Summary: Nevada Power Co.

Regulated electric utility that provides an essential service to Las Vegas and the surrounding area. Generally constructive regulatory environment. Geographic diversity limited to metro Las Vegas. Mostly flat economic growth. Core financial measures that are consistent with the significant financial risk profile. Stable operating cash flow. Capital spending expected to vary over next few years. Discretionary cash flow after capital spending and dividends expected to be slightly negative. Our stable rating outlook on Nevada Power Co. (NPC) and parent Berkshire Hathaway Energy Company (BHE) reflects our expectation that management will continue to focus on its core utility operations and reach constructive regulatory outcomes to avoid any meaningful rise in business risk. Although BHE used significant debt leverage for acquisitions and

Summary