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December 2, 2009

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Stock plunges in wake of legislative hearing

Thursday, Feb. 8, 2001 | 11:30 a.m.

Investors shaved nearly 12 percent from shares of Sierra Pacific Resources Wednesday after Nevada officials voiced strong opposition to the company's request for a substantial rate hike to cover higher fuel costs.

Sierra Pacific stock fell $1.45 to $10.80, a 52-week low, on extremely heavy volume. Sierra Pacific is the parent company of Nevada Power Co., Southern Nevada's dominant electric utility.

State Consumer Advocate Timothy Hay told legislators Tuesday he was skeptical the Reno-based utility holding company needed the 17 percent rate hike it had requested, and said he planned to file objections to any additional increases. The company also ran into criticism from the Nevada Resort Association, which represents casinos, and state Sen. Randolph Townsend, R-Reno, chairman of the Senate Commerce and Labor Committee.

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