Sierra Pacific also filed its annual mandatory deferred energy filing with the PUCN on January 14, 2004 which does not request any further increase in customer rates. Each year the company must make a deferred energy filing to recover costs of fuel and power purchased on behalf of its customers, as well as recovery of the costs of energy conservation programs...
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Record Number of New Meters Installed in 2003

Sierra Pacific surpassed the company's previous record of new electric meters set in one year. A total of 10,034 meters was installed in 2003. The previous record of 9,555 meters was set in 2001. New gas meter hook-ups numbered 5,185 - just a couple hundred shy of a new record. Gas servicemen set over 700 new gas meters in the month of November alone. Sierra Pacific Power serves approximately 125,000 natural gas customers in the Reno-Sparks metropolitan area...
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CPUC Grants Rate Increase to Sierra Pacific

The California Public Utilities Commission has approved an increase in rates for Sierra Pacific's 45,000 electric customers in the Lake Tahoe region of California...
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Sierra Pacific is Top United Way Contributor

Once again Sierra Pacific Power and its employees conducted northern Nevada's largest United Way workplace campaign, pledging $254,097 to the United Way of Northern Nevada and the Sierra. According to United Way statistics, $1 of every $11 distributed by our United Way comes from Sierra Pacific. This is a tremendous source of pride for our employees, many of whom have served or continue to volunteer on the United Way board of directors, committees, allocations panels and as loaned executives.

Help to Southern California

Following the devastating wildfires in Southern California in November, Sierra Pacific responded to a plea for assistance from Southern California Edison. Four Sierra Pacific crews traveled to the fire damaged areas to rebuild electrical facilities and power lines. Sierra Pacific trucks are equipped with four-wheel drive to serve the difficult terrain in our own service territory, so our crews were especially helpful in the rugged, fire damaged areas. The fires destroyed more than 5,000 power poles and left thousands without electrical service for weeks after the fires were contained.

Michael Yackira Named CFO

Michael W. Yackira has been named executive vice president and chief financial officer of Sierra Pacific Resources. Yackira was previously executive vice president, strategy and policy, after joining the company in January 2003. In addition to his CFO responsibilities, Yackira will continue to oversee the company's regulatory affairs. Yackira holds a BS degree in accounting from the City University of New York's Lehman College and is a Certified Public Accountant. In addition to his electric utility industry experience, he has held senior financial positions in other industries, including CFO of Mars, Inc., vice president of finance of St. Joe Petroleum, Inc., and a number of executive and officer positions with subsidiaries of GTE Corporation...
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New General Counsel Named

Ernest E. East has been elected vice president, general counsel and corporate secretary. East, 61, has been general counsel for several major corporations and has more than 30 years experience handling legal affairs and regulatory issues. Most recently, he has been senior vice president, general counsel and chief compliance officer of Hyatt Gaming Services, L.L.C., in Chicago, Ill., a position he has held since 1998. Sierra Pacific Resources' current general counsel, C. Stanley Hunterton, senior partner in the Las Vegas-based law firm, Hunterton & Associates, will continue to supply outside legal services to the company and assist during the transition period.

Court Rules on Collateral Requirements in Enron Case

The Bankruptcy Court of the Southern District of New York ruled in November that Nevada Power Company and Sierra Pacific Power Company will be required to post into escrow $338 million in bonds and $35 million in cash, pending their appeal of the court's previous decision involving a dispute with Enron over terminated power contracts during the California energy crisis of 2001. "The judge's ruling now allows us to move forward with our appeal," said Walter Higgins, Sierra Pacific's chairman, president and chief executive officer. "I have said on numerous occasions that we do not believe our company should be required to pay Enron for power that was not delivered, and at unprecedented high prices largely caused by Enron's manipulation of the energy market. Since prior FERC rulings already have found Enron guilty of price manipulation, we are confident our position will be upheld on appeal."
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Sierra Pacific Helps Nonprofits

Sierra Pacific Resources Charitable Foundation awarded $69,500 in major grants to the following organizations during the last two months of 2003. Dozens of other organizations throughout northern Nevada also received smaller grants. Br�ka Theatre of the Sierra
Community Chest, Inc.
Reno Little Theater
Northern Nevada RAVE Family Foundation
University of Nevada, Reno - two-year commitment to fund the University's new Knowledge Center
Washoe County Education Foundation - Focus on Literacy Initiative Applications are also currently being accepted from nonprofits to fund facility improvements. All 501(c)3 organizations are eligible. Applications must be received by March 1.
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