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twitterSierra Pacific Resources and Nevada Power merge
Wednesday, July 28, 1999 | 3:03 a.m.
RENO, Nev. - Sierra Pacific Resources and Nevada Power are now one in the same.
Nevada's two utility giants completed their $2.5 billion merger on Wednesday.
As of Thursday, the combined Sierra Pacific Resources based in Reno will begin trading under SRP on the New York Stock Exchange.
The new company plans on focusing on transmission and distribution of electricity as Nevada moves closer to deregulation of the industry early next year.
About 300 jobs are being eliminated. Company officials said about 100 positions have been left vacant since the merger was announced and nearly 200 employees have accepted severance packages.
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