Sierra Pacific To Pay Out First Dividend In Five Years

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.