NV Energy Purchase of Bighorn Generating Facility Completed
October 20 2008 - 11:44AM
Business Wire
NV Energy announced today the completion of the acquisition of the
598-megawatt Bighorn Generating Facility from a subsidiary of
Reliant Energy, Inc. The purchase by Nevada Power Company, d/b/a NV
Energy, amounted to approximately $510 million, including inventory
and other closing costs and adjustments. NV Energy, a wholly owned
subsidiary of Sierra Pacific Resources (NYSE:SRP), had announced
plans to acquire the Bighorn plant, located 35 miles south of Las
Vegas, in April. Michael Yackira, president and CEO of NV Energy
and Sierra Pacific Resources, said, �The addition of Bighorn to our
company�s generation capability is another major step in our goal
of achieving energy independence for Nevada, thereby lessening our
state�s reliance on outside, volatile energy markets. This helps
assure reliability as well as cost benefits to our customers.� The
purchase was funded by a combination of cash on hand and borrowings
under a revolving credit facility. Headquartered in Nevada, Sierra
Pacific Resources is a holding company whose principal
subsidiaries, Nevada Power Company and Sierra Pacific Power
Company, are doing business as NV Energy. Serving a
54,500-square-mile service territory that stretches north to south
from Elko to Laughlin, NV Energy provides a wide range of energy
services and products to approximately 2.4 million citizens of
Nevada as well as approximately 40 million tourists annually. These
statements contain forward-looking statements regarding the future
performance of Nevada Power Company (NPC), 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, NPC�s ability to obtain a favorable
decision in its general rate case to be filed with the Public
Utilities Commission of Nevada in December of 2008. Additional
cautionary statements regarding other risk factors that could have
an effect on the future performance of NPC, d/b/a NV Energy, are
contained in its Annual Report on Form 10-K and/or Form 10-K/A for
the year ended December 31, 2007 and in its Quarterly Reports on
Form 10-Q for the quarters ended March 31, 2008 and June 30, 2008,
filed with the SEC. NPC, d/b/a NV Energy, undertakes 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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