March 11, 2014
The company that owns Nevada Power is paying its first dividend to stockholders in more than five years.
Sierra Pacific Resources will pay a dividend of 8 cents a share on September 12th to people who own shares as of August 24th.
The last time the company declared a dividend was in February 2002.
Following the deregulation of Nevada utilities and the western energy crisis of 2000 and 2001, stock in Sierra Pacific Resources has traded as low as $2.92.
On Friday, it closed at $16.19 a share.
The company suspended dividend payments to stockholders for a variety of reasons, including the need to pay down debt.
But it says as a dividend payer it will be able to access capital markets to finance growth more easily.