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



         Date of Report (Date of earliest event reported): June 5, 2003



                   CE Casecnan Water and Energy Company, Inc.

             (Exact name of registrant as specified in its charter)




                       Philippines 1-12995 Not Applicable
 ------------------------------------------------------------------------------
                    (State or other jurisdiction (Commission
                         (IRS Employer of incorporation)
                        File Number) Identification No.)




                24th Floor, 6750 Building, Ayala Avenue, Makati,
                     Metro Manila Philippines Not Applicable
               (Address of principal executive offices) (Zip Code)


       Registrant's telephone number, including area code: (632) 892-0276


                                       N/A
                   (Former name or former address, if changed
                              since last report.)


<PAGE>

ITEM 5.  OTHER EVENTS.


     CE Casecnan Water and Energy Company, Inc. ("CE Casecnan") reported that as
of the  date of this  report,  the  National  Irrigation  Administration  of the
Philippines  ("NIA") has not paid the monthly  invoice for water and electricity
fees that was due on May 28,  2003.  Pursuant  to the terms of the  Amended  and
Restated Project  Agreement between CE Casecnan and NIA, NIA is obligated to pay
invoices within 30 days of receipt.  The invoice is for $10.8 million,  of which
$3.6 million relates to the tax compensation portion of the water delivery fee.

     As  previously  disclosed,  the tax  compensation  portion of each  monthly
invoice has not been paid by NIA since the Casecnan project commenced commercial
operations and  non-payment of that portion of each invoice is the subject of an
International Chamber of Commerce arbitration commenced by CE Casecnan in August
2002.  In that  arbitration,  on March  31,  2003,  NIA  filed  its  Answer  and
Counterclaim  to  CE  Casecnan's  arbitration  claim,  seeking  dismissal  of CE
Casecnan's claims and seeking payment of $7.1 million in liquidated damages that
NIA alleges are payable by CE Casecnan for delayed completion of the Project. On
April 23, 2003,  NIA filed a  Supplemental  Counterclaim  in the  arbitration in
which it asserts that the project  agreement is contrary to  Philippine  law and
public  policy  and  requests  the  arbitral  tribunal  to declare  the  project
agreement  void  from  the  beginning  or  to  cancel  the  project   agreement.
Alternatively,  if not  declared  void  from the  beginning  or  cancelled,  NIA
requests that the arbitral tribunal reform the terms of the project agreement to
remedy the alleged defects in its terms.


<PAGE>


                                    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 thereunto duly authorized.


                                   CE Casecnan Water and Energy Company, Inc.



Date:  June 5, 2003                By:    /s/  Paul J. Leighton
                                       ----------------------------------------
                                               Paul J. Leighton
                                               Assistant Secretary
[{"type": "8-K", "sequence": "1", "filename": "cegen8k603.txt", "description": "CE CASECNAN WATER 6-4-03", "secsgml_size_bytes": 3593}]
{"company-data": {"conformed-name": "CE CASECNAN WATER & ENERGY CO INC", "cik": "0001006402", "assigned-sic": "4911", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12995", "film-number": "03733739"}, "business-address": {"street1": "24TH FLOOR", "street2": "6750 BUILDING, AYALA AVENUE", "city": "MAKATI, METRO MANILA", "state": "R6", "zip": "68107", "phone": "632-892-0276"}, "mail-address": {"street1": "MIDAMERICAN ENERGY HOLDINGS CO.", "street2": "666  GRAND AVENUE, PO BOX 657", "city": "DES MOINES", "state": "IA", "zip": "50303-0657"}}
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

         Date of Report (Date of earliest event reported): June 5, 2003

                   CE Casecnan Water and Energy Company, Inc.

             (Exact name of registrant as specified in its charter)

                       Philippines 1-12995 Not Applicable
 ------------------------------------------------------------------------------
                    (State or other jurisdiction (Commission
                         (IRS Employer of incorporation)
                        File Number) Identification No.)

                24th Floor, 6750 Building, Ayala Avenue, Makati,
                     Metro Manila Philippines Not Applicable
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (632) 892-0276

                                       N/A
                   (Former name or former address, if changed
                              since last report.)
ITEM 5.  OTHER EVENTS.

     CE Casecnan Water and Energy Company, Inc. ("CE Casecnan") reported that as
of the  date of this  report,  the  National  Irrigation  Administration  of the
Philippines  ("NIA") has not paid the monthly  invoice for water and electricity
fees that was due on May 28,  2003.  Pursuant  to the terms of the  Amended  and
Restated Project  Agreement between CE Casecnan and NIA, NIA is obligated to pay
invoices within 30 days of receipt.  The invoice is for $10.8 million,  of which
$3.6 million relates to the tax compensation portion of the water delivery fee.

     As  previously  disclosed,  the tax  compensation  portion of each  monthly
invoice has not been paid by NIA since the Casecnan project commenced commercial
operations and  non-payment of that portion of each invoice is the subject of an
International Chamber of Commerce arbitration commenced by CE Casecnan in August
2002.  In that  arbitration,  on March  31,  2003,  NIA  filed  its  Answer  and
Counterclaim  to  CE  Casecnan's  arbitration  claim,  seeking  dismissal  of CE
Casecnan's claims and seeking payment of $7.1 million in liquidated damages that
NIA alleges are payable by CE Casecnan for delayed completion of the Project. On
April 23, 2003,  NIA filed a  Supplemental  Counterclaim  in the  arbitration in
which it asserts that the project  agreement is contrary to  Philippine  law and
public  policy  and  requests  the  arbitral  tribunal  to declare  the  project
agreement  void  from  the  beginning  or  to  cancel  the  project   agreement.
Alternatively,  if not  declared  void  from the  beginning  or  cancelled,  NIA
requests that the arbitral tribunal reform the terms of the project agreement to
remedy the alleged defects in its terms.
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 thereunto duly authorized.

                                   CE Casecnan Water and Energy Company, Inc.

Date:  June 5, 2003                By:    /s/  Paul J. Leighton
                                       ----------------------------------------
                                               Paul J. Leighton
                                               Assistant Secretary