Sierra Pacific Power and Nevada Power, the utilities serving the state's metropolitan areas, want the Public Utilities Commission to move quickly on their request to issue $338 million in secured long-term debt.
The subsidiaries of Reno-based Sierra Pacific Resources probably would use the money as a financial guarantee if they request a stay of judgment in a legal case that threatens them with bankruptcy.
A New York judge handling the bankruptcy of Enron in late August ordered the Nevada utilities to pay $287 million to Enron.
Sierra Pacific Resources, warning that the decision might result in a bankruptcy filing by the holding company or its two big subsidiaries, has vowed to fight.
But a continued fight will require the companies to post financial guarantees.
The judge in the Enron case granted a stay of judgment until Oct.
10.
Sierra Pacific Resources hasn't said what it will do next, although its request to the PUC indicates it plans to request a further delay in judgment while it pursues appeals.
The PUC is sympathetic to the companies' need to move quickly.
It set a hearing for Oct.
23.
Resolution of the Enron dispute is likely to be a lengthy process, said Moody's, a credit-analysis firm, as it reviewed Sierra Pacific Resource's ratings last month.
Moody's didn't downgrade Sierra Pacific, but said the Enron case will put further pressure on the company's alreadystrapped finances.
