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COMPANY RECLASSIFIES PURCHASED POWER CONTRACT

 COMPANY RECLASSIFIES PURCHASED POWER CONTRACT
 LAS VEGAS, March 24 /PRNewswire/ -- Nevada Power Co. (NYSE: NVP)


announced today that it will record its 210 megawatt purchased power contract with Nevada Sun-Peak Limited Partnership as a capital lease on its year-end balance sheet, which is expected to be released on March 30th. The company elected to change the accounting for the contract during a Securities and Exchange Commission review of a registration statement filed by the company.
 According to Vice President and Chief Financial Officer Steven Rigazio, the Sun-Peak contract was previously treated as a purchased power contract and accordingly not recorded on the company's balance sheet. This will add approximately $79 million to long-term debt at December 31, 1991. "Treatment of the contract as a capital lease will have no impact on previously reported earnings," said Rigazio.
 -0- 3/24/92
 /CONTACT: Rob McCoy, 702-367-5680, or Robyn A. Warsinske (investors), 702-367-5610, both of Nevada Power/
 (NVP) CO: Nevada Power Co. ST: Nevada IN: UTI SU: CON


DM -- LA014 -- 1096 03/24/92 13:01 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 24, 1992
Words:174
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