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) March 20, 2006

Commission	Registrant, Address of Principal Executive	I.R.S. employer	State of
File Number	Offices and Telephone Number	Identification Number	Incorporation
1-08788	SIERRA PACIFIC RESOURCES	88-0198358	Nevada
	P. O. Box 10100 (6100 Neil Road)
	Reno, Nevada 89520-0400 (89511)
	(775) 834-4011
1-00508	SIERRA PACIFIC POWER COMPANY	88-0044418	Nevada
	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)

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:

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

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

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

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

TABLE OF CONTENTS

EX-99.1 PRESS RELEASE DATED MARCH 20, 2006

Item 8.01 – Other Events

     Sierra Pacific Power Company, a wholly-owned subsidiary of Sierra Pacific Resources, announced that on March 20, 2006, it priced a private offering of $300 million principal amount of its 6% General and Refunding Mortgage Notes, Series M, due 2016. The notes are expected to be delivered on or about March 23, 2006. The notes will be secured by the lien of the Company’s General and Refunding Mortgage Indenture, which constitutes a lien on substantially all of the Company’s real property and tangible personal property located in the State of Nevada. A copy of the press release is filed as Exhibit 99.1 hereto.

     The offering was made only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States in compliance with Regulation S under the Securities Act. The notes will not be registered under the Securities Act and may not be offered or sold by holders thereof without registration unless an exemption from such registration is available.

Item 9.01 – Financial Statements and Exhibits

(c)	Exhibits
99.1	Press release dated March 20, 2006

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.

	Sierra Pacific Resources (Registrant)
Date: March 21, 2006	By:	/s/ Paul J. Kaleta
		Paul J. Kaleta
		Senior Vice President, General Counsel and Corporate Secretary
	Sierra Pacific Power Company (Registrant)
Date: March 21, 2006	By:	/s/ Paul J. Kaleta
		Paul J. Kaleta
		Senior Vice President, General Counsel and Corporate Secretary

EX-99.1

For Immediate Release March 20, 2006	Media Contact:	Andrea Smith 702-367-5843
	Analyst Contact:	Britta Carlson 702-367-5624

Sierra Pacific Power Company Prices Private Offering of General and Refunding Mortgage
Notes to Refinance Higher Coupon Debt

Reno, Nev. — Sierra Pacific Power Company, a wholly-owned subsidiary of Sierra Pacific Resources (NYSE:SRP), announced today that it priced a private offering of $300 million principal amount of its 6.00% General and Refunding Mortgage Notes, Series M, due 2016. The notes are expected to be delivered on or about March 23, 2006.

Proceeds from the offering will be used to repay $173 million outstanding under Sierra Pacific Power’s $250 million revolving credit facility, which amount was borrowed to fund the early redemption of $110 million of its Series A Medium-Term Notes and $58 million of its Series B Medium-Term Notes, including associated redemption premiums of approximately $5 million; to repay $50 million of its maturing Series C Medium-Term Notes; and to redeem $50 million of Series A Preferred Stock, including redemption premiums of approximately $1 million. The remaining approximately $26 million of proceeds will be used for general corporate purposes and fees and expenses associated with the offering.

The notes will be secured by the lien of the Company’s General and Refunding Mortgage Indenture, which constitutes a lien on substantially all of the Company’s real property and tangible personal property located in the State of Nevada. The offering will be made only to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States in compliance with Regulation S under the Securities Act. The notes will not be registered under the Securities Act and may not be offered or sold by holders thereof without registration unless an exemption from such registration is available. This press release does not constitute an offer to sell these notes, nor a solicitation for an offer to purchase these notes, nor is it a solicitation of any proxy or consent for any purpose.

Sierra Pacific Power Company is the principal utility for most of northern Nevada and the Lake Tahoe area of California. It is a wholly owned subsidiary of Sierra Pacific Resources which also is the holding company for Nevada Power Company, the electric utility for southern Nevada. Sierra Pacific Power Company also distributes natural gas in the Reno-Sparks area of northern Nevada.

Headquartered in Nevada, Sierra Pacific Resources is a holding company whose principal subsidiaries are Nevada Power Company, the electric utility for most of southern Nevada, and Sierra Pacific Power Company, the electric utility for most of northern Nevada and the Lake Tahoe area of

California. Other subsidiaries include the Tuscarora Gas Pipeline Company, which owns 50 percent interest in an interstate natural gas transmission partnership and several unregulated energy services companies.

This press release may contain forward-looking statements regarding the future performance of the Company within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. If the Company is unable to consummate the offering of the notes in a timely manner, its liquidity will be adversely affected. Additional cautionary statements regarding other factors that could have an effect on the future performance of the Company are contained in the Company’s 10-K for the year ended December 31, 2005, filed with the Securities and Exchange Commission. The Company undertakes 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.

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