Nevada Power and Sierra Pacific Power Renamed NV Energy
September 22 2008 - 1:40PM
Business Wire
Sierra Pacific Resources (NYSE: SRP) today announced that,
effective immediately, the company�s utilities, Nevada Power
Company and Sierra Pacific Power Company, will do business under
the name NV Energy. The company also announced that it will seek
shareholders� approval to amend its corporate charter to reflect a
corporate name change from Sierra Pacific Resources to NV Energy,
Inc. Subject to shareholders� approval, Sierra Pacific Resources
would assume the NV Energy name at the time of such approval. The
immediate name change announced today for the utilities
consolidates under a single brand a company that serves a
54,500-square-mile service territory that stretches north to south
from Elko to Laughlin and provides a wide range of energy services
and products serving more than 2.4 million Nevadans and a state
tourist population exceeding 40 million annually. �The name NV
Energy more accurately reflects the company�s ongoing effort to be
the premier provider of energy in Nevada for Nevadans,� said
Michael Yackira, the company�s president and CEO. �The energy needs
of our state demand a singular focus, and we will be better able to
meet those needs if we are one company with one consistent vision
for Nevada�s energy future.� NV Energy will continue to focus on a
statewide three-part energy strategy that emphasizes energy
efficiency and conservation, the development of new renewable
resources, and adding generation that uses the cleanest available
technologies. �We are committed to supporting the latest
technologies for the benefit of Nevada�s energy consumers,� Yackira
said. �We will maximize successful programs already in place, such
as rooftop solar power and increased conservation efforts, and we
will take the lead in exploring new opportunities, including
advanced battery storage technology and plug-in, hybrid electric
vehicles.� Nevada Power Company merged with Sierra Pacific Power
Company and its holding company, Sierra Pacific Resources, in 1999.
Since then, many of the functions at the two companies have been
consolidated to reduce operating costs. �Creation of a single name
and brand represents the next logical step in the process of fully
merging the two companies,� Yackira said. Headquartered in Nevada,
Sierra Pacific Resources is a holding company whose principal
subsidiaries were known as Nevada Power Company, the electric
utility for most of southern Nevada, and Sierra Pacific Power
Company, the electric utility for most of northern Nevada and the
Lake Tahoe area of California. Sierra Pacific Power Company also
distributes natural gas in the Reno-Sparks area of northern Nevada.
The subsidiaries now operate as NV Energy. This press release may
contain forward-looking statements regarding the future performance
of Sierra Pacific Resources and its subsidiaries, Nevada Power
Company and Sierra Pacific Power Company, within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
are subject to a variety of risks and uncertainties that could
cause actual results to differ materially from current
expectations. For Sierra Pacific Resources, these risks and
uncertainties include, but are not limited to, obtaining approval
from its shareholders of the amendment to its corporate charter to
reflect the name change. For Nevada Power Company and Sierra
Pacific Power Company, these risks and uncertainties include, but
are not limited to, continued regulatory support for the companies�
integrated resource plans and conservation programs. Additional
cautionary statements regarding other risk factors that could have
an effect on the future performance of Sierra Pacific Resources,
Nevada Power Company and Sierra Pacific Power Company are contained
in their Quarterly Reports on Form 10-Q for the quarters ended
March 31 and June 30, 2008, and their Annual Report on Form 10-K
for the year ended December 31, 2007, filed with the SEC. The
companies undertake no obligation to release publicly the result of
any revisions to these forward-looking statements that may be made
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
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