	2006		2005		2005			2004			2003			2006
Net Income (Loss)	$	42,299	$	38,894	$	52,074		$	18,577		$	(23,275	)	$	55,479
Interest Charges		54,833		54,206		69,067			62,831			96,093			69,694
Income Taxes		22,249		21,537		28,379			325			(12,237	)		29,091
Depreciation and Amortization		66,037		67,534		90,569			86,806			81,514			89,072
EBITDA	$	185,418	$	182,171	$	240,089		$	168,539		$	142,095		$	243,336
EBITDA/Interest Expense						3.48	x		2.68	x		1.48	x		3.49	x
Debt/EBITDA						4.14	x		5.91	x		7.19	x		4.50	x
Sierra Pacific Power Company
Net interest expense	$	54,833	$	54,206	$	69,067		$	62,831		$	96,093		$	69,694
Long-Term Debt	$	1,072,076	$	962,311	$	941,804			994,309			912,800		$	1,072,076
Current maturities of long term debt plus short-term borrowings		22,400		32,400		52,400			2,400			108,400			22,400
Total Debt	$	1,094,476	$	994,711	$	994,204		$	996,709		$	1,021,200		$	1,094,476

EX-99.2

EXHIBIT 99.2

FUNDS FROM OPERATIONS — SIERRA PACIFIC RESOURCES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)

Sierra Pacific Resources
Funds From Operations (FFO)

																LTM ended
	Nine months ended September 30,						Year ended December 31,									September 30,
	2006			2005			2005			2004			2003			2006
Net Income (Loss)	$	253,665		$	63,508		$	86,137		$	32,471		$	(136,629	)	$	276,294
Non-Cash items included in net income
Depreciation and amortization		170,113			159,949			214,662			205,647			191,259			224,826
Deferred taxes and deferred investment tax credit		122,062			31,362			41,609			33,690			(50,724	)		132,309
AFUDC		(26,518	)		(31,529	)		(45,013	)		(14,536	)		(11,741	)		(40,002	)
Deferred Energy Costs Disallowed		—			—			—			1,586			90,964			—
Goodwill Impairment		—			—			—			11,695			—			—
Early retirement and severance amortization		—			—			—			—			2,786			—
Unrealized loss on derivative instrument		—			—			—			—			46,065			—
Impairment of assets of subsidiary		—			—			—			—			32,911			—
Loss on disposal of discontinued operations		—			—			—			2,346			9,555			—
Plant Costs disallowed		—			—			—			47,092			—			—
Reinstatement of deferred Energy Costs		(178,825	)														(178,825	)
Carrying Charge on Lenzie Plant		(26,957	)														(26,957	)
Other non-cash		(27,326	)		(33,018	)		(4,119	)		(27,353	)		(7,131	)		1,573
Funds from Operations (Before Deferred Energy Costs)		286,214			190,272			293,276			292,638			167,315			389,218
Amortization Deferred energy costs — electric		130,279			140,554			188,221			265,418			250,134			177,946
Amortization Deferred energy costs — gas		4,773			(486	)		1,446			3,242			13,095			6,705
Deferral of energy costs — electric plus terminated suppliers		(75,599	)		(179,917	)		(241,103	)(1)		(147,589	)		(179,826	)		(136,785	)
Deferral of energy costs — gas		1,897			(902	)		(2,519	)		(7,480	)		2,592			280
Payment to terminating supplier		(65,368	)		—			—			—			—			(65,368	)
Proceeds from claim on terminating supplier		41,365			—			—			—			—			41,365
Adjusted Funds from Operations	$	323,561		$	149,521		$	239,321		$	406,229		$	253,310		$	413,361
Long-term Debt		4,162,341			3,734,822			3,817,122			4,081,281			3,579,674			4,162,341
Current maturities of long term debt plus short-term borrowings		41,051			278,804			58,909			8,491			243,970			41,051
Total Debt	$	4,203,392		$	4,013,626		$	3,876,031		$	4,089,772		$	3,823,644		$	4,203,392
Preferred Stock		—			50,000			50,000			50,000			50,000			—
Net interest expense		228,670			236,957			284,927			306,427			366,282			276,640
AFUDC		12,869			17,283			24,691			8,587			5,976			20,277
Adjusted Interest Expense	$	241,539		$	254,240		$	309,618		$	315,014		$	372,258		$	296,917
Debt/Funds from operations								13.22	x		13.98	x		22.85	x		10.80	x
Debt/adjusted FFO								16.20	x		10.07	x		15.09	x		10.17	x
Funds from Operations Interest Coverage								1.95	x		1.93	x		1.45	x		2.31	x
Adjusted Funds From Operations Interest Coverage								1.77	x		2.29	x		1.68	x		2.39	x
Common shareholders equity							$	2,060,154		$	1,498,616		$	1,435,394		$	2,593,013
Total Capitalization							$	5,986,185		$	5,638,388		$	5,309,038		$	6,796,405
Debt/Capitalization								64.75	%		72.53	%		72.02	%		61.85	%

(1) For 2005, deferral of energy costs electric plus terminated suppliers does not include the non-cash net change in deferred energy of $218 million associated primarily with the November 2005 settlement with Enron.

FUNDS FROM OPERATIONS — NEVADA POWER COMPANY

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)

Nevada Power Company
Funds From Operations (FFO)

																LTM ended
	Nine months ended September 30,						Year ended December 31,									September 30,
	2006			2005			2005			2004			2003			2006
Net Income (Loss)	$	236,273		$	112,408		$	132,734		$	104,312		$	19,277		$	256,599
Non-Cash items included in net income																	—
Depreciation and amortization		104,076			92,421			124,098			118,841			109,655			135,753
Deferred taxes and deferred investment tax credit		113,015			52,680			86,910			57,066			2,710			147,245
AFUDC		(20,190	)		(29,171	)		(41,870	)		(9,969	)		(5,545	)		(32,889	)
Deferred Energy Costs Disallowed		—			—			—			1,586			45,964			—
Plant Costs disallowed		—			—			—			—			—			—
Reinstatement of deferred Energy Costs		(178,825	)														(178,825	)
Carrying Charge on Lenzie Plant		(26,957	)														(26,957	)
Other non-cash		(26,129	)		(22,201	)		(7,433	)		(44,149	)		(8,962	)		(11,361	)
Funds from Operations (Before Deferred Energy Costs)		201,263			206,137			294,439			227,687			163,099			289,565
Amortization Deferred energy costs		95,830			108,480			131,471			228,765			204,610			118,821
Deferral of energy costs plus terminated suppliers		(58,158	)		(137,048	)		(186,338	)(1)		(112,992	)		(131,591	)		(107,448	)
Payment to terminating supplier		(37,410	)		—			—			—			—			(37,410	)
Proceeds from claim on terminating supplier		26,391			—			—			—			—			26,391
Adjusted Funds from Operations	$	227,916		$	177,569		$	239,572		$	343,460		$	236,118		$	289,919
Long-term Debt		2,429,256			2,113,370			2,214,063			2,275,690			1,899,709			2,429,256
Current maturities of long term debt		18,651			6,404			6,509			6,091			135,570			18,651
Total Debt	$	2,447,907		$	2,119,774		$	2,220,572		$	2,281,781		$	2,035,279		$	2,447,907
Net interest expense		134,063			118,350			134,657			137,388			190,472			150,370
AFUDC		10,050			16,154			23,187			5,738			2,700			17,083
Adjusted Interest Expense	$	144,113		$	134,504		$	157,844		$	143,126		$	193,172		$	167,453
Debt/Funds from operations								7.54	x		10.02	x		12.48	x		8.45	x
Debt/adjusted FFO								9.27	x		6.64	x		8.62	x		8.44	x
Funds from Operations Interest Coverage								2.87	x		2.59	x		1.84	x		2.73	x
Adjusted Funds From Operations Interest Coverage								2.52	x		3.40	x		2.22	x		2.73	x
Common shareholders equity							$	1,762,089		$	1,436,788		$	1,174,645		$	2,166,719
Total Capitalization							$	3,982,661		$	3,718,569		$	3,209,924		$	4,614,626
Debt/Capitalization								55.76	%		61.36	%		63.41	%		53.05	%

(1) For 2005, deferral of energy costs electric plus terminated suppliers does not include the non-cash net change in deferred energy of $155 million associated primarily with the November 2005 settlement with Enron.

FUNDS FROM OPERATIONS — SIERRA PACIFIC POWER COMPANY

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)

Sierra Pacific Power Company
Funds From Operations (FFO)

																LTM ended
																September
	Nine months ended September 30,						Year ended December 31,									30,
	2006			2005			2005			2004			2003			2006
Net Income (Loss)	$	42,299		$	38,894		$	52,074		$	18,577		$	(23,275	)	$	55,479
Non-Cash items included in net income																	—
Depreciation and amortization		66,037			67,534			90,569			86,806			81,514			89,072
Deferred taxes and deferred investment tax credit		(27,392	)		(548	)		209			11,640			(23,676	)		(26,635	)
AFUDC		(6,328	)		(2,358	)		(3,143	)		(4,567	)		(6,196	)		(7,113	)
Deferred Energy Costs Disallowed		—			—			—			—			45,000			—
Early retirement and severance amortization		—			—			—			—			2,786			—
Plant Costs disallowed		—			—			—			47,092			—			—
Other non-cash		2,470			(4,116	)		318			474			(5,203	)		6,904
Funds from Operations (Before Deferred Energy Costs)		77,086			99,406			140,027			160,022			70,950			117,707
Amortization Deferred energy costs — electric		34,449			32,074			56,750			36,653			45,524			59,125
Amortization Deferred energy costs — gas		4,773			(486	)		1,446			3,241			13,095			6,705
Deferral of energy costs — electric plus terminated suppliers		(17,441	)		(42,869	)		(54,765	)(1)		(34,598	)		(48,236	)		(29,337	)
Deferral of energy costs — gas		1,897			(902	)		(2,519	)		(7,480	)		2,592			280
Payment to terminating supplier		(27,958	)		—			—			—			—			(27,958	)
Proceeds from claim on terminating supplier		14,974			—			—			—			—			14,974
Adjusted Funds from Operations	$	87,780		$	87,223		$	140,939		$	157,838		$	83,925		$	141,496
Long-term Debt		1,072,076			962,311			941,804			994,309			912,800			1,072,076
Current maturities of long term debt plus short-term borrowings		22,400			32,400			52,400			2,400			108,400			22,400
Total Debt	$	1,094,476		$	994,711		$	994,204		$	996,709		$	1,021,200		$	1,094,476
Preferred Stock		—			50,000			50,000			50,000			50,000			—
Net interest expense		54,833			54,206			69,067			62,831			96,093			69,694
AFUDC		2,819			1,129			1,504			2,849			3,276			3,194
Adjusted Interest Expense	$	57,652		$	55,335		$	70,571		$	65,680		$	99,369		$	72,888
Debt/Funds from operations								7.10	x		6.23	x		14.39	x		9.30	x
Debt/adjusted FFO								7.05	x		6.31	x		12.17	x		7.74	x
Funds from Operations Interest Coverage								2.98	x		3.44	x		1.71	x		2.61	x
Adjusted Funds From Operations Interest Coverage								3.00	x		3.40	x		1.84	x		2.94	x
Common shareholders equity							$	727,777		$	705,395		$	593,771		$	770,640
Total Capitalization							$	1,771,981		$	1,752,104		$	1,664,971		$	1,865,116
Debt/Capitalization								56.11	%		56.89	%		61.33	%		58.68	%

     (1) For 2005, deferral of energy costs electric plus terminated suppliers does not include the non-cash net change in deferred energy of $63 million associated primarily with the November 2005 settlement with Enron.