<PAGE>
================================================================================
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q/A
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED September 30, 2000
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO
<TABLE>
<CAPTION>
Registrant, State of Incorporation, Address of
Commission File Principal Executive Offices and Telephone I.R.S. employer
Number Number Identification Number
<S> <C> <C>
1-8788 SIERRA PACIFIC RESOURCES 88-0198358
P.O. Box 10100
(6100 Neil Road)
Reno, Nevada 89520-0400 (89511)
(775) 834-4011
1-4698 NEVADA POWER COMPANY 88-0045330
6226 West Sahara Avenue
Las Vegas, Nevada 89146
(702) 367-5000
0-508 SIERRA PACIFIC POWER COMPANY 88-0044418
P.O. Box 10100
(6100 Neil Road)
Reno, Nevada 89520-0400 (89511)
(775) 834-4011
</TABLE>
Indicate by check mark whether registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
---- ----
Indicate the number of shares outstanding of each of the issuer's classes of
Common Stock, as of the latest practicable date.
Class Outstanding at November 3, 2000
Common Stock, $1.00 par value 78,450,966 Shares
of Sierra Pacific Resources
Sierra Pacific Resources is the sole holder of the 1,000 shares of outstanding
Common Stock, $1.00 stated value, of Nevada Power Company.
Sierra Pacific Resources is the sole holder of the 1,000 shares of outstanding
Common Stock, $1.00 stated value, of Sierra Pacific Power Company.
This combined Quarterly Report on Form 10-Q is separately filed by Sierra
Pacific Resources, Nevada Power Company and Sierra Pacific Power Company.
Information contained in this document relating to Nevada Power Company is filed
by Sierra Pacific Resources and separately by Nevada Power Company on its own
behalf. Nevada Power Company makes no representation as to information relating
to Sierra Pacific Resources or its subsidiaries, except as it may relate to
Nevada Power Company. Information contained in this document relating to Sierra
Pacific Power Company is filed by Sierra Pacific Resources and separately by
Sierra Pacific Power Company on its own behalf. Sierra Pacific Power Company
makes no representation as to information relating to Sierra Pacific Resources
or its subsidiaries, except as it may relate to Sierra Pacific Power Company.
================================================================================
<PAGE>
The undersigned registrants hereby amend their Quarterly Reports on Form 10-Q
for the quarterly period ended September 30, 2000 by revising Note 4 of the
Condensed Consolidated Financial Statements included in Item 1. As set forth in
the original filing, Note 4 incorrectly stated that the change in the fair value
of hedges could result in a $25-$35 million loss. The disclosure should have
reported that the change in fair value could result in a $25-$35 million gain.
The Note has been revised accordingly, and the revised version of Note 4 is set
forth in its entirety below.
NOTE 4. RECENT PRONOUNCEMENTS (SPR, NVP, SPPC)
-------------------------------
Financial Accounting Standards Board
------------------------------------
In June 1998, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) 133, entitled "Accounting for
Derivative Instruments and Hedging Activities." This statement establishes
accounting and reporting standards for derivative instruments, including certain
derivative instruments embedded in other contracts (collectively referred to as
derivatives), and for hedging activities. It requires an entity to recognize
all derivatives as either assets or liabilities in the statement of financial
position, and measure those instruments at fair value. In May 1999, members of
the FASB agreed to delay the effective date of Statement 133 to fiscal years
beginning after June 15, 2000.
In June 2000, the FASB issued SFAS 138 that amended SFAS 133 in a number of
respects. Among other revisions, SFAS 138 exempted from the fair value
requirements normal purchases and normal sales (as defined by SFAS 133) that
contain settlement provisions, if it is probable that the contracts will not
settle net and will result in physical delivery.
SPR has evaluated the impact of SFAS 133 and SFAS 138 and considers all
derivative transactions identified to date to be either subject to the normal
purchases and normal sales exclusion or hedges of forecasted transactions. The
change in the fair value of the hedges will be reported on the balance sheet as
other comprehensive income on January 1, 2001 and could result in a $25-$35
million gain. This amount will be reclassified into earnings in the same period
in which the hedged forecasted transaction affects earnings.
Securities and Exchange Commission
----------------------------------
In December 1999, the Staff of the Securities and Exchange Commission
released Staff Accounting Bulletin (SAB) No. 101, which summarizes certain of
the staff's views in applying generally accepted accounting principles to
revenue recognition in financial statements. Subsequently, SAB No. 101A and SAB
No. 101B were released delaying the implementation date of SAB No. 101 until no
later than the fourth fiscal quarter of fiscal years beginning after December
15, 1999. SPR does not believe that the SAB will have a material effect on its
financial statements.
1
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this amendment to be signed on their behalf by the
undersigned thereunto duly authorized.
Sierra Pacific Resources
------------------------
(Registrant)
Date: November 20, 2000 By: /s/ Mark A. Ruelle
----------------- -----------------------
Mark A. Ruelle
Senior Vice President
Treasurer
Chief Financial Officer
(Principal Financial Officer)
Date: November 20, 2000 By: /s/ Mary O. Simmons
------------------ -----------------------
Mary O. Simmons
Controller
(Principal Accounting Officer)
Nevada Power Company
--------------------
(Registrant)
Date: November 20, 2000 By: /s/ Mark A. Ruelle
----------------- -----------------------
Mark A. Ruelle
Senior Vice President
Treasurer
Chief Financial Officer
(Principal Financial Officer)
Date: November 20, 2000 By: /s/ Mary O. Simmons
------------------ -----------------------
Mary O. Simmons
Controller
(Principal Accounting Officer)
Sierra Pacific Power Company
----------------------------
(Registrant)
Date: November 20, 2000 By: /s/ Mark A. Ruelle
----------------- -----------------------
Mark A. Ruelle
Senior Vice President
Treasurer
Chief Financial Officer
(Principal Financial Officer)
Date: November 20, 2000 By: /s/ Mary O. Simmons
------------------ -----------------------
Mary O. Simmons
Controller
(Principal Accounting Officer)
2
