Exhibit 99.1

FOR IMMEDIATE RELEASE

November 2, 2011

Analyst Contacts: Max Kuniansky, (702) 402-5627
Britta Carlson, (702) 402-5624
Media Contact: Karl Walquist, (775) 834-3891

NV Energy Reports Third Quarter Earnings

Las Vegas — NV Energy, Inc. (NYSE: NVE) today announced financial results for the three months and nine months ended September 30, 2011.

NV Energy, Inc.
Consolidated Results
Periods Ended September 30

		Net Income								EPS
		($ in millions)								(diluted)
		2011				2010				2011				2010
Three Months		$	173.5			$	177.5			$	0.73			$	0.75
Nine Months		$	188.7			$	212.8			$	0.80			$	0.90

“As expected, the completion of the new Harry Allen combined cycle plant was a key factor affecting our third quarter results,” said Michael Yackira, president and chief executive officer of NV Energy, Inc. “Harry Allen concludes our major investments in new efficient generation over the past five years. I am pleased that our continuing efforts to control spending helped mitigate the additional costs of this new plant.”

The 2010 amounts in the table above incorporate an $8.0 million (pre-tax) accrual for the September 2010 termination of a long term service agreement¹. In the third quarter of 2011, after reaching a settlement with the vendor, NV Energy reversed the accrued termination costs. The reversal benefitted results for the three and nine months ended September 30, 2011 by $8.0 million (pre-tax).

Results for the nine months ended September 30, 2011 were adversely affected by $8.6 million of pre-tax adjustments in connection with energy efficiency implementation rates as previously disclosed.

Results for both periods ended September 30, 2010 reflect the results of NV Energy’s California operations, which were sold effective January 1, 2011. Results for the nine months ended September 30, 2010 also reflect a $7.6 million pre-tax gain on a May 2010 asset sale as previously disclosed.

¹  A revision to the September 30, 2010 SEC Form 10-Q as disclosed in the SEC Form 10-K for the fiscal year ended December 31, 2010.

Webcast Scheduled for 7 a.m. PDT today, Wednesday, November 2, 2011

Senior management of NV Energy will review the company’s third quarter 2011 financial results and other matters during a conference call and live webcast today, Wednesday, November 2, at 7 a.m. Pacific Daylight Time.

The webcast will be accessible on the NV Energy website at: www.nvenergy.com.

A taped replay will remain on the company’s website for approximately 30 days. To listen to the replay by telephone, call (800) 475-6701. International callers should dial (320) 365-3844. Use the conference call access code, 219843.

Headquartered in Las Vegas, NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, are doing business as NV Energy. Serving a combined 45,592 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.

This press release may contain forward-looking statements regarding the future performance of NV Energy, Inc. and its subsidiaries, Nevada Power Company and Sierra Pacific Power Company both 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 and Sierra Pacific Power Company both 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 and Sierra Pacific Power Company both 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, unseasonable weather, drought, threat of wildfire and other natural phenomena, explosions, fires, accidents, mechanical breakdowns that may occur while operating and maintaining an electric and natural gas system, 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 and Sierra Pacific Power Company both d/b/a NV Energy are contained in their quarterly reports on Form 10-Q for the quarters ended March 31, 2011 and June 30, 2011, and Annual Reports on Form 10-K for the year ended December 31, 2010, each filed with the Securities and Exchange Commission. NV Energy Inc., Nevada Power Company and Sierra Pacific Power Company both 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.

NV ENERGY, INC.
CONSOLIDATED INCOME STATEMENTS
(Dollars in Thousands, Except Per Share Amounts)
(Unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
OPERATING REVENUES		$	1,017,796			$	1,128,039			$	2,333,710			$	2,625,211
OPERATING EXPENSES:
Fuel for power generation			216,779				247,233				519,920				650,514
Purchased power			223,348				249,854				518,672				522,538
Gas purchased for resale			10,137				10,823				87,753				101,536
Deferred energy			(33,620	)			34,055				(43,678	)			106,554
Other operating expenses			127,645				112,741				331,166				320,755
Maintenance			11,369				31,126				73,317				85,715
Depreciation and amortization			93,737				83,423				266,445				249,067
Taxes other than income			15,205				15,420				46,134				47,532
Total Operating Expenses			664,600				784,675				1,799,729				2,084,211
OPERATING INCOME			353,196				343,364				533,981				541,000
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt: $1,326, $6,485, $10,371 and $17,349)			(80,496	)			(80,789	)			(238,718	)			(241,625	)
Interest expense on regulatory items			(4,316	)			(3,685	)			(12,140	)			(8,753	)
AFUDC-equity			1,690				7,824				12,854				20,915
Other income			4,645				9,246				14,942				30,524
Other expense			(9,857	)			(4,313	)			(23,600	)			(17,038	)
Total Other Income (Expense)			(88,334	)			(71,717	)			(246,662	)			(215,977	)
Income Before Income Tax Expense			264,862				271,647				287,319				325,023
Income tax expense			91,400				94,101				98,639				112,252
NET INCOME		$	173,462			$	177,546			$	188,680			$	212,771
Amount per share basic and diluted
Net income per share — basic		$	0.74			$	0.76			$	0.80			$	0.91
Net income per share — diluted			0.73				0.75				0.80				0.90
Weighted Average Shares of Common Stock Outstanding — basic			235,990,373				235,117,058				235,796,321				234,991,208
Weighted Average Shares of Common Stock Outstanding — diluted			237,901,330				236,477,187				237,320,796				236,136,725
Dividends Declared Per Share of Common Stock		$	0.12			$	0.11			$	0.36			$	0.33

NV ENERGY, INC.
CONSOLIDATED OPERATING STATISTICS AND FINANCIAL HIGHLIGHTS
(unaudited)

ELECTRIC SALES — MWh’s

(in thousands)

		Three Months Ended September 30,												Nine Months Ended September 30,
										Change from												Change from
		2011				2010				Prior Year				2011				2010				Prior Year
Residential			4,322				4,409				(2.0)	%			8,694				9,007				(3.5)	%
Commercial			2,141				2,192				(2.3)	%			5,472				5,616				(2.6)	%
Industrial			2,713				2,799				(3.1)	%			7,680				7,707				(0.4)	%
TOTAL RETAIL			9,176				9,400				(2.4)	%			21,846				22,330				(2.2)	%
Other			65				67				(3.0)	%			178				181				(1.7)	%
TOTAL			9,241				9,467				(2.4)	%			22,024				22,511				(2.2)	%

ELECTRIC SALES — MWh’s (EXCLUDING CALIFORNIA)*

(in thousands)

		Three Months Ended September 30,																Nine Months Ended September 30,
														Average																Average
										Change from				Change in												Change from				Change in
		2011				2010				Prior Year				Customers				2011				2010				Prior Year				Customers
Residential			4,322				4,354				(0.7)	%			0.9	%			8,694				8,801				(1.2)	%			0.9	%
Commercial			2,141				2,153				(0.6)	%			0.5	%			5,472				5,499				(0.5)	%			0.6	%
Industrial			2,713				2,775				(2.2)	%			(3.0	)%			7,680				7,621				0.8	%			(1.7)	%
TOTAL RETAIL			9,176				9,282				(1.1)	%							21,846				21,921				(0.3)	%
Other			65				67				(3.0)	%							178				181				(1.7)	%
TOTAL			9,241				9,349				(1.2)	%			0.8	%			22,024				22,102				(0.4)	%			0.8	%

GAS SALES — Dth

(in thousands)

		Three Months Ended September 30,												Nine Months Ended September 30,
										Change from												Change from
		2011				2010				Prior Year				2011				2010				Prior Year
TOTAL RETAIL			1,187				1,272				(6.7)	%			10,593				10,108				4.8	%

ELECTRIC SOURCES — MWh’s

(in thousands)

		Three Months Ended September 30,												Nine Months Ended September 30,
										Change from												Change from
		2011				2010				Prior Year				2011				2010				Prior Year
Generated			6,180				6,263				(1.3)	%			14,477				15,693				(7.7)	%
Purchased			3,577				3,571				0.2	%			9,081				7,854				15.6	%
TOTAL			9,757				9,834								23,558				23,547

DEGREE DAYS

		Three Months Ended September 30,												Nine Months Ended September 30,
										Change from												Change from
		2011				2010				Prior Year				2011				2010				Prior Year
SOUTH
Heating			—				—				N/A				1,131				1,170				(3.3	)%
Cooling			2,312				2,412				(4.1)	%			3,329				3,418				(2.6	)%
NORTH
Heating			3				39				(92.3)	%			3,201				3,023				5.9	%
Cooling			848				767				10.6	%			960				904				6.2	%

CAPITAL STRUCTURE

(dollars in thousands)

		September 30, 2011								September 30, 2010
Current maturities of long-term debt		$	136,139				1.6	%		$	356,538				3.9	%
Long-term debt			5,038,232				58.3	%			5,313,407				58.8	%
Total debt		$	5,174,371				59.9	%		$	5,669,945				62.8	%
Total shareholders’ equity			3,465,689				40.1	%			3,363,314				37.2	%
Total capitalization (including current maturities of long-term debt)		$	8,640,060				100.0	%		$	9,033,259				100.0	%

AVAILABLE LIQUIDITY AS OF SEPTEMBER 30, 2011

(dollars in millions)

		NVE				NPC				SPPC
Cash and Cash Equivalents		$	32.9			$	34.8			$	66.3
Balance available on Revolving Credit Facilities			N/A				548.0				237.5
Less reduction for hedging transactions			N/A				(1.7	)			(0.5	)
		$	32.9			$	581.1			$	303.3

NEVADA POWER COMPANY
CONSOLIDATED INCOME STATEMENTS
(Dollars in Thousands)
(Unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
OPERATING REVENUES		$	798,914			$	870,950			$	1,662,880			$	1,836,144
OPERATING EXPENSES:
Fuel for power generation			162,976				181,100				378,790				469,282
Purchased power			181,733				216,309				399,707				412,276
Deferred energy			(10,354	)			22,296				(1,274	)			81,719
Other operating expenses			88,455				73,762				215,491				203,773
Maintenance			3,460				23,707				45,122				58,945
Depreciation and amortization			67,212				56,575				186,798				169,330
Taxes other than income			9,105				9,038				28,209				28,857
Total Operating Expenses			502,587				582,787				1,252,843				1,424,182
OPERATING INCOME			296,327				288,163				410,037				411,962
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt: $842, $5,787, $8,962 and $15,763)			(55,267	)			(54,144	)			(163,036	)			(161,496	)
Interest expense on regulatory items			(2,478	)			(1,157	)			(5,911	)			(1,965	)
AFUDC-equity			1,026				6,795				10,979				18,555
Other income			2,990				3,842				9,298				9,084
Other expense			(7,324	)			(3,034	)			(15,235	)			(9,338	)
Total Other Income (Expense)			(61,053	)			(47,698	)			(163,905	)			(145,160	)
Income Before Income Tax Expense			235,274				240,465				246,132				266,802
Income tax expense			80,666				81,537				84,481				90,416
NET INCOME		$	154,608			$	158,928			$	161,651			$	176,386

NEVADA POWER COMPANY
CONSOLIDATED OPERATING STATISTICS AND FINANCIAL HIGHLIGHTS
(unaudited)

ELECTRIC SALES — MWh’s

(in thousands)

		Three Months Ended September 30,																Nine Months Ended September 30,
														Average																Average
										Change from				Change in												Change from				Change in
		2011				2010				Prior Year				Customers				2011				2010				Prior Year				Customers
Residential			3,711				3,758				(1.3)	%			1.1	%			7,021				7,162				(2.0)	%			1.1	%
Commercial			1,319				1,327				(0.6)	%			0.7	%			3,307				3,322				(0.5)	%			0.5	%
Industrial			2,070				2,123				(2.5)	%			(2.9)	%			5,793				5,771				0.4	%			(1.7)	%
TOTAL RETAIL			7,100				7,208				(1.5)	%							16,121				16,255				(0.8)	%
Other			61				63				(3.2)	%							166				169				(1.8)	%
TOTAL			7,161				7,271				(1.5)	%			1.0	%			16,287				16,424				(0.8)	%			1.0	%

ELECTRIC SOURCES — MWh’s

(in thousands)

		Three Months Ended September 30,												Nine Months Ended September 30,
										Change from												Change from
		2011				2010				Prior Year				2011				2010				Prior Year
Generated			4,879				4,738				3.0	%			11,138				11,868				(6.2)	%
Purchased			2,520				2,804				(10.1)	%			5,821				5,211				11.7	%
TOTAL			7,399				7,542								16,959				17,079

DEGREE DAYS

		Three Months Ended September 30,												Nine Months Ended September 30,
										Change from												Change from
		2011				2010				Prior Year				2011				2010				Prior Year
Heating			—				—				N/A				1,131				1,170				(3.3	)%
Cooling			2,312				2,412				(4.1)	%			3,329				3,418				(2.6	)%

CAPITAL STRUCTURE

(dollars in thousands)

		September 30, 2011								September 30, 2010
Current maturities of long-term debt		$	136,139				2.1	%		$	356,538				5.3	%
Long-term debt			3,352,044				52.4	%			3,546,724				53.2	%
Total debt		$	3,488,183				54.5	%		$	3,903,262				58.5	%
Total shareholders’ equity			2,913,311				45.5	%			2,764,475				41.5	%
Total capitalization (including current maturities of long-term debt)		$	6,401,494				100.0	%		$	6,667,737				100.0	%

SIERRA PACIFIC POWER COMPANY
CONSOLIDATED INCOME STATEMENTS
(Dollars in Thousands)
(Unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
OPERATING REVENUES:
Electric		$	202,263			$	237,798			$	545,462			$	649,337
Gas			16,615				19,286				125,357				139,711
Total Operating Revenues			218,878				257,084				670,819				789,048
OPERATING EXPENSES:
Fuel for power generation			53,803				66,133				141,130				181,232
Purchased power			41,615				33,545				118,965				110,262
Gas purchased for resale			10,137				10,823				87,753				101,536
Deferral of energy — electric — net			(22,095	)			9,964				(45,924	)			17,189
Deferral of energy — gas — net			(1,171	)			1,795				3,520				7,646
Other operating expenses			38,529				38,004				113,432				114,371
Maintenance			7,909				7,419				28,195				26,770
Depreciation and amortization			26,525				26,848				79,647				79,737
Taxes other than income			6,052				6,330				17,675				18,494
Total Operating Expenses			161,304				200,861				544,393				657,237
OPERATING INCOME			57,574				56,223				126,426				131,811
OTHER INCOME (EXPENSE):
Interest expense (net of AFUDC-debt: $484,
$698, $1,409 and $1,586)			(16,861	)			(16,983	)			(50,581	)			(51,141	)
Interest expense on regulatory items			(1,838	)			(2,528	)			(6,229	)			(6,788	)
AFUDC-equity			664				1,029				1,875				2,360
Other income			1,448				2,379				4,677				14,276
Other expense			(2,255	)			(1,285	)			(7,403	)			(7,555	)
Total Other Income (Expense)			(18,842	)			(17,388	)			(57,661	)			(48,848	)
Income Before Income Tax Expense			38,732				38,835				68,765				82,963
Income tax expense			13,396				14,373				23,341				30,066
NET INCOME		$	25,336			$	24,462			$	45,424			$	52,897

SIERRA PACIFIC POWER COMPANY
CONSOLIDATED OPERATING STATISTICS AND FINANCIAL HIGHLIGHTS
(unaudited)

ELECTRIC SALES — MWh’s

(in thousands) 

		Three Months Ended September 30,												Nine Months Ended September 30,
										Change from												Change from
		2011				2010				Prior Year				2011				2010				Prior Year
Residential			611				651				(6.1)	%			1,673				1,845				(9.3)	%
Commercial			822				865				(5.0)	%			2,165				2,294				(5.6)	%
Industrial			643				676				(4.9)	%			1,887				1,936				(2.5)	%
TOTAL RETAIL			2,076				2,192				(5.3)	%			5,725				6,075				(5.8)	%
Other			4				4				N/A				12				12				—	%
TOTAL			2,080				2,196				(5.3)	%			5,737				6,087				(5.7)	%

ELECTRIC SALES — MWh’s (EXCLUDING CALIFORNIA)*

(in thousands) 

		Three Months Ended September 30,																Nine Months Ended September 30,
														Average																Average
										Change from				Change in												Change from				Change in
		2011				2010				Prior Year				Customers				2011				2010				Prior Year				Customers
Residential			611				596				2.5	%			0.3	%			1,673				1,639				2.1	%			0.3	%
Commercial			822				826				(0.5)	%			0.1	%			2,165				2,177				(0.6)	%			0.8	%
Industrial			643				652				(1.4)	%			(4.2)	%			1,887				1,850				2.0	%			(1.8)	%
TOTAL RETAIL			2,076				2,074				0.1	%							5,725				5,666				1.0	%
Other			4				4				N/A								12				12				—	%
TOTAL			2,080				2,078				0.1	%			0.2	%			5,737				5,678				1.0	%			0.4	%

GAS SALES — Dth

(in thousands) 

		Three Months Ended September 30,												Nine Months Ended September 30,
										Change from												Change from
		2011				2010				Prior Year				2011				2010				Prior Year
TOTAL RETAIL			1,187				1,272				(6.7)	%			10,593				10,108				4.8	%

ELECTRIC SOURCES — MWh’s

(in thousands) 

		Three Months Ended September 30,												Nine Months Ended September 30,
										Change from												Change from
		2011				2010				Prior Year				2011				2010				Prior Year
Generated			1,301				1,525				(14.7)	%			3,339				3,825				(12.7)	%
Purchased			1,057				767				37.8	%			3,260				2,643				23.3	%
TOTAL			2,358				2,292								6,599				6,468

DEGREE DAYS

		Three Months Ended September 30,												Nine Months Ended September 30,
										Change from												Change from
		2011				2010				Prior Year				2011				2010				Prior Year
Heating			3				39				(92.3)	%			3,201				3,023				5.9	%
Cooling			848				767				10.6	%			960				904				6.2	%

CAPITAL STRUCTURE

(dollars in thousands) 

		September 30, 2011								September 30, 2010
Long-term debt		$	1,179,688				55.1	%		$	1,281,138				55.8	%
Total debt		$	1,179,688				55.1	%		$	1,281,138				55.8	%
Total shareholders’ equity			961,386				44.9	%			1,014,181				44.2	%
Total capitalization (including current maturities of long-term debt)		$	2,141,074				100.0	%		$	2,295,319				100.0	%

Gross margin is presented by Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy in order to provide information that management believes aids the reader in determining how profitable the electric and gas business is at the most fundamental level. Gross margin, which is a “non-GAAP financial measure” as defined in accordance with SEC rules, provides a measure of income available to support the other operating expenses of the business and is utilized by management in its analysis of its business.

Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy believe presenting gross margin allows the reader to assess the impact of regulatory treatment and their overall regulatory environment on a consistent basis. Gross margin, as a percentage of revenue, is primarily impacted by the fluctuations in electric and natural gas supply costs versus the fixed rates collected from customers. While these fluctuating costs impact gross margin as a percentage of revenue, they only impact gross margin amounts if the costs cannot be passed through to customers. Gross margin, which Nevada Power Company and Sierra Pacific Power Company both d/b/a NV Energy calculate as operating revenues less energy costs, provides a measure of income available to support the other operating expenses. Gross margin changes are based primarily on general base rate adjustments (which are required to be filed by statute every three years). Reconciliations between GAAP operating income and gross margin are provided in tables herein. These non-GAAP measures should not be considered as substitutes for the GAAP measures.

NV Energy, Inc.

Consolidated Gross Margin

(dollars in thousands)

		Three Months Ended September 30,												Nine Months Ended September 30,
										Change from												Change from
		2011				2010				Prior Year %				2011				2010				Prior Year %
Operating Revenues:		$	1,017,796			$	1,128,039				(9.8	)%		$	2,333,710			$	2,625,211				(11.1	)%
Energy Costs:
Fuel for power generation			216,779				247,233				(12.3	)%			519,920				650,514				(20.1	)%
Purchased power			223,348				249,854				(10.6	)%			518,672				522,538				(0.7	)%
Gas purchased for resale			10,137				10,823				(6.3	)%			87,753				101,536				(13.6	)%
Deferred energy			(33,620	)			34,055								(43,678	)			106,554
		$	416,644			$	541,965				(23.1	)%		$	1,082,667			$	1,381,142				(21.6	)%
Gross Margin		$	601,152			$	586,074				2.6	%		$	1,251,043			$	1,244,069				0.6	%
Other operating expenses			127,645				112,741								331,166				320,755
Maintenance			11,369				31,126								73,317				85,715
Depreciation and amortization			93,737				83,423								266,445				249,067
Taxes other than income			15,205				15,420								46,134				47,532
Operating Income		$	353,196			$	343,364				2.9	%		$	533,981			$	541,000				(1.3	)%

Nevada Power Company

Gross Margin

(dollars in thousands)

		Three Months Ended September 30,												Nine Months Ended September 30,
										Change from												Change from
		2011				2010				Prior Year %				2011				2010				Prior Year %
Operating Revenues:		$	798,914			$	870,950				(8.3	)%		$	1,662,880			$	1,836,144				(9.4	)%
Energy Costs:
Fuel for power generation			162,976				181,100				(10.0	)%			378,790				469,282				(19.3	)%
Purchased power			181,733				216,309				(16.0	)%			399,707				412,276				(3.0	)%
Deferred energy			(10,354	)			22,296				(146.4	)%			(1,274	)			81,719				(101.6	)%
		$	334,355			$	419,705				(20.3	)%		$	777,223			$	963,277				(19.3	)%
Gross Margin		$	464,559			$	451,245				3.0	%		$	885,657			$	872,867				1.5	%
Other operating expenses			88,455				73,762								215,491				203,773
Maintenance			3,460				23,707								45,122				58,945
Depreciation and amortization			67,212				56,575								186,798				169,330
Taxes other than income			9,105				9,038								28,209				28,857
Operating Income		$	296,327			$	288,163				2.8	%		$	410,037			$	411,962				(0.5	)%