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 April 17, 1998
                (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

     On April 17, 1998, the Registrant announced that it and
Hanbo Corporation, Hanbo Engineeringing & Construction Company,
Ltd. and Hanbo Steel Company, Ltd. (collectively, the "Hanbo
Entities") and Korea First Bank ("KFB") have mutually agreed to
settle the differences among them related to the Casecnan
project in the Philippines.  A press release issued by the
Registrant is attached hereto as Exhibit 1 and incorporated
herein by reference.

Item 7.  Financial Statements and Exhibits

     Exhibit 1 - Press Release dated April 17, 1998


                                
                                
                                
                            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
                              Assistant Vice President


Dated:  April 17, 1998
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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": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12995", "film-number": "98596191"}, "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 1934
                                
                  Date of Report April 17, 1998
                (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

     On April 17, 1998, the Registrant announced that it and
Hanbo Corporation, Hanbo Engineeringing & Construction Company,
Ltd. and Hanbo Steel Company, Ltd. (collectively, the "Hanbo
Entities") and Korea First Bank ("KFB") have mutually agreed to
settle the differences among them related to the Casecnan
project in the Philippines.  A press release issued by the
Registrant is attached hereto as Exhibit 1 and incorporated
herein by reference.

Item 7.  Financial Statements and Exhibits

     Exhibit 1 - Press Release dated April 17, 1998

                                
                                
                                
                            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
                              Assistant Vice President

Dated:  April 17, 1998