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) May 9, 2007

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

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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
	Item 9.01 Financial Statements and Exhibits.
Signatures
Ex-99.1 Press Release dated May 9, 2007

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

     On May 9, 2007, Sierra Pacific Resources (“SPR”) announced that Walter M. Higgins, chairman and chief executive officer of SPR and its two utility subsidiaries, Nevada Power Company (“NPC”) and Sierra Pacific Power Company (“SPPC”), has informed the board of directors that he will retire as chief executive officer, effective July 31, 2007. Mr. Higgins will continue to serve as chairman of the board of SPR, NPC and SPPC.

     On May 9, 2007, SPR also announced that its board of directors has elected Michael W. Yackira to be the new chief executive officer of SPR, NPC and SPPC, effective August 1, 2007. Mr. Yackira will continue to serve as SPR’s president, a position he has held since February 2007 when he also was elected to the board of directors for SPR, NPC and SPPC. The chief operating officer position which Mr. Yackira also assumed in February 2007 will not be refilled.

     Prior to assuming the position of president and chief operating officer of SPR, and director of SPR, NPC and SPPC in February 2007, Mr. Yackira served as corporate executive vice president and chief financial officer for all three companies from October 2004 to February 15, 2007. From December 2003 to October 2004, Mr. Yackira held the position of executive vice president and chief financial officer, at both NPC and SPPC. Mr. Yackira served as executive vice president, strategy and policy, from January to December 2003. From 2001 to 2002, Mr. Yackira served as the vice president and chief financial officer of Mars, Inc. Prior to that, Mr. Yackira was with Florida-based FPL Group, Inc., from 1989 to 2000. Mr. Yackira is a board member of the United Way of Southern Nevada, the American Heart Association of Las Vegas, and several not-for-profit organizations.

     A copy of the press release announcing Mr. Higgins’ upcoming retirement and Mr. Yackira’s appointment is attached hereto as exhibit 99.1.

     In connection with his assumption of the position of chief executive officer, Mr. Yackira, age 55, entered into a new employment agreement, dated as of May 8, 2007, with SPR. The terms of the agreement, which will be effective beginning August 1, 2007, include:

• a starting base salary of $600,000;

• an annual cash Short-Term Incentive Program payment target of 75% of base salary, at the discretion of the board, subject to corporate, business unit and personal performance (actual payout may range from 0-150% of target);

• a special performance incentive grant of 200,000 non-qualified stock options to vest in increments of 1/3 on each of the next three anniversaries of the date of the agreement;

• an executive life insurance policy with a death benefit equal to $1,000,000 plus an additional $1,000,000 business travel insurance policy; and

• a perquisite allowance to cover certain expenses (such as a car allowance and tax preparation) and a housing allowance to cover the cost of maintaining a northern Nevada residence.

     In the event that Mr. Yackira’s employment is involuntarily terminated without cause (as

set forth in the agreement), he will be entitled to receive one year’s base pay plus target incentive, within 30 days of termination. Mr. Yackira will also be entitled to regular employee benefits, including health, welfare, and pension plans and vacation, such benefits to be generally on the same basis as such plans are made available to all other senior officers of SPR, except that with respect to the Non-Qualified Supplemental Executive Retirement Plan, 2 years will be added to Mr. Yackira’s years of service if he continues to be employed with SPR until age 62 or beyond. Mr. Yackira’s long-term incentive is targeted at 150% of his base salary, the provisions of such long-term incentive grants to remain consistent with those previously granted to Mr. Yackira as president and chief operating officer. The agreement further provides that Mr. Yackira shall serve as chief executive officer until replaced, removed, or reelected by the board of directors.

Item 9.01 Financial Statements and Exhibits.

(d)      Exhibits

     99.1 Press Release dated May 9, 2007

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: May 11, 2007	By: /s/ John E. Brown       John E. Brown       Corporate Controller
	Nevada Power Company (Registrant)
Date: May 11, 2007	By: /s/ John E. Brown       John E. Brown       Controller
	Sierra Pacific Power Company (Registrant)
Date: May 11, 2007	By: /s/ John E. Brown       John E. Brown       Controller

EX-99.1

Exhibit 99.1

Sierra Pacific Resources

Michael Yackira to Become CEO of Sierra Pacific Resources; Succeeds Walter Higgins,
Effective August 1, 2007
 
Retiring Higgins to Continue as Chairman of Board

RENO, Nev., May 9 /PRNewswire-FirstCall/ — Sierra Pacific Resources (NYSE: SRP) today announced that its board of directors has elected Michael W. Yackira chief executive officer, effective August 1, 2007. Walter M. Higgins, the current CEO, is retiring from employment with the company, effective July 31. He will continue as a member, and chairman, of the board of directors.

Yackira, 55, will continue to serve as the company’s president, a position he has held since February 2007 when he also was elected to the board of directors. The chief operating officer position which he also assumed in February will not be refilled. Additionally, Yackira will serve as chief executive officer of the company’s two utility subsidiaries, Nevada Power Company and Sierra Pacific Power Company.

Higgins’ retirement culminates a 41-year career which included key manager/officer positions with a number of utility companies throughout the nation. During most of the past 14 years, he served as chairman and chief executive officer of Sierra Pacific Resources. Among his other professional affiliations, Higgins was president and chief operating officer of Louisville Gas & Electric Co. in Kentucky; chairman, president and CEO of AGL Resources, Inc. in Atlanta, Georgia; and spent 14 years with Portland (Oregon) General Electric, where his last position was as senior vice president, generation and transmission.

A graduate of the United States Naval Academy with a degree in nuclear science, Higgins began his career as a nuclear submarine officer. He subsequently was a nuclear engineer and, aside from his professional endeavors, served in the U.S. Naval Reserve submarine force, retiring as a captain with 29 years of service. Through the years he has been active in numerous community, philanthropic and business organizations both as a volunteer and board member.

Yackira has been with Sierra Pacific Resources since January 2003, initially as executive vice president, strategy and policy, a position he held until December of that year when he became the company’s executive vice president and chief financial officer. Since arriving in southern Nevada he has been active in community and philanthropic activities and currently serves on the board of directors of both United Way and the American Heart Association.

His professional experience prior to joining Sierra Pacific Resources included 11 years with FPL Group, a major electric utility holding company in Florida. Among the positions he held during his tenure there, Yackira was senior vice president, finance and chief financial officer; and President of FPL Energy, an industry leader in renewable energy.

Yackira, whose principal office continues to be in Las Vegas, will also maintain an office in Reno, Nevada. He and his wife Jennifer reside in Las Vegas with their pre-school-age daughter. Yackira also has two adult sons.

Higgins, 62, and his wife Jacqueline will make their home in Reno. As chairman of the board, Higgins will maintain an office at Sierra Pacific in Reno. In retirement he and his wife plan to pursue their hobbies of boating, traveling, golf, and enjoying their four granddaughters.

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.

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, Sierra Pacific Resources’ ability to maintain access to the capital markets, Sierra Pacific Resources’ ability to receive dividends from its subsidiaries and the financial performance of Sierra Pacific Resources’ 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 pending and future rate cases, their ability to maintain access to the capital markets for general corporate purposes and to finance construction projects, and their ability to purchase sufficient fuel, natural gas and power to meet their power demands and natural gas demands for Sierra Pacific Power Company. 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 Annual Reports on Form 10-K for the year ended December 31, 2006, and in Form 10-Q for the quarter ended March 31, 2007, 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.

SOURCE Sierra Pacific Resources 05/09/2007

CONTACT: Media, Andrea Smith, +1-702-367-5843, or Analysts, Britta
Carlson, +1-702-367-5624, both of Sierra Pacific Resources (SRP)

5026 05/09/2007 17:15 EDT http://www.prnewswire.com