LONG-TERM DEBT

6 Months Ended

Jun. 30, 2011

Maturities of Long-Term Debt

As of June 30, 2011, NPC's, SPPC's and NVE's aggregate annual amount of maturities for long-term debt (including obligations related to capital leases) for the next five years and thereafter are shown below (dollars in thousands):

	NVE Consolidated			NVE Holding Co.			NPC			SPPC
2011(1)	$	2,188		$	-		$	2,188		$	-
2012		134,822			-			134,822			-
2013		395,405			-			145,405			250,000
2014		128,513			-			128,513			-
2015		251,039			-			251,039			-
Total Debt 2011-2015		911,967			-			661,967			250,000
Thereafter		4,388,183			506,500			2,965,266			916,417
Total Debt Before Unamortized Premium (Discount)		5,300,150			506,500			3,627,233			1,166,417
Unamortized Premium Discount Amount		(12,569	)		(1	)		(26,202	)		13,634
Total Debt	$	5,287,581		$	506,499		$	3,601,031		$	1,180,051

(1)	Amounts may differ from current portion of long-term debt as reported on the consolidated balance sheet due to the timing difference of payments and the change in obligation.

Substantially all utility plant is subject to the liens of NPC's and SPPC's Indentures under which their respective General and Refunding Mortgage securities are issued.

Financing Transactions

Nevada Power Company

5.45% General and Refunding Mortgage Notes, Series Y

On May 12, 2011, NPC issued and sold $250 million of its 5.45% General and Refunding Mortgage Notes, Series Y, due May 15, 2041. The approximately $248 million in net proceeds, plus a portion of the proceeds from a draw on NPC's revolving credit facility, were utilized to pay at maturity NPC's $350 million aggregate principal amount of 8.25% General and Refunding Mortgage Notes, Series A, which matured on June 1, 2011. In conjunction with this debt issuance, NPC entered into an interest rate swap hedging agreement with a notional principal amount of $250 million and a mandatory termination date of June 1, 2011. The interest rate swap agreement was entered into to effectively lock the interest rate of the U.S. Treasury component of the prospective General and Refunding Note issuance. The swap transaction was settled on May 9, 2011, when NPC launched and priced the Series Y Notes, resulting in a settlement payment amount of $14.9 million, which was recorded as a regultory asset and will be amortized over the 30 year life of the Series Y Notes in accordance with past accounting precedent for our regulated Utilities.