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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) January 8, 1999
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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 December 31, 1998
The proposed merger of Nevada's two largest utilities, Nevada Power Company
(NYSE:NVP) and Sierra Pacific Resources (NYSE:SRP), received unanimous approval
today, subject to conditions, from the Public Utilities Commission of Nevada
(PUCN). Both companies expressed willingness to work with the PUCN to address
the conditions that will enable the merger to be completed in the near future.
"We are pleased with today's decision by the PUCN to approve the merger between
Nevada Power Company and Sierra Pacific Resources. We want to thank the
Commissioners, the Utilities Consumer Advocate, and the PUCN Staff for their
efforts to ensure that the final outcome of the merger is a combined company
that provides true benefits to all Nevadans," said Sierra Pacific Chairman,
President and CEO Malyn K. Malquist.
Malquist said, "While this approval does include a number of important
conditions which we need to further evaluate, we feel the general substance of
the decision recognizes the positive value of the merger for the entire State of
Nevada."
"It appears the decision is consistent with our original intent to merge our two
companies in order to increase efficiencies, provide price stability and jump
start competition," said Nevada Power President and COO Michael R. Niggli. "We
now need to review the decision in detail to make sure the merger remains a win-
win situation for our customers, investors, employees and all the communities we
serve."
Malquist and Niggli said before the merger can move forward, management and the
boards of directors at both companies need to carefully review today's PUCN
decision to determine its impact on the companies and their customers. Both
boards are scheduled to meet in January, at which time they will determine
whether they need to ask for clarification on any of the conditions outlined in
the PUCN's decision.
If the utility boards accept the PUCN decision and conditions, merger activities
will proceed to the next stage, which includes addressing compliance items in
the PUCN's decision, and obtaining approvals from the Federal Energy Regulatory
Commission (FERC) and the Securities and Exchange Commission. The entire process
is expected to be completed by mid-1999.
Once merged, the combined entity will be named Sierra Pacific Resources and
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. Combining Nevada Power, the fastest growing utility in the country,
with Sierra Pacific creates a company with annual customer and kilowatt-hour
sales growth of 5% and 7% respectively, the highest in the industry.Based on
1997 results, total annual revenues for the combined company would be
approximately $1.5 billion, with annual earnings of approximately $160 million,
and assets of $4.3 billion.
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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: January 8, 1999 By: /s/ Mark A. Ruelle
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Mark A. Ruelle
Senior Vice President
Chief Financial Officer and Treasurer
