content: Securities and Exchange Commission
  
                                 Washington, DC 20549
  
                                      Form 8-K
  
                                    Current Report
  
  
  
                        Pursuant to Section 13 or 15(d) of the
                            Securities Exchange Act 1934
  
  
                              Date of Report May 7, 1997
                           (Date of earliest event reported)
  
  
  
  
                                 CalEnergy Company, Inc.
                 (Exact name of registrant as specified in its charter)
  
  
  
  
        Delaware			              1-9874				               94-2213782
        (State of other		        (Commission File			      (IRS Employer
        jurisdiction of			       Number)				              Identification No.)
        incorporation)
  
  
                  302 South 36th Street, Suite 400,			Omaha, NE		68131
                  (Address of principal executive offices)					Zip Code
  
  
        Registrant's Telephone Number, including area code:  (402) 341-4500	
  
  
                                  						N/A							
  
  Item 5.  Other Events
  
  	In November 1995, a partially owned indirect subsidiary of the 
  Registrant ,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.
  
  	CE Casecnan is presently indirectly owned as to approximately 35% of its 
  equity by the Registrant and approximately 35% indirectly owned by Peter 
  Kiewit Sons' Inc.  CE Casecnan financed a portion of the costs of the Casecnan 
  Project through the issuance of $125,000,000 of its 11.45% Senior Secured 
  Series A Notes due 2005 and $171,500,000 of its 11.95% Senior Secured Series B 
  Bonds due 2010 and $75,000,000 of its Secured Floating Rate Notes due 2002, 
  pursuant to an indenture dated as of November 27, 1995, as amended to date.
  
  	In its Form 8-K's dated February 25, 1997, and March 28, 1997, the 
  Registrant reported that it had been advised that Hanbo Corporation ("Hanbo"), 
  Hanbo Iron & Steel Company, Ltd. ("Hanbo Steel") and Hanbo Engineering and 
  Construction Co. Ltd. ("HECC") had each filed to seek court receivership 
  protection in South Korea.  The Casecnan Project was being constructed 
  pursuant to a fixed-price, date-certain, turnkey construction contract (the 
  "Hanbo Contract") on a joint and several basis by Hanbo Corporation and HECC, 
  both of which are South Korean corporations.  CE Casecnan announced today that 
  it has terminated the Hanbo Contract and CE Casecnan has entered into a new 
  engineer, procure and construct contract to complete the construction of the 
  Casecnan Project.  A copy of the press release issued by the Registrant is set 
  forth as Exhibit 1 hereto and is incorporated herein by reference.  The Hanbo 
  Contract has been terminated because of events of default under the contract 
  including the fact that both HECC and Hanbo have filed for court receivership 
  protection in the Republic of Korea.  In connection with the Hanbo Contract 
  termination, CE Casecnan made a draw 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.  If KFB were to fail to honor its obligations under 
  the Casecnan letter of credit, such action could have a material adverse 
  effect on the Casecnan Project and CE Casecnan.
  
  	CE Casecnan 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. 
  
  Item 7.  Financial Statements and Exhibits
  
  Exhibit 1 - Press Release dated May 7, 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.
  
  						CalEnergy Company, Inc.
  
  
  
  						By:   \s\Douglas L. Anderson	
  							   Douglas L. Anderson
  							   Assistant Secretary and
  							   Assistant General Counsel
  							   (U.S. and Corporate)	
  								
  
  
  Dated: May 7, 1997
  
  Exhibit 1
  FOR IMMEDIATE RELEASE
  
  John G. Sylvia - Senior Vice President, Chief Financial Officer	402-341-4500
  Jeffrey S. Laudin - Manager, Investor Relations	402-341-4500
  
  CalEnergy Announces
  CE Casecnan Enters Into New EPC Contract
  
  OMAHA, NEBRASKA, May 7, 1997 - CalEnergy Company, Inc. ("CalEnergy") 
  (NYSE, PSE and LSE Symbol:  CE) announced today that CE Casecnan Water and 
  Energy Company, Inc. ("CE Casecnan"), a partially owned indirect subsidiary of 
  CalEnergy, has terminated its turnkey engineering, procurement and 
  construction contract with Hanbo Engineering & Construction Co., Ltd. ("HECC") 
  and Hanbo Corporation ("Hanbo") for the construction of the Casecnan project.  
  The contract has been terminated because of events of default under the 
  contract, including the fact that both HECC and Hanbo have filed for court 
  receivership protection in the Republic of Korea.  In connection with the 
  termination, CE Casecnan has made a draw under the Korea First Bank letter of 
  credit provided as security under the contract in order to pay for certain 
  transition costs and other damages under the contract.
  
  CE Casecnan has also entered into a new turnkey engineering, procurement 
  and construction contract to complete the construction of the Casecnan 
  project.  The work will be conducted by a consortium of contractors and 
  subcontractors including affiliates of Siemens A.G., Sulzer Hydro Ltd., Black 
  & Veatch and Colenco Power Engineering Ltd. and will be headed by affiliates 
  of Cooperativa Muratori Cementisti CMC di Ravenna and Impressa Pizzarotti & C. 
  Spa.  According to David L. Sokol, Chairman and Chief Executive Officer of 
  CalEnergy, "We are delighted that CE Casecnan has reached an agreement to have 
  this fine group of companies complete the construction of the Casecnan 
  project.  The new agreement reflects CE Casecnan's determination to ensure 
  completion of this important project and to supply needed electricity and 
  irrigation water to the people of the Philippines."
  
  CE Casecnan's proposed combined irrigation and 150 MW capacity 
  hydroelectric project is located on the island of Luzon in the Republic of the 
  Philippines.  The project will sell electricity and water to the Philippine 
  National Irrigation Administration.
  
  	CalEnergy, which manages and owns interests in over 5,000 net MW of 
  power generation facilities in operation, construction and development 
  worldwide, currently operates 19 generating facilities and also supplies and 
  distributes electricity to 1.5 million customers.
  
  # # #
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metadata_filer: {"company-data": {"conformed-name": "CALENERGY CO INC", "cik": "0000720556", "assigned-sic": "4991", "irs-number": "942213782", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09874", "film-number": "97596978"}, "business-address": {"street1": "302 S 36TH ST", "street2": "STE 400", "city": "OMAHA", "state": "NE", "zip": "68131", "phone": "4023414500"}, "mail-address": {"street1": "302 SOUTH 36TH STREET", "street2": "SUITE 400-A", "city": "OMAHA", "state": "NE", "zip": "68131"}, "former-company": {"former-conformed-name": "CALIFORNIA ENERGY CO INC", "date-changed": "19920703"}}
text: Securities and Exchange Commission
  
                                 Washington, DC 20549
  
                                      Form 8-K
  
                                    Current Report
  
                        Pursuant to Section 13 or 15(d) of the
                            Securities Exchange Act 1934
  
                              Date of Report May 7, 1997
                           (Date of earliest event reported)
  
                                 CalEnergy Company, Inc.
                 (Exact name of registrant as specified in its charter)
  
        Delaware			              1-9874				               94-2213782
        (State of other		        (Commission File			      (IRS Employer
        jurisdiction of			       Number)				              Identification No.)
        incorporation)
  
                  302 South 36th Street, Suite 400,			Omaha, NE		68131
                  (Address of principal executive offices)					Zip Code
  
        Registrant's Telephone Number, including area code:  (402) 341-4500	
  
                                  						N/A							
  
  Item 5.  Other Events
  
  	In November 1995, a partially owned indirect subsidiary of the 
  Registrant ,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.
  
  	CE Casecnan is presently indirectly owned as to approximately 35% of its 
  equity by the Registrant and approximately 35% indirectly owned by Peter 
  Kiewit Sons' Inc.  CE Casecnan financed a portion of the costs of the Casecnan 
  Project through the issuance of $125,000,000 of its 11.45% Senior Secured 
  Series A Notes due 2005 and $171,500,000 of its 11.95% Senior Secured Series B 
  Bonds due 2010 and $75,000,000 of its Secured Floating Rate Notes due 2002, 
  pursuant to an indenture dated as of November 27, 1995, as amended to date.
  
  	In its Form 8-K's dated February 25, 1997, and March 28, 1997, the 
  Registrant reported that it had been advised that Hanbo Corporation ("Hanbo"), 
  Hanbo Iron & Steel Company, Ltd. ("Hanbo Steel") and Hanbo Engineering and 
  Construction Co. Ltd. ("HECC") had each filed to seek court receivership 
  protection in South Korea.  The Casecnan Project was being constructed 
  pursuant to a fixed-price, date-certain, turnkey construction contract (the 
  "Hanbo Contract") on a joint and several basis by Hanbo Corporation and HECC, 
  both of which are South Korean corporations.  CE Casecnan announced today that 
  it has terminated the Hanbo Contract and CE Casecnan has entered into a new 
  engineer, procure and construct contract to complete the construction of the 
  Casecnan Project.  A copy of the press release issued by the Registrant is set 
  forth as Exhibit 1 hereto and is incorporated herein by reference.  The Hanbo 
  Contract has been terminated because of events of default under the contract 
  including the fact that both HECC and Hanbo have filed for court receivership 
  protection in the Republic of Korea.  In connection with the Hanbo Contract 
  termination, CE Casecnan made a draw 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.  If KFB were to fail to honor its obligations under 
  the Casecnan letter of credit, such action could have a material adverse 
  effect on the Casecnan Project and CE Casecnan.
  
  	CE Casecnan 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. 
  
  Item 7.  Financial Statements and Exhibits
  
  Exhibit 1 - Press Release dated May 7, 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.
  
  						CalEnergy Company, Inc.
  
  						By:   \s\Douglas L. Anderson	
  							   Douglas L. Anderson
  							   Assistant Secretary and
  							   Assistant General Counsel
  							   (U.S. and Corporate)	
  								
  
  Dated: May 7, 1997
  
  Exhibit 1
  FOR IMMEDIATE RELEASE
  
  John G. Sylvia - Senior Vice President, Chief Financial Officer	402-341-4500
  Jeffrey S. Laudin - Manager, Investor Relations	402-341-4500
  
  CalEnergy Announces
  CE Casecnan Enters Into New EPC Contract
  
  OMAHA, NEBRASKA, May 7, 1997 - CalEnergy Company, Inc. ("CalEnergy") 
  (NYSE, PSE and LSE Symbol:  CE) announced today that CE Casecnan Water and 
  Energy Company, Inc. ("CE Casecnan"), a partially owned indirect subsidiary of 
  CalEnergy, has terminated its turnkey engineering, procurement and 
  construction contract with Hanbo Engineering & Construction Co., Ltd. ("HECC") 
  and Hanbo Corporation ("Hanbo") for the construction of the Casecnan project.  
  The contract has been terminated because of events of default under the 
  contract, including the fact that both HECC and Hanbo have filed for court 
  receivership protection in the Republic of Korea.  In connection with the 
  termination, CE Casecnan has made a draw under the Korea First Bank letter of 
  credit provided as security under the contract in order to pay for certain 
  transition costs and other damages under the contract.
  
  CE Casecnan has also entered into a new turnkey engineering, procurement 
  and construction contract to complete the construction of the Casecnan 
  project.  The work will be conducted by a consortium of contractors and 
  subcontractors including affiliates of Siemens A.G., Sulzer Hydro Ltd., Black 
  & Veatch and Colenco Power Engineering Ltd. and will be headed by affiliates 
  of Cooperativa Muratori Cementisti CMC di Ravenna and Impressa Pizzarotti & C. 
  Spa.  According to David L. Sokol, Chairman and Chief Executive Officer of 
  CalEnergy, "We are delighted that CE Casecnan has reached an agreement to have 
  this fine group of companies complete the construction of the Casecnan 
  project.  The new agreement reflects CE Casecnan's determination to ensure 
  completion of this important project and to supply needed electricity and 
  irrigation water to the people of the Philippines."
  
  CE Casecnan's proposed combined irrigation and 150 MW capacity 
  hydroelectric project is located on the island of Luzon in the Republic of the 
  Philippines.  The project will sell electricity and water to the Philippine 
  National Irrigation Administration.
  
  	CalEnergy, which manages and owns interests in over 5,000 net MW of 
  power generation facilities in operation, construction and development 
  worldwide, currently operates 19 generating facilities and also supplies and 
  distributes electricity to 1.5 million customers.
  
  # # #