SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549

                                  FORM 8-K

                               CURRENT REPORT
                   PURSUANT TO SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934


                              November 5, 1999
              ------------------------------------------------
              Date of Report (Date of Earliest Event Reported)


                          Sierra Pacific Resources
              ------------------------------------------------
             (Exact Name of Registrant as Specified in Charter)


    Nevada                         0-508              88-0044418
------------------             --------------        -------------
(State or Other Jurisdiction  (Commission File       (IRS Employer
  of Incorporation)            Number)               Identification No.)


                      P.O. Box 10100 (6100 Neil Road)
                             Reno, Nevada 89511
            ---------------------------------------------------
           (Address of Principal Executive Offices and Zip Code)

                               (702) 834-3600
            ---------------------------------------------------
            (Registrant's Telephone Number, Including Area Code)


                                    N/A
          --------------------------------------------------------
       (Former Name or Former Address, if Changed Since Last Report)



ITEM 5.  OTHER EVENTS.


      On November 5, 1999, Sierra Pacific Resources, a Nevada corporation
("Purchaser") and Enron Corp., an Oregon corporation ("Seller") entered
into a Stock Purchase Agreement, dated as of November 5, 1999 (the "Stock
Purchase Agreement") providing for the sale by Seller of all of the issued
and outstanding common stock, par value $3.75 per share (the "PGE Shares")
of Portland General Electric Company, an Oregon corporation and
wholly-owned subsidiary of Seller ("PGE"), and all of the issued and
outstanding common stock, par value $1.00 per share (the "PGH II Shares",
together with the PGE Shares, the "Shares") of PGH II, Inc., an Oregon
corporation and wholly-owned subsidiary of Portland General Holdings, Inc.,
a wholly-owned subsidiary of Seller ("PGH") ("PGH II"). The Stock Purchase
Agreement and the press release issued in connection therewith are filed
herewith as Exhibits 10.1 and 99.6, respectively, and are incorporated
herein by reference. The description of the Stock Purchase Agreement set
forth herein does not purport to be complete and is qualified in its
entirety by the provisions of the Stock Purchase Agreement.

      Pursuant to the Stock Purchase Agreement, PGE and PGH II will become
wholly-owned subsidiaries of Purchaser. The proposed transaction, which is
subject to customary regulatory approvals, is expected to close in the
second half of 2000.

      Under the terms of the Stock Purchase Agreement, Seller will sell PGE
and cause PGH to sell PGH II to Purchaser for $2.1 billion in cash, reduced
by the book value of Seller's obligations remaining as of the closing date,
pursuant to the Order of the Oregon Public Utilities Commission dated June
4, 1997 approving Seller's acquisition of PGE (the "Seller's Merger Payment
Obligation"). Purchaser will assume the Seller's Merger Payment Obligation
as of the closing date.

      The proposed transaction is subject to certain customary closing
conditions, including, without limitation, (i) the absence of any
injunction, order, law or regulation preventing consummation of the sale of
the Shares, (ii) receipt by Seller and Purchaser of required statutory
approvals, (iii) performance of obligations of Seller and Purchaser
pursuant to the Stock Purchase Agreement, and (iv) the accuracy of Seller's
and Purchaser's representations and warranties. In addition, the obligation
of Purchaser to purchase the Shares is subject to the condition that since
November 5, 1999 no material adverse effect on PGE shall have occurred.

      The Stock Purchase Agreement contains certain covenants of the
parties pending the consummation of the transaction. Generally, Seller must
cause PGE , PGH II and their subsidiaries to carry on their respective
businesses in the ordinary course consistent with past practice and use all
reasonable efforts to preserve intact their present business organizations
and goodwill. The Stock Purchase Agreement also contains certain
restrictions and limitations of PGE, PGH II and their subsidiaries with
respect to, among other things, dividends on and repurchases of their
capital stock, issuance of securities, amendment of charter documents,
acquisitions, dispositions, indebtedness, capital expenditures,
compensation and benefits, nuclear operations, contracts, the solicitation
of employees and accounting matters. Subject to certain exceptions, cash
dividends on PGE common stock between November 5, 1999 and the closing date
are limited to the lesser of (i) the aggregate amount of consolidated net
income of PGE for the period from January 1, 1999 through the closing date
and (ii) the aggregate of $129.1 million for 1999, $142.6 million for 2000
and $143.8 million for 2001 (regardless of when such dividends are actually
declared and paid and prorated for the year in which the closing occurs),
less, in the case of (i) and (ii), any dividends declared and paid by PGE
to Seller between January 1, 1999 and November 5, 1999. (See Article V of
the Stock Purchase Agreement.)

      The Stock Purchase Agreement may be terminated under certain
circumstances, including by mutual consent of the parties; by either party
if (i) there is a permanent injunction order by any federal or state court
of competent jurisdiction; (ii) the closing shall not have occurred on or
before November 5, 2000 or May 5, 2001 if certain statutory approvals are
not obtained; or (iii) any of the required statutory approvals have been
denied by a final and nonappealable order, judgment or decree. Furthermore,
the Stock Purchase Agreement may be terminated by Purchaser if there is a
breach or violation by Seller of any covenant, representation or warranty
which resulted in a PGE Material Adverse Effect and such breach or
violation is not cured by the earlier of the closing date or within 60 days
of notice to Seller. The Stock Purchase Agreement may be terminated by
Seller if there is a material breach or violation by Purchaser of any
covenant, representation or warranty and such breach or violation is not
cured by the earlier of the closing date or within 60 days of notice to
Purchaser. If the Stock Purchase Agreement is terminated because of a
party's breach or violation of its covenants or its representations and
warranties, then the breaching party will pay the other party an amount in
cash equal to all documented out-of-pocket expenses and fees incurred by
the non-breaching party. This reimbursement of expenses will be in addition
to any rights that the non-breaching party may have at common law or
otherwise. (See Article VIII of the Stock Purchase Agreement.)


ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

      (c)     Exhibits.

      10.1    Stock Purchase Agreement by and between Enron Corp. and
              Sierra Pacific Resources dated November 5, 1999.

      99.6    Press Release of the Sierra Pacific Resources issued
              November 8, 1999.



                                 SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.

Date: November 10, 1999
                              SIERRA PACIFIC RESOURCES


                              By:  /s/  William E. Peterson
                                   ____________________________________
                                    William E. Peterson
                                    Senior Vice President and
                                    Corporate Secretary



                               Exhibit Index


Exhibit     Description
-------     -----------

10.1        Stock Purchase Agreement by and between Enron Corp. and
            Sierra Pacific Resources dated November 5, 1999.

99.6        Press Release of the Sierra Pacific Resources issued November
            8, 1999.
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SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549

                                  FORM 8-K

                               CURRENT REPORT
                   PURSUANT TO SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

                              November 5, 1999
              ------------------------------------------------
              Date of Report (Date of Earliest Event Reported)

                          Sierra Pacific Resources
              ------------------------------------------------
             (Exact Name of Registrant as Specified in Charter)

    Nevada                         0-508              88-0044418
------------------             --------------        -------------
(State or Other Jurisdiction  (Commission File       (IRS Employer
  of Incorporation)            Number)               Identification No.)

                      P.O. Box 10100 (6100 Neil Road)
                             Reno, Nevada 89511
            ---------------------------------------------------
           (Address of Principal Executive Offices and Zip Code)

                               (702) 834-3600
            ---------------------------------------------------
            (Registrant's Telephone Number, Including Area Code)

                                    N/A
          --------------------------------------------------------
       (Former Name or Former Address, if Changed Since Last Report)

ITEM 5.  OTHER EVENTS.

      On November 5, 1999, Sierra Pacific Resources, a Nevada corporation
("Purchaser") and Enron Corp., an Oregon corporation ("Seller") entered
into a Stock Purchase Agreement, dated as of November 5, 1999 (the "Stock
Purchase Agreement") providing for the sale by Seller of all of the issued
and outstanding common stock, par value $3.75 per share (the "PGE Shares")
of Portland General Electric Company, an Oregon corporation and
wholly-owned subsidiary of Seller ("PGE"), and all of the issued and
outstanding common stock, par value $1.00 per share (the "PGH II Shares",
together with the PGE Shares, the "Shares") of PGH II, Inc., an Oregon
corporation and wholly-owned subsidiary of Portland General Holdings, Inc.,
a wholly-owned subsidiary of Seller ("PGH") ("PGH II"). The Stock Purchase
Agreement and the press release issued in connection therewith are filed
herewith as Exhibits 10.1 and 99.6, respectively, and are incorporated
herein by reference. The description of the Stock Purchase Agreement set
forth herein does not purport to be complete and is qualified in its
entirety by the provisions of the Stock Purchase Agreement.

      Pursuant to the Stock Purchase Agreement, PGE and PGH II will become
wholly-owned subsidiaries of Purchaser. The proposed transaction, which is
subject to customary regulatory approvals, is expected to close in the
second half of 2000.

      Under the terms of the Stock Purchase Agreement, Seller will sell PGE
and cause PGH to sell PGH II to Purchaser for $2.1 billion in cash, reduced
by the book value of Seller's obligations remaining as of the closing date,
pursuant to the Order of the Oregon Public Utilities Commission dated June
4, 1997 approving Seller's acquisition of PGE (the "Seller's Merger Payment
Obligation"). Purchaser will assume the Seller's Merger Payment Obligation
as of the closing date.

      The proposed transaction is subject to certain customary closing
conditions, including, without limitation, (i) the absence of any
injunction, order, law or regulation preventing consummation of the sale of
the Shares, (ii) receipt by Seller and Purchaser of required statutory
approvals, (iii) performance of obligations of Seller and Purchaser
pursuant to the Stock Purchase Agreement, and (iv) the accuracy of Seller's
and Purchaser's representations and warranties. In addition, the obligation
of Purchaser to purchase the Shares is subject to the condition that since
November 5, 1999 no material adverse effect on PGE shall have occurred.

      The Stock Purchase Agreement contains certain covenants of the
parties pending the consummation of the transaction. Generally, Seller must
cause PGE , PGH II and their subsidiaries to carry on their respective
businesses in the ordinary course consistent with past practice and use all
reasonable efforts to preserve intact their present business organizations
and goodwill. The Stock Purchase Agreement also contains certain
restrictions and limitations of PGE, PGH II and their subsidiaries with
respect to, among other things, dividends on and repurchases of their
capital stock, issuance of securities, amendment of charter documents,
acquisitions, dispositions, indebtedness, capital expenditures,
compensation and benefits, nuclear operations, contracts, the solicitation
of employees and accounting matters. Subject to certain exceptions, cash
dividends on PGE common stock between November 5, 1999 and the closing date
are limited to the lesser of (i) the aggregate amount of consolidated net
income of PGE for the period from January 1, 1999 through the closing date
and (ii) the aggregate of $129.1 million for 1999, $142.6 million for 2000
and $143.8 million for 2001 (regardless of when such dividends are actually
declared and paid and prorated for the year in which the closing occurs),
less, in the case of (i) and (ii), any dividends declared and paid by PGE
to Seller between January 1, 1999 and November 5, 1999. (See Article V of
the Stock Purchase Agreement.)

      The Stock Purchase Agreement may be terminated under certain
circumstances, including by mutual consent of the parties; by either party
if (i) there is a permanent injunction order by any federal or state court
of competent jurisdiction; (ii) the closing shall not have occurred on or
before November 5, 2000 or May 5, 2001 if certain statutory approvals are
not obtained; or (iii) any of the required statutory approvals have been
denied by a final and nonappealable order, judgment or decree. Furthermore,
the Stock Purchase Agreement may be terminated by Purchaser if there is a
breach or violation by Seller of any covenant, representation or warranty
which resulted in a PGE Material Adverse Effect and such breach or
violation is not cured by the earlier of the closing date or within 60 days
of notice to Seller. The Stock Purchase Agreement may be terminated by
Seller if there is a material breach or violation by Purchaser of any
covenant, representation or warranty and such breach or violation is not
cured by the earlier of the closing date or within 60 days of notice to
Purchaser. If the Stock Purchase Agreement is terminated because of a
party's breach or violation of its covenants or its representations and
warranties, then the breaching party will pay the other party an amount in
cash equal to all documented out-of-pocket expenses and fees incurred by
the non-breaching party. This reimbursement of expenses will be in addition
to any rights that the non-breaching party may have at common law or
otherwise. (See Article VIII of the Stock Purchase Agreement.)

ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

      (c)     Exhibits.

      10.1    Stock Purchase Agreement by and between Enron Corp. and
              Sierra Pacific Resources dated November 5, 1999.

      99.6    Press Release of the Sierra Pacific Resources issued
              November 8, 1999.

                                 SIGNATURE

      Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.

Date: November 10, 1999
                              SIERRA PACIFIC RESOURCES

                              By:  /s/  William E. Peterson
                                   ____________________________________
                                    William E. Peterson
                                    Senior Vice President and
                                    Corporate Secretary

                               Exhibit Index

Exhibit     Description
-------     -----------

10.1        Stock Purchase Agreement by and between Enron Corp. and
            Sierra Pacific Resources dated November 5, 1999.

99.6        Press Release of the Sierra Pacific Resources issued November
            8, 1999.