<PAGE>
Exhibit 99.2
LAS VEGAS, (July 21) The Board of Directors of Sierra Pacific Resources
announced today the resignation of Michael R. Niggli, who is leaving the company
to pursue other business opportunities. The Company announced that it will be
conducting a search to replace Mr. Niggli.
Niggli was Chairman and Chief Executive Officer of Sierra Pacific Resources. He
was named to the post in July 1999 after having served a year as President and
CEO of Nevada Power Co., based in Las Vegas, Nev.
To replace Niggli, James R. Donnelley, will assume the position of acting
Chairman. He has served on the Sierra Pacific Resources Board since 1987.
Donnelley, 65, a board member of R.R. Donnelley & Sons Company is recently
retired Vice Chairman of the Board of that company. He has been a director of
that company since 1976. Donnelley is also a director of PMP Communications and
Chairman of the Board of the National Merit Scholarship Corporation. Mr.
Donnelley stated that the company continues to embrace the recently announced
global settlement on state utility rate and restructuring matters and the
company's plans to acquire Portland General Electric Company.
Fred D. Gibson, Jr. will assume the position of acting Vice Chairman of the
Sierra Pacific Resources Board. Gibson, 72, is the retired Chairman, President
and CEO of American Pacific Corporation. He also serves as a Director of Cashman
Equipment and American Pacific Corporation. He had served as a Director on the
Nevada Power Company Board since 1978 and joined the Resources Board when Nevada
Power and Sierra Pacific merged in 1999.
Steve Rigazio, 45, President of Nevada Power Company, who will continue in that
capacity, was named to the position of acting Chief Operating Officer for Sierra
Pacific Resources. A 16-year veteran of Nevada Power, he had previously held
positions as Senior Vice President of Energy Delivery, and Vice President of
Finance and Planning and Chief Financial Officer. Jeff Ceccarelli will continue
as President of Sierra Pacific Power Company, a wholly owned subsidiary of
Sierra Pacific Resources.
Sierra Pacific Resources is a holding company whose principal subsidiaries are
Nevada Power Company, the electric utility for southern Nevada, and Sierra
Pacific Power Company, 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 Company,
which owns 50 percent interest in an interstate natural gas transmission
partnership and Sierra Pacific Communications, a telecommunications company.
