EXHIBIT 12.3

SIERRA PACIFIC POWER COMPANY

RATIOS OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

	Year ended December 31,
	2009			2008			2007			2006			2005
EARNINGS AS DEFINED:
Income From Continuing Operations
After Interest Charges	$	73,085		$	90,582		$	65,667		$	57,709		$	52,074
Income Taxes		31,225			37,603			26,009			27,829			28,379
Income From Continuing Operations
before Income Taxes		104,310			128,185			91,676			85,538			80,453
Fixed Charges		74,955			84,478			75,655			79,093			72,652
Capitalized Interest (AFUDC-debt)		(3,044	)		(9,464	)		(12,771	)		(5,505	)		(1,504	)
	$	176,221		$	203,199		$	154,560		$	159,126		$	151,601
Total
FIXED CHARGES AS DEFINED:
Interest Expensed and Capitalized (1)	$	74,955		$	84,478		$	75,655		$	79,093		$	72,652
Total		74,955			84,478			75,655			79,093			72,652
RATIO OF EARNINGS TO FIXED CHARGES		2.35			2.41			2.04			2.01			2.09

(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 from continuing operations before, solely with respect to the years ended December 31, 2006 and 2005,  pre-tax preferred stock dividend requirement plus fixed charges (excluding capitalized interest).