Nevada Power and Sierra Pacific Power Purchase More Renewable Energy Credits
October 25 2004 - 7:56PM
PR Newswire (US)
Nevada Power and Sierra Pacific Power Purchase More Renewable
Energy Credits Utilities Support Three Solar and Geothermal
Programs LAS VEGAS, Oct. 25 /PRNewswire-FirstCall/ -- Sierra
Pacific Resources (NYSE:SRP) today announced that its two electric
utilities, Nevada Power Company and Sierra Pacific Power Company,
have recently contracted with three renewable energy producers to
purchase Renewable Energy Credits for electricity generated by
solar and geothermal resources. The contracts finalized earlier in
October will help the Nevada utilities meet their Renewable Energy
Portfolio Standards which require that a certain percentage of
electricity generated to serve customers must come from renewable
energy resources in Nevada. The new contracts include: Solar *
Nevada Power is acquiring credits from Powerlight Corporation for
solar photovoltaic generation, a project undertaken in conjunction
with the Las Vegas Valley Water District. Powerlight and the water
district will be installing 3.1 megawatts* of solar generation to
power four facilities in the Las Vegas Valley. Construction on the
installations could begin late in 2005. * Nevada Power is
purchasing credits from Your Vitamins Inc. of Henderson, a company
that already is operating a solar array on one of its facilities
that generates approximately one-fourth of one megawatt* of
electricity. Geothermal * Sierra Pacific Power is contracting with
subsidiaries of Ormat to purchase credits from three geothermal
projects already operating in northern Nevada. "Nevada has a
tremendous amount of native renewable energy resources and
legislation adopted by our state's leaders has encouraged its
development to meet Nevadans' growing needs for energy," said
Roberto Denis, vice president of energy supply for Sierra Pacific
Resources. "We are pleased to sign these contracts for energy
credits with some of Nevada's leading renewable energy developers,"
Denis said. "This is a win-win for both the renewable developers,
so they have incentive to keep building, and for our utilities who
are committed to using renewable energy resources to serve
customers." The contracts signed this month are a part of the two
utilities' compliance with state legislation that requires the use
of a certain percentage of renewable energy sources -- solar, wind,
geothermal and biomass -- to generate electricity for customers
within the state. The legislation contains an escalation provision
that requires providers of electric service to increase the use of
renewable energy by 2 percent every third year until the provider's
portfolio accounts for 15 percent of its total energy sales by
2013. Solar-generated power must account for 5 percent of the total
renewable energy portfolio. These contracts will help both
utilities to meet approximately 12 percent of their solar
requirement beginning in 2005. With these new contracts,
approximately 7.5 percent of the two utilities' electricity
generated in Nevada in 2005 will come from renewable sources.
Headquartered in Nevada, Sierra Pacific Resources is a holding
company whose principal subsidiaries are 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. Other subsidiaries include the Tuscarora Gas Pipeline
Company, which owns 50 percent interest in an interstate natural
gas transmission partnership. *One megawatt will serve
approximately 200 homes during peak usage periods. Forward-Looking
Statements: This press release contains forward-looking statements
regarding the future performance of 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. These risks and
uncertainties include, but are not limited to, the parties'
abilities to perform under the renewable contracts, weather
conditions, the ability of the renewables suppliers to obtain
financing and complete construction of their renewables
installation and/or maintain their renewables projects. Additional
cautionary statements regarding other risk factors that could have
an effect on the future performance of Nevada Power Company and
Sierra Pacific Power Company are contained in their Quarterly
Reports on Form 10-Q for the quarter ended June 30, 2004 and their
Annual Reports on Form 10-K for the year ended December 31, 2003,
filed with the SEC. Nevada Power Company and Sierra Pacific Power
Company 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. DATASOURCE: Nevada
Power Company CONTACT: Sonya Headen of Nevada Power Company,
+1-702-367-5222
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