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8-K - FORM 8-K - NEVADA POWER CO | form8-k.htm |
EXHIBIT
99.1
February
02, 2010
NV
Energy Announces CFO Departure
Chief Accounting Officer E. Kevin
Bethel To Serve As Interim CFO Pending Search For Successor
LAS
VEGAS--(BUSINESS
WIRE)--NV Energy, Inc. (NYSE:NVE) announced today
that William D. Rogers has resigned as Chief Financial Officer and Treasurer,
and that E. Kevin Bethel, 46, current Chief Accounting Officer and Controller,
will serve as interim CFO until a permanent successor is named. Before joining
NV Energy in November 2007, Bethel was Assistant Controller for American
Electric Power in Columbus, Ohio.
Michael
Yackira, NV Energy President and Chief Executive Officer, said, “On behalf of
the board and senior management team, I want to thank Bill for his many
contributions over the past five years. He has helped us to position the Company
for long-term success and we wish him well in his future endeavors.” Yackira
added, “I am delighted Kevin Bethel has agreed to work with the team and me in
the interim role as we work to identify the right person with the right
experience to fill that position on a permanent basis.”
Said
Yackira, “We believe we are on track in the execution of our strategy and are
successfully positioned to capitalize on a slowly improving economy. Among other
things, we are continuing to expand our renewable energy portfolio, which
includes a recent agreement to develop Great Basin Transmission, a high-voltage
transmission line that will allow us to bring renewable energy from the northern
part of the state to the south for the first time.”
As
scheduled, NV Energy will report fourth-quarter earnings and 2009 year-end
results on February 11. The Company expects to report $0.78 per share for the
full year 2009.
About NV
Energy
Headquartered
in Las Vegas, Nevada, NV Energy, Inc. is a holding company with principal
subsidiaries, Nevada Power Company and Sierra Pacific Power Company, doing
business as NV Energy. Serving a combined 54,500-square-mile service territory,
NV Energy provides a wide range of energy services and products to approximately
2.4 million citizens of Nevada and nearly 40 million tourists annually. For more
information, visit www.NVEnergy.com.
This
press release may contain forward-looking statements regarding the future
performance of NV Energy, Inc. and its subsidiaries, Nevada Power Company d/b/a
NV Energy and Sierra Pacific Power Company 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, NV Energy Inc.’s ability to maintain access to
the capital markets, NV Energy Inc.’s ability to receive dividends from its
subsidiaries, the financial performance of NV Energy Inc.’s subsidiaries,
particularly Nevada Power Company d/b/a NV Energy and Sierra Pacific Power
Company d/b/a NV Energy, and the discretion of NV Energy Inc.’s Board of
Directors with respect to the payment of future dividends based on its periodic
review of factors that ordinarily affect dividend policy, such as current and
prospective financial condition, earnings and liquidity, prospective business
conditions, regulatory factors, and dividend restrictions in NV Energy Inc.’s
and its subsidiaries' financing agreements. For Nevada Power Company d/b/a NV
Energy and Sierra Pacific Power Company d/b/a NV Energy, these risks and
uncertainties include, but are not limited to, future economic conditions both
nationally and regionally, changes in the rate of industrial, commercial and
residential growth in their service territories, their ability to procure
sufficient renewable energy sources in each compliance year to satisfy the
Nevada Renewable Energy Portfolio Standard, changes in environmental laws and
regulations, construction risks, their ability to maintain access to the capital
markets for general corporate purposes and to finance construction projects,
employee workforce factors, including changes in and renewals of collective
bargaining agreements, strikes or work stoppages, unseasonable weather, drought,
threat of wildfire and other natural phenomena, their ability to purchase
sufficient fuel, natural gas and power to meet their power demands and natural
gas demands for Sierra Pacific Power Company d/b/a NV Energy, financial market
conditions, and unfavorable rulings in their pending and future regulatory
filings. Additional cautionary statements regarding other risk factors that
could have an effect on the future performance of NV Energy, Inc., Nevada Power
Company d/b/a NV Energy and Sierra Pacific Power Company d/b/a NV Energy are
contained in their quarterly reports on Form 10-Q for the quarters ended March
31, 2009, June 30, 2009, and September 30, 2009 and their Annual Reports on Form
10-K for the year ended December 31, 2008, each filed with the SEC. NV Energy
Inc., Nevada Power Company d/b/a NV Energy and Sierra Pacific Power Company
d/b/a NV Energy undertake 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.
Contacts
NV
Energy, Inc.
Media
Contact:
Rob
Stillwell, 702-402-5683
or
Investor
Contact:
Britta
Carlson, 702-402-5624