NV Energy Announces Expiration and Results of Cash Tender Offer for Its 6.750% General and Refunding Mortgage Notes, Series P, Due 2037

Sierra Pacific Power Company d/b/a NV Energy ("Sierra Pacific”), a wholly owned subsidiary of NV Energy, Inc. (NYSE: NVE), today announced the expiration and results of its cash tender offer (the "Tender Offer”) for its 6.750% General and Refunding Mortgage Notes, Series P, due 2037 (the "Notes”). The Tender Offer expired at Midnight, New York City time on December 21, 2009.

According to information provided by the depositary and information agent for the Tender Offer, $73,258,000 aggregate principal amount of the Notes were validly tendered and not validly withdrawn on or before the expiration of the Tender Offer. Sierra Pacific has accepted all of these Notes for purchase.

Based on a purchase date of December 23, 2009, the clearing spread as determined under the modified "Dutch Auction” procedure and the yield to maturity of the U.S. Treasury reference security, Sierra Pacific has calculated the Clearing Spread, Reference Yield, Tender Offer Yield and Total Consideration per $1,000 principal amount of Notes as follows:

Holders of Notes who validly tendered and did not validly withdraw their Notes prior to 5:00 p.m., New York City time, on December 7, 2009 (the "Early Tender Date”) will receive the Total Consideration of $1,102.15 per $1,000 principal amount of Notes, determined in accordance with the procedures described in the Offer to Purchase. Holders who validly tendered their Notes after the Early Tender Date, but prior to the Expiration Date, will receive the Tender Offer Consideration of $1,062.15, which is equal to the Total Consideration minus an early tender payment equal to $40 per $1,000 principal amount of Notes.

In addition, Sierra Pacific will pay accrued and unpaid interest to, but not including, the date of purchase.

Upon consummation of the Tender Offer, which is expected to occur on December 23, 2009, the consideration for the Notes accepted for purchase will be paid by Sierra Pacific to The Depository Trust Company, which will allocate such funds to the holders entitled thereto. The total amount payable by Sierra Pacific is approximately $83.1 million, which includes the accrued interest which will be paid upon settlement. Sierra Pacific is funding the repurchase of the Notes predominately with cash on hand with the balance being funded with borrowings under its revolving credit facility, thereby strengthening its capital structure.

Goldman, Sachs & Co. served as Dealer Manager for the Tender Offer.

This press release is for informational purposes only. This press release is neither an offer to purchase nor a solicitation to buy any of these Notes nor is it a solicitation for acceptance of the Tender Offer.

About Sierra Pacific and NV Energy, Inc.

Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a combined 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.

Forward-Looking Statements Disclosure

This press release may contain forward-looking statements regarding the future performance of 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, Sierra Pacific Power Company’s continuing ability to borrow under its credit facility to pay for the Notes tendered pursuant to the Tender Offer.

Additional cautionary statements regarding other risk factors that could have an effect on the future performance of Sierra Pacific Power Company are contained in NV Energy Inc.’s and Sierra Pacific Power Company’s Annual Reports on Form 10-K for the year ended December 31, 2008 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2009, June 30, 2009 and September 30, 2009, as filed with the Securities and Exchange Commission. NV Energy, Inc. 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.