Renewables Investments and Transmission Studies for Sierra Pacific Resources Utility Approved By PUCN
30 Julho 2008 - 6:42PM
Business Wire
Nevada Power Company, a wholly owned subsidiary of Sierra Pacific
Resources (NYSE:SRP), today received approval from the Public
Utilities Commission of Nevada for development of two renewable
energy generating plants. Combined, both projects will represent a
company investment of more than $100 million. Additionally, the
Commission gave approval for the company to spend $3.5 million on
renewable transmission system routing and siting studies. �The
Commission�s action marks a significant milestone, demonstrating
our company�s commitment to invest in renewables projects,� said
Michael Yackira, president and CEO of Sierra Pacific Resources.
�These facilities will make an essential contribution to help
assure clean, affordable and reliable energy, somewhat buffering
our customers from future fossil fuel market uncertainties, most
notably natural gas price increases.� The Commission approved a
30-megawatt (MW) co-development geothermal project with Ormat, a
world-leading geothermal company headquartered in Reno, at Carson
Lake, Nev., located approximately 70 miles southeast of Reno. The
project will sit on federal lands, a portion of which includes the
Naval Air Station at Fallon, Nev. Also approved was the company�s
proposal to invest in a six-MW heat recovery energy generating
facility at Goodsprings, approximately 30 miles south of Las Vegas.
The project, which will be located at the Kern River Gas compressor
station, will be the company�s first investment in a renewable
energy project in southern Nevada. Ormat is supplying the
heat-recovery generating equipment and will build the project for
Nevada Power. Yackira added, �Nevada is already number one in solar
and geothermal power per capita and we are continuing to push
forward aggressively. We currently have 23 other geothermal plants
under contract, and are actively pursuing further investments in
geothermal, solar and wind energy.� The transmission studies are
part of the utilities� long-range plan to bring increased amounts
of renewable energy to the State�s consumers. If fully built-out,
the system could be comprised of more than 500 miles of new 345 kV
transmission lines and a number of new substations located
strategically to provide improved grid access for geothermal, wind
and solar plants that are under development, as well as meeting the
utilities� other needs. Individual transmission projects comprising
the system will be subject to Commission approval. �We are
continuing to plan for expansion of our transmission grid to assure
that the State�s own renewable energy resources can be tapped and
brought to our customers,� Yackira stated. Nevada Power Company is
a regulated public utility engaged in the distribution,
transmission, generation, purchase and sale of electric energy in
the southern Nevada communities of Las Vegas, North Las Vegas,
Henderson, Searchlight, Laughlin and their adjoining areas. The
Company also provides electricity to Nellis Air Force Base, the
Department of Energy at Mercury and Jackass Flats at the Nevada
Test Site. Nevada Power Company provides electricity to
approximately 826,000 residential and business customers in a
4,500-square-mile service area. Headquartered in Nevada, Sierra
Pacific Resources is a holding company whose principal subsidiaries
are Nevada Power Company, the electric utility for most of southern
Nevada, and Sierra Pacific Power Company, the electric utility for
most of northern Nevada and the Lake Tahoe area of California.
Sierra Pacific Power Company also distributes natural gas in the
Reno-Sparks area of northern Nevada. This press release contains
forward-looking statements regarding the future performance of
Nevada Power Company, 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. For Nevada Power
Company, these risks and uncertainties include, but are not limited
to, economic conditions both nationally and regionally, changes in
the rate of industrial, commercial and residential growth in its
service territory, unfavorable rulings in its pending and future
regulatory filings, Nevada Power�s ability to maintain access to
the capital markets for general corporate purposes and to finance
construction projects, Nevada Power�s ability to purchase
sufficient fuel, natural gas and power to meet its power demands
and, financial market conditions, changes in environmental laws and
regulations, and construction risks. Additional cautionary
statements regarding other risk factors that could have an effect
on the future performance of Sierra Pacific Resources and Nevada
Power Company are contained in their Quarterly Reports on Form 10-Q
for the quarter ended March�31, 2008 and their Annual Reports on
Form 10-K and/or Form 10-K/A for the year ended December 31, 2007,
each filed with the SEC. The companies 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. Each forward-looking statement speaks only as
of the date of the particular statement and the companies undertake
no obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise.
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