In August 2011, NPC completed the sale of 37 telecommunication towers to Global Tower Partners, LLC. Cash proceeds from the sale were approximately $32 million with the gain on sale deferred subject to the final accounting approval by the PUCN.

On January 1, 2011, SPPC sold its California electric distribution and generation assets to CalPeco, d/b/a Liberty Energy-CalPeco. Cash proceeds from the sale were approximately $132 million, plus additional closing adjustments resulting in an immaterial after tax gain, for which the final accounting was approved by the FERC in September 2011. In connection with the sale of the assets, SPPC entered into a separate five year purchase power agreement to sell energy to CalPeco.

In accordance with FASB presentation accounting guidance for discontinued operations, ASC 205-10-20, the California asset sale met the “assets held for sale” criteria, but, did not meet the “component-of-an-entity” criteria. The California electric distribution and generation assets held for sale did not have cash flows that could be clearly distinguished operationally from the rest of the entity because they did not operate individually, but rather as a part of SPPC's whole operating system, which included all of the electric distribution and generation assets owned by SPPC.

Below are the major classes of assets and liabilities held for sale and presented in the consolidated balance sheets as of December 31 (dollars in millions):

Assets		2010

Utility Plant in Service		$	196.8

	Less: Accumulated depreciation		55.8
	Utility Plant in Service, net		141.0

	CWIP		5.2
	Other current assets		9.1
	Deferred Charges		-

Assets Held for Sale		$	155.3

Liabilities

	Deferred Credits and Other Liabilities	$	30.7

Liabilities Held for Sale		$	30.7

In May 2010, SPPC sold a lake and surrounding property located in the State of California, known as Independence Lake, for approximately $15 million. The gain on sale was approximately $14.7 million before taxes; however, approximately $7.1 million of the gain has been deferred as a regulatory liability and will be paid to SPPC's ratepayers over approximately three years.