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 7, 2012

Commission File Number	Registrant, State of Incorporation, Address of Principal Executive Offices and Telephone Number	I.R.S. Employer Identification Number
1-08788	NV ENERGY, INC.	88-0198358
	Nevada
	6226 West Sahara Avenue
	Las Vegas, Nevada 89146
	(702) 402-5000
2-28348	NEVADA POWER COMPANY d/b/a	88-0420104
	NV ENERGY
	Nevada
	6226 West Sahara Avenue
	Las Vegas, Nevada 89146
	(702) 402-5000
0-00508	SIERRA PACIFIC POWER COMPANY d/b/a	88-0044418
	NV ENERGY
	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:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition

Item 7.01 Regulation FD Disclosure

Item 9.01 Financial Statements and Exhibits

SIGNATURES

EX-99.1 Press Release dated May 8, 2012

EX-99.2 Supplemental Slides dated May 8, 2012

Item 2.02 Results of Operations and Financial Condition

On May 8, 2012, NV Energy, Inc. and its two utility subsidiaries, Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy, issued a press release disclosing financial results for the quarter ended March 31, 2012. The text of the release is furnished herewith as Exhibit 99.1.

Item 7.01 Regulation FD Disclosure

On May 7, 2012, NV Energy, Inc.’s Board of Directors approved an ongoing dividend policy and declared a cash dividend of $0.17 per share, payable June 20, 2012 to shareholders of record on June 5, 2012. The dividend declaration of $0.17 per share represents an increase as compared to the February 2012 dividend declaration of $0.13 per share.

On May 8, 2012, NV Energy, Inc.’s management initiated earnings guidance in accordance with its normalized forecasts of operating and financial metrics outlined in the press release as discussed in Item 2.02 above, and supplemental slides furnished herewith.

In addition to the press release on May 8, 2012 discussed in Item 2.02 above, NV Energy, Inc. and its two utility subsidiaries, Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy, posted supplemental slides containing additional financial information about the companies on the NV Energy website, www.nvenergy.com. A copy of these supplemental slides is furnished herewith as Exhibit 99.2.

The information contained in this Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed “filed” for the purpose of section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

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

EX-99.1 — Press Release dated May 8, 2012.

EX-99.2 — Supplemental Slides dated May 8, 2012.

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.

	NV Energy, Inc. (Registrant)
Date: May 8, 2012	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel Chief Accounting Officer

	Nevada Power Company d/b/a NV Energy (Registrant)
Date: May 8, 2012	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel Chief Accounting Officer

	Sierra Pacific Power Company d/b/a NV Energy (Registrant)
Date: May 8, 2012	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel Chief Accounting Officer

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

May 8, 2012

Analyst Contacts: Max Kuniansky, (702) 402-5627

Britta Carlson, (702) 402-5624

Media Contact: Karl Walquist, (775) 834-3891

NV Energy Reports First Quarter Earnings, Increases Dividend 31% and Initiates Earnings Guidance

Las Vegas – NV Energy, Inc. (NYSE: NVE) today announced financial results for the three months ended March 31, 2012.

NV Energy, Inc.

Consolidated Results

Three Months Ended March 31,

Net Income		EPS
($ in millions)		(diluted)
2012	2011	2012	2011
$12.2	$2.3	$0.05	$0.01

“Results for the first quarter met our expectations,” said Michael Yackira, NV Energy president and chief executive officer. “Earnings increased despite mild weather, largely due to higher income associated with our investment in the Harry Allen generating station. Operating and maintenance expenses were virtually unchanged, reflecting the continued success of our cost control efforts.”

Dividend Increase and Earnings Guidance

The Company also announced that its board of directors has declared a cash dividend of $0.17 per share, payable June 20, 2012 to shareholders of record on June 5, 2012. The company paid a quarterly dividend of $0.13 per share in March 2012. Assuming continuation of the $0.17 quarterly payment for the remainder of this year, total dividends for 2012 would be $0.64 per share, a 31 percent increase compared to the $0.49 paid in 2011.

“The dividend increase we announce today demonstrates our confidence that NV Energy is entering a period of more stable earnings and sustained free cash flow,” said Mr. Yackira. “In 2012, we expect to earn between $1.15 and $1.25 per share, resulting in a dividend payout ratio of approximately 50 percent.

“Our policy will be to target a dividend payout ratio in the range of 55 to 65 percent. Given our current expectations for earnings and cash flow, this should allow us to increase dividends by about 10 percent annually for the next few years. Thereafter, our policy will be to grow dividends in line with sustainable earnings growth,” Mr. Yackira said. “Earnings and free cash flow should be sufficient to achieve our target payout ratio while reducing debt, strengthening our capital structure and considering potential new investments.”

With the increase announced today, NV Energy has more than doubled its dividend since reinstating it in July 2007 at $0.08 per share. During this period the company also:

• successfully completed a major generation expansion plan,

• reduced reliance on purchased power,

• increased its commitment to renewable energy,

• expanded customer energy efficiency and conservation programs, and

• began installing smart meters system-wide.

Key factors expected to drive financial results in 2012 and beyond are shown in the “First Quarter 2012: Financial Results” presentation posted on www.nvenergy.com this morning.

Management’s earnings expectations assume normal weather and other drivers listed in the presentation. The declaration of future dividends is at the discretion of the Board of Directors and is subject to numerous factors that ordinarily affect dividend policy, including the results of NV Energy operations and its financial position as well as general economic and business conditions.

Webcast Scheduled for 7 a.m. PDT today, Tuesday, May 8, 2012

Senior management of NV Energy will review the company’s first quarter 2012 financial results and other matters during a conference call and live webcast today, Tuesday, May 8, at 7 a.m. Pacific Daylight Time.

The webcast will be accessible on the NV Energy website at: www.nvenergy.com.

A taped replay will be available on the company’s website and by telephone for approximately 30 days. To listen to the replay by telephone, call (800) 475-6701. International callers should dial (320) 365-3844. Use the conference call access code, 244930.

May 16 Investor Meeting and Webcast

NV Energy’s senior management will host a meeting with the financial community on Wednesday, May 16, 2012 in New York. The presentation will be accessible to the public via webcast on www.nvenergy.com.

Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a combined 45,592 square-mile service territory, NV Energy provides a wide range of energy services and products to approximately 2.4 million citizens of Nevada and nearly 40 million tourists annually.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the future performance of NV Energy, Inc. and its subsidiaries, Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy. Forward-looking statements include earnings guidance and estimates or forecasts of operating and financial metrics. These statements reflect current expectations of future conditions and events and as such are subject to a variety of risks, uncertainties and assumptions that could cause actual results to differ materially from current expectations. These risks, uncertainties and assumptions include, but are not limited to, NV Energy Inc.’s ability to maintain access to the capital markets, NV Energy Inc.’s ability to receive dividends from its subsidiaries, the financial performance of NV Energy Inc.’s subsidiaries, particularly Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, and the discretion of NV Energy Inc.’s Board of Directors with respect to the payment of future dividends based on its periodic review of factors that ordinarily affect dividend policy, such as current and prospective financial condition, earnings and liquidity, prospective business conditions, regulatory factors, and dividend restrictions in NV Energy Inc.’s and its subsidiaries’ financing agreements. For Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, these risks and uncertainties include, but are not limited to, future economic conditions both nationally and regionally, changes in the rate of industrial, commercial and residential growth in their service territories, their ability to procure sufficient renewable energy sources in each compliance year to satisfy the Nevada Renewable Energy Portfolio Standard, changes in environmental laws and regulations, construction risks, including but not limited to those associated with the ON Line project, their ability to maintain access to the capital markets for general corporate purposes and to finance construction projects, employee workforce factors, unseasonable weather, drought, wildfire and other natural phenomena, explosions, fires, accidents, mechanical breakdowns that may occur while operating and maintaining an electric and natural gas system, their ability to purchase sufficient fuel, natural gas and power to meet their power demands and natural gas demands for Sierra Pacific Power Company d/b/a NV Energy, financial market conditions, and unfavorable rulings in their pending and future regulatory filings. Further risks, uncertainties and assumptions that may cause actual results to differ from current expectations pertain to weather conditions, customer and sales growth, plant outages, operations and maintenance expense, depreciation and allowance for funds used during construction, interest rates and expense, cash flow and regulatory matters. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy are contained in their Annual Reports on Form 10-K for the year ended December 31, 2011, each filed with the Securities and Exchange Commission. NV Energy Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy 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.

NV ENERGY, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in Thousands, Except Share Amounts)

(Unaudited)

	Three Months Ended March 31,
	2012			2011
OPERATING REVENUES	$	611,420		$	640,983
OPERATING EXPENSES:
Fuel for power generation		117,035			146,338
Purchased power		117,116			135,016
Gas purchased for resale		31,617			52,632
Deferred energy		(11,739	)		(1,952	)
Energy efficiency program costs		19,425			—
Other operating expenses		103,601			105,974
Maintenance		32,526			29,762
Depreciation and amortization		90,862			83,102
Taxes other than income		14,509			16,245
Total Operating Expenses		514,952			567,117
OPERATING INCOME		96,468			73,866
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt: $1,595 and $6,210)		(77,931	)		(77,343	)
Interest income (expense) on regulatory items		(2,202	)		(888	)
AFUDC-equity		1,932			7,642
Other income		4,194			2,984
Other expense		(3,060	)		(4,656	)
Total Other Income (Expense)		(77,067	)		(72,261	)
Income Before Income Tax Expense		19,401			1,605
Income tax expense (benefit)		7,228			(725	)
NET INCOME		12,173			2,330
Other comprehensive income (loss):
Change in compensation retirement benefits liability and amortization (Net of taxes $(89) and $(615))		155			1,142
Change in market value of risk management assets and liabilities (Net of taxes $141 in 2012)		(246	)		—
OTHER COMPREHENSIVE INCOME (LOSS)		(91	)		1,142
COMPREHENSIVE INCOME	$	12,082		$	3,472
Amount per share basic and diluted
Net income per share - basic and diluted	$	0.05		$	0.01
Weighted Average Shares of Common Stock Outstanding - basic		235,999,750			235,526,425
Weighted Average Shares of Common Stock Outstanding - diluted		237,526,863			236,784,658
Dividends Declared Per Share of Common Stock	$	0.13		$	0.12

NV ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands, Except Share Amounts)

(Unaudited)

	March 31,		December 31,
	2012		2011
ASSETS
Current Assets:
Cash and cash equivalents	$	100,335	$	145,944
Accounts receivable less allowance for uncollectible accounts:
2012 - $6,453; 2011 - $8,150		325,388		355,091
Materials, supplies and fuel, at average cost		130,628		129,663
Current income taxes receivable		82		82
Deferred income taxes		117,079		104,958
Other current assets		49,802		36,782
Total Current Assets		723,314		772,520
Utility Property:
Plant in service		11,955,428		11,923,717
Construction work-in-progress		556,170		487,427
Total		12,511,598		12,411,144
Less accumulated provision for depreciation		3,240,688		3,184,071
Total Utility Property, Net		9,270,910		9,227,073
Investments and other property, net		59,273		57,021
Deferred Charges and Other Assets:
Deferred energy		99,566		102,525
Regulatory assets		1,174,069		1,186,127
Regulatory asset for pension plans		212,259		215,656
Other deferred charges and assets		88,020		74,206
Total Deferred Charges and Other Assets		1,573,914		1,578,514
TOTAL ASSETS	$	11,627,411	$	11,635,128

(Continued)

NV ENERGY, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in Thousands, Except Share Amounts)

(Unaudited)

	March  31, 2012			December  31, 2011
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	138,048		$	139,985
Accounts payable		270,828			312,990
Accrued expenses		97,816			128,144
Deferred energy		233,071			245,164
Other current liabilities		68,489			65,572
Total Current Liabilities		808,252			891,855
Long-term debt		5,035,066			5,008,931
Commitments and Contingencies
Deferred Credits and Other Liabilities:
Deferred income taxes		1,311,996			1,306,510
Deferred investment tax credit		15,500			16,140
Accrued retirement benefits		94,572			92,351
Regulatory liabilities		503,911			486,259
Other deferred credits and liabilities		470,633			427,003
Total Deferred Credits and Other Liabilities		2,396,612			2,328,263
Shareholders’ Equity:
Common stock, $1.00 par value; 350 million shares authorized 235,999,750 issued and outstanding for 2012 and 2011		236,000			236,000
Other paid-in capital		2,713,736			2,713,736
Retained earnings		445,770			464,277
Accumulated other comprehensive loss		(8,025	)		(7,934	)
Total Shareholders’ Equity		3,387,481			3,406,079
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	11,627,411		$	11,635,128

(Concluded)

NV ENERGY, INC.

CONSOLIDATED CASH FLOW HIGHLIGHTS AND OPERATING STATISTICS

(unaudited)

CONSOLIDATED CASH FLOW HIGHLIGHTS

(dollars in thousands)

	Three Months Ended March 31,
	2012			2011			Change from Prior Year
Net Cash from Operating Activities	$	67,316		$	85,523			(21.3	)%
Additions to Utility Plant (Excluding AFUDC-Equity)	$	(115,817	)	$	(144,097	)		(19.6	)%

ELECTRIC SALES - MWh’s

(in thousands)

	Three Months Ended March 31,
	2012		2011		Change from Prior Year			Change in Average Customers
Residential		2,136		2,123		0.6	%		1.3	%
Commercial		1,616		1,570		2.9	%		(0.3	)%
Industrial		2,285		2,300		(0.7	)%		(2.6	)%
TOTAL RETAIL		6,037		5,993		0.7	%		1.1	%

GAS SALES - Dth

(in thousands)

	Three Months Ended March 31,
	2012		2011		Change from Prior Year
Residential		3,708		3,962		(6.4	)%
Commercial		1,879		2,001		(6.1	)%
Industrial		476		571		(16.6	)%
TOTAL RETAIL		6,063		6,534		(7.2	)%

ELECTRIC SOURCES - MWh’s

(in thousands)

	Three Months Ended March 31,
	2012		2011		Change from Prior Year
Generated		4,465		3,822		16.8	%
Purchased		2,037		2,682		(24.0	)%
TOTAL		6,502		6,504

DEGREE DAYS

	Three Months Ended March 31,
	2012		2011		Change from Prior Year			Normal
SOUTH
Heating		924		1,046		(11.7	)%		1,035
Cooling		41		32		28.1	%		29
NORTH
Heating		2,128		2,315		(8.1	)%		2,228
Cooling		—		—		—	%		—

NEVADA POWER COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Dollars in Thousands)

(unaudited)

	Three Months Ended March 31,
	2012			2011
OPERATING REVENUES	$	395,688		$	390,068
OPERATING EXPENSES:
Fuel for power generation		80,549			101,070
Purchased power		81,531			95,566
Deferred energy		2,171			6,730
Energy efficiency program costs		15,774			—
Other operating expenses		66,462			65,101
Maintenance		23,073			22,337
Depreciation and amortization		64,990			57,673
Taxes other than income		8,454			10,058
Total Operating Expenses		343,004			358,535
OPERATING INCOME		52,684			31,533
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt: $1,179 and $5,790)		(54,405	)		(52,033	)
Interest income (expense) on regulatory items		(2,016	)		635
AFUDC-equity		1,413			7,098
Other income		1,709			1,546
Other expense		(1,346	)		(2,732	)
Total Other Expense		(54,645	)		(45,486	)
Loss Before Income Tax Expense		(1,961	)		(13,953	)
Income tax benefit		(645	)		(4,933	)
NET LOSS		(1,316	)		(9,020	)
Other comprehensive income (loss):
Change in compensation retirement benefits liability and amortization (Net of taxes $(32) and $(405))		63			753
COMPREHENSIVE LOSS	$	(1,253	)	$	(8,267	)

NEVADA POWER COMPANY

CONSOLIDATED OPERATING STATISTICS

(unaudited)

ELECTRIC SALES - MWh’s

(in thousands)

	Three Months Ended March 31,
	2012		2011		Change from Prior Year			Change in Average Customers
Residential		1,536		1,528		0.5	%		1.5	%
Commercial		957		915		4.6	%		0.1	%
Industrial		1,652		1,697		(2.7	)%		(2.5	)%
TOTAL RETAIL		4,145		4,140		0.1	%		1.4	%

ELECTRIC SOURCES - MWh’s

(in thousands)

	Three Months Ended March 31,
	2012		2011		Change from Prior Year
Generated		3,287		2,773		18.5	%
Purchased		1,026		1,583		(35.2	)%
TOTAL		4,313		4,356

SIERRA PACIFIC POWER COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in Thousands)

(unaudited)

	Three Months Ended March 31,
	2012			2011
OPERATING REVENUES:
Electric	$	169,806		$	178,617
Gas		45,922			72,294
Total Operating Revenues		215,728			250,911
OPERATING EXPENSES:
Fuel for power generation		36,486			45,268
Purchased power		35,585			39,450
Gas purchased for resale		31,617			52,632
Deferral of energy - electric - net		(12,670	)		(11,931	)
Deferral of energy - gas - net		(1,240	)		3,249
Energy efficiency program costs		3,651			—
Other operating expenses		36,432			40,216
Maintenance		9,453			7,425
Depreciation and amortization		25,872			25,429
Taxes other than income		5,863			6,024
Total Operating Expenses		171,049			207,762
OPERATING INCOME		44,679			43,149
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt: $416 and $420)		(16,973	)		(16,946	)
Interest income (expense) on regulatory items		(186	)		(1,523	)
AFUDC-equity		519			544
Other income		2,183			1,264
Other expense		(1,335	)		(1,594	)
Total Other Income (Expense)		(15,792	)		(18,255	)
Income Before Income Tax Expense		28,887			24,894
Income tax expense		10,243			8,318
NET INCOME		18,644			16,576
Other comprehensive income:
Change in compensation retirement benefits liability and amortization (Net of taxes $(23) and $(841))		42			1,561
COMPREHENSIVE INCOME	$	18,686		$	18,137

SIERRA PACIFIC POWER COMPANY

CONSOLIDATED OPERATING STATISTICS

(unaudited)

ELECTRIC SALES - MWh’s

(in thousands)

	Three Months Ended March 31,
	2012		2011		Change from Prior Year			Change in Average Customers
Residential		600		595		0.8	%		0.6	%
Commercial		659		655		0.6	%		(1.1	)%
Industrial		633		603		5.0	%		(3.7	)%
TOTAL RETAIL		1,892		1,853		2.1	%		0.3	%

GAS SALES - Dth

(in thousands)

	Three Months Ended March 31,
	2012		2011		Change from Prior Year
Residential		3,708		3,962		(6.4	)%
Commercial		1,879		2,001		(6.1	)%
Industrial		476		571		(16.6	)%
TOTAL RETAIL		6,063		6,534		(7.2	)%

ELECTRIC SOURCES - MWh’s

(in thousands)

	Three Months Ended March 31,
	2012		2011		Change from Prior Year
Generated		1,178		1,049		12.3	%
Purchased		1,011		1,099		(8.0	)%
TOTAL		2,189		2,148

Consolidated gross margin is presented by NV Energy, Inc. in order to provide information that management believes aids the reader in determining how profitable the Utilities’ electric and gas businesses are at the most fundamental level. Consolidated gross margin, which is a “non-GAAP financial measure” as defined in accordance with SEC rules, provides a measure of income available to support the other operating expenses of the business and is utilized by management in its analysis of its business.

NV Energy, Inc. believes presenting consolidated gross margin allows the reader to assess the impact of the Utilities’ regulatory treatment and their overall regulatory environment on a consistent basis. Consolidated gross margin, as a percentage of revenue, is primarily impacted by the fluctuations in regulated utility electric and natural gas supply costs versus the fixed rates collected from utility customers. While these fluctuating costs impact gross margin as a percentage of revenue, they only impact gross margin amounts if the costs cannot be passed through to utility customers. Consolidated gross margin, which NV Energy, Inc. calculates as operating revenues less energy and energy efficiency program costs, provides a measure of income available to support the other operating expenses of the Utilities. Consolidated gross margin changes are based primarily on the Utilities’ general base rate adjustments (which are required to be filed by statute every three years). Reconciliations between GAAP operating income and gross margin are provided in the table herein. These non-GAAP measures should not be considered as substitutes for the GAAP measures.

NV Energy, Inc.

Consolidated Gross Margin

(dollars in thousands)

	Three Months Ended March 31,
	2012			2011			Change from Prior Year %
Operating Revenues:	$	611,420		$	640,983			(4.6	)%
Energy Costs:
Fuel for power generation		117,035			146,338			(20.0	)%
Purchased power		117,116			135,016			(13.3	)%
Gas purchased for resale		31,617			52,632			(39.9	)%
Deferred energy		(11,739	)		(1,952	)		501.4	%
Energy efficiency program costs		19,425			—			N/A
	$	273,454		$	332,034			(17.6	)%
Gross Margin	$	337,966		$	308,949			9.4	%
Other operating expenses		103,601			105,974
Maintenance		32,526			29,762
Depreciation and amortization		90,862			83,102
Taxes other than income		14,509			16,245
Operating Income	$	96,468		$	73,866			30.6	%

EX-99.2

Exhibit 99.2

First Quarter 2012 Financial Results

May 8, 2012

Safe Harbor Statement

This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the future performance of NV Energy, Inc. and its subsidiaries, Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy. Forward-looking statements include earnings guidance and estimates or forecasts of operating and financial metrics. These statements reflect current expectations of future conditions and events and as such are subject to a variety of risks, uncertainties and assumptions that could cause actual results to differ materially from current expectations. These risks, uncertainties and assumptions include, but are not limited to, NV Energy Inc.’s ability to maintain access to the capital markets, NV Energy Inc.’s ability to receive dividends from its subsidiaries, the financial performance of NV Energy Inc.’s subsidiaries, particularly Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, and the discretion of NV Energy Inc.’s Board of Directors with respect to the payment of future dividends based on its periodic review of factors that ordinarily affect dividend policy, such as current and prospective financial condition, earnings and liquidity, prospective business conditions, regulatory factors, and dividend restrictions in NV Energy Inc.’s and its subsidiaries’ financing agreements. For Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy, these risks and uncertainties include, but are not limited to, future economic conditions both nationally and regionally, changes in the rate of industrial, commercial and residential growth in their service territories, their ability to procure sufficient renewable energy sources in each compliance year to satisfy the Nevada Renewable Energy Portfolio Standard, changes in environmental laws and regulations, construction risks, including but not limited to those associated with the ON Line project, their ability to maintain access to the capital markets for general corporate purposes and to finance construction projects, employee workforce factors, unseasonable weather, drought, wildfire and other natural phenomena, explosions, fires, accidents, mechanical breakdowns that may occur while operating and maintaining an electric and natural gas system, their ability to purchase sufficient fuel, natural gas and power to meet their power demands and natural gas demands for Sierra Pacific Power Company d/b/a NV Energy, financial market conditions, and unfavorable rulings in their pending and future regulatory filings. Further risks, uncertainties and assumptions that may cause actual results to differ from current expectations pertain to weather conditions, customer and sales growth, plant outages, operations and maintenance expense, depreciation and allowance for funds used during construction, interest rates and expense, cash flow and regulatory matters. Additional cautionary statements regarding other risk factors that could have an effect on the future performance of NV Energy, Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy are contained in their Annual Reports on Form 10-K for the year ended December 31, 2011, and quarterly reports on Form 10-Q for the period ended March 31, 2012, each filed with the Securities and Exchange Commission. NV Energy Inc., Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy 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.

IR Contacts

Max Kuniansky Britta Carlson

Executive, Investor Relations Manager, Investor and Shareholder Relations

(702) 402-5627 (702) 402-5624

mkuniansky@nvenergy.com bcarlson@nvenergy.com

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Committed to Dividend Growth

More than doubled quarterly dividend since 2007

Increased dividend 31% in May 2012

Policy: target dividend payout ratio = 55-65% Can be achieved while reducing debt and considering investments

Dividends Paid per Share

$-

$0.16

$0.34

$0.41

$0.45

$0.49

$0.64

increase

31%

2006 2007 2008 2009 2010 2011 2012 *

* Assumes $0.17/share in Q3/Q4 2012

Building shareholder value by returning capital.

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Outlook: 2012

2012 Earnings Guidance: $1.15 - $1.25 / share

Assumptions

Weather Normal

Gross margin ~1% increase* from customer growth

O&M expense Flat

Depreciation, AFUDC Harry Allen plant, capital expenditures

Interest expense Decrease due to 2011 refinancings, debt

reduction

* Excludes NVE-S rate increase effective January 1

Guidance is based on ongoing, normalized EPS, excluding unexpected events such as plant outages, required regulatory accounting adjustments, etc.

For further information see forward –looking statements and risk factors in 2011 SEC Form 10-K and Form

10-Q for period ended March 31, 2012

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Outlook: Beyond 2012

Key Factors

Rate filings

Economy

O&M

Lower interest expense

New investments

Outlook

Required to file every 3 years

Well-positioned for flat demand Upside leverage when recovery commences

Goal: £ sales growth NV Energize: full-year benefit in 2013

Linked to debt reduction, refinancing

Seek opportunities consistent with our core competencies

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First Quarter Financial Results

NV Energy Consolidated

Net Income EPS

$ millions diluted

$2.3 2011

$12.2

2012

$0.01

2011

$0.05

2012

Gross Margin

$ millions

$308.9

2011

$338.0

2012

Major Drivers

Q1 2012 vs. Q1 2011

Pre-Tax After Tax

Gross Margin ($ millions) EPS Impact

Retail margin $ 29.0 $ 0.08

Other:

Depreciation expense (7.8) (0.02)

Interest expense (excludes AFUDC-debt) 2.7 0.01

AFUDC (Debt & Equity) (10.3) (0.03)

Trust gains/settlements 2.8 0.01

Income Taxes — (0.01)

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Earnings per Share (Diluted)

Third Quarter is Key to 12-Month Results

2011

$0.01

Q1

$0.05

Q2

$0.73

Q3

$(0.11) Q4

Q1 Q2 Q3 Q4 Year

2007 $0.07 $0.12 $0.69 $0.02 $0.89 2008 0.10 0.15 0.64 (0.01) 0.89 2009 (0.09) 0.08 0.78 0.02 0.78

2010 (0.01) 0.16 0.75 0.06 0.96

2011 0.01 0.05 0.73 (0.11) 0.69 2012 0.05

Summer weather in southern Nevada can significantly affect financial results.

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Decreasing Capital Expenditures

A Key Driver of Free Cash Flow

$ millions*

$1,166

2007

$1,536

2008

$843

2009

$629

2010

$621

2011

$510

2012

$450

2013

$440

2014

$370

2015

$340

2016

Base Environmental All Other

* Gross expenditures, including contributions in aid of construction, debt AFUDC, and net salvage

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Customer and Usage Trends

NV Energy South

Change in Number of Retail Customers (% change, quarter vs. prior year)

2.0% 1.5% 1.0% 0.5% 0.0% -0.5%

3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11 3/12

1.4%

Low-Use Customer Accounts (% of Residential Customers)

9.5% 9.0% 8.5% 8.0% 7.5% 7.0% 6.5% 6.0%

03/10 06/10 09/10 12/10 03/11 06/11 09/11 12/11 03/12

7.4%

NVE-South’s customer base expanded for the eighth consecutive quarter. The trend in low-use residential accounts remains favorable.

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Customer and Usage Trends

NV Energy North

Change in Number of Retail Customers (% change, quarter vs. prior year)

1.5% 1.0% 0.5% 0.0% -0.5%

3/10 6/10 9/10 12/10 3/11 6/11 9/11 12/11 3/12

0.3%

Low-Use Customer Accounts (% of Residential Customers)

9.0% 8.5% 8.0% 7.5% 7.0% 6.5% 6.0%

03/10 06/10 09/10 12/10 03/11 06/11 09/11 12/11 03/12

7.8%

The trend in low-use residential customer accounts remains favorable at NVE-North.

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