DOW JONES NEWSWIRES

Sierra Pacific Resources (NYSE:SRP) (SRP) Tuesday said its subsidiary Nevada Power Co. (NYSE:SRP) has agreed to acquire Reliant Energy Inc.'s (NYSE:RRI) (RRI) 598-megawatt power plant for $ 500 million, as well as related inventory.

The natural gas-fired, combined-cycle power plant is located near Primm, Nevada, about 35 miles south of Las Vegas.

The companies expect the acquisition's closing to occur later this year following required approvals.

Goldman, Sachs & Co. and J.P. Morgan Securities Inc. are serving as financial advisors for Nevada Power (NYSE:SRP) and Reliant, respectively.

-Steven Russolillo; 201-938-5400; AskNewswires@dowjones.com

    (END) Dow Jones Newswires   04-22-08 1703   Copyright (c) 2008 Dow Jones & Company, Inc.