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December 6, 2009

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Nevada power plant auction process begins

Friday, March 3, 2000 | 11:09 a.m.

Nevada Power Co.'s parent company has begun the process of auctioning seven power plants representing 2,900 megawatts of electricity generation.

The sale of the plants was a condition of the merger deal between Nevada Power and Sierra Pacific Resources Inc. The generating facilities are being grouped into four asset bundles in Southern Nevada and three in Northern Nevada.

Sierra Pacific Resources said today it has sent preliminary information to 600 potential bidders.

Power plants for sale include the Clark, Sunrise, Reid Gardner and Harry Allen facilities in Southern Nevada and the Valmy, Fort Churchill and Tracy-Pinon Pine plants in Northern Nevada. Because the company is attempting to get the maximum amount in the sale, a spokesman declined to disclose an approximate value of the seven plants.

The auction will consist of a two stage, sealed-bid process. During the first stage, Sierra Pacific will seek non-binding proposals for each of the asset bundles. Potential bidders may provide proposals for any one or a combination of the seven asset bundles.

The company plans to get preliminary information from bidders by April and complete the auction by 2001.

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