Sierra Pacific Resources CEO Michael Yackira Addresses Clean Energy Summit
August 19 2008 - 4:00PM
Business Wire
In a presentation today at the National Clean Energy Summit, Sierra
Pacific Resources (NYSE:SRP) President and Chief Executive Officer
Michael Yackira outlined a three-part energy supply strategy that
focuses on increasing investments in energy efficiency and
conservation, expanding renewable energy initiatives and adding
generation that uses clean, cutting-edge technologies. His
statements reinforced the messages of President Bill Clinton and
Senate Majority Leader Harry Reid that Nevada should be at the
forefront of renewable energy and energy efficiency and
conservation. �We support the desire to make Nevada the focal point
of renewable energy development with the hope of making our state
energy independent and reducing carbon and other emissions,�
Yackira said. �Whether it�s through efficiency, renewables, more
stringent building codes or the deployment of plug-in,
hybrid-electric vehicles, we are fortunate that in Nevada we have
the capability of leading the nation in these important issues.�
The company�s increased focus on renewable energy development has
resulted in a joint ownership agreement with renewable energy
developer Ormat for a 30-megawatt geothermal plant. This is the
first such joint effort by a utility and a developer. Also proposed
are a heat recovery project in southern Nevada and a 200-megawatt
wind project in the northeast part of the state. �We already have
much to be proud of here in Nevada having used geothermal power for
more than 20 years with more to come, and that the Nevada Solar One
and Nellis photovoltaic projects came on line last year,� Yackira
said. He has also expressed appreciation of Senator Reid, Senator
John Ensign and Nevada�s entire Congressional delegation for their
advocacy of the extension of production tax credits and investment
tax credits which are crucial to the continuation of renewable
energy projects. �In addition, our company has committed $135
million toward the Clinton Global Initiative as well as increased
its investment in energy efficiency and customer-owned renewable
energy from $2 million in 2001 to a planned $60 to $80 million in
2008,� Yackira said. Many of these efficiency programs have already
made a significant impact including: Approximately 500 million kWh
savings in 2007-2008. Five million compact fluorescent bulbs have
been distributed through rebate programs. Through SolarGenerations,
270 solar projects have been installed and provide 1.5 million
watts. �Our ongoing efforts to complete more renewable projects,
transmit that energy statewide, as well as provide programs to our
customers that reduce overall demand, build the much needed
momentum toward the goal of energy independence in Nevada for
Nevadans,� Yackira concluded. 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. 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.
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