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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported) October 12, 1998
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SIERRA PACIFIC RESOURCES
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
NEVADA 1-8788 88-0198358
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
P.O. Box 30150 (6100 Neil Road), Reno, Nevada 89511
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (702) 834-4011
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None
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(Former name, former address and former fiscal year, if changed since last
report)
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Item 5. Other Events
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Press Release Dated October 9, 1998
RENO, NEVADA (OCTOBER 9, 1998) Sierra Pacific Resources (NYSE:SRP)
announced today that its stockholders voted to approve the merger of Sierra
Pacific Resources and Nevada Power Company at a special meeting held in Reno,
Nevada. Later today, stockholders of Nevada Power will meet at a Special
Meeting in Las Vegas, Nevada to vote on the merger. The merger is conditioned,
among other things, upon obtaining the remaining approvals of the Public
Utilities Commission of Nevada, the Federal Energy Regulatory Commission and the
Securities Exchange Commission. The transaction is expected to close in the
second quarter of 1999.
Under the terms of the merger agreement, stockholders of Sierra Pacific
Resources will have the opportunity to elect to receive 1.44 shares of the
combined company's common stock per share or $37.55 in cash per share and
stockholders of Nevada Power will have the opportunity to elect to receive 1.00
shares of the combined company's common stock per share or $26.00 in cash per
share.
The combined company, which will be named Sierra Pacific Resources, will
have two utility subsidiaries, Sierra Pacific Power Company and Nevada Power
Company. The utility subsidiaries will serve a total of more than 800,000
electric, 100,000 gas and 65,000 water customers living in southern and northern
Nevada, and in the Lake Tahoe area of California. Based on 1997 results of
Nevada Power and Sierra Pacific, total annual revenues for the combined company
would be approximately $1.5 billion.
Sierra Pacific Resources, based in Reno, Nevada, provides electric service
to approximately 287,000 customers in a 50,000 square mile region in northern
Nevada and the Lake Tahoe area of California, natural gas service to 100,000
customers, and water service to 65,000 customers in the Reno-Sparks area. Other
operating subsidiaries include Tuscarora Gas Pipeline Company, which owns 50
percent interest in an interstate natural gas pipeline partnership, and e.three,
an energy service company. Operating revenues for 1997 were $663.2 million,
with earnings of $74.4 million. The weighted average number of shares
outstanding was 30.9 million. Sierra Pacific has approximately 1,500 employees.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SIERRA PACIFIC RESOURCES
Date: October 12, 1998 By: /s/ Mark A. Ruelle
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Mark A. Ruelle
Senior Vice President
Chief Financial Officer and Treasurer
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