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 1934

                                 Date of Report May 19, 1997
                              (Date of earliest event reported)


                          CE CASECNAN WATER AND ENERGY COMPANY, INC.

                 	(Exact name of registrant as specified in its charter)

         Republic of the Philippines	 333-608			          (not applicable)
         (State or other				          (Commission File		  (IRS Employer
         jurisdiction of					         Number)	           	Identification No.)
         incorporation)


         6750 Ayala Avenue, 24th Floor, Makati, Metro Manila, Philippines
             (Address of principal executive offices)   (Zip Code)

                                 Steven A. McArthur, Esq.
                       CE Casecnan Water and Energy Company, Inc.
                               c/o CalEnergy Company, Inc.
                             302 South 36th Street, Suite 400
                                    Omaha, NE 68131
                                    (402) 341-4500
 (Name, address, including zip code, and phone number, including area code,
                          of United States agent for service)

    Registrant's Telephone Number, including area code:  (402) 341-4500

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

Item 5.  Other Events

	In November 1995, CE Casecnan Water and Energy Company, Inc., a 
Philippine corporation ("CE Casecnan"), closed the financing and commenced 
construction of the Casecnan Project, a combined irrigation and 150 net MW 
hydroelectric power generation project (the "Casecnan Project") located in the 
central part of the island of Luzon in the Republic of the Philippines.

	In its Form 8-K dated May 7, 1997, CE Casecnan reported that it had 
terminated the fixed-price, date-certain, turnkey construction contract (the 
"Hanbo Contract") with Hanbo Corporation and Hanbo Engineering and 
Construction Co., Ltd., both of which are South Korean corporations 
(collectively "Hanbo") due to defaults by Hanbo including Hanbo's insolvency.  
CE Casecnan further reported that it had entered into a new turnkey 
engineering, procurement and construction contract to complete the 
construction of the Casecnan Project (the "Replacement Contract").  The work 
under the Replacement Contract will be conducted by a consortium of 
contractors and subcontractors including Siemens A.G., Sulzer Hydro Ltd., 
Black & Veatch and Colenco Power Engineering Ltd. and will be headed by 
Cooperativa Muratori Cementisti CMC di Ravenna and Impressa Pizzarotti & C. 
Spa. 

	In connection with the Hanbo Contract termination, CE Casecnan tendered a 
Certificate of Drawing to Korea First Bank on May 7, 1997 under the irrevocable 
standby letter of credit issued by Korea First Bank ("KFB") as security under 
the Hanbo Contract to pay for certain transition costs and other presently 
ascertainable damages under the Hanbo Contract.  As a result of Korea First 
Bank's wrongful dishonor of the draw request last week, CE Casecnan was forced 
to file an action in New York State Court. That Court granted CE Casecnan's 
request for a temporary restraining order requiring Korea First Bank to 
deposit $79,329,000, the amount of the requested draw, in an interest bearing 
account with an independent financial institution in the United States. KFB 
appealed this order, but the appellate court denied KFB's appeal and on May 
19, 1997, KFB was required to transfer funds in the amount of $79,329,000 to a 
segregated New York bank account. A press release issued by CE Casecnan is 
attached hereto and incorporated herein by reference.

Item 7.  Financial Statements and Exhibits

	Exhibit 1 - Press Release dated May 20, 1997




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.


                            					CE Casecnan Water and Energy Company, Inc.


                            					By:	\s\ Steven A. McArthur	
                                         Steven A. McArthur
                                         Senior Vice President

Dated:  May 20, 1997
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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 1934

                                 Date of Report May 19, 1997
                              (Date of earliest event reported)

                          CE CASECNAN WATER AND ENERGY COMPANY, INC.

                 	(Exact name of registrant as specified in its charter)

         Republic of the Philippines	 333-608			          (not applicable)
         (State or other				          (Commission File		  (IRS Employer
         jurisdiction of					         Number)	           	Identification No.)
         incorporation)

         6750 Ayala Avenue, 24th Floor, Makati, Metro Manila, Philippines
             (Address of principal executive offices)   (Zip Code)

                                 Steven A. McArthur, Esq.
                       CE Casecnan Water and Energy Company, Inc.
                               c/o CalEnergy Company, Inc.
                             302 South 36th Street, Suite 400
                                    Omaha, NE 68131
                                    (402) 341-4500
 (Name, address, including zip code, and phone number, including area code,
                          of United States agent for service)

    Registrant's Telephone Number, including area code:  (402) 341-4500

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

Item 5.  Other Events

	In November 1995, CE Casecnan Water and Energy Company, Inc., a 
Philippine corporation ("CE Casecnan"), closed the financing and commenced 
construction of the Casecnan Project, a combined irrigation and 150 net MW 
hydroelectric power generation project (the "Casecnan Project") located in the 
central part of the island of Luzon in the Republic of the Philippines.

	In its Form 8-K dated May 7, 1997, CE Casecnan reported that it had 
terminated the fixed-price, date-certain, turnkey construction contract (the 
"Hanbo Contract") with Hanbo Corporation and Hanbo Engineering and 
Construction Co., Ltd., both of which are South Korean corporations 
(collectively "Hanbo") due to defaults by Hanbo including Hanbo's insolvency.  
CE Casecnan further reported that it had entered into a new turnkey 
engineering, procurement and construction contract to complete the 
construction of the Casecnan Project (the "Replacement Contract").  The work 
under the Replacement Contract will be conducted by a consortium of 
contractors and subcontractors including Siemens A.G., Sulzer Hydro Ltd., 
Black & Veatch and Colenco Power Engineering Ltd. and will be headed by 
Cooperativa Muratori Cementisti CMC di Ravenna and Impressa Pizzarotti & C. 
Spa. 

	In connection with the Hanbo Contract termination, CE Casecnan tendered a 
Certificate of Drawing to Korea First Bank on May 7, 1997 under the irrevocable 
standby letter of credit issued by Korea First Bank ("KFB") as security under 
the Hanbo Contract to pay for certain transition costs and other presently 
ascertainable damages under the Hanbo Contract.  As a result of Korea First 
Bank's wrongful dishonor of the draw request last week, CE Casecnan was forced 
to file an action in New York State Court. That Court granted CE Casecnan's 
request for a temporary restraining order requiring Korea First Bank to 
deposit $79,329,000, the amount of the requested draw, in an interest bearing 
account with an independent financial institution in the United States. KFB 
appealed this order, but the appellate court denied KFB's appeal and on May 
19, 1997, KFB was required to transfer funds in the amount of $79,329,000 to a 
segregated New York bank account. A press release issued by CE Casecnan is 
attached hereto and incorporated herein by reference.

Item 7.  Financial Statements and Exhibits

	Exhibit 1 - Press Release dated May 20, 1997

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.

                            					CE Casecnan Water and Energy Company, Inc.

                            					By:	\s\ Steven A. McArthur	
                                         Steven A. McArthur
                                         Senior Vice President

Dated:  May 20, 1997