NV Energy Receives PUCN Approval for Construction of Harry Allen Generating Plant and Acquisition of Bighorn Power Facility
October 01 2008 - 6:37PM
Business Wire
NV Energy, a Sierra Pacific Resources (NYSE: SRP) company, today
received approval from the Public Utilities Commission of Nevada
(PUCN) to construct a new 484-megawatt (MW) natural gas combined
cycle electric generating plant at its Harry Allen Generating
Station and to acquire the 562-MW natural gas combined cycle
Bighorn Power Plant from Reliant Energy. �These facilities will
provide much-needed efficient energy production capability for
southern Nevada, which will benefit all customers," said Michael
Yackira, president and CEO of NV Energy.��The two projects fit well
with one element of the company�s three-part energy strategy,
namely to invest in the cleanest, most energy-efficient new
electric generating facilities to assure reliability.� Yackira
added, �Combined with the other elements of our strategy, which
emphasize a statewide focus on energy efficiency and conservation
programs, along with expanding renewable energy initiatives and
investments, NV Energy will achieve our vision to be the premier
provider of energy for Nevada." The Harry Allen facility, 25 miles
northeast of Las Vegas, is expected to commence operations by the
summer of 2011. The PUCN also stated that the construction of the
Harry Allen plant would be more beneficial to NV Energy�s customers
than relying on purchasing power from energy markets. The Bighorn
Power Plant is a state-of-the-art facility located approximately 35
miles south of Las Vegas and has been operating since 2004. The
purchase is expected to close in October 2008. These approvals were
the result of NV Energy�s eighth amendment to its Integrated
Resource Plan (IRP) filed earlier this year. The company is
required to file an IRP every three years to delineate the energy
needs necessary to meet its customers� growing requirements for
electricity. Headquartered in Nevada, Sierra Pacific Resources is a
holding company whose principal subsidiaries are Nevada Power
Company, now doing business as NV Energy, the electric utility for
most of southern Nevada, and Sierra Pacific Power Company, now
doing business as NV Energy, the electric utility for most of
northern Nevada and the Lake Tahoe area of California. NV Energy
also distributes natural gas in the Reno-Sparks area of northern
Nevada. This press release may contain forward-looking statements
regarding the future performance of Sierra Pacific Resources and
its subsidiaries, Nevada Power Company d/b/a NV Energy and Sierra
Pacific Power Company d/b/a NV Energy, 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. These risks and uncertainties include, but are not
limited to, continued regulatory support for the companies�
integrated resource plans and conservation programs, fluctuations
in the markets for commodities and purchased power, changes in the
Harry Allen Combined Cycle Project construction costs and schedule,
the closing of the Bighorn Power Plant and changes in the
companies� energy strategies. 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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