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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) February 25, 2000
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SIERRA PACIFIC RESOURCES
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(Exact name of registrant as specified in its charter)
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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.)
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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: (775) 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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Sierra Pacific Resources (the "Company") issued a press release on February
4, 2000 that described an action by the Public Utilities Commission of Nevada
(the "PUCN") regarding a deferred energy filing made by one of the Company's
subsidiaries, Nevada Power Company. A second press release issued on February
16, 2000 disclosed the final charge against earnings that resulted from the PUCN
decision and other information about the Company's 1999 operating results. The
February 4, 2000 and the February 16, 2000 press releases are filed herewith as
exhibits.
Item 7. Financial Statements and Exhibits
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(a) Financial Statements of Businesses Acquired.
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Not required
(b) Pro forma financial information.
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Not required
(c) Exhibits.
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99.1 Sierra Pacific Resources- Press Release issued February 4, 2000
99.2 Sierra Pacific Resources- Press Release issued February 16, 2000
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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: February 25, 2000 By: /s/ Mark A. Ruelle
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Mark A. Ruelle
Senior Vice President
Chief Financial Officer and Treasurer
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Exhibit Index
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Exhibit 99.1
Sierra Pacific Resources- Press Release issued February 4, 2000.
Exhibit 99.2
Sierra Pacific Resources- Press Release issued February 16, 2000.
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Exhibit 99.1
Reno Nevada (February 4, 2000) - Nevada Power Co., a wholly-owned
subsidiary of Sierra Pacific Resources (SRP:NYSE), announced that the
Public Utilities Commission of Nevada (PUCN), in a decision today, rejected
the utility's updated September 30, 1999 deferred energy filing and ruled
it should continue with its July 15, 1999 filing.
The company is analyzing the financial impact of today's PUCN action.
According to the company, the decision to disallow costs previously
incurred to provide service to customers, would lead to a pre-tax charge of
$20-60 million against 1999 earnings. In addition, today's decision could
lead to a reduction in future revenues of approximately $30 million
annually.
According to Nevada Power Company's CEO, Malyn K. Malquist, the company is
exploring all legal remedies to recover costs it incurs to serve its
customers.
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Exhibit 99.2
Reno Nevada (February 16, 2000) - Sierra Pacific Resources (NYSE: SRP)
today reported net income of $67.3 million for common stock for the year
ended Dec. 31, 1999, after taking a pre-tax charge of $56 million. The
charge results from the recent disallowance of energy expenses incurred by
the company as a result of providing service to its customers in southern
Nevada. The Public Utilities Commission of Nevada (PUCN) rejected an
updated deferred energy filing by Sierra Pacific's subsidiary, Nevada Power
Co., to recover energy costs. The company is exploring all legal remedies
to recover costs it incurs to serve its customers.
As required by purchase accounting regulations, these results of operations
represent 12 months of Nevada Power, the acquiring company for financial
reporting purposes, and five months of Sierra Pacific Resources and its
other subsidiaries, which include Sierra Pacific Power Company. Basic
earnings per share were $1.08 for this period.
On an individual company basis, Nevada Power operating revenues for the
year increased 11.9 percent over 1998 to $977.3 million. Increases in
revenue were attributed primarily to customer growth. The number of
residential and commercial customers served by Nevada Power grew by 6
percent compared to 1998, while the number of industrial customers
increased by 7 percent. This growth was offset by a mild summer in the Las
Vegas area. Sierra Pacific Power Company operating revenues for the year
increased 4 percent to $763.7 million over 1998 primarily as a result of
customer growth, offset by the effects of adverse weather conditions.
Earnings before interest, taxes and depreciation increased by 1.5 percent
to $262.8 million. Income for common for the year decreased by $14.3
million over 1998 as a result of lower, non-cash Allowance for Funds Used
During Construction (AFUDC) in 1999. This was due to reduced construction
and higher depreciation and interest charges resulting from recently
completed construction. Net income also included a non-cash charge for
AFUDC.
Headquartered in Reno, Nev., Sierra Pacific Resources is a holding company
whose principal subsidiaries are Nevada Power Co., the electric utility for
southern Nevada, and Sierra Pacific Power Co., 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 Co., which owns 50 percent
interest in an interstate natural gas transmission partnership, and Sierra
Pacific Energy Company, an energy services company.
Sierra Pacific Resources merged with Las Vegas-based Nevada Power Company
on July 28, 1999. The combined companies will play a major role in the
restructuring of the electric industry in Nevada, which is slated to
commence in early 2000.
Sierra Pacific announced in November that it will acquire Portland General
Electric for $2.1 billion from Enron Corp. The proposed transaction, which
is subject to customary regulatory approvals, is expected to close in the
second half of 2000 and will increase Sierra Pacific's customer base by
700,000.
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Exhibit 99.2
Sierra Pacific Resources Financial Highlights
(In thousands, except for per share amounts)
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Fourth Quarter
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1999 1998
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Revenues $409,924 $181,708
Operating Expenses $378,013 $157,401
Net Income Available for Common $(13,501) $ 4,261
Average Shares Outstanding $ 78,415 $ 51,265
Net Income Per Share $ (0.17) $ 0.08
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12 Months Ended December 31
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1999 1998
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Revenues $1,309,131 $873,682
Operating Expenses $1,122,373 $726,405
Net Income Available for Common $ 67,350 $ 83,499
Average Shares Outstanding $ 62,577 $ 50,993
Net Income Per Share $ 1.08 $ 1.64
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