exhibit99-1.htm

EXHIBIT 99.1

EBITDA represents net income (loss) before interest, taxes, depreciation and amortization. EBITDA is presented here because NV Energy, Inc. (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)
NV Energy, Inc.
EBITDA
	Six Months ended June 30,						Year Ended December 31,									LTM June 30,
	2010			2009			2009			2008			2007			2010
Net Income (Loss)	$	35,225		$	(3,861	)	$	182,936		$	208,887		$	197,295		$	222,022

Interest expense (net of AFUDC(1) - debt)		160,836			166,192			334,314			300,857			279,788			328,958
Income tax expense (benefit)		18,151			(1,821	)		75,451			95,354			87,555			95,423
Depreciation and amortization		165,644			158,371			321,921			260,608			235,532			329,194

EBITDA	$	379,856		$	318,881		$	914,622		$	865,706		$	800,170		$	975,597

EBITDA/Interest expense		2.36	x		1.92	x		2.74	x		2.88	x		2.86	x		2.97	x
Total Debt/EBITDA		14.74	x		17.50	x		5.95	x		6.09	x		5.31	x		5.74	x

NV Energy, Inc.

Interest expense (net of AFUDC(1) - debt)	$	160,836		$	166,192		$	334,314		$	300,857		$	279,788		$	328,958

Long-term debt	$	5,242,442		$	5,571,799		$	5,303,357		$	5,266,982		$	4,137,864		$	5,242,442
Current maturities of long-term debt		357,163			9,085			134,474			9,291			110,285			357,163
Total Debt	$	5,599,605		$	5,580,884		$	5,437,831		$	5,276,273		$	4,248,149		$	5,599,605

(1) Allowance for funds used during construction.


Nevada Power Company
EBITDA
	Six Months ended June 30,						Year Ended December 31,									LTM June 30,
	2010			2009			2009			2008			2007			2010
Net Income (Loss)	$	17,458		$	(22,650	)	$	134,284		$	151,431		$	165,694		$	174,392

Interest expense (net of AFUDC(1) - debt		107,352			112,180			226,252			186,822			174,667			221,424
Income tax expense (benefit)		8,879			(10,969	)		61,652			71,382			78,352			81,500
Depreciation and amortization		112,755			105,873			215,873			171,080			152,139			222,755

EBITDA	$	246,444		$	184,434		$	638,061		$	580,715		$	570,852		$	700,071

EBITDA/Interest expense		2.30	x		1.64	x		2.82	x		3.11	x		3.27	x		3.16	x
Total Debt/EBITDA		15.55	x		20.18	x		5.73	x		5.84	x		4.44	x		5.47	x

Nevada Power Company

Interest expense (net of AFUDC(1) - debt)	$	107,352		$	112,180		$	226,252		$	186,822		$	174,667		$	221,424

Long-term debt	$	3,475,347		$	3,712,016		$	3,535,440		$	3,385,106		$	2,528,141		$	3,475,347
Current maturities of long-term debt		357,163			9,085			119,474			8,691			8,642			357,163
Total Debt	$	3,832,510		$	3,721,101		$	3,654,914		$	3,393,797		$	2,536,783		$	3,832,510

(1) Allowance for funds used during construction.


Sierra Pacific Power Company
EBITDA
	Six Months ended June 30,						Year Ended December 31,									LTM June 30,
	2010			2009			2009			2008			2007			2010
Net Income	$	28,435		$	33,940		$	73,085		$	90,582		$	65,667		$	67,580

Interest expense (net of AFUDC(1) - debt)		34,158			34,686			69,413			72,712			60,735			68,885
Income tax expense		15,693			15,255			31,225			37,603			26,009			31,663
Depreciation and amortization		52,889			52,498			106,048			89,528			83,393			106,439

EBITDA	$	131,175		$	136,379		$	279,771		$	290,425		$	235,804		$	274,567

EBITDA/Interest expense		3.84	x		3.93	x		4.03	x		3.99	x		3.88	x		3.99	x
Total Debt/EBITDA		9.77	x		10.07	x		4.64	x		4.81	x		5.03	x		4.67	x

Sierra Pacific Power Company

Interest expense (net of AFUDC(1) - debt)	$	34,158		$	34,686		$	69,413		$	72,712		$	60,735		$	68,885

Long-term debt	$	1,281,500		$	1,373,992		$	1,282,225		$	1,395,987		$	1,084,550		$	1,281,500
Current maturities of long-term debt		-			-			15,000			600			101,643			-
Total Debt	$	1,281,500		$	1,373,992		$	1,297,225		$	1,396,587		$	1,186,193		$	1,281,500

(1) Allowance for funds used during construction.