SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SMART MICHAEL

(Last)

(First)

(Middle)

P O BOX 30150

(Street)

RENO

89520

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SIERRA PACIFIC RESOURCES /NV/ [ SRP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Exec, Reg Hub Ops Reno/N Tahoe

3. Date of Earliest Transaction (Month/Day/Year)
05/22/2007

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/22/2007		M		12,150	A	$15.582	14,737.9949⁽¹⁾	D
Common Stock	05/22/2007		M		2,960	A	$10.05	17,697.9949	D
Common Stock	05/22/2007		M		1,321	A	$13.29	19,018.9949	D
Common Stock	05/22/2007		M		9,540	A	$14.8	28,558.9949	D
Common Stock	05/22/2007		S		25,971	D	$19.5066	2,587.9949	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Non-qualified Stock Option	$15.582	05/22/2007		M			12,150⁽²⁾	01/01/2003	01/02/2012	Common Stock	12,150	$0	0	D
Non-qualified Stock Option	$10.05	05/22/2007		M			2,960⁽³⁾	02/07/2006	02/08/2015	Commons Stock	2,960	$0	0	D
Non-qualified Stock Option	$13.29	05/22/2007		M			1,321⁽⁴⁾	02/07/2007	02/08/2016	Common Stock	1,321	$0	0	D
Non-qualified Stock Options	$14.8	05/22/2007		M			9,540⁽⁵⁾	01/01/2002	01/02/2011	Common Stock	9,540	$0	0	D

Explanation of Responses:

1. Total includes a .0316 share adjustment in the SPR 401K plan as of 12/31/06. The SPR 401K plan is a "tax conditioned" plan within the meaning of Rule 16b-3(c).

2. Option vested with respect to 4,050 shares on 01/01/2003 and with respect to 4,050 shares on 01/01/2004 and with respect to 4,050 shares on 01/01/2005.

3. Option vested with respect to 1,480 shares on 02/07/2006 and with respect to 1,480 shares on 02/07/2007.

4. Option vested with respect to 1,321 shares on 02/07/2007.

5. Option vested with respect to 3,180 shares on 01/01/2002 and with respect to 3,180 shares on 01/01/2003 and with respect to 3,180 shares on 01/01/2004.

	Paul Kaleta Power of Attorney for Michael Smart	05/23/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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