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) October 30, 2002

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
0-508	SIERRA PACIFIC POWER COMPANY	88-0044418
	P.O. Box 10100
	(6100 Neil Road)
	Reno, Nevada 89520-0400 (89511)
	(775) 834-4011

None

(Former name, former address and former fiscal year, if changed since last report)

Item 5.    Other Events

On October 30, 2002, Nevada Power Company (a subsidiary of Sierra Pacific Resources) announced that it paid in full those power suppliers who earlier this year accepted extended payment terms for summer power supplies. Additionally, Nevada Power disclosed that it refinanced maturing bank debt and secured an accounts receivable purchase facility providing additional liquidity.

On October 31, 2002, Sierra Pacific Power Company (a subsidiary of Sierra Pacific Resources) announced that it refinanced maturing bank debt and secured an accounts receivable purchase facility providing additional liquidity.

A copy of the press releases, dated October 30, 2002, and October 31, 2002, respectively, are attached as Exhibits 99.1 and 99.2 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    Nevada Power Company Press Release issued October 30, 2002

99.2    Sierra Pacific Power Company Press Release issued October 31, 2002

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SIERRA PACIFIC RESOURCES (Registrant)
Date: October 31, 2002	By:	/s/    JOHN E. BROWN
		John E. Brown Controller

	NEVADA POWER COMPANY (Registrant)
Date: October 31, 2002	By:	/s/    JOHN E. BROWN
		John E. Brown Controller

	SIERRA PACIFIC POWER COMPANY (Registrant)
Date: October 31, 2002	By:	/s/    JOHN E. BROWN
		John E. Brown Controller

Exhibit Index

Exhibit 99.1

Nevada Power Company Press Release issued October 30, 2002

Exhibit 99.2

Sierra Pacific Power Company Press Release issued October 31, 2002

EX-99.1

Exhibit 99.1

Las Vegas, NV. October 30, — Nevada Power Company announced today that it has paid in full those power suppliers who earlier this year accepted extended payment terms for summer power supplies.

“We appreciate the support of those suppliers who worked with us and continued to deliver power throughout the summer,” said Walter Higgins, chairman and CEO of Sierra Pacific Resources (NYSE:SRP), parent company of Nevada Power.

Nevada Power paid approximately $100 million from existing cash balances in delayed payments to those non-terminating suppliers who delivered power during the summer.

Separately, Nevada Power closed its $250 million general and refunding mortgage notes financing transaction that priced last week. $200 million of the proceeds will be used to pay maturing bank debt.

Nevada Power Company also disclosed that in addition to closing the sale of its $250 million general and refunding mortgage notes, it closed an accounts receivables purchase facility of up to $125 million as a back-up liquidity facility.

Nevada Power is a regulated public utility engaged in the distribution, transmission, generation, purchase and sale of electricity in the southern Nevada communities of Las Vegas, North Las Vegas, Henderson, Searchlight, Laughlin and their adjoining areas. The utility also provides electricity to Nellis Air Force Base, the Department of Energy at Mercury and Jackass Flats at the Nevada Test Site. The company provides electricity to approximately 639,000 customers in a 4,500 square mile service area.

This press release does not constitute an offer to sell these securities, nor a solicitation of an offer to purchase these securities, nor is it a solicitation of any proxy or consent for any purpose.

This press release may contain forward- looking statements regarding the future performance of the 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. These risks and uncertainties include, but are not limited to, further unfavorable rulings in pending and future rate cases, the ability of the company to access capital markets in light of recent ratings downgrades, whether suppliers that have terminated their power supply agreements with us will be successful in pursuing their claims against us for liquidated damages, whether our current suppliers of power and fuel will continue to sell to us in light of our financial condition, whether long- term power costs can be lowered through negotiation or administrative proceedings, conditions within the wholesale power market in the western United States, operating hazards, uninsured risks and changes in energy-related federal or state legislation and regulations. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the company are contained in the company’s 10-K for the year ended December 31, 2001 and the company’s 10-Q for the quarter ended June 30, 2002, filed with the Securities and Exchange Commission.

The 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.

EX-99.2

Exhibit 99.2

Oct. 31, 2002 Reno, Nev. — Sierra Pacific Power Company announced today that it has successfully completed a $100 million term loan financing transaction. Proceeds from the financing, along with cash on hand, will be used to pay off $150 million in maturing bank debt. In addition, the company announced that it has entered into an accounts receivables purchase facility of up to $75 million as a back-up liquidity facility.

“We are very pleased with the progress we have made in improving our balance sheet and overall financial strength,” said Walt Higgins, chairman, president and chief executive officer of Sierra Pacific Resources (NYSE: SRP), parent company of Sierra Pacific Power. “This helps assure that we will continue to provide our customers with reliable service.”

The $100 million, 3-year term loan borrowing will be secured by a general and refunding mortgage bond, Series C, issued under the company’s General and Refunding Mortgage Indenture.

Sierra Pacific Power is a regulated public utility that provides electricity to most of northern Nevada, including the cities of Reno and Sparks, and the Lake Tahoe area of California. The company also provides natural gas service to the Reno-Sparks area. Sierra Pacific serves approximately 326,000 electric customers and 120,000 natural gas customers in a 50,000 square mile region.

This press release may contain forward-looking statements regarding the future performance of the 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. These risks and uncertainties include, but are not limited to, further unfavorable rulings in pending and future rate cases, the ability of the company to access capital markets in light of recent ratings downgrades, whether suppliers that have terminated their power supply agreements with us will be successful in pursuing their claims against us for liquidated damages, whether our current suppliers of power and fuel will continue to sell to us in light of our financial condition, whether long-term power costs can be lowered through negotiation or administrative proceedings, conditions within the wholesale power market in the western United States, operating hazards, uninsured risks and changes in energy-related federal or state legislation and regulations. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of the company are contained in the company’s 10-K for the year ended December 31, 2001 and the company’s 10-Q for the quarter ended June 30, 2002, filed with the Securities and Exchange Commission. The 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.