EXHIBIT 12 (C)

SIERRA PACIFIC 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	$	(23,275	)	$	(13,968	)	$	22,743		$	(4,077	)	$	64,615
Income Taxes		(12,237	)		(4,491	)		10,260			(1,362	)		33,489
Income (Loss) From Continuing Operations before Income Taxes		(35,512	)		(18,459	)		33,003			(5,439	)		98,104
Fixed Charges		104,790			81,161			68,965			56,753			48,503
Capitalized Interest		(3,276	)		(1,858	)		(660	)		(2,779	)		(141	)
Preferred Stock Dividend Requirement		—			—			—			—			—
Total	$	66,002		$	60,844		$	101,308		$	48,535		$	146,466
FIXED CHARGES AS DEFINED:
Interest Expensed and Capitalized (1)	$	104,790		$	81,161		$	68,965		$	56,753		$	48,503
Preferred Stock Dividend Requirement		—			—			—			—			—
Total	$	104,790		$	81,161		$	68,965		$	56,753		$	48,503
RATIO OF EARNINGS TO FIXED CHARGES		—			—			1.47			—			3.02
DEFICIENCY	$	38,788		$	20,317		$	—		$	8,218		$	—

(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 pre-tax preferred stock dividend requirement, fixed charges and capitalized interest.