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<TITLE>Form S-8</TITLE>
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As filed with the Securities and Exchange Commission on
October&nbsp;8, 2003
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Registration No.&nbsp;333<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
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<P align="center"><FONT size="4"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION
</B></FONT>


<DIV align="center"><FONT size="3"><B>WASHINGTON, D.C. 20549<BR>
_____________</B>
</FONT></DIV>


<P align="center"><FONT size="5"><B>FORM S-8
</B></FONT>


<DIV align="center"><FONT size="2">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</FONT></DIV>


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<P align="center"><FONT size="6"><B>Commonwealth Energy Corporation
</B></FONT>


<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)
</FONT></DIV>

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    <TD width="5%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
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    <TD align="center" valign="top"><FONT size="2">California<BR>
(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
33-0769555<BR>
(I.R.S. Employer Identification No.)</FONT></TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="center" valign="top"><FONT size="2">15901 Red Hill Avenue, Suite&nbsp;100,<BR>
Tustin, California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom"><FONT size="2">
92780</FONT></TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(Address of Principal Executive Offices)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(Zip Code)</FONT></TD>
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<P align="center"><FONT size="2">COMMONWEALTH ENERGY CORPORATION 1999<BR>
EQUITY INCENTIVE PLAN, AS AMENDED<BR>
(Full title of the plan)
</FONT>


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<P align="center"><FONT size="2"><FONT size="3">John A. Barthrop<BR>
General Counsel<BR>
Commonwealth Energy Corporation<BR>
15901 Red Hill Avenue, Suite&nbsp;100<BR>
Tustin, CA 92780<BR>
(Name and address of agent for service)
</FONT></FONT>


<P align="center"><FONT size="2">(714)&nbsp;258-0470<BR>
(Telephone number, including area code, of agent for service)
</FONT>


<P align="center"><FONT size="2">Copies of all communications to:<BR>
John F. Della Grotta, Esq.<BR>
Paul, Hastings, Janofsky &#038; Walker LLP<BR>
Seventeenth Floor<BR>
695 Town Center Drive<BR>
Costa Mesa, California 92626-1924<BR>
Tel: (714)&nbsp;668-6200<BR>
Fax: (714)&nbsp;979-1921
</FONT>


<P align="center"><FONT size="2">CALCULATION OF REGISTRATION FEE
</FONT>

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    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD nowrap align="center"><FONT size="1"><B>Title of securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount to be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>offering price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>aggregate</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>to be registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>registered(1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>per share(2)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>offering price(2)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>registration fee</B></FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">7,000,000 shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">3.75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">16,339,572</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1,322</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">This Registration Statement also relates to such additional and indeterminable number of shares of
Commonwealth Energy Corporation as may become issuable due to adjustments for changes resulting from stock
dividends, stock splits, recapitalizations, mergers, reorganizations, combinations or exchanges or other
similar events.</FONT></TD>
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    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Of the 7,000,000 shares to be registered hereunder, 3,654,250 are subject to options at
exercise prices ranging from $1.86 to $3.75 per share. The offering
price for shares subject to options on the date hereof is the actual
exercise price of such options. The offering price for the remaining 3,345,750
shares not subject to options on the date hereof has been estimated as $2.08 per share solely for the
purpose of determining the registration fee pursuant to Rule&nbsp;457(h) on the basis of the book value per
share computed as of April&nbsp;30, 2003.</FONT></TD>
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<P align="center"><FONT size="2">&nbsp;</FONT>

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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3.Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;4. Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;7. Exemption From Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;8.Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="a93458exv4w1.txt">EXHIBIT 4.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="a93458exv5.htm">EXHIBIT 5</A></TD></TR>
<TR><TD colspan="9"><A HREF="a93458exv23w2.htm">EXHIBIT 23.2</A></TD></TR>
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<!-- link1 "PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center"><FONT size="2"><B>PART II</B>
</FONT>


<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</FONT>

<!-- link2 "Item&nbsp;3.Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;3.Incorporation of Documents by Reference.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents are hereby incorporated into this Registration
Statement and made a part hereof by this reference:
</FONT>


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    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Registrant&#146;s Annual Report on Form&nbsp;10-K for the
fiscal year ended July&nbsp;31, 2002;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the
quarterly period ended October&nbsp;31, 2002, filed with the SEC
on December&nbsp;16, 2002;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the
quarterly period ended January&nbsp;31, 2003, filed with the SEC
on March&nbsp;17, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the
quarterly period ended April&nbsp;30, 2003, filed with the SEC on
June&nbsp;13, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Registrant&#146;s Current Report on Form&nbsp;8-K dated
September&nbsp;25, 2002, filed with the SEC on September&nbsp;25, 2002;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(f)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Registrant&#146;s Current Report on Form&nbsp;8-K dated
January&nbsp;24, 2003, filed with the SEC on January&nbsp;27, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(g)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Registrant&#146;s Current Report on Form&nbsp;8-K dated
February&nbsp;10, 2003, filed with the SEC on February&nbsp;10, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(h)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Registrant&#146;s Current Report on Form&nbsp;8-K dated
February&nbsp;19, 2003, filed with the SEC on February&nbsp;26, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Registrant&#146;s Current Report on Form&nbsp;8-K dated
March&nbsp;6, 2003, filed with the SEC on March&nbsp;6, 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(j)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Registrant&#146;s Current Report on Form&nbsp;8-K dated June
13, 2003, filed with the SEC on June&nbsp;16, 2003; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(k)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The description of the Registrant&#146;s common stock set
forth in the Form&nbsp;10/A (File No.&nbsp;000-33069) Registration
Statement filed with the SEC on June&nbsp;10, 2002, including any
amendment or report filed for the purpose of updating such
description.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents filed by the Registrant with the Commission
pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment which indicates that all securities
offered have been sold or which de-registers all securities then remaining
unsold, shall be deemed to be incorporated by reference into this Registration
Statement and to be a part hereof from the date of filing of such documents
with the Commission.
</FONT>

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<DIV align="left"><A NAME="002"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;4. Description of Securities.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>

<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->
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<P align="left"><FONT size="2"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>

<P align="center"><FONT size="2">2</FONT>

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<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;317 of the California Corporations Code law provides that a
corporation shall have the power to indemnify any person who was or is a party
or is threatened to be made a party to any proceeding or action by reason of
the fact that he or she is or was a director, officer, employee or other agent
of such corporation or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation or other
enterprise. Section&nbsp;317 also grants authority to a corporation to include in
its articles of incorporation indemnification provisions in excess of that
permitted in Section&nbsp;317. Notwithstanding the foregoing, under Section&nbsp;204 of
the California Corporations Code, each director will continue to be subject to
liability for (i)&nbsp;acts or omissions that involve intentional misconduct or a
knowing and culpable violation of law, (ii)&nbsp;acts or omissions that a director
believes to be contrary to the best interests of the corporation or its
shareholders or that involve the absence of good faith on the part of the
director, (iii)&nbsp;any transaction from which a director derived an improper
personal benefit, (iv)&nbsp;acts or omissions that show a reckless disregard for the
director&#146;s duty to the corporation or its shareholders in circumstances in
which the director was aware, or should have been aware, in the ordinary course
of performing a director&#146;s duties, of a risk of serious injury to the
corporation or its shareholders, (v)&nbsp;acts or omissions that constitute an
unexcused pattern of inattention that amounts to an abdication of the
director&#146;s duty to the corporation or its shareholders, (vi)&nbsp;any transaction
that constitutes an illegal distribution or dividend under California law, and
(vii)&nbsp;any transaction involving an unlawful conflict of interest between the
director and the corporation under California law.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;Five of the Registrant&#146;s Articles of Incorporation provides that
the liability of the directors for monetary damages shall be eliminated to the
fullest extent permissible under California law. Article&nbsp;Six of the
Registrant&#146;s Articles of Incorporation provides that the Registrant is
authorized to provide indemnification of agents (as defined under California
law) for breach of duty to the Registrant and its shareholders through bylaw
provisions or through agreements with the agents or both, in excess of the
indemnification expressly permitted by California law, subject to the limits on
such excess indemnification set forth in Section&nbsp;204 of the California
Corporations Code.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s Bylaws provide that the Registrant may indemnify any
director, officer, agent or employee as to those liabilities and on those terms
and conditions as are specified in Section&nbsp;317.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Registrant maintains liability insurance for its
directors and officers.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Registrant has entered into indemnification agreements
with certain of its officers and directors.
</FONT>

<!-- link2 "Item&nbsp;7. Exemption From Registration Claimed." -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;7. Exemption From Registration Claimed.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>

<!-- link2 "Item&nbsp;8.Exhibits." -->
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<P align="left"><FONT size="2"><B>Item&nbsp;8.Exhibits.</B>
</FONT>

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    <TD width="6%">&nbsp;</TD>
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    <TD width="91%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Commonwealth Energy Corporation 1999 Equity Incentive Plan, as amended.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Articles of Incorporation of Commonwealth Energy Corporation (Previously filed with the
Commission on August&nbsp;9, 2001, as Exhibit&nbsp;3.1 to Commonwealth Energy Corporation&#146;s Form
10, which is incorporated herein by reference.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Amendment of Articles of Incorporation of Commonwealth Energy
Corporation (Previously filed with the Commission on August&nbsp;9, 2001, as Exhibit&nbsp;3.2 to
Commonwealth Energy Corporation&#146;s Form&nbsp;10, which is incorporated herein by reference.)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">3</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Determination of Commonwealth Energy Corporation dated September&nbsp;13,
1997 and filed with the Secretary of State of California on March&nbsp;13, 1998 (Previously
filed with the Commission on December&nbsp;17, 2001, as Exhibit&nbsp;3.4 to Commonwealth Energy
Corporation&#146;s Quarterly Report on Form&nbsp;10-Q, which is incorporated herein by
reference.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Bylaws of Commonwealth Energy Corporation (Previously filed with the Commission on
October&nbsp;29, 2002, as Exhibit&nbsp;3.4 to Commonwealth Energy Corporation&#146;s Annual Report on
Form&nbsp;10-K for the fiscal year ended July&nbsp;31, 2002, which is incorporated herein by
reference.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion (and consent) of Paul, Hastings, Janofsky &#038; Walker LLP re the legality of the
securities being registered hereunder.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Paul, Hastings, Janofsky &#038; Walker LLP (set forth as part of Exhibit&nbsp;5 above).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young LLP, independent auditors.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney (set forth on signature page).</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">4</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left"><FONT size="2"><B>Item&nbsp;9. Undertakings</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:
</FONT>

<P align="left"><FONT size="2">(1)&nbsp; To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp; To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp; To reflect in the prospectus any facts or events arising after the
effective date of the Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the Registration Statement;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp; To include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement.
</FONT>

<P align="left"><FONT size="2">Provided, however, that paragraphs (1)(i) and (1)(ii) above do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to section 13 or section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in the
Registration Statement.
</FONT>

<P align="left"><FONT size="2">(2)&nbsp; That, for the purpose of determining any liability under the Securities Act
of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bone
fide offering thereof.
</FONT>

<P align="left"><FONT size="2">(3)&nbsp; To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant&#146;s annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit of
proceeding) is asserted by such director, officer of controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
</FONT>

<P align="center"><FONT size="2">5</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Tustin, State of California, on
October&nbsp;2, 2003.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" colspan="2"><FONT size="2">
COMMONWEALTH ENERGY CORPORATION<BR>&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">By:</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
/S/ IAN B. CARTER</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Ian B. Carter<BR>
Chairman of the Board and Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2"><B>POWER OF ATTORNEY</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Ian B. Carter and Kenneth Robinson and each of
them singly, such person&#146;s true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for such person and in such
person&#146;s name, place and stead, in any and all capacities (including such
person&#146;s capacity as a director and/or officer of Commonwealth Energy
Corporation), to sign any and all amendments to this Registration Statement,
and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the U.S. Securities and Exchange Commission,
granting unto each said attorney-in-fact and agent full power and authority to
do and perform each and every act and thing requisite and necessary to be done
in and about the premises, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that each said
attorney-in-fact and agent, or their or his substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated:
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="bottom"><FONT size="2">/S/ IAN B. CARTER<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Ian B. Carter</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chairman of the Board, Chief<BR>
Executive Officer and a<BR>
Director (Principal Executive<BR>
Officer)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">October 2, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/S/ JAMES L. OLIVER<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
James L. Oliver</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Financial Officer<BR>
(Principal Financial Officer)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">October 2, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/S/ KENNETH ROBINSON<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Kenneth Robinson</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Corporate Controller<BR>
(Principal Accounting Officer)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">October 2, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/S/ CRAIG G. GOODMAN<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Craig G. Goodman</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="middle"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">October 2, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/S/ MARK S. JUERGENSEN<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Mark S. Juergensen</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="middle"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">October 2, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/S/ JUNONA A. JONAS<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Junona A. Jonas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="middle"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">October 2, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/S/ ROBERT C. PERKINS<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Robert C. Perkins</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="middle"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">October 2, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;<BR>
</FONT>
<HR size="1" noshade><FONT size="2">
Joseph P. Saline, Jr.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="middle"><FONT size="2">
Director</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">6</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center"><FONT size="2"><B>INDEX TO EXHIBITS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Commonwealth Energy Corporation 1999 Equity Incentive Plan, as amended.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Articles of Incorporation of Commonwealth Energy Corporation (Previously filed with the
Commission on August&nbsp;9, 2001, as Exhibit&nbsp;3.1 to Commonwealth Energy Corporation&#146;s Form
10, which is incorporated herein by reference.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Amendment of Articles of Incorporation of Commonwealth Energy
Corporation (Previously filed with the Commission on August&nbsp;9, 2001, as Exhibit&nbsp;3.2 to
Commonwealth Energy Corporation&#146;s Form&nbsp;10, which is incorporated herein by reference.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certificate of Determination of Commonwealth Energy Corporation dated September&nbsp;13,
1997 and filed with the Secretary of State of California on March&nbsp;13, 1982 (Previously
filed with the Commission on December&nbsp;17, 2001, as Exhibit&nbsp;3.4 to Commonwealth Energy
Corporation&#146;s Quarterly Report on Form&nbsp;10-Q, which is incorporated herein by
reference.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Bylaws of Commonwealth Energy Corporation (Previously filed with the Commission on
October&nbsp;29, 2002 as Exhibit&nbsp;3.4 to Commonwealth Energy Corporation&#146;s Annual Report on
Form&nbsp;10-K for the fiscal year ended July&nbsp;31, 2002, which is incorporated herein by
reference.)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion (and consent) of Paul, Hastings, Janofsky &#038; Walker LLP re the legality of the
securities being registered hereunder.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Paul, Hastings, Janofsky &#038; Walker LLP (set forth as part of Exhibit&nbsp;5 above).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Ernst &#038; Young LLP, independent auditors.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Power of Attorney (set forth on signature page).</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P align="center"><FONT size="2">7</FONT>



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Form S-8
Table of Contents
As filed with the Securities and Exchange Commission on
October 8, 2003
Registration No. 333
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Commonwealth Energy Corporation
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of
incorporation or organization)
33-0769555
(I.R.S. Employer Identification No.)
15901 Red Hill Avenue, Suite 100,
Tustin, California
92780
(Address of Principal Executive Offices)
(Zip Code)
COMMONWEALTH ENERGY CORPORATION 1999
EQUITY INCENTIVE PLAN, AS AMENDED
(Full title of the plan)
John A. Barthrop
General Counsel
Commonwealth Energy Corporation
15901 Red Hill Avenue, Suite 100
Tustin, CA 92780
(Name and address of agent for service)
(714) 258-0470
(Telephone number, including area code, of agent for service)
Copies of all communications to:
John F. Della Grotta, Esq.
Paul, Hastings, Janofsky & Walker LLP
Seventeenth Floor
695 Town Center Drive
Costa Mesa, California 92626-1924
Tel: (714) 668-6200
Fax: (714) 979-1921
CALCULATION OF REGISTRATION FEE
Proposed maximum
Proposed maximum
Title of securities
Amount to be
offering price
aggregate
Amount of
to be registered
registered(1)
per share(2)
offering price(2)
registration fee
Common Stock
7,000,000 shares
$
3.75
$
16,339,572
$
1,322
(1)
This Registration Statement also relates to such additional and indeterminable number of shares of
Commonwealth Energy Corporation as may become issuable due to adjustments for changes resulting from stock
dividends, stock splits, recapitalizations, mergers, reorganizations, combinations or exchanges or other
similar events.
(2)
Of the 7,000,000 shares to be registered hereunder, 3,654,250 are subject to options at
exercise prices ranging from $1.86 to $3.75 per share. The offering
price for shares subject to options on the date hereof is the actual
exercise price of such options. The offering price for the remaining 3,345,750
shares not subject to options on the date hereof has been estimated as $2.08 per share solely for the
purpose of determining the registration fee pursuant to Rule 457(h) on the basis of the book value per
share computed as of April 30, 2003.
TABLE OF CONTENTS
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.Incorporation of Documents by Reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7. Exemption From Registration Claimed.
Item 8.Exhibits.
Item 9. Undertakings
SIGNATURES
INDEX TO EXHIBITS
EXHIBIT 4.1
EXHIBIT 5
EXHIBIT 23.2
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.Incorporation of Documents by Reference.
The following documents are hereby incorporated into this Registration
Statement and made a part hereof by this reference:
(a)
The Registrant's Annual Report on Form 10-K for the
fiscal year ended July 31, 2002;
(b)
The Registrant's Quarterly Report on Form 10-Q for the
quarterly period ended October 31, 2002, filed with the SEC
on December 16, 2002;
(c)
The Registrant's Quarterly Report on Form 10-Q for the
quarterly period ended January 31, 2003, filed with the SEC
on March 17, 2003;
(d)
The Registrant's Quarterly Report on Form 10-Q for the
quarterly period ended April 30, 2003, filed with the SEC on
June 13, 2003;
(e)
The Registrant's Current Report on Form 8-K dated
September 25, 2002, filed with the SEC on September 25, 2002;
(f)
The Registrant's Current Report on Form 8-K dated
January 24, 2003, filed with the SEC on January 27, 2003;
(g)
The Registrant's Current Report on Form 8-K dated
February 10, 2003, filed with the SEC on February 10, 2003;
(h)
The Registrant's Current Report on Form 8-K dated
February 19, 2003, filed with the SEC on February 26, 2003;
(i)
The Registrant's Current Report on Form 8-K dated
March 6, 2003, filed with the SEC on March 6, 2003;
(j)
The Registrant's Current Report on Form 8-K dated June
13, 2003, filed with the SEC on June 16, 2003; and
(k)
The description of the Registrant's common stock set
forth in the Form 10/A (File No. 000-33069) Registration
Statement filed with the SEC on June 10, 2002, including any
amendment or report filed for the purpose of updating such
description.
In addition, all documents filed by the Registrant with the Commission
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment which indicates that all securities
offered have been sold or which de-registers all securities then remaining
unsold, shall be deemed to be incorporated by reference into this Registration
Statement and to be a part hereof from the date of filing of such documents
with the Commission.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
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Table of Contents
Item 6. Indemnification of Directors and Officers.
Section 317 of the California Corporations Code law provides that a
corporation shall have the power to indemnify any person who was or is a party
or is threatened to be made a party to any proceeding or action by reason of
the fact that he or she is or was a director, officer, employee or other agent
of such corporation or is or was serving at the request of the corporation as a
director, officer, employee or agent of another corporation or other
enterprise. Section 317 also grants authority to a corporation to include in
its articles of incorporation indemnification provisions in excess of that
permitted in Section 317. Notwithstanding the foregoing, under Section 204 of
the California Corporations Code, each director will continue to be subject to
liability for (i) acts or omissions that involve intentional misconduct or a
knowing and culpable violation of law, (ii) acts or omissions that a director
believes to be contrary to the best interests of the corporation or its
shareholders or that involve the absence of good faith on the part of the
director, (iii) any transaction from which a director derived an improper
personal benefit, (iv) acts or omissions that show a reckless disregard for the
director's duty to the corporation or its shareholders in circumstances in
which the director was aware, or should have been aware, in the ordinary course
of performing a director's duties, of a risk of serious injury to the
corporation or its shareholders, (v) acts or omissions that constitute an
unexcused pattern of inattention that amounts to an abdication of the
director's duty to the corporation or its shareholders, (vi) any transaction
that constitutes an illegal distribution or dividend under California law, and
(vii) any transaction involving an unlawful conflict of interest between the
director and the corporation under California law.
Article Five of the Registrant's Articles of Incorporation provides that
the liability of the directors for monetary damages shall be eliminated to the
fullest extent permissible under California law. Article Six of the
Registrant's Articles of Incorporation provides that the Registrant is
authorized to provide indemnification of agents (as defined under California
law) for breach of duty to the Registrant and its shareholders through bylaw
provisions or through agreements with the agents or both, in excess of the
indemnification expressly permitted by California law, subject to the limits on
such excess indemnification set forth in Section 204 of the California
Corporations Code.
The Registrant's Bylaws provide that the Registrant may indemnify any
director, officer, agent or employee as to those liabilities and on those terms
and conditions as are specified in Section 317.
In addition, the Registrant maintains liability insurance for its
directors and officers.
In addition, the Registrant has entered into indemnification agreements
with certain of its officers and directors.
Item 7. Exemption From Registration Claimed.
Not applicable.
Item 8.Exhibits.
4.1
Commonwealth Energy Corporation 1999 Equity Incentive Plan, as amended.
4.2
Articles of Incorporation of Commonwealth Energy Corporation (Previously filed with the
Commission on August 9, 2001, as Exhibit 3.1 to Commonwealth Energy Corporation's Form
10, which is incorporated herein by reference.)
4.3
Certificate of Amendment of Articles of Incorporation of Commonwealth Energy
Corporation (Previously filed with the Commission on August 9, 2001, as Exhibit 3.2 to
Commonwealth Energy Corporation's Form 10, which is incorporated herein by reference.)
3
Table of Contents
4.4
Certificate of Determination of Commonwealth Energy Corporation dated September 13,
1997 and filed with the Secretary of State of California on March 13, 1998 (Previously
filed with the Commission on December 17, 2001, as Exhibit 3.4 to Commonwealth Energy
Corporation's Quarterly Report on Form 10-Q, which is incorporated herein by
reference.)
4.5
Bylaws of Commonwealth Energy Corporation (Previously filed with the Commission on
October 29, 2002, as Exhibit 3.4 to Commonwealth Energy Corporation's Annual Report on
Form 10-K for the fiscal year ended July 31, 2002, which is incorporated herein by
reference.)
5
Opinion (and consent) of Paul, Hastings, Janofsky & Walker LLP re the legality of the
securities being registered hereunder.
23.1
Consent of Paul, Hastings, Janofsky & Walker LLP (set forth as part of Exhibit 5 above).
23.2
Consent of Ernst & Young LLP, independent auditors.
24
Power of Attorney (set forth on signature page).
4
Table of Contents
Item 9. Undertakings
The undersigned Registrant hereby undertakes:
(1)  To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i)  To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;
(ii)  To reflect in the prospectus any facts or events arising after the
effective date of the Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the Registration Statement;
(iii)  To include any material information with respect to the plan of
distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement.
Provided, however, that paragraphs (1)(i) and (1)(ii) above do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to section 13 or section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in the
Registration Statement.
(2)  That, for the purpose of determining any liability under the Securities Act
of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bone
fide offering thereof.
(3)  To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.
The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant's annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
Registration Statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the
Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit of
proceeding) is asserted by such director, officer of controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
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Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Tustin, State of California, on
October 2, 2003.
COMMONWEALTH ENERGY CORPORATION
By:
/S/ IAN B. CARTER
Ian B. Carter
Chairman of the Board and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Ian B. Carter and Kenneth Robinson and each of
them singly, such person's true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for such person and in such
person's name, place and stead, in any and all capacities (including such
person's capacity as a director and/or officer of Commonwealth Energy
Corporation), to sign any and all amendments to this Registration Statement,
and to file the same, with all exhibits thereto, and other documents in
connection therewith, with the U.S. Securities and Exchange Commission,
granting unto each said attorney-in-fact and agent full power and authority to
do and perform each and every act and thing requisite and necessary to be done
in and about the premises, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that each said
attorney-in-fact and agent, or their or his substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated:
Signature
Title
Date
/S/ IAN B. CARTER
Ian B. Carter
Chairman of the Board, Chief
Executive Officer and a
Director (Principal Executive
Officer)
October 2, 2003
/S/ JAMES L. OLIVER
James L. Oliver
Chief Financial Officer
(Principal Financial Officer)
October 2, 2003
/S/ KENNETH ROBINSON
Kenneth Robinson
Corporate Controller
(Principal Accounting Officer)
October 2, 2003
/S/ CRAIG G. GOODMAN
Craig G. Goodman
Director
October 2, 2003
/S/ MARK S. JUERGENSEN
Mark S. Juergensen
Director
October 2, 2003
/S/ JUNONA A. JONAS
Junona A. Jonas
Director
October 2, 2003
/S/ ROBERT C. PERKINS
Robert C. Perkins
Director
October 2, 2003
Joseph P. Saline, Jr.
Director
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Table of Contents
INDEX TO EXHIBITS
Exhibit
Number
Description
4.1
Commonwealth Energy Corporation 1999 Equity Incentive Plan, as amended.
4.2
Articles of Incorporation of Commonwealth Energy Corporation (Previously filed with the
Commission on August 9, 2001, as Exhibit 3.1 to Commonwealth Energy Corporation's Form
10, which is incorporated herein by reference.)
4.3
Certificate of Amendment of Articles of Incorporation of Commonwealth Energy
Corporation (Previously filed with the Commission on August 9, 2001, as Exhibit 3.2 to
Commonwealth Energy Corporation's Form 10, which is incorporated herein by reference.)
4.4
Certificate of Determination of Commonwealth Energy Corporation dated September 13,
1997 and filed with the Secretary of State of California on March 13, 1982 (Previously
filed with the Commission on December 17, 2001, as Exhibit 3.4 to Commonwealth Energy
Corporation's Quarterly Report on Form 10-Q, which is incorporated herein by
reference.)
4.5
Bylaws of Commonwealth Energy Corporation (Previously filed with the Commission on
October 29, 2002 as Exhibit 3.4 to Commonwealth Energy Corporation's Annual Report on
Form 10-K for the fiscal year ended July 31, 2002, which is incorporated herein by
reference.)
5
Opinion (and consent) of Paul, Hastings, Janofsky & Walker LLP re the legality of the
securities being registered hereunder.
23.1
Consent of Paul, Hastings, Janofsky & Walker LLP (set forth as part of Exhibit 5 above).
23.2
Consent of Ernst & Young LLP, independent auditors.
24
Power of Attorney (set forth on signature page).
7