Document:

<PAGE>
                                                                    EXHIBIT 10.2

                                                                  EXECUTION COPY

                              AMENDMENT AND CONSENT

      THIS AMENDMENT AND CONSENT (this "Agreement") is made and entered into as
of this 19th day of April, 2006, with an effective date as set forth in Section
4 hereof, by and among SIERRA PACIFIC POWER COMPANY, a Nevada corporation (the
"Borrower"), the lenders party to the Credit Agreement referred to below (the
"Lenders"), and WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking
association, as administrative agent (the "Administrative Agent") for the
Lenders.

                              Statement of Purpose

      The Lenders agreed to extend certain credit facilities to the Borrower
pursuant to the Amended and Restated Credit Agreement dated as of November 4,
2005 (as amended, restated, supplemented or otherwise modified, the "Credit
Agreement") by and among the Borrower, the Lenders and the Administrative Agent.

      The Borrower has requested that: (a) each of the Lenders agree to amend
the Credit Agreement as more particularly described below and (b) each of the
Lenders consent to and agree to provide a portion of an increase in the
Commitments pursuant to Section 2.5 of the Credit Agreement in an aggregate
principal amount of $100,000,000. Subject to the terms and conditions of this
Agreement, the Administrative Agent and the Lenders party hereto agree to the
requested amendments, consents and agreements referred to in this paragraph.

      NOW THEREFORE, for good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties hereto agree as follows:

      SECTION 1. Definitions. All capitalized, undefined terms used in this
Agreement shall have the meanings assigned thereto in the Credit Agreement.

      SECTION 2. Amendments to Credit Agreement. The definition of each of the
following terms which are set forth in Section 1.1 of the Credit Agreement is
hereby restated in its entirety as follows:

      "Consolidated Cash Flow" means, with respect to any Person for any period,
the sum, without duplication, of the following:

      (a) Consolidated Net Income of such Person for such period plus:

      (b) provision for taxes based on income or profits of such Person and its
Subsidiaries for such period, to the extent that such provision for taxes was
deducted in computing such Consolidated Net Income; plus

      (c) Consolidated interest expense of such Person and its Subsidiaries for
such period, whether paid or accrued and whether or not capitalized (including,
without limitation, amortization of debt issuance costs and original issue
discount, non-cash interest payments, the interest component of any deferred
payment obligations, the interest component of all payments associated with
Capital Lease Obligations, imputed interest with respect to Attributable Debt,
commissions,

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discounts and other fees and charges incurred in respect of letter of credit or
bankers' acceptance financings, and net of the effect of all payments made or
received pursuant to Hedging Obligations and without regard to any reduction of
allowance for borrowed funds used during construction), to the extent that any
such expense was deducted in computing such Consolidated Net Income; plus

      (d) depreciation, amortization (including amortization of goodwill and
other intangibles but excluding amortization of prepaid cash expenses that were
paid in a prior period) and other non-cash expenses (excluding any such
non-cash expense to the extent that it represents an accrual of or reserve for
cash expenses in any future period of such Person and its Subsidiaries) for such
period to the extent that such depreciation, amortization and other noncash
expenses were deducted in computing such Consolidated Net Income; plus

      (e) all extraordinary, unusual or non-recurring items of loss or expense
(including, without limitation, in connection with an Asset Sale), to the extent
that any such loss or expense was deducted in computing such Consolidated Net
Income; minus

      (f) all extraordinary, unusual or non-recurring items of gain or revenue
(including, without limitation, in connection with an Asset Sale), to the extent
that any such gain or revenue was included in computing such Consolidated Net
Income; minus

      (g) non-cash items increasing such Consolidated Net Income for such
period, excluding allowance for funds used during construction and the accrual
of revenue in the ordinary course of business; plus

      (h) deferral of energy costs-net (as reflected on the most recent
consolidated statement of income of the Borrower); minus

      (i) interest accrued on deferred energy (as reflected on the most recent
consolidated statement of income of the Borrower);

      in each case, on a Consolidated basis and determined in accordance with
GAAP; provided that non-cash expenses (other than any non-cash expenses referred
to above) recorded as a result of deferred energy accounting will not be added
to Consolidated Net Income.

      "Consolidated Interest Coverage Ratio" means, for any period, the ratio of
(i) Consolidated Cash Flow of the Borrower and its Subsidiaries for such period
to (ii) Consolidated Interest Expense for such period.

      "Consolidated Interest Expense" means, for any period, the sum, without
duplication, of:

      (a) the Consolidated interest expense of the Borrower and its Subsidiaries
for such period, whether paid or accrued, including, without limitation,
amortization of debt issuance costs and original issue discount, non-cash
interest payments, the interest component of any deferred payment obligations,
the interest component of all payments associated with Capital Lease
Obligations, imputed interest with respect to Attributable Debt, commissions,
discounts and other fees and charges incurred in respect of letter of credit or
bankers' acceptance financings, and net of the effect of all payments made or
received pursuant to Hedging Obligations; plus

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      (b) the Consolidated interest of the Borrower and its Subsidiaries that
was capitalized during such period (it being understood that Consolidated
Interest Expense shall be calculated without regard to any reduction
attributable to any allowance for borrowed funds used during construction); plus

      (c) any interest expense on Indebtedness of another Person that is
Guaranteed by the Borrower or one of its Subsidiaries or secured by a Lien on
assets of the Borrower or one of its Subsidiaries, whether or not such Guarantee
or Lien is called upon.

      "Fixed Charges" means, with respect to any Person for any period, the sum,
without duplication, of:

      (a) the Consolidated interest expense of such Person and its Subsidiaries
for such period, whether paid or accrued, including, without limitation,
amortization of debt issuance costs and original issue discount, non-cash
interest payments, the interest component of any deferred payment obligations,
the interest component of all payments associated with Capital Lease
Obligations, imputed interest with respect to Attributable Debt, commissions,
discounts and other fees and charges incurred in respect of letter of credit or
bankers' acceptance financings, and net of the effect of all payments made or
received pursuant to Hedging Obligations; plus

      (b) the Consolidated interest of such Person and its Subsidiaries that was
capitalized during such period (it being understood that the Consolidated
interest expense shall be calculated without regard to any reduction
attributable to any allowance for borrowed funds used during construction); plus

      (c) any interest expense on Indebtedness of another Person that is
Guaranteed by such Person or one of its Subsidiaries or secured by a Lien on
assets of such Person or one of its Subsidiaries, whether or not such Guarantee
or Lien is called upon; plus

      (d) the product of (i) all dividends, whether paid or accrued and whether
or not in cash, on any series of preferred stock of such Person or any of its
Subsidiaries, other than dividends on Equity Interests payable solely in Equity
Interests of the Borrower (other than Disqualified Stock) or to the Borrower or
a Subsidiary of the Borrower, times (ii) a fraction, the numerator of which is
one and the denominator of which is one minus the then current combined federal,
state and local statutory tax rate of such Person, expressed as a decimal, in
each case, on a Consolidated basis and in accordance with GAAP; plus

      (e) all distributions by a Trust Preferred Vehicle to Persons other than
the Borrower of amounts received as interest by such trust on the Subordinated
Debt of the Borrower held by such trust.

      SECTION 3. Consent and Agreement of Lenders.

      (a) Subject to Section 2.5 of the Credit Agreement and this Agreement, the
Borrower hereby requests an increase in the aggregate principal amount of
Commitments under the Credit Agreement from $250,000,000 to $350,000,000 (the
"Commitment Increase"). In connection with such increase, the Lenders party
hereto (i) consent to the Commitment Increase notwithstanding the requirement to
provide thirty (30) days prior written notice of such increase pursuant to
Section 2.5

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of the Credit Agreement and (ii) together with each New Lender (as defined
below), commit to provide such Lender's or New Lender's respective Percentage of
such Commitment Increase as set forth in the Register (after giving effect to
the modifications or adjustments to the Register contemplated by this
Agreement).

      (b) The Percentage, Commitments and outstanding balances of Extensions of
Credit of each Lender (including each New Lender) under the Credit Agreement
shall be set forth on the Register. From and after the Consent Effective Date
(as defined below), the Administrative Agent shall make all payments in respect
of the Extensions of Credit (including payments of principal, interest, fees and
other amounts) to the Lenders, including the New Lenders, pursuant to their
respective Percentages set forth in the Register. Furthermore, the
Administrative Agent shall make such modifications and adjustments to the
Register such that the outstanding Extensions of Credit of each Lender reflect
such Lender's Percentage after giving effect to the Commitment Increase. The
entries in the Register shall be conclusive, in the absence of manifest error,
and the Borrower, the Administrative Agent and the Lenders may treat each person
whose name is recorded in the Register as a Lender for all purposes of the
Credit Agreement. The entries in the Register applicable to any Lender shall be
available for inspection by the Borrower or such Lender at any reasonable time
and from time to time upon reasonable prior notice to the Administrative Agent.

      (c) A portion of the Commitment Increase may be provided by third party
financial institutions not currently Lenders under the Credit Agreement but
which nevertheless satisfy the criteria to be an Eligible Assignee thereunder
(such third party institutions, the "New Lenders"). By its execution hereof,
each New Lender represents, and each existing Lender confirms, to the
Administrative Agent that (i) it has, independently and without reliance upon
the Administrative Agent or any other Lender, and based on such documents and
information as it has deemed appropriate, made its own appraisal of and
investigation into the business, operations, property, financial and other
condition and creditworthiness of the Borrower and made its own decision to make
its Extensions of Credit under the Credit Agreement and the other Loan Documents
to which Lenders are a party and (ii) it has the right, power and authority and
has taken all necessary corporate and company action to authorize the execution,
delivery and performance of this Agreement and each other document executed in
connection herewith to which it is a party in accordance with their respective
terms.

      (d) Each New Lender further (i) confirms that it is an Eligible Assignee;
(ii) appoints and authorizes the Administrative Agent to take such action as
agent on its behalf and to exercise such powers under the Credit Agreement and
the other Loan Documents to which it is a party as are delegated to the
Administrative Agent by the terms thereof, together with such powers as are
reasonably incidental thereto; and (iii) agrees that it will perform in
accordance with their terms all the obligations which by the terms of the Credit
Agreement and the other Loan Documents are required to be performed by it as a
Lender.

      (e) Upon the request of any Lender, the Borrower shall execute and deliver
to such Lender a new Promissory Note, substantially in the form of the existing
Promissory Note, reflecting such Lender's Commitment after giving effect to the
Commitment Increase.

      SECTION 4. Effectiveness.

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      (a) The amendments set forth in Section 2 of this Agreement shall be
deemed to be effective as of December 30, 2005 upon the Administrative Agent's
receipt of this Agreement executed and delivered by a duly authorized officer of
the Administrative Agent, the Borrower and the Required Lenders under the Credit
Agreement.

      (b) The consents and agreements set forth in Section 3 of this Agreement
shall be deemed to be effective on the date hereof (the "Consent Effective
Date") upon the satisfaction of each of the following conditions:

            (i) Transaction Documents. The Administrative Agent shall have
      received (A) this Agreement, executed and delivered by each of the Persons
      identified in clause (a) above and a duly authorized officer of each
      Lender committing to provide a portion of the Commitment Increase
      (including each New Lender), (B) a General and Refunding Mortgage Bond in
      a principal amount equal to the aggregate principal amount of the increase
      in the Commitments under the Credit Agreement (the "Additional General and
      Refunding Mortgage Bond"), duly issued and delivered by a duly authorized
      officer of the Borrower and duly authenticated by the trustee under the
      General and Refunding Mortgage Indenture, (C) Promissory Notes (if
      requested by any Lender pursuant to Section 3(e) of this Agreement), duly
      executed by the Borrower and (D) any other Loan Documents requested by the
      Administrative Agent, each of which shall have been duly authorized,
      executed and delivered to the Administrative Agent.

            (ii) Closing Certificates. The Administrative Agent shall have
      received each of the following in form and substance reasonably
      satisfactory thereto:

                  (A) Officer's Compliance Certificate from the Borrower.
            Certificates of a Responsible Officer of the Borrower dated as of
            the date hereof in form and substance substantially similar to the
            certificate delivered under Section 8.1(b)(i) of the Credit
            Agreement demonstrating pro forma compliance with each of the
            covenants contained in Section 8.3 of the Credit Agreement after
            giving effect to Extensions of Credit (if any) made on the date
            hereof;

                  (B) Certificate of Secretary of the Borrower. A certificate of
            a Responsible Officer of the Borrower (1) certifying as to the
            incumbency and genuineness of the signature of each officer of the
            Borrower executing the documents required pursuant to this Section 4
            to which the Borrower is a party; (2) containing a representation
            that the articles of incorporation, bylaws and Officer's Certificate
            of the Borrower delivered on the Closing Date of the Credit
            Agreement remain unchanged as of the Consent Effective Date (or
            attaching any amendments thereto), (3) attaching resolutions duly
            adopted by the governing body of the Borrower authorizing the
            execution, delivery and performance of this Agreement, the
            Additional General and Refunding Mortgage Bond and any Promissory
            Note executed and delivered pursuant to Section 3 above and
            approving the transactions contemplated hereby; (4) attaching a
            certificate as of a recent date of the good standing of the Borrower
            from its jurisdiction of incorporation or organization and

                                       5
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            (5) attaching copies of the order of the PUCN authorizing the
            execution and delivery by the Borrower of this Agreement and the
            agreements and transactions contemplated hereby and the exemptive
            order of the CPUC, which orders have not been rescinded and remain
            in full force and effect on the date hereof.

            (iii) General and Refunding Mortgage Bond Documents. The
      Administrative Agent shall have received copies of the following documents
      (all as defined in the General and Refunding Mortgage Indenture): (A) an
      "Expert's Certificate" setting forth the terms of the Property Additions
      (as defined in the General and Refunding Mortgage Indenture); (B) a
      "Company Order" requesting authentication of the Additional General and
      Refunding Mortgage Bond by the trustee under the General and Refunding
      Mortgage Indenture; (C) an officer's certificate as to no default under
      the General and Refunding Mortgage Indenture; (D) evidence of
      authentication of the Additional General and Refunding Mortgage Bond by
      the trustee and (E) all legal opinions provided in connection with the
      issuance of the Additional General and Refunding Mortgage Bond (with
      reliance letters in favor of the Administrative Agent and the Lenders).

            (iv) Governmental and Third Party Approvals. The Borrower shall have
      received all material governmental, shareholder and third party consents
      and approvals necessary (or any other material consents as determined in
      the reasonable discretion of the Administrative Agent) in connection with
      the transactions contemplated by this Agreement, the Credit Agreement and
      the other transactions contemplated hereby, the issuance and delivery to
      the Administrative Agent of the Additional General and Refunding Mortgage
      Bond and the continuing operations of the Borrower (including, without
      limitation, any required approvals of the PUCN, the CPUC and any other
      applicable regulatory body, including without limitation, any relevant
      Federal regulatory bodies) and its Subsidiaries shall have been obtained
      and be in full force and effect; and the Administrative Agent shall have
      received evidence satisfactory to it that the foregoing have been
      accomplished and all applicable waiting periods shall have expired without
      any action being taken by any Person that could reasonably be expected to
      restrain, prevent or impose any material adverse conditions on the
      Borrower or such other transactions or that could seek or threaten any of
      the foregoing, and no law or regulation shall be applicable which in the
      reasonable judgment of the Administrative Agent could reasonably be
      expected to have such effect.

            (v) Legal Opinions. The Administrative Agent shall have received the
      following executed legal opinions addressed to the Administrative Agent
      and the Lenders:

            (A) the legal opinion of Choate, Hall & Stewart, special counsel to
      the Borrower, in form and substance satisfactory to the Administrative
      Agent (including, without limitation, matters governed by New York law);
      and

            (B) the legal opinion of Woodburn and Wedge, Nevada counsel to the
      Borrower, in form and substance satisfactory to the Administrative Agent.

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            Each such legal opinion shall cover such matters incident to the
      Borrower and the transactions contemplated by this Agreement as the
      Administrative Agent may reasonably require.

            (vi) Fees and Expenses.

                  (A) The Administrative Agent shall have been reimbursed for
      all reasonable fees and out-of-pocket charges and other expenses incurred
      in connection with this Agreement, the Credit Agreement and the
      transactions contemplated hereby and thereby, including, without
      limitation, the reasonable fees and expenses of counsel to the
      Administrative Agent; and

                  (B) The Borrower shall have paid or reimbursed the
      Administrative Agent, for the account of the Administrative Agent, the
      Lenders and their Affiliates, all fees required to be paid pursuant to the
      engagement letter dated March 31, 2006, among the Borrower, the
      Administrative Agent and/or certain of its affiliates.

            (vii) Notice(s) of Borrowing. The Administrative Agent shall have
      received a duly completed and executed Notice of Borrowing from the
      Borrower with respect to Loans (if any) to be made on the Consent
      Effective Date under the Credit Agreement; and

            (viii) Other Documents. The Administrative Agent shall have received
      copies of each other document, instrument or item reasonably requested by
      it.

      SECTION 5. Effect of Agreement. Except as expressly provided herein, the
Credit Agreement (as amended hereby) and the other Loan Documents shall remain
in full force and effect. This Agreement shall not be deemed (a) to be a waiver
of, or consent to, or a modification or amendment of, any other term or
condition of the Credit Agreement or any other Loan Document or (b) to be a
waiver of, or consent to, a modification or amendment to any term or provision
of any Loan Document specifically consented to, waived, amended or modified by
this Agreement on any other occasion, or (c) to prejudice any other right or
rights which the Administrative Agent or the Lenders may now have or may have in
the future under or in connection with the Credit Agreement (as amended hereby)
or the other Loan Documents or any of the instruments or agreements referred to
therein, as the same may be amended or modified from time to time. References in
the Credit Agreement to "this Agreement" (and indirect references such as
"hereunder", "hereby", "herein", and "hereof") and in any Loan Document to such
Credit Agreement shall be deemed to be references to such Credit Agreement as
modified hereby.

      SECTION 6. Representations and Warranties/No Default.

      (a) By its execution hereof, the Borrower hereby certifies that (i) each
of the representations and warranties set forth in the Credit Agreement and the
other Loan Documents (both before and after giving effect to this Agreement and
the transactions contemplated hereby) is true and correct as of the date hereof
as if fully set forth herein, except for any representation and warranty made as
of an earlier date, which representation and warranty shall remain true and
correct as of such earlier date; and (ii) no Default or Event of Default has
occurred and is continuing as of

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the date hereof both before and after giving effect to this Agreement or the
transactions contemplated hereby.

      (b) By its execution hereof, the Borrower hereby represents and warrants
that it has the right, power and authority and has taken all necessary corporate
and company action to authorize the execution, delivery and performance of this
Agreement and each other document executed in connection herewith to which it is
a party in accordance with their respective terms.

      (c) By its execution hereof, the Borrower hereby represents and warrants
that this Agreement and each other document executed in connection herewith has
been duly executed and delivered by its duly authorized officers, and each such
document constitutes the legal, valid and binding obligation of the Borrower,
enforceable in accordance with its terms except as such enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar state
or federal debtor relief laws from time to time in effect which affect the
enforcement of creditors' rights in general and the availability of equitable
remedies.

      (d) The Borrower represents and warrants that each term and condition of
Section 2.5 of the Credit Agreement has been satisfied in the manner set forth
in such Section 2.5.

      SECTION 7. Governing Law. This Agreement shall be governed by, construed
and enforced in accordance with the laws of the State of New York, without
reference to the conflicts of law principles thereof.

      SECTION 8. Counterparts. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and shall be binding
upon all parties, their successors and assigns, and all of which taken together
constitute one and the same agreement.

      SECTION 9. Fax Transmission. A facsimile, telecopy or other reproduction
of this Agreement may be executed by one or more parties hereto, and an executed
copy of this Agreement may be delivered by one or more parties hereto by
facsimile or similar instantaneous electronic transmission device pursuant to
which the signature of or on behalf of such party can be seen, and such
execution and delivery shall be considered valid, binding and effective for all
purposes. At the request of any party hereto, all parties hereto agree to
execute an original of this Agreement as well as any facsimile, telecopy or
other reproduction hereof.

      SECTION 10. Agreement Regarding Closing Deliverables. By execution hereof,
the Administrative Agent and the Lenders acknowledge and agree that, to the
extent that, in connection with Section 4 of this Agreement, the Administrative
Agent and the Lenders receive any of the items specified in Section 2.3(c) of
the Credit Agreement and such items comply with Section 2.3(c) of the Credit
Agreement, then the requirement to deliver such item in Section 2.3(c) of the
Credit Agreement shall be satisfied as to each such item.

                            [Signature Pages Follow]

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          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed as of the date and year first above written.

                           BORROWER:

                           SIERRA PACIFIC POWER COMPANY

                           By: /s/ Michael W. Yackira
                               ------------------------
                               Name: Michael W. Yackira
                               Title: Corporate Executive Vice President and CFO

                           [Signature Pages Continue]

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                AGENTS AND LENDERS:

                                WACHOVIA BANK, NATIONAL ASSOCIATION,

                                as Administrative Agent and as a Lender

                                By: /s/ Henry R. Biedrzycki
                                    ------------------------
                                    Name: HENRY R. BIEDRZYCKI
                                    Title: DIRECTOR

                           [Signature Pages Continue]

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                DEUTSCHE BANK TRUST COMPANY
                                AMERICAS, as a Lender

                                By:  /s/ Marcus M. Tarkington
                                     -------------------------
                                Title: Director

                                By:  /s/ Evelyn Thierry
                                     -------------------------
                                Title: Vice President

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                UNION BANK OF CALIFORNIA,  N.A.,  as  a
                                Lender

                                By: /s/ Dennis G. Blank
                                    --------------------
                                  Title: Vice President

[Amendment - Sierra Pacific Power Company]
<PAGE>

                                CITIBANK, N.A., as a Lender

                                By: /s/ Nietzsche Rodricks
                                    ------------------------
                                 Title: Vice President,
                                        Global Power
                                        388 Greenwich Street/
                                        21st Floor
                                        (212) 816-8619

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                LASALLE BANK NATIONAL ASSOCIATION,
                                as a Lender

                                By: /s/ [ILLEGIBLE]
                                    ----------------
                                 Title: AVP

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                BARCLAYS BANK PLC, as a Lender

                                By: /s/ Sydney G. Dennis
                                    --------------------
                                 Title: Director

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                BANK OF AMERICA N.A., as a Lender

                                By: /s/ [ILLEGIBLE]
                                    -------------------------
                                 Title: Senior Vice President

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                THE BANK OF NEW YORK, as a Lender

                                By: /s/ Jesus Williams
                                    ----------------------
                                 Title: Vice President

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                CREDIT SUISSE, CAYMAN ISLANDS
                                BRANCH, as a Lender

                                By: /s/ Sarah Wu
                                    -----------------
                                 Title: DIRECTOR

                                       /s/ Nupur Kumar
                                       ----------------
                                           ASSOCIATE

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                LEHMAN COMMERCIAL PAPER INC., as a
                                Lender

                                By: /s/ Maria M. Lund
                                    ------------------------
                                 Title: Authorized signatory

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                MERRILL LYNCH BANK USA, as a Lender

                                By: /s/ [ILLEGIBLE]
                                    -------------------
                                 Title: Director

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                THE BANK OF NOVA SCOTIA, as a Lender

                                By: /s/ Thane A. Rattew
                                       -------------------------
                                Title: MANAGING DIRECTOR

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                UBS LOAN FINANCE LLC, as a Lender

                                By: /s/ Richard L. Tavrow
                                    -------------------------
                                 Title: Director
                                        Banking Products
                                        Services, US

                                By: /s/ Irja R. Otsa
                                    -------------------------
                                 Title: Associate Director
                                        Banking Products
                                        Services, US

[Amendment - Sierra Pacific Power Company]
<PAGE>

                             WELLS FARGO BANK, N.A., as a Lender

                             By: /s/ Virginia S. Christenson
                                 -------------------------------------------
                              Title: Vice President/Sr. Relationship Manager

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                        COMMERZBANK AG, NEW YORK AND
                                        GRAND CAYMAN BRANCHES, as a Lender

                                        By: /s/ Andrew Kjoller
                                            --------------------
                                            Andrew Kjoller
                                            Vice President

                                        By: /s/ Janet Lee
                                            --------------------
                                            Janet Lee
                                            Assistant Treasurer

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                        SOCIETE GENERALE, as a Lender

                                        By: /s/ Nigel Elvey
                                            --------------------
                                        Name: Nigel Elvey
                                        Title: Vice President

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                        HARRIS NESBITT FINANCING, INC., as a
                                        Lender

                                        By: /s/ Cahal B. Carmody
                                            ---------------------------
                                         Title: Vice President

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                        U.S. BANK NATIONAL ASSOCIATION, as a
                                        Lender

                                        By: /s/ [ILLEGIBLE]
                                            ----------------------
                                         Title: Vice President

[Amendment - Sierra Pacific Power Company]

<PAGE>

                                        GOLDMAN SACHS CREDIT PARTNERS L.P.,
                                        as a New Lender

                                        By: /s/ William W. Archer
                                            ---------------------------
                                            Name: William W. Archer
                                            Title: Managing Director

[Amendment - Sierra Pacific Power Company]exv10w1

 

Exhibit 10.1

Adopted May 2, 2006 by the Compensation Committee

Alkermes Fiscal 2007 Named Executive Bonus Plan

The Alkermes Fiscal 2007 Named Executive Bonus Plan (the “Plan”) includes the following elements:

	 	•	 	Our Philosophy
	 
	 	•	 	Eligibility
	 
	 	•	 	Performance Period Company Objectives
	 
	 	•	 	Size of Company Bonus Pool
	 
	 	•	 	Individual Bonus Targets
	 
	 	•	 	Individual Performance Factor

Our Philosophy

We believe in a pay-for performance approach that combines individual and Company performance with
compensation to reward employees for the work they do to achieve Company goals. This Plan is
designed to:

	 	•	 	provide upside reward for outstanding Company and individual performance
	 
	 	•	 	motivate named executives to focus on and work together toward achieving Company and
individual goals
	 
	 	•	 	be competitive within our industry

Eligibility

Company named executives are eligible to participate in the plan. As of April 1, 2006, the
following named executives have been approved for participation in the Plan:

	 	•	 	CEO
	 
	 	•	 	President and COO
	 
	 	•	 	Vice President and CFO
	 
	 	•	 	Vice President Corporate Development
	 
	 	•	 	Vice President, General Counsel and Secretary

The performance period under the Plan will consist of the twelve month period from April 1, 2006 to
March 31, 2007 (the “Performance Period”). Bonuses will be paid within two and one half months of
the end of the period for which they are being paid.

Performance Period Company Objectives

The following are the overall Company objectives for the Performance Period:

Objective 1

Drive robust supply of Risperdal Consta® sales

 

 

Objective 2

Launch and successfully commercialize VivitrolTM

Objective 3

Achieve key development program milestones

Objective 4

Financial performance against budget

The Compensation Committee of the Board of Directors reserves the right to modify the above
objectives at any time during the course of the Performance Period in response to changing business
goals, needs and operations.

Individual Bonus Targets

Individual bonus targets as a percentage of base salary are established by the Compensation
Committee for each of the named executive officers. First year employees’ bonuses are to be
prorated based on the number of days employed in the Performance Period both for purposes of
determining the size of the bonus pool and individual bonus payments.

Size of Plan Bonus Pool

The Compensation Committee of the Board of Directors of the Company will determine the size of the
overall bonus pool under all bonus plans of the Company based on Company performance against the
above objectives and the target bonus figures. The size of the overall bonus pool shall be
determined in the absolute discretion of the Compensation Committee.

Individual Performance Factor

Individual performance against individual objectives affects the bonus payout by increasing or
decreasing by an individual performance factor the individual bonus targets. The precise individual
performance factor for each employee eligible to receive a bonus under the Plan will be determined
by the Compensation Committee of the Board of Directors of the Company. Individual bonus payouts
will be determined in light of the overall bonus pool set by the Compensation Committee.

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