Sierra Pacific Resources receives proposal from Southern Nevada Water Authority

Aug. 23, 2002
Sierra Pacific Resources said it has received an informal offer from the Southern Nevada Water Authority to buy its unit, Nevada Power. Although it had publicly said Nevada Power was not for sale, Sierra Pacific said it would carefully consider any offer received from the water authority.

LAS VEGAS, Aug. 23, 2002 -- Sierra Pacific Resources announced that it has received from the Southern Nevada Water Authority a letter stating that "SNWA is prepared to enter into good faith negotiation of definitive agreements to acquire all of the assets and assume certain existing publicly disclosed indebtedness of Nevada Power..."

The letter was delivered to the company's Reno offices at approximately 5:15 p.m. (PDT), on Thursday, August 22, 2002.

Sierra Pacific Resources said the letter does not constitute a formal offer. The company said it would have no further comment at this time.

Earlier in the day, Walt Higgins, chairman, president and chief executive officer of Sierra Pacific Resources, had issued the following statement:

"The Southern Nevada Water Authority has been authorized by its Board of Directors to approach Sierra Pacific Resources with an offer to acquire Nevada Power Company. We have not received such an offer. At this point, we know only what was contained in Morgan Stanley & Co.'s public presentation to the SNWA board. That presentation did not go into great detail regarding the basic assumptions behind their analyses or the nature of any possible transaction so it would be inappropriate for me to speculate on those.

We have said on several occasions that neither Sierra Pacific Resources nor Nevada Power Company are for sale. However, I can assure you that we will give careful consideration to any offer made by SNWA. Our evaluation will be based on what is in the best interests of our shareholders, our customers, our employees and the community.

At this point, I am uncertain as to when or how the offer might be extended. I have been told that we are likely to receive a letter and backup materials. Since this is a very complex issue, it will require a careful, detailed analysis of any material presented to us and I cannot predict how long such analysis might take."

SOURCE: Nevada Power Company

Sponsored Recommendations

SmartSights WIN-911 Alarm Notification Software Enables Faster Response

March 15, 2024
Alarm notification software enables faster response for customers, keeping production on track

Automated Fresh Water Treatment

March 15, 2024
SCADA, Automation and Control for Efficient and Compliant Operations

Digital Transformation Enables Smart Water

March 15, 2024
During this webinar we will discuss factors driving the transformation to digital water, water industry trends, followed by a summary of solutions (products & services) available...

Smart Water Solutions: Transforming the Water Universe

March 15, 2024
Water is our most valuable resource, and efficient and effective water and wastewater handling is crucial for municipalities. As industry experts, you face a number of challenges...