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 2, 2008

	Registrant, State of Incorporation, Address of	I.R.S. Employer
Commission File	Principal Executive Offices and Telephone	Identification
Number	Number	Number
1-08788	SIERRA PACIFIC RESOURCES	88-0198358
	Nevada
	P.O. Box 30150 (6100 Neil Road)
	Reno, Nevada 89520-0400 (89511)
	(775) 834-4011
2-28348	NEVADA POWER COMPANY	88-0420104
	Nevada
	6226 West Sahara Avenue
	Las Vegas, Nevada 89146
	(702) 367-5000
0-00508	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 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:

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 Reconciliation of Non-GAAP Financial Information - EBITDA

EX-99.2 Reconciliation of Non-GAAP Financial Information - Funds from Operations

Item 2.02 Results of Operations and Financial Condition

     Sierra Pacific Resources made available, on its website at www.sierrapacificresources.com, comparative years financial information, including financial information for the quarter ended March 31, 2008. A reconciliation of the non-GAAP financial information contained within the posting to the most directly comparable financial measures calculated and presented in accordance with GAAP is attached hereto as Exhibits 99.1 and 99.2. Disclosures regarding definitions of these financial measures used by Sierra Pacific and why Sierra Pacific’s management believes these financial measures provide useful information to investors are also included in Exhibits 99.1 and 99.2.

     The information in this Current Report (including Exhibits 99.1 and 99.2) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits — The following exhibit is furnished with this Form 8-K:

EX-99.1 — Reconciliation of Non-GAAP Financial Information — EBITDA

EX-99.2 — Reconciliation of Non-GAAP Financial Information — Funds from Operations

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: May 2, 2008	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer
	Nevada Power Company (Registrant)
Date: May 2, 2008	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer
	Sierra Pacific Power Company (Registrant)
Date: May 2, 2008	By:	/s/ E. Kevin Bethel
		E. Kevin Bethel
		Chief Accounting Officer

EX-99.1

EXHIBIT 99.1

          EBITDA represents net income before interest, taxes, depreciation and amortization. EBITDA is presented here because Sierra Pacific Resources (the “Company”) considers it a supplemental measure of its performance and believes debt-holders frequently use EBITDA to analyze operating performance and debt service capacity. EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are:

• EBITDA does not reflect cash expenditures, or future requirements for capital expenditures, or contractual commitments;

• EBITDA does not reflect changes in, or cash requirements for, working capital needs;

• EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debts;

• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements; and

• Other companies in this industry may calculate EBITDA differently than we do, which will limit its usefulness as a comparative measure.

          Because of these limitations, the Company’s management relies primarily on our GAAP results as a measure of the Company’s performance and uses EBITDA on a supplemental basis.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)

Sierra Pacific Resources
EBITDA

																LTM
	Three Months ended March 31,						Year ended December 31,									March 31,
	2008			2007			2007			2006			2005			2008
Net Income Applicable to Common Stock	$	24,058		$	15,607		$	197,295		$	277,451		$	82,237		$	205,746
Interest charges		68,504			69,669			279,788			311,088			284,927			278,623
Income taxes		16,708			10,628			87,555			145,605			43,118			93,635
Depreciation and amortization		62,070			56,233			235,532			228,875			214,662			241,369
EBITDA	$	171,340		$	152,137		$	800,170		$	963,019		$	624,944		$	819,373
EBITDA/Interest Expense		2.50	x		2.18	x		2.86	x		3.10	x		2.19	x		2.94	x
Debt/EBITDA		25.00	x		27.32	x		5.31	x		4.16	x		6.20	x		5.23	x
Sierra Pacific Resources
Net interest expense	$	68,504		$	69,669		$	279,788		$	311,088		$	284,927		$	278,623
Long-Term debt	$	4,173,617		$	4,147,322		$	4,137,864		$	4,001,542		$	3,817,122		$	4,173,617
Current maturities of long term debt		110,168			8,625			110,285			8,348			58,909			110,168
Total Debt	$	4,283,785		$	4,155,947		$	4,248,149		$	4,009,890		$	3,876,031		$	4,283,785

Nevada Power Company
EBITDA

	Three Months ended March 31,						Year ended December 31,									LTM March 31,
	2008			2007			2007			2006			2005			2008
Net Income	$	7,971		$	4,582		$	165,694		$	224,540		$	132,734		$	169,083
Interest charges		41,473			43,992			174,667			176,612			134,657			172,148
Income taxes		6,523			2,366			78,352			117,510			63,995			82,509
Depreciation and amortization		40,630			35,761			152,139			141,585			124,098			157,008
EBITDA	$	96,597		$	86,701		$	570,852		$	660,247		$	455,484		$	580,748
EBITDA/Interest Expense		2.33	x		1.97	x		3.27	x		3.74	x		3.38	x		3.37	x
Debt/EBITDA		26.64	x		28.93	x		4.44	x		3.61	x		4.88	x		4.43	x
Nevada Power Company
Net interest expense	$	41,473		$	43,992		$	174,667		$	176,612		$	134,657		$	172,148
Long-Term debt	$	2,564,629		$	2,501,650		$	2,528,141		$	2,380,139		$	2,214,063		$	2,564,629
Current maturities of long term debt		8,616			6,225			8,642			5,948			6,509			8,616
Total Debt	$	2,573,245		$	2,507,875		$	2,536,783		$	2,386,087		$	2,220,572		$	2,573,245

Sierra Pacific Power Company
EBITDA

																LTM
	Three Months ended March 31,						Year ended December 31,									March 31,
	2008			2007			2007			2006			2005			2008
Net Income	$	24,284		$	21,968		$	65,667		$	57,709		$	52,074		$	67,983
Interest charges		16,587			14,783			60,735			71,506			69,067			62,539
Income taxes		13,233			9,571			26,009			27,829			28,379			29,671
Depreciation and amortization		21,440			20,472			83,393			87,279			90,569			84,361
EBITDA	$	75,544		$	66,794		$	235,804		$	244,323		$	240,089		$	244,554
EBITDA/Interest Expense		4.55	x		4.52	x		3.88	x		3.42	x		3.48	x		3.91	x
Debt/EBITDA		15.69	x		16.43	x		5.03	x		4.39	x		4.14	x		4.85	x
Sierra Pacific Power Company
Net interest expense	$	16,587		$	14,783		$	60,735		$	71,506		$	69,067		$	62,539
Long-Term debt	$	1,083,870		$	1,095,180		$	1,084,550		$	1,070,858		$	941,804		$	1,083,870
Current maturities of long term debt		101,552			2,400			101,643			2,400			52,400			101,552
Total Debt	$	1,185,422		$	1,097,580		$	1,186,193		$	1,073,258		$	994,204		$	1,185,422

EX-99.2

EXHIBIT 99.2

     Funds from Operations (“FFO”) and Adjusted FFO, which is FFO adjusted to account for cash inflows or outflows associated with the deferred energy accounts, are presented here because Sierra Pacific Resources (the “Company”) believes that these measures are useful to investors because the rating agencies use these measures when determining a company’s credit ratings. The cost of the Company’s debt, the ability of the Company’s subsidiaries to pay dividends to the Company, and other capital and operational costs and expenses are impacted by the Company’s credit ratings. The Company believes that net income is the most directly comparable GAAP measure to FFO.

     Since FFO excludes certain items includable in net income, reliance on the measure has limitations; management compensates for these limitations by using the measure simply as a supplemental measure that is weighed in the balance with other GAAP measures. FFO is not necessarily an indication of the Company’s cash flow available to fund cash needs. Additionally, it should not be used as an alternative to net income when evaluating the Company’s financial performance or to cash flow from operating, investing and financing activities when evaluating the Company’s liquidity or ability to make cash distributions or pay debt service. The FFO presented by the Company may not be comparable to the FFO presented by other utility companies.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)

Sierra Pacific Resources
Funds From Operations (FFO)

																LTM
	Three Months ended March 31,						Year Ended December 31,									March 31,
	2008			2007			2007			2006			2005			2008
Net Income Applicable to Common Stock	$	24,058		$	15,607		$	197,295		$	277,451		$	82,237		$	205,746
Adjustments to reconcile net income to net cash from operating activities: -
Depreciation and amortization		62,070			56,233			235,532			228,875			214,662			241,369
Deferred taxes and deferred investment tax credit		9,482			5,165			79,337			136,026			41,609			83,654
AFUDC (Debt and Equity)		(21,109	)		(11,901	)		(57,776	)		(35,345	)		(45,013	)		(66,984	)
Reinstatement of deferred energy costs		—			—			—			(178,825	)		—			—
Carrying charge on Lenzie plant		—			(10,082	)		(16,080	)		(33,440	)		—			(5,998	)
Reinstated interest on deferred energy		—			(11,076	)		(11,076	)		—			—			—
Gain on sale of investment		—			—			(1,369	)		(62,927	)		—			(1,369	)
Other, net		(9,000	)		(3,637	)		23,679			24,650			(219	)		18,316
Funds from Operations (Before Deferred Energy Costs)		65,501			40,309			449,542			356,465			293,276			474,734
Amortization of deferred energy costs — electric		56,727			36,134			246,907			166,821			188,221			267,500
Amortization of deferred energy costs — gas		(637	)		478			701			6,234			1,446			(414	)
Deferral of energy costs — electric plus terminated suppliers		(1,476	)		228			51,311			(45,996	)		(23,063	)		49,607
Deferral of energy costs — gas		4,233			(2,330	)		10,668			436			(2,519	)		17,231
Payment to terminating supplier		—			—			—			(65,368	)		—			—
Proceeds from claim on terminating supplier		—			—			—			41,365			—			—
Adjusted Funds from Operations	$	124,348		$	74,819		$	759,129		$	459,957		$	457,361		$	808,658
Long-term debt		4,173,617			4,147,322		$	4,137,864		$	4,001,542		$	3,817,122			4,173,617
Current maturities of long-term debt		110,168			8,625			110,285			8,348			58,909			110,168
Total Debt	$	4,283,785		$	4,155,947		$	4,248,149		$	4,009,890		$	3,876,031		$	4,283,785
Preferred Stock	$	—		$	—		$	—		$	—		$	50,000			—
Interest charges		68,504			69,669		$	279,788		$	311,088		$	284,927			278,623
AFUDC (Debt)		9,152			5,334			25,967			17,119			24,691			29,785
Adjusted Interest Expense	$	77,656		$	75,003		$	305,755		$	328,207		$	309,618		$	308,408
Total Debt/Funds from operations								9.45	x		11.25	x		13.22	x		9.02	x
Total Debt/Adjusted FFO								5.60	x		8.72	x		8.47	x		5.30	x
Funds from Operations Interest Coverage								2.47	x		2.09	x		1.95	x		2.54	x
Adjusted Funds From Operations Interest Coverage								3.48	x		2.40	x		2.48	x		3.62	x
Common Shareholders’ Equity							$	2,996,575		$	2,622,297		$	2,060,154		$	3,004,497
Total Capitalization (including current maturities of long-term debt)							$	7,244,724		$	6,632,187		$	5,986,185		$	7,288,282
Total Debt/Total Capitalization								58.64	%		60.46	%		64.75	%		58.78	%

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)

Nevada Power Company
Funds From Operations (FFO)

																LTM March
	Three Months ended March 31,						Year Ended December 31,									31,
	2008			2007			2007			2006			2005			2008
Net Income	$	7,971		$	4,582		$	165,694		$	224,540		$	132,734		$	169,083
Adjustments to reconcile net income to net cash from operating activities: -
Depreciation and amortization		40,630			35,761			152,139			141,585			124,098			157,008
Deferred taxes and deferred investment tax credit		(14,443	)		(2,645	)		56,868			107,392			86,910			45,070
AFUDC (Debt and Equity)		(12,213	)		(5,648	)		(29,057	)		(23,369	)		(41,870	)		(35,622	)
Reinstatement of deferred energy costs		—			—			—			(178,825	)		—			—
Carrying charge on Lenzie plant		—			(10,082	)		(16,080	)		(33,440	)		—			(5,998	)
Reinstated interest on deferred energy		—			(11,076	)		(11,076	)		—			—			—
Other, net		(4,685	)		(4,419	)		5,831			3,394			(7,433	)		5,565
Funds from Operations (Before Deferred Energy Costs)		17,260			6,473			324,319			241,277			294,439			335,106
Amortization of deferred energy costs		46,765			24,082			203,213			120,499			131,471			225,896
Deferral of energy costs plus terminated suppliers		(2,723	)		(844	)		15,779			(46,086	)		(31,219	)		13,900
Payment to terminating supplier		—			—			—			(37,410	)		—			—
Proceeds from claim on terminating supplier		—			—			—			26,391			—			—
Adjusted Funds from Operations	$	61,302		$	29,711		$	543,311		$	304,671		$	394,691		$	574,902
Long-term debt		2,564,629			2,501,650		$	2,528,141		$	2,380,139		$	2,214,063			2,564,629
Current maturities of long-term debt		8,616			6,225			8,642			5,948			6,509			8,616
Total Debt	$	2,573,245		$	2,507,875		$	2,536,783		$	2,386,087		$	2,220,572		$	2,573,245
Interest charges	$	41,473		$	43,992		$	174,667		$	176,612		$	134,657			172,148
AFUDC (Debt)		5,355			2,550			13,196			11,614			23,187			16,001
Adjusted Interest Expense	$	46,828		$	46,542		$	187,863		$	188,226		$	157,844		$	188,149
Total Debt/Funds from Operations								7.82	x		9.89	x		7.54	x		7.68	x
Total Debt/Adjusted FFO								4.67	x		7.83	x		5.63	x		4.48	x
Funds from Operations Interest Coverage								2.73	x		2.28	x		2.87	x		2.78	x
Adjusted Funds From Operations Interest Coverage								3.89	x		2.62	x		3.50	x		4.06	x
Common Shareholder’s Equity							$	2,376,740		$	2,172,198		$	1,762,089		$	2,421,671
Total Capitalization (including current maturities of long-term debt)							$	4,913,523		$	4,558,285		$	3,982,661		$	4,994,916
Total Debt/Total Capitalization								51.63	%		52.35	%		55.76	%		51.52	%

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Dollars in thousands)

Sierra Pacific Power Company
Funds From Operations (FFO)

																LTM
	Three Months ended March 31,						Year Ended December 31,									March 31,
	2008			2007			2007			2006			2005			2008
Net Income	$	24,284		$	21,968		$	65,667		$	57,709		$	52,074		$	67,983
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization		21,440			20,472			83,393			87,279			90,569			84,361
Deferred taxes and deferred investment tax credit		9,629			1,142			(36,713	)		(39,361	)		209			(28,226	)
AFUDC (Debt and Equity)		(8,896	)		(6,253	)		(28,719	)		(11,976	)		(3,143	)		(31,362	)
Other, net		(2,789	)		1,881			14,577			16,935			318			9,907
Funds from Operations (Before Deferred Energy Costs)		43,668			39,210			98,205			110,586			140,027			102,663
Amortization of deferred energy costs — electric		9,962			12,052			43,694			46,322			56,750			41,604
Amortization of deferred energy costs — gas		(637	)		478			701			6,234			1,446			(414	)
Deferral of energy costs — electric plus terminated suppliers		1,247			1,072			35,532			90			8,156			35,707
Deferral of energy costs — gas		4,233			(2,330	)		10,668			436			(2,519	)		17,231
Payment to terminating supplier		—			—			—			(27,958	)		—			—
Proceeds from claim on terminating supplier		—			—			—			14,974			—			—
Adjusted Funds from Operations	$	58,473		$	50,482		$	188,800		$	150,684		$	203,860		$	196,791
Long-term debt	$	1,083,870		$	1,095,180		$	1,084,550		$	1,070,858		$	941,804		$	1,083,870
Current maturities of long-term debt		101,552			2,400			101,643			2,400			52,400			101,552
Total Debt	$	1,185,422		$	1,097,580		$	1,186,193		$	1,073,258		$	994,204		$	1,185,422
Preferred Stock	$	—		$	—		$	—		$	—		$	50,000			—
Interest charges	$	16,587		$	14,783		$	60,735		$	71,506		$	69,067		$	62,539
AFUDC (Debt)		3,797			2,784			12,771			5,505			1,504			13,784
Adjusted Interest Expense	$	20,384		$	17,567		$	73,506		$	77,011		$	70,571		$	76,323
Total Debt/Funds from Operations								12.08	x		9.71	x		7.10	x		11.55	x
Total Debt/Adjusted FFO								6.28	x		7.12	x		4.88	x		6.02	x
Funds from Operations Interest Coverage								2.34	x		2.44	x		2.98	x		2.35	x
Adjusted Funds From Operations Interest Coverage								3.57	x		2.96	x		3.89	x		3.58	x
Common Shareholder’s Equity							$	1,001,840		$	884,737		$	727,777		$	1,037,364
Total Capitalization (including current maturities of long-term debt)							$	2,188,033		$	1,957,995		$	1,771,981		$	2,222,786
Total Debt/Total Capitalization								54.21	%		54.81	%		56.11	%		53.33	%