EXHIBIT 12 (A)

SIERRA PACIFIC RESOURCES

RATIOS OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,
	2003			2002			2001			2000			1999
	(dollars in thousands)
EARNINGS AS DEFINED:
Income (Loss) From Continuing Operations After Interest Charges	$	(129,375	)	$	(300,851	)	$	32,898		$	(46,253	)	$	50,029
Income Taxes		(82,939	)		(171,993	)		(16,634	)		(31,749	)		26,364
Income (Loss) From Continuing Operations before Income Taxes		(212,314	)		(472,844	)		16,264			(78,002	)		76,393
Fixed Charges		390,548			301,148			243,874			209,937			133,364
Capitalized Interest		(5,976	)		(5,270	)		(2,801	)		(10,634	)		(8,000	)
Preferred Stock Dividend Requirement		(6,000	)		(6,000	)		(5,692	)		(5,383	)		(3,385	)
Total	$	166,258		$	(182,966	)	$	251,645		$	115,918		$	198,372
FIXED CHARGES AS DEFINED:
Interest Expensed and Capitalized (1)	$	384,548		$	295,148		$	238,182		$	204,554		$	129,979
Preferred Stock Dividend Requirement		6,000			6,000			5,692			5,383			3,385
Total	$	390,548		$	301,148		$	243,874		$	209,937		$	133,364
RATIO OF EARNINGS TO FIXED CHARGES		—			—			1.03			—			1.49
DEFICIENCY	$	224,290		$	484,114		$	—		$	94,019		$	—

(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, allowance for borrowed funds used during construction (AFUDC) and capitalized interest, the portion of rental expense deemed to be attributable to interest, and the pre-tax preferred stock dividend requirement of SPPC. “Earnings” represent pre-tax income (or Loss) from continuing operations before pre-tax preferred stock dividend requirement of SPPC, fixed charges and capitalized interest.