Sierra Pacific (NYSE:SRP)
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From Aug 2019 to Aug 2024
NV Energy announced today the completion of the acquisition of the
598-megawatt Bighorn Generating Facility from a subsidiary of Reliant
Energy, Inc. The purchase by Nevada Power Company, d/b/a NV Energy,
amounted to approximately $510 million, including inventory and other
closing costs and adjustments.
NV Energy, a wholly owned subsidiary of Sierra Pacific Resources
(NYSE:SRP), had announced plans to acquire the Bighorn plant, located 35
miles south of Las Vegas, in April.
Michael Yackira, president and CEO of NV Energy and Sierra Pacific
Resources, said, “The addition of Bighorn to
our company’s generation capability is another
major step in our goal of achieving energy independence for Nevada,
thereby lessening our state’s reliance on
outside, volatile energy markets. This helps assure reliability as well
as cost benefits to our customers.”
The purchase was funded by a combination of cash on hand and borrowings
under a revolving credit facility.
Headquartered in Nevada, Sierra Pacific Resources is a holding company
whose principal subsidiaries, Nevada Power Company and Sierra Pacific
Power Company, are doing business as NV Energy. Serving a
54,500-square-mile service territory that stretches north to south from
Elko to Laughlin, NV Energy provides a wide range of energy services and
products to approximately 2.4 million citizens of Nevada as well as
approximately 40 million tourists annually.
These statements contain forward-looking statements regarding the future
performance of Nevada Power Company (NPC), d/b/a NV Energy, within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are subject to a variety of risks and uncertainties that
could cause actual results to differ materially from current
expectations. These risks and uncertainties include, but are not limited
to, NPC’s ability to obtain a favorable
decision in its general rate case to be filed with the Public Utilities
Commission of Nevada in December of 2008. Additional cautionary
statements regarding other risk factors that could have an effect on the
future performance of NPC, d/b/a NV Energy, are contained in its Annual
Report on Form 10-K and/or Form 10-K/A for the year ended December 31,
2007 and in its Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2008 and June 30, 2008, filed with the SEC. NPC, d/b/a NV
Energy, undertakes no obligation to release publicly the result of any
revisions to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.