Sierra Pacific to Not Pay Quarterly Dividend

Apr 13, 2001, 01:00 ET from Sierra Pacific Resources

    LAS VEGAS, April 13 /PRNewswire/ -- Citing continued uncertainty over how
 Nevada will resolve its energy crisis, the board of directors of Sierra
 Pacific Resources (NYSE:   SRP) today announced it will not be paying the
 dividend historically paid on May 1st.  The board will address the company's
 dividend and dividend policy at the board meeting scheduled for May 21, in
 conjunction with the annual shareholders' meeting.
     "The dividend is vitally important in retaining investor confidence in
 Nevada at a time when new energy infrastructure is so critical to protecting
 consumers from this crisis," said Walt Higgins, president and CEO.  "However,
 it is equally important that our dividend reflect our current financial
 condition and the continued uncertainty about the energy crisis."
     "We recognize that this decision is painful to shareholders who have
 already suffered an unprecedented drop in the value of their investment," said
 Higgins.  "However, it is really the only decision that can be made until we
 can get a more definitive view of how and when this crisis can be resolved."
     The board also directed the company to continue a range of cost control
 programs that have been undertaken to reduce all expenses other than those
 associated with safety and customer service.  The reductions have focused on
 non-critical activities and have included a slowdown in hiring, reduced
 administrative expenses, and elimination of incentive pay this year for
 executive staff.
     Headquartered in Reno, Nev., Sierra Pacific Resources is a holding company
 whose principal subsidiaries are Nevada Power Co., the electric utility for
 southern Nevada, and Sierra Pacific Power Co., the electric utility for most
 of northern Nevada and the Lake Tahoe area of California, and a natural gas
 and water distributor in the Reno-Sparks area.  Other subsidiaries include the
 Tuscarora Gas Pipeline Co., which owns 50 percent interest in an interstate
 natural gas transmission partnership and Sierra Pacific Communications, a
 telecommunications company.
 
     This press release contains forward-looking statements regarding the
 future performance of Sierra Pacific Resources.  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, in addition to those discussed herein, all of the factors discussed
 in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2000.
 This report has been filed with the Securities and Exchange Commission and is
 available without charge through the EDGAR system at its Web site,
 www.sec.gov.
 
 

SOURCE Sierra Pacific Resources
    LAS VEGAS, April 13 /PRNewswire/ -- Citing continued uncertainty over how
 Nevada will resolve its energy crisis, the board of directors of Sierra
 Pacific Resources (NYSE:   SRP) today announced it will not be paying the
 dividend historically paid on May 1st.  The board will address the company's
 dividend and dividend policy at the board meeting scheduled for May 21, in
 conjunction with the annual shareholders' meeting.
     "The dividend is vitally important in retaining investor confidence in
 Nevada at a time when new energy infrastructure is so critical to protecting
 consumers from this crisis," said Walt Higgins, president and CEO.  "However,
 it is equally important that our dividend reflect our current financial
 condition and the continued uncertainty about the energy crisis."
     "We recognize that this decision is painful to shareholders who have
 already suffered an unprecedented drop in the value of their investment," said
 Higgins.  "However, it is really the only decision that can be made until we
 can get a more definitive view of how and when this crisis can be resolved."
     The board also directed the company to continue a range of cost control
 programs that have been undertaken to reduce all expenses other than those
 associated with safety and customer service.  The reductions have focused on
 non-critical activities and have included a slowdown in hiring, reduced
 administrative expenses, and elimination of incentive pay this year for
 executive staff.
     Headquartered in Reno, Nev., Sierra Pacific Resources is a holding company
 whose principal subsidiaries are Nevada Power Co., the electric utility for
 southern Nevada, and Sierra Pacific Power Co., the electric utility for most
 of northern Nevada and the Lake Tahoe area of California, and a natural gas
 and water distributor in the Reno-Sparks area.  Other subsidiaries include the
 Tuscarora Gas Pipeline Co., which owns 50 percent interest in an interstate
 natural gas transmission partnership and Sierra Pacific Communications, a
 telecommunications company.
 
     This press release contains forward-looking statements regarding the
 future performance of Sierra Pacific Resources.  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, in addition to those discussed herein, all of the factors discussed
 in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2000.
 This report has been filed with the Securities and Exchange Commission and is
 available without charge through the EDGAR system at its Web site,
 www.sec.gov.
 
 SOURCE  Sierra Pacific Resources