EXHIBIT 12.3

SIERRA PACIFIC POWER COMPANY

RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

		Year ended December 31,
		2008			2007			2006			2005			2004
EARNINGS AS DEFINED:
	Income (Loss) From Continuing Operations
	After Interest Charges	$	90,582		$	65,667		$	57,709		$	52,074		$	18,577
	Income Taxes		37,603			26,009			27,829			28,379			325
	Income (Loss) From Continuing Operations
	before Income Taxes		128,185			91,676			85,538			80,453			18,902
	Fixed Charges		84,478			75,655			79,093			72,652			67,685
	Capitalized Interest (allowance for borrowed funds used during construction)		(9,464	)		(12,771	)		(5,505	)		(1,504	)		(2,849	)
		$	203,199		$	154,560		$	159,126		$	151,601		$	83,738
	Total
FIXED CHARGES AS DEFINED:		$	84,478		$	75,655		$	79,093		$	72,652		$	67,685
	Interest Expensed and Capitalized (1)		-			-			-			-			-
	Total	$	84,478		$	75,655		$	79,093		$	72,652		$	67,685
RATIO OF EARNINGS TO FIXED CHARGES			2.41			2.04			2.01			2.09			1.24
(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 (whether expensed or capitalized) and the portion of rental expense deemed attributable to interest.  “Earnings” represents pre-tax income (or loss) from continuing operations before, solely with respect to the years ended December 31, 2006, 2005 and 2004,  pre-tax preferred stock dividend requirement plus fixed charges (excluding capitalized interest).