SIERRA PACIFIC POWER CO
EXHIBIT 10.1
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<TYPE>EX-10.1
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<FILENAME>exhibit10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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    <div><strong>Exhibit 10.1</strong></div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><strong>Summary
      of Compensation for Walter M. Higgins</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman;"><font id="TAB1" style="MARGIN-LEFT: 36pt;"></font>As
        previously disclosed in the
        Registrant&#8217;s Current Report on Form 8-K filed May 11, 2007, Walter M. Higgins
        retired as chief executive officer of Sierra Pacific Resources, Nevada Power
        Company and Sierra Pacific Power Company effective July 31,
        2007.&#160;&#160;Upon the effectiveness of his retirement, Mr. Higgins became
        the non-executive Chairman of the Board of Directors.&#160;&#160;In connection
        with this change of status, the Board of Directors on May 8, 2007 established
        by
        resolution the compensation to be paid to Mr. Higgins in his capacity as
        non-executive Chairman of the Board effective August 1, 2007.&#160;&#160;In lieu
        of normal Board retainers and meeting fees, Mr. Higgins will be paid a flat
        fee
        equal to two times the regular retainer amount for Board members, or $160,000
        per year.&#160;&#160;In addition, Mr. Higgins will retain the right to earn
        certain unvested performance shares granted to him pursuant to the terms
        of the
        Letter Agreement dated August 4, 2006 amending his Employment Agreement dated
        September 26, 2003 (filed as Exhibit 10.1 to Quarterly Report on Form 10-Q
        for
        the quarter ended June 30, 2006).&#160;&#160;Mr. Higgins also will be entitled
        to reimbursement of business expenses associated with Board travel, travel
        for
        company business or as requested by the Chief Executive Officer.&#160;&#160;In
        addition, the Board confirmed retirement payments and other benefits consistent
        with Mr. Higgins&#8217; amended Employment Agreement as well as lump sum payments of
        unpaid balances in certain unqualified benefit plans and a pro-rata payment
        under the Registrant&#8217;s short-term incentive plan to the extent earned for
        2007.</font></div><br></div>
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