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 19, 2003
                                                           ------------





                          Registrant, State of Incorporation, Address of
Commission File           Principal Executive Offices and Telephone                  I.R.S. employer
Number                    Number                                                     Identification Number
                                                                    

1-08788                   SIERRA PACIFIC RESOURCES                                   88-0198358
                          P.O. Box 10100
                          (6100 Neil Road)
                          Reno, Nevada 89520-0400 (89511)
                          (775) 834-4011

0-00508                   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 May 19, 2003, Sierra Pacific Resources ("SPR"), the parent corporation of
Sierra Pacific Power Company (the "Company"), issued a press release announcing
that the Public Utilities Commission of Nevada ("PUCN") approved the
previously-announced stipulated agreement that gives electric ratepayers served
by the Company in northern Nevada a rate decrease of $9.8 million, or an overall
1.4 percent decrease, beginning June 1, 2003.

The agreement reached by SPR, the staff of the PUCN, the State Attorney
General's Bureau of Consumer Protection, and a coalition of major utility
customers also calls for a rate decrease of $19.8 million, or an overall 2.7%
decrease, the following year, commencing June 1, 2004. The agreement was filed
with the PUCN last week as the PUCN was due to begin hearings in the Company's
annual deferred energy case.

The stipulated agreement also included the following significant provisions:

- -    The Company will reduce its deferred energy balance by $45 million dollars,
     from a balance of approximately $15.4 million collectible from customers to
     a balance of approximately $29.6 million payable to customers. This will
     result in an after tax write-off of approximately $29.3 million for the
     Company.

- -    The Company will discontinue accruing carrying charges on deferred energy
     balances that it is already collecting from customers and on the $29.6
     million amount payable to customers as a result of this decision.

- -    The Company's base tariff energy rate will remain at the rate currently in
     effect.

- -    Contingent contract termination payments are deferred for consideration to
     a future Company filing.

- -    All parties to the stipulation agree to commence discussions no later than
     July 1, 2003, to address the merits of performance based ratemaking.

- -    The parties have consented to the dismissal of the civil cases on file with
     the First Judicial District Court in Nevada that address the PUCN decision
     on the Company's previous deferred energy filing.

A copy of the press release, dated May 19, 2003, is attached as Exhibit 99.1
hereto.







ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS


     (a) Financial Statements of Businesses Acquired.
         -------------------------------------------

         Not required

     (b) Pro forma financial information.
         -------------------------------

         Not required

     (c) Exhibit.
         -------

         99.1 Sierra Pacific Resources- Press Release issued May 19, 2003





                                    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:        May 20, 2003                     By: /s/ John E. Brown
             ------------                        -------------------------------
                                                      John E. Brown
                                                      Vice President, Controller


                                                    SIERRA PACIFIC POWER COMPANY
                                                    ----------------------------
                                                        (Registrant)

Date:        May 20, 2003                     By: /s/ John E. Brown
             ------------                        -------------------------------
                                                      John E. Brown
                                                      Vice President, Controller






                                  EXHIBIT INDEX

Exhibit 99.1

     Sierra Pacific Resources- Press Release issued May 19, 2003.

EX-99.1

EXHIBIT 99.1


For Immediate Release                              Media Contacts:
May 19, 2003                                       Faye I. Andersen 775-834-4822

              STIPULATED AGREEMENT ALLOWING ELECTRIC RATE DECREASE
                           IN NORTHERN NEVADA APPROVED

CARSON CITY, NV, MAY 19, 2003 - The Public Utilities Commission of Nevada (PUCN)
today approved the previously-announced stipulated agreement that gives electric
ratepayers served by Sierra Pacific Power Company in northern Nevada a rate
decrease of $9.8 million, or an overall 1.4 percent decrease, beginning June 1,
2003.

The agreement reached by Sierra Pacific Resources (NYSE:SRP), the staff of the
PUCN, the State Attorney General's Bureau of Consumer Protection, and a
coalition of major utility customers also calls for a rate decrease of $19.8
million, or an overall 2.7% decrease, the following year, commencing June 1,
2004. The agreement was filed with the PUCN last week as the agency was due to
begin hearings in Sierra Pacific Power's annual deferred energy case.

"We are hopeful this signals the end of the huge run-up in energy costs that we
have seen over the past few years and will lead to more stable pricing for our
customers," said Jeff Ceccarelli, president of Sierra Pacific Power. Ceccarelli
thanked all of the parties for their diligence in working through some extremely
complex issues. "We also are very appreciative that the PUCN recognized the
challenges that were overcome to reach this agreement," he said.

As a result, the typical customer using 675 kilowatt hours of electricity will
see a monthly decrease of $0.82, from $71.06 to $70.38, or $9.84 annually,
beginning June 1.

In addition to the decrease in prices, the stipulated agreement allows Sierra
Pacific to maintain its base tariff energy rate, or the current rate it charges
to recover fuel and purchased power costs to supply customers with electricity.
Additionally, all of the parties in the agreement have consented to the
dismissal of civil cases on file with the First Judicial District Court in
Nevada, addressing the PUCN's decision in Sierra Pacific's previous deferred
energy filing. The parties have further agreed to commence discussions no later
than July 1, 2003 on the merits of performance-based ratemaking.

Aside from the state agencies and Sierra Pacific, other parties involved in the
proposed agreement include interveners in the pending deferred energy rate case;
namely, Barrick Goldstrike Mines, the Northern Nevada Industrial Electric Users,
Boomtown Hotel & Casino, Circus and Eldorado Joint Venture, Club Cal Neva,
Eldorado Resorts LLC, John Ascuaga's Nugget, Monarch Casino & Resort, Inc., Park
Place Entertainment Corporation, and Peppermill Casinos, Inc.

The PUCN also voted today to allow Sierra Pacific Power to recover costs
invested in conservation programs. This will result in a slight increase in
electric bills of 5-to-7 cents per



month to pay for low-income weatherization, energy education, information and
conservation programs.

Sierra Pacific Power Company serves approximately 280,000 electric customers in
northern Nevada. The company also provides electricity to the Lake Tahoe area of
California and distributes natural gas in the Reno-Sparks metropolitan area.
Sierra Pacific Power Company is a wholly-owned subsidiary of Sierra Pacific
Resources (NYSE:SRP). Nevada Power, the electric utility for most of southern
Nevada, is the principal subsidiary of Sierra Pacific Resources. Other
subsidiaries include the Tuscarora Gas Pipeline Company, which owns a 50 percent
interest in an interstate natural gas transmission partnership, several
unregulated energy services companies and Sierra Pacific Communications, a
telecommunications network development company.

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