REGULATORY ACTIONS (Tables)

6 Months Ended

Jun. 30, 2011

The following deferred energy amounts were included in the consolidated balance sheets as of June 30, 2011 (dollars in thousands):

	June 30, 2011
	NVE Total			NPC Electric				SPPC Electric			SPPC Gas
Nevada Deferred Energy
Cumulative Balance requested in 2011 DEAA	$	(331,013	)	$	(186,460	)	(1)	$	(115,602	)	$	(28,951	)
2011 Amortization		104,330			45,355				48,320			10,655
2011 Deferred Energy Over Collections (2)		(100,833	)		(56,708	)			(28,075	)		(16,050	)
Nevada Deferred Energy Balance at June 30, 2011 - Subtotal	$	(327,516	)	$	(197,813	)		$	(95,357	)	$	(34,346	)
Reinstatement of deferred energy (effective 6/07, 10 years)		125,999			125,999

Total Deferred Energy	$	(201,517	)	$	(71,814	)		$	(95,357	)	$	(34,346	)

Deferred Assets
Deferred energy	$	111,135		$	111,135			$	-		$	-
Current Liabilities
Deferred energy		(312,652	)		(182,949	)			(95,357	)	$	(34,346	)

Total Deferred Energy	$	(201,517	)	$	(71,814	)		$	(95,357	)	$	(34,346	)

(1)	Refer to NPC 2010 DEAA "Settled Regulatory Actions" in Note 3, Regulatory Actions, of the Notes to Financial Statements in the 2010 Form 10-K for separate discussion regarding rate offset of this balance.
(2)	These deferred energy over collections will be filed in the March 2012 DEAA filings.

Summary of Rate Filings

In March 2011, NPC filed an application to establish a new DEAA to refund over-collected purchased power and fuel costs and reset or establish several other rate elements (TRED, REPR, EEIR and EEPR). The recoveries requested in this filing result in an overall change in revenue requirement of approximately $73.2 million. Hearings are scheduled for mid-August 2011. The March 2011 application includes the following (dollars in millions):

		Requested and
	Anticipated	Amended				Present				$ Change in
	Effective	Revenue				Revenue				Revenue
	Date	Requirement				Requirement				Requirement
Revenue Requirement Subject To Change:
DEAA	Jan. 2012	$	(186.5	)		$	(101.0	)		$	(85.5	)
REPR	Oct. 2011		9.0				29.9				(20.9	)
TRED	Oct. 2011		14.6				16.3				(1.7	)
EEPR Base	Oct. 2011		58.0		(1)		58.0		(1)		-
EEPR Amortization	Oct. 2011		22.8				-				22.8
EEIR Base	Oct. 2011		14.4		(1)		14.4		(1)		-
EEIR Amortization	Oct. 2011		12.1		(2)		-				12.1
Total Revenue Requirement		$	(55.6	)		$	17.6			$	(73.2	)

(1)

Reflects impact of adjustments ordered in the May 2011 PUCN Docket No. 10-10024, filed in October 2010 and effective July 1, 2011.

(2)

Amount represents proposed EEIR amortization rates as originally filed. In accordance with Alternative Revenue Accounting, NPC has recognized approximately $4.8 million of this amount in revenues pertaining to 2010. Based on the order from the PUCN in May 2011, which clarified the calculation of EEIR revenues, NPC does not expect to record further revenue from this rate request; however, NPC does expect to collect approximately $4.8 million from its customers.

In March 2011, SPPC filed an application to establish a new DEAA to refund over-collected purchased power and fuel costs and reset or establish several other rate elements (TRED, REPR, EEIR and EEPR). The recoveries requested in this filing result in an overall decrease in revenue requirement of approximately $4.4 million. Hearings are scheduled for mid-August 2011. The March 2011 application includes the following (dollars in millions):

		Requested and
	Anticipated	Amended				Present				$ Change in
	Effective	Revenue				Revenue				Revenue
	Date	Requirement				Requirement				Requirement
Revenue Requirement Subject To Change:
DEAA	Jan. 2012	$	(115.6	)		$	(99.5	)		$	(16.1	)
REPR	Oct. 2011		38.1				36.6				1.5
TRED	Oct. 2011		5.9				7.9				(2.0	)
EEPR Base	Oct. 2011		9.8		(1)		9.8		(1)		-
EEPR Amortization	Oct. 2011		4.7				-				4.7
EEIR Base	Oct. 2011		2.6		(1)		2.6		(1)		-
EEIR Amortization	Oct. 2011		7.5		(2)		-				7.5
Total Revenue Requirement		$	(47.0	)		$	(42.6	)		$	(4.4	)

(1)

Reflects impact of adjustments ordered in the May 2011 PUCN Docket No. 10-10025, filed in October 2010 and effective July 1, 2011.

(2)

Amount represents proposed EEIR amortization rates as originally filed. In accordance with Alternative Revenue Accounting, SPPC has recognized approximately $0.5 million of this amount in revenues pertaining to 2010. Based on the order from the PUCN in May 2011, which clarified the calculation of EEIR revenues, SPPC does not expect to record further revenue from this rate request; however, SPPC does expect to collect approximately $0.5 million from their customers.

SPPC 2011 Nevada Gas DEAA

In March 2011, SPPC filed an application to create a new DEAA rate to refund over-collected gas costs and to establish a new STPR (Solar Thermal Prospective Rate) to recover a legislatively mandated solar thermal program. Hearings are scheduled for August 2011. The March 2011 application includes the following (dollars in millions):

	Anticipated	Requested			Present			$ Change in
	Effective	Revenue			Revenue			Revenue
	Date	Requirement			Requirement			Requirement
Revenue Requirement Subject To Change:
DEAA	Jan. 2012	$	(29.0	)	$	(16.7	)	$	(12.3	)
STPR	Oct. 2011		0.3			-			0.3

Total Revenue Requirement		$	(28.7	)	$	(16.7	)	$	(12.0	)