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) February 15, 2001

                   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 jurisdiction       (Commission            (IRS Employer
 of incorporation)                 File Number)           Identification No.)


        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 MidAmerican Energy Holdings Company
                        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 or former address, if changed since last report


<PAGE>






Item 5.  Other Events.

         CE Casecnan Water and Energy Company, Inc. ("CE Casecnan") reports that
on February 9, 2001,  Standard & Poor's  placed its BB+ rating on CE  Casecnan's
$371.5 million  Senior Secured Notes on Credit Watch with negative  implications
following CE Casecnan's  announcement that its turnkey  construction  contractor
provided a new  schedule  for the Casecnan  Project  which  extends the expected
Substantial  Completion  Date for the Casecnan  Project to August 31,  2001.  On
February 13, 2001 Moody's Investors  Services,  Inc. similarly  announced it had
placed CE Casecnan's Ba2 rating on such notes on review for possible  downgrade.
The Casecnan Project is a combined irrigation and 150 net MW hydroelectric power
generation  project  located in the  central  part of the island of Luzon in the
Republic of the Philippines . Accordingly,  the Casecnan Project is now expected
to become  operational in the third quarter of 2001. In connection  with the new
schedule,  the  ultimate  parent  company  of CE  Casecnan  has  agreed  to make
available up to $11.6 million of additional  equity  pursuant to the Shareholder
Support  Letter,  dated  February 8, 2001.  Taking into account the  Shareholder
Support  Letter,  CE Casecnan  believes the funds available to it are reasonably
expected to be sufficient to fund the costs of reaching completion.

         Certain  information  included in this report contains  forward-looking
statements made pursuant to the Private Securities Litigation Reform Act of 1995
("Reform Act"). Such statements are based on current  expectations and involve a
number of known and unknown risks and uncertainties  that could cause the actual
results  and  performance  of the  Registrants  to  differ  materially  from any
expected   future  results  or  performance,   expressed  or  implied,   by  the
forward-looking  statements including  expectations regarding the future results
of operations of Registrants.  In connection with the safe harbor  provisions of
the Reform Act, the  Registrants  have identified  important  factors that could
cause actual  results to differ  materially  from such  expectations,  including
development and construction  uncertainty,  operating  uncertainty,  acquisition
uncertainty,  uncertainties  relating  to  geothermal  resources,  uncertainties
relating to economic and political  conditions and  uncertainties  regarding the
impact of regulations,  changes in government policy,  industry deregulation and
competition.  Reference  is  made  to  all  of  the  Registrants'  SEC  Filings,
incorporated  herein  by  reference,  for a  description  of such  factors.  The
Registrants  assume  no  responsibility  to update  forward-looking  information
contained herein.

Item 7.  Financial Statements and Exhibits.

Exhibit No. 1:  Standard & Poor's Press Release dated February 9, 2001

Exhibit No. 2:  Moody's Investors Service Press Release dated February 13, 2001


<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 hereunto duly authorized.

                                     CE Casecnan Water and Energy Company, Inc.



                                     By:      \s\ Douglas L. Anderson
                                          ---------------------------------
                                              Douglas L. Anderson
                                              Vice President

Dated:  February 15, 2001


<PAGE>


Exhibit 1:

NEW YORK (Standard & Poor's  CreditWire)  Feb. 9,  2001--Standard & Poor's today
placed its  double-`B'-plus  rating on CE Casecnan  Water and Energy Co.  Inc.'s
(Casecnan)  US$371.5  million senior secured notes on CreditWatch  with negative
implications.  This follows the project company's  announcement yesterday that a
December 2000 collapse of the partially completed vertical surge shaft cannot be
repaired  prior to the March 31, 2000,  scheduled  completion  date and that the
project will have to drill a replacement  surge shaft.  As a result,  (corporate
credit rating triple-`B'-minus/stable/--), the project's 70% owner, expects that
the work will cause a five-month  delay in completion with a new startup date of
Aug. 31, 2001. Although MidAmerican has agreed to provide additional cash equity
of $US11.6 million,  Standard & Poor's is concerned about  Casecnan's  weakening
liquidity  position,  the lack of any  meaningful  cushion at start-up,  and the
continuing construction delays.

         Casecnan is a combination water and 150 MW hydroelectric power project,
which has been  under  construction  on the  island of Luzon in the  Philippines
since late 1995.

         The  collapse of the vertical  surge shaft was due to a geologic  fault
proximately  located to the shaft.  Although  the  project  company  studied and
evaluated the option of repairing and completing the surge shaft,  the project's
contractor  has chosen  instead to  excavate  a new  550-meter  tunnel and a new
140-meter  vertical  shaft.  Repairing  the original  shaft is not practical for
timing  and  economic  reasons.  The  independent  engineer,   Stone  &  Webster
Consultants Inc., has reviewed the revised construction  schedule and budget and
has opined that both support the Aug.  31, 2001,  revised  completion  date.  In
addition, the remaining construction funds of approximately US$47.3 million plus
up to  approximately  US$11.6 million of additional  funds from  MidAmerican are
reasonably  sufficient to complete the project.  Specifically,  the  MidAmerican
equity support is for up to US$4.6  million of debt service  payments on May 15,
2001, and up to US$7.0 million for  construction  and start-up  operating  costs
prior to Sept. 1, 2001.

         Standard & Poor's will be discussing  the recent  developments  further
with the  company  and the  relevant  parties in the near term,  after which the
existing rating will be reviewed.  A rating downgrade could result if Standard &
Poor's  finds that the  construction  progress  and  forecast  liquidity  do not
support the double-`B'-plus rating. -- CreditWire

ON CREDITWATCH NEGATIVE
CE Casecnan Water and Energy Co. Inc.
US$371.5 mil senior secured notes         BB+
<PAGE>


Exhibit 2:

MOODY'S PLACES Ba2 DEBT RATING OF CE CASECNAN WATER AND ENERGY CO, INC ON REVIEW
FOR POSSIBLE DOWNGRADE

Moody's  Investors  Service has placed the Ba2 rating of CE  Casecnan  Water and
Energy Co.,  Inc' s (CE)  USD371.5  million  senior  secured notes on review for
possible  downgrade.  Moody's  says the review is in response  to the  company's
announcement of a further delay of five months in the scheduled  completion date
of the project to August 31, 2001. The rating action reflects  Moody's  concerns
regarding the  continuing  construction  delays , which have put pressure on the
liquidity  of the project and may continue to do so. This is despite the USD11.6
million   additional  equity  support  from  the  project's  70%  shareholder  -
MidAmerican Energy Holdings Company (MidAmerican).

Moody's  does regard the  additional  financial  support from  MidAmerican  as a
positive indication of its commitment to the project,  but is concerned with the
repeated  failure of the project to achieve  important  project  milestones.  In
Moody's opinion,  the project has little  financial  cushion against any further
delays.  The  independent   engineer,   Stone  &  Webster,  has  opined  on  the
reasonableness  of the revised  schedule and budget.  Pending  further  detailed
information  from the  independent  engineer on the progress of the project,  it
remains uncertain to the agency the extent of further possible  financial impact
should project  completion go beyond the revised  completion  date of August 31,
2001. In its review,  Moody's will discuss the future development of the project
with the company and the relevant parties in further detail.

The  further  delay of the  completion  of the  project to August 31, 2001 (from
March 31,  2001) is due in large part to the  collapse of a partially  completed
vertical surge shaft in December 2000. The contractor has determined  that a new
replacement  shaft  can be  constructed  more  efficiently  than  repairing  the
original surge shaft. MidAmerican has agreed to provide additional equity to the
project of up to USD11.6  million,  of which up to USD4.6  million is to support
the shortfall of the project's  debt  repayments in May 2001,  and the remaining
USD7 million is for construction and start-up operating costs prior to September
1, 2001.

CE  Casecnan  is a  privately-held  Philippines  corporation  formed  in 1994 to
develop,  construct, own and operate a multipurpose irrigation and hydroelectric
power facility (150 MW) located on the island of Luzon in the  Philippines.  The
company is a subsidiary  of  California  Energy  International,  a subsidiary of
MidAmerican  Energy Holdings Company (rated Baa3),  headquartered in Des Moines,
Iowa.
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{"company-data": {"conformed-name": "CE CASECNAN WATER & ENERGY CO INC", "cik": "0001006402", "assigned-sic": "4911", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12995", "film-number": "1548594"}, "business-address": {"street1": "6750 AYALA AVE PHILIPPINES", "street2": "24TH FLOOR", "city": "MAKATI METRO MANILA", "state": "R6", "zip": "68107", "phone": "4023414500"}, "mail-address": {"street1": "CALENERGY CO INC", "street2": "302 SOUTH 36TH ST STE 400", "city": "OMAHA", "state": "NE", "zip": "68107"}}
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) February 15, 2001

                   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 jurisdiction       (Commission            (IRS Employer
 of incorporation)                 File Number)           Identification No.)

        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 MidAmerican Energy Holdings Company
                        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 or former address, if changed since last report
Item 5.  Other Events.

         CE Casecnan Water and Energy Company, Inc. ("CE Casecnan") reports that
on February 9, 2001,  Standard & Poor's  placed its BB+ rating on CE  Casecnan's
$371.5 million  Senior Secured Notes on Credit Watch with negative  implications
following CE Casecnan's  announcement that its turnkey  construction  contractor
provided a new  schedule  for the Casecnan  Project  which  extends the expected
Substantial  Completion  Date for the Casecnan  Project to August 31,  2001.  On
February 13, 2001 Moody's Investors  Services,  Inc. similarly  announced it had
placed CE Casecnan's Ba2 rating on such notes on review for possible  downgrade.
The Casecnan Project is a combined irrigation and 150 net MW hydroelectric power
generation  project  located in the  central  part of the island of Luzon in the
Republic of the Philippines . Accordingly,  the Casecnan Project is now expected
to become  operational in the third quarter of 2001. In connection  with the new
schedule,  the  ultimate  parent  company  of CE  Casecnan  has  agreed  to make
available up to $11.6 million of additional  equity  pursuant to the Shareholder
Support  Letter,  dated  February 8, 2001.  Taking into account the  Shareholder
Support  Letter,  CE Casecnan  believes the funds available to it are reasonably
expected to be sufficient to fund the costs of reaching completion.

         Certain  information  included in this report contains  forward-looking
statements made pursuant to the Private Securities Litigation Reform Act of 1995
("Reform Act"). Such statements are based on current  expectations and involve a
number of known and unknown risks and uncertainties  that could cause the actual
results  and  performance  of the  Registrants  to  differ  materially  from any
expected   future  results  or  performance,   expressed  or  implied,   by  the
forward-looking  statements including  expectations regarding the future results
of operations of Registrants.  In connection with the safe harbor  provisions of
the Reform Act, the  Registrants  have identified  important  factors that could
cause actual  results to differ  materially  from such  expectations,  including
development and construction  uncertainty,  operating  uncertainty,  acquisition
uncertainty,  uncertainties  relating  to  geothermal  resources,  uncertainties
relating to economic and political  conditions and  uncertainties  regarding the
impact of regulations,  changes in government policy,  industry deregulation and
competition.  Reference  is  made  to  all  of  the  Registrants'  SEC  Filings,
incorporated  herein  by  reference,  for a  description  of such  factors.  The
Registrants  assume  no  responsibility  to update  forward-looking  information
contained herein.

Item 7.  Financial Statements and Exhibits.

Exhibit No. 1:  Standard & Poor's Press Release dated February 9, 2001

Exhibit No. 2:  Moody's Investors Service Press Release dated February 13, 2001
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\ Douglas L. Anderson
                                          ---------------------------------
                                              Douglas L. Anderson
                                              Vice President

Dated:  February 15, 2001
Exhibit 1:

NEW YORK (Standard & Poor's  CreditWire)  Feb. 9,  2001--Standard & Poor's today
placed its  double-`B'-plus  rating on CE Casecnan  Water and Energy Co.  Inc.'s
(Casecnan)  US$371.5  million senior secured notes on CreditWatch  with negative
implications.  This follows the project company's  announcement yesterday that a
December 2000 collapse of the partially completed vertical surge shaft cannot be
repaired  prior to the March 31, 2000,  scheduled  completion  date and that the
project will have to drill a replacement  surge shaft.  As a result,  (corporate
credit rating triple-`B'-minus/stable/--), the project's 70% owner, expects that
the work will cause a five-month  delay in completion with a new startup date of
Aug. 31, 2001. Although MidAmerican has agreed to provide additional cash equity
of $US11.6 million,  Standard & Poor's is concerned about  Casecnan's  weakening
liquidity  position,  the lack of any  meaningful  cushion at start-up,  and the
continuing construction delays.

         Casecnan is a combination water and 150 MW hydroelectric power project,
which has been  under  construction  on the  island of Luzon in the  Philippines
since late 1995.

         The  collapse of the vertical  surge shaft was due to a geologic  fault
proximately  located to the shaft.  Although  the  project  company  studied and
evaluated the option of repairing and completing the surge shaft,  the project's
contractor  has chosen  instead to  excavate  a new  550-meter  tunnel and a new
140-meter  vertical  shaft.  Repairing  the original  shaft is not practical for
timing  and  economic  reasons.  The  independent  engineer,   Stone  &  Webster
Consultants Inc., has reviewed the revised construction  schedule and budget and
has opined that both support the Aug.  31, 2001,  revised  completion  date.  In
addition, the remaining construction funds of approximately US$47.3 million plus
up to  approximately  US$11.6 million of additional  funds from  MidAmerican are
reasonably  sufficient to complete the project.  Specifically,  the  MidAmerican
equity support is for up to US$4.6  million of debt service  payments on May 15,
2001, and up to US$7.0 million for  construction  and start-up  operating  costs
prior to Sept. 1, 2001.

         Standard & Poor's will be discussing  the recent  developments  further
with the  company  and the  relevant  parties in the near term,  after which the
existing rating will be reviewed.  A rating downgrade could result if Standard &
Poor's  finds that the  construction  progress  and  forecast  liquidity  do not
support the double-`B'-plus rating. -- CreditWire

ON CREDITWATCH NEGATIVE
CE Casecnan Water and Energy Co. Inc.
US$371.5 mil senior secured notes         BB+
Exhibit 2:

MOODY'S PLACES Ba2 DEBT RATING OF CE CASECNAN WATER AND ENERGY CO, INC ON REVIEW
FOR POSSIBLE DOWNGRADE

Moody's  Investors  Service has placed the Ba2 rating of CE  Casecnan  Water and
Energy Co.,  Inc' s (CE)  USD371.5  million  senior  secured notes on review for
possible  downgrade.  Moody's  says the review is in response  to the  company's
announcement of a further delay of five months in the scheduled  completion date
of the project to August 31, 2001. The rating action reflects  Moody's  concerns
regarding the  continuing  construction  delays , which have put pressure on the
liquidity  of the project and may continue to do so. This is despite the USD11.6
million   additional  equity  support  from  the  project's  70%  shareholder  -
MidAmerican Energy Holdings Company (MidAmerican).

Moody's  does regard the  additional  financial  support from  MidAmerican  as a
positive indication of its commitment to the project,  but is concerned with the
repeated  failure of the project to achieve  important  project  milestones.  In
Moody's opinion,  the project has little  financial  cushion against any further
delays.  The  independent   engineer,   Stone  &  Webster,  has  opined  on  the
reasonableness  of the revised  schedule and budget.  Pending  further  detailed
information  from the  independent  engineer on the progress of the project,  it
remains uncertain to the agency the extent of further possible  financial impact
should project  completion go beyond the revised  completion  date of August 31,
2001. In its review,  Moody's will discuss the future development of the project
with the company and the relevant parties in further detail.

The  further  delay of the  completion  of the  project to August 31, 2001 (from
March 31,  2001) is due in large part to the  collapse of a partially  completed
vertical surge shaft in December 2000. The contractor has determined  that a new
replacement  shaft  can be  constructed  more  efficiently  than  repairing  the
original surge shaft. MidAmerican has agreed to provide additional equity to the
project of up to USD11.6  million,  of which up to USD4.6  million is to support
the shortfall of the project's  debt  repayments in May 2001,  and the remaining
USD7 million is for construction and start-up operating costs prior to September
1, 2001.

CE  Casecnan  is a  privately-held  Philippines  corporation  formed  in 1994 to
develop,  construct, own and operate a multipurpose irrigation and hydroelectric
power facility (150 MW) located on the island of Luzon in the  Philippines.  The
company is a subsidiary  of  California  Energy  International,  a subsidiary of
MidAmerican  Energy Holdings Company (rated Baa3),  headquartered in Des Moines,
Iowa.