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NEVADA POWER $45M 8.5 PCT. FIRST MORTGAGE BONDS RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 12 /PRNewswire/ -- Nevada Power Co.'s $45 million 8.5 percent first mortgage bonds due 2023 are rated "BBB" by Fitch. The issue is a takedown from a previously rated shelf registration.
 Nevada Power, one of the fastest growing electric utilities in the United States, is in the midst of a significantly expanded construction program. Nonetheless, bondholder protection measures have been improving due to rapidly rising kilowatthour sales and higher rates. Kilowatthour sales increased 8 percent during the first six months of 1992 compared to 1991 and 3.6 percent, 9.9 percent, and 8 percent during 1991, 1990 and 1989, respectively. In addition, the company received a constructive $22.2 million rate increase in July based on a 12.5 percent return on equity, about 58 percent of its original rate request, and 87 percent of the company's $25.6 million June revision.
 During 1993-1996, the company expects construction budgets to average about $170 million, a reduction from earlier estimates of $195 million per year. About 44 percent of net construction expenditures are expected to be funded internally. Nevada Power plans to fund a significant portion of external financing requirements with equity, maintaining a stable capital structure with total debt at about 55 percent of total capitalization.
 Pretax coverage of interest excluding AFUDC improved to 2.7 times (x) for the 12 months ended Sept. 30 from 2.06x at year end 1991. Internal cash generation funded 23.6 percent of construction expenditures for the 12 months ended Sept. 30. Total debt comprised 54 percent of capitalization at Sept. 30.
 -0- 1/12/93
 /CONTACT: Josephine Zeppieri of Fitch, 212-908-0575/
 (NVP)


CO: Nevada Power Co. ST: Nevada IN: UTI SU: RTG

GK -- NY104 -- 4113 01/12/93 14:24 EST
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Date:Jan 12, 1993
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