December 27, 2014 6:45 PM ET

Electric Utilities

Company Overview of Nevada Power Company

Company Overview

Nevada Power Company, doing business as NV Energy, generates, transmits, distributes, and sells electricity in Nevada. The company generates electricity through coal, natural gas, and waste heat. As of December 31, 2013, its transmission and distribution systems included approximately 2,000 miles of transmission lines and 200 substations. It serves 0.9 million retail customers, including residential, commercial, and industrial customers primarily in the Las Vegas, North Las Vegas, Henderson, and adjoining areas. The company is based in Las Vegas, Nevada. Nevada Power Company is a subsidiary of NV Energy, Inc.

6226 West Sahara Avenue

Las Vegas, NV 89146

United States

1,500 Employees



Key Executives for Nevada Power Company

Principal Executive Officer
Age: 60
Chief Financial Officer
Age: 50
Chief Operating Officer and Executive Vice President
Age: 58
Executive Director
Age: 62
President of Sierra Pacific Power Company and Senior Vice President of Energy Supply - NV Energy Inc
Age: 59
Compensation as of Fiscal Year 2014.

Nevada Power Company Key Developments

NV Energy Enters into an Amended and Restated Secured Revolving Credit Facility

On June 27, 2014, NV Energy (Nevada Power) entered into an amended and restated secured revolving credit facility allowing Nevada Power to borrow, repay and reborrow, from time to time, up to $400 million prior to March 23, 2018. Nevada Power may increase the size of the facility by an amount not exceeding $150 million. The facility amends and restates Nevada Power's prior $500 million secured revolving credit facility with Wells Fargo Bank, National Association, as administrative agent, which would have expired in March 2017. Nevada Power may use the facility for general corporate purposes and for the issuance of letters of credit. The facility is secured by a General and Refunding Mortgage Bond of Nevada Power, which is equal to the amounts due and payable by Nevada Power under the facility from time to time. Borrowings under the facility will bear interest at an applicable base rate defined as the high of (1) the prime rate of Wells Fargo Bank, National Association, (2) the federal funds rate plus 1/2 of 1% and (3) the one month LIBOR plus 1% or a LIBOR rate, plus a margin. The margin varies based upon Nevada Power's secured debt credit rating by S&P and Moody's. Borrowings under the facility are conditioned on Nevada Power's ability to make certain representations at the time each such borrowing is made. The facility also includes customary covenants, including a financial maintenance covenant that requires Nevada Power to maintain a ratio of consolidated indebtedness to consolidated capital, determined as of the last day of each fiscal quarter, not to exceed 0.68 to 1.00.

NV Energy, Inc., Nevada Power Company and Sierra Pacific Power Company Commence Tender Offers for Entire Principal Amount Outstanding of Certain Series of Notes

NV Energy, Inc. and its wholly owned subsidiaries, Nevada Power Company and Sierra Pacific Power Company announced that each has commenced tender offers for the entire principal amount outstanding of certain series of notes at a purchase price equal to $1,010 per $1,000 principal amount of notes tendered resulting in an aggregate purchase price of approximately $4.06 billion in the event all notes are tendered. The tender offers will expire January 21, 2014, unless extended or earlier terminated, and payment for tendered notes will be made on or about January 24, 2014.

Nevada Power Company Announces Make-Whole Premium Relating to Redemption of Notes

Nevada Power Company announced that it has established the make-whole premium for each $1,000 principal amount of its 7.375% General and Refunding Mortgage Notes, Series U, due 2014 (the Notes) which the company previously announced that it would redeem. The redemption date will be December 9, 2013. The redemption price for each $1,000 principal amount of the Notes will be $1,006.84, which includes a make-whole premium of $6.84. The company will also pay accrued and unpaid interest on the Notes to, but not including, the redemption date.

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