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< -----Original Message-----
< From: SIERRA BROADCAST < Sent: Wednesday, April 18, 2001 7:40 PM < To: _DL All SPR Employees < Subject: Nevada Legislature & Governor Approves SB 369 < < Late Wednesday, the Nevada Legislature approved Assembly Bill 369. Nevada < Governor Kenny Guinn signed it into law Wednesday night. Following is the < text of a news release from Sierra Pacific Resources distributed tonight. < < < Emergency energy bill called a decisive step < To protect Nevada consumers from western power crisis < < Las Vegas - Saying that Nevada has taken the kind of decisive step < required by the western energy crisis, Nevada utility officials today < applauded the Nevada Legislature and Governor Kenny Guinn for their rapid < action on emergency legislation that will assure the continued < creditworthiness of the utilities while protecting consumers from < unexpected rate hikes. < < The Nevada Legislature today passed Assembly Bill 369, which allows < the utilities to recover their soaring costs for wholesale power over < time. The bill's deferred accounting method eases fears of rate hikes < during the summer but assures lenders, investors and power suppliers the < utilities will continue to meet their financial obligations. The bill also < repeals electric deregulation in Nevada and places a moratorium on the < sale of power plants in the state. < < "This was a bold move by the legislature and the governor to focus < on the real problem that threatened every consumer and business in < Nevada," said Walt Higgins, chairman, president and CEO of Sierra Pacific < Resources, the parent company for the state's two largest utilities, < Sierra Pacific Power and Nevada Power Company. "There were many < investors, power developers, citizens and potential business prospects who < have been waiting to see if Nevada would deal with this issue - and they < now have their answer." < < "This is an elegant solution that protects consumers from sticker < shock by delaying and spreading any increases out over time, while < offering our business partners the immediate assurance that our < creditworthiness is strong," Higgins added. < < The measure passed both the Senate and Assembly today and was signed into < law by Governor Guinn. As an emergency measure, it is effective < immediately. Under the provisions of the legislation, rates would be < continued at their April 1, 2001, levels, reflecting all recent increases < to date, and remain stable until early next year, at which time they would < be adjusted to reflect the actual costs of wholesale power and fuel over < that period. If wholesale costs remain high, the legislation allows for < the rates to be spread out over several years. < < "We're gratified by the action taken by the Legislature and Governor on < behalf of consumers in Nevada," Higgins said. < < ###
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