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): January 21, 2004



                   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 today
it has received full and timely payment of  $99,166,333.33  from the Republic of
the  Philippines  ("ROP")  representing  the  principal  and interest due on the
$97,000,000  bond  received  from  the  ROP as  part  of the  October  15,  2003
settlement of a dispute relating to a project  agreement between CE Casecnan and
the  Philippines  National  Irrigation  Administration.  In accordance  with the
settlement  terms,  on January 14, 2004, CE Casecnan  exercised its right to put
the bond to the ROP at a price of par plus accrued  interest thus triggering the
payment  obligation  of the ROP. As a result of the receipt of these funds,  the
debt service reserve balance will be fully funded.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

None



<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:  January 21, 2004               By:  /s/  Paul J. Leighton
                                         ---------------------------------------
                                                Paul J. Leighton
                                                Assistant Secretary
[{"type": "8-K", "sequence": "1", "filename": "cecase8k12104.txt", "description": "CE CASECNAN WATER 1-21-04", "secsgml_size_bytes": 2714}]
{"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": "04535684"}, "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): January 21, 2004

                   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 today
it has received full and timely payment of  $99,166,333.33  from the Republic of
the  Philippines  ("ROP")  representing  the  principal  and interest due on the
$97,000,000  bond  received  from  the  ROP as  part  of the  October  15,  2003
settlement of a dispute relating to a project  agreement between CE Casecnan and
the  Philippines  National  Irrigation  Administration.  In accordance  with the
settlement  terms,  on January 14, 2004, CE Casecnan  exercised its right to put
the bond to the ROP at a price of par plus accrued  interest thus triggering the
payment  obligation  of the ROP. As a result of the receipt of these funds,  the
debt service reserve balance will be fully funded.

ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS.

None
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:  January 21, 2004               By:  /s/  Paul J. Leighton
                                         ---------------------------------------
                                                Paul J. Leighton
                                                Assistant Secretary