EXHIBIT 12 (B)

NEVADA POWER COMPANY

RATIOS OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2003			2002			2001			2000			1999
	(dollars in thousands)
EARNINGS AS DEFINED:
Income (Loss) From Continuing Operations After Interest Charges	$	19,277		$	(235,070	)	$	63,405		$	(7,928	)	$	38,787
Income Taxes		(614	)		(131,784	)		32,783			(9,386	)		21,213
Income (Loss) From Continuing Operations before Income Taxes		18,663			(366,854	)		96,188			(17,314	)		60,000
Fixed Charges		198,042			141,380			114,484			104,402			98,203
Capitalized Interest		(2,700	)		(3,412	)		(2,141	)		(7,855	)		(8,356	)
Total	$	214,005		$	(228,886	)	$	208,531		$	79,233		$	149,847
FIXED CHARGES AS DEFINED:
Interest Expensed and Capitalized (1)	$	198,042		$	141,380		$	114,484		$	104,402		$	98,203
Total	$	198,042		$	141,380		$	114,484		$	104,402		$	98,203
RATIO OF EARNINGS TO FIXED CHARGES		1.08			—			1.82			—			1.53
DEFICIENCY	$	—		$	370,266		$	—		$	25,169		$	—

(1) Includes amortization of premiums, discounts, and capitalized debt expense and interest component of rent expense.

For the purpose of calculating the ratios of earnings to fixed charges, “Fixed charges” represent the aggregate of interest charges on short-term and long-term debt, allowance for borrowed funds used during construction (AFUDC) and capitalized interest, and the portion of rental expense deemed to be attributable to interest. “Earnings” represents pre-tax income (or loss) from continuing operations before fixed charges and capitalized interest.