content: Securities and Exchange Commission
  
                           Washington, DC  20549
  
                                 Form 8-K
  
                              Current Report
  
                  Pursuant to Section 13 to 15(d) of the
                       Securities Exchange Act 1934
  
  
                     Date of Report August 15, 1994  
                     (Date of earliest event reported)
  
  
                  California Energy 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)   
  
  
  
        10831 Old Mill Road       Omaha, Nebraska         68154         
  (Address of principal executive offices)               Zip Code
  
  
  
  Registrant's Telephone Number, including area code: (402)330-8900
  
  
  
                             N/A                                        
       (Former name or former address, if changed since last report)
  
       ITEM 5.  Other Events
  
        On August 15, 1994 the Registrant announced the close of the
  financing for its 180 MW Mahanagdong geothermal power project
  located on the island of Leyte in the Philippines.  The total
  project cost for the facility is approximately $320 million with
  the capital structure consisting of a term loan of $240 million
  provided by Export-Import Bank of the U.S. ("Ex-Im") and the
  Overseas Private Investment Corporation ("OPIC") and
  approximately $80 million of equity contributions ($40 million to
  be provided by the Registrant from existing cash).  OPIC will
  insure the Registrant's equity contribution against political
  risks.  The construction debt financing will be provided by a
  consortium of lenders through a facility directed by Bank of
  America NT&SA.  The lenders are: OPIC, $40 million; Bank of
  America NT&SA, $20 million; the Registrant's wholly-owned finance
  company and subsidiary, American Pacific Finance Company
  ("APFC"), $172 million.  Funding for APFC construction debt
  financing will be provided from the Registrant's existing cash
  balances.  In the future, the APFC construction loan may be
  syndicated to other international commercial banks.  The debt
  provided by APFC and the commercial banks will be insured against
  political risks by Ex-Im.
  
        The Mahanagdong geothermal power project will be built,
  owned and operated by CE Luzon Geothermal Power Company, a
  Philippine corporation.  The anticipated post-completion
  ownership structure will be 45% by the Registrant, 45% by Kiewit
  Energy Company, the Registrant's major shareholder, and up to 10%
  by another industrial company.  A consortium comprised of Kiewit
  Construction Group, Inc. (with an 80% interest) and The Ben Holt
  Co. (with a 20% interest) will function as the contractor for the
  project under a turnkey, fixed price, date certain agreement. 
  The Ben Holt Co. is a wholly-owned engineering subsidiary of the
  Registrant.
  
         A copy of the press release issued by the Registrant is set
  forth as Exhibit 1 hereto and is incorporated herein by
  reference.  
  
  
  
  ITEM 7.  Financial Statements and Exhibits
        
        Exhibit 1 - Press Release dated August 15, 1994.     
  
  
                             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.
  
                                  California Energy Company, Inc.
  
  
  
                                  By:   /s/Steven A. McArthur           
                                        Steven A. McArthur
                                        Senior Vice President
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metadata_filer: {"company-data": {"conformed-name": "CALIFORNIA ENERGY CO INC", "cik": "0000720556", "assigned-sic": "4961", "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": "94544632"}, "business-address": {"street1": "10831 OLD MILL RD STE 900", "city": "OMAHA", "state": "NE", "zip": "68154", "phone": "4023308900"}, "mail-address": {"street1": "10831 OLD MILL ROAD", "city": "OMAHA", "state": "NE", "zip": "68154"}}
text: Securities and Exchange Commission
  
                           Washington, DC  20549
  
                                 Form 8-K
  
                              Current Report
  
                  Pursuant to Section 13 to 15(d) of the
                       Securities Exchange Act 1934
  
                     Date of Report August 15, 1994  
                     (Date of earliest event reported)
  
                  California Energy 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)   
  
        10831 Old Mill Road       Omaha, Nebraska         68154         
  (Address of principal executive offices)               Zip Code
  
  Registrant's Telephone Number, including area code: (402)330-8900
  
                             N/A                                        
       (Former name or former address, if changed since last report)
  
       ITEM 5.  Other Events
  
        On August 15, 1994 the Registrant announced the close of the
  financing for its 180 MW Mahanagdong geothermal power project
  located on the island of Leyte in the Philippines.  The total
  project cost for the facility is approximately $320 million with
  the capital structure consisting of a term loan of $240 million
  provided by Export-Import Bank of the U.S. ("Ex-Im") and the
  Overseas Private Investment Corporation ("OPIC") and
  approximately $80 million of equity contributions ($40 million to
  be provided by the Registrant from existing cash).  OPIC will
  insure the Registrant's equity contribution against political
  risks.  The construction debt financing will be provided by a
  consortium of lenders through a facility directed by Bank of
  America NT&SA.  The lenders are: OPIC, $40 million; Bank of
  America NT&SA, $20 million; the Registrant's wholly-owned finance
  company and subsidiary, American Pacific Finance Company
  ("APFC"), $172 million.  Funding for APFC construction debt
  financing will be provided from the Registrant's existing cash
  balances.  In the future, the APFC construction loan may be
  syndicated to other international commercial banks.  The debt
  provided by APFC and the commercial banks will be insured against
  political risks by Ex-Im.
  
        The Mahanagdong geothermal power project will be built,
  owned and operated by CE Luzon Geothermal Power Company, a
  Philippine corporation.  The anticipated post-completion
  ownership structure will be 45% by the Registrant, 45% by Kiewit
  Energy Company, the Registrant's major shareholder, and up to 10%
  by another industrial company.  A consortium comprised of Kiewit
  Construction Group, Inc. (with an 80% interest) and The Ben Holt
  Co. (with a 20% interest) will function as the contractor for the
  project under a turnkey, fixed price, date certain agreement. 
  The Ben Holt Co. is a wholly-owned engineering subsidiary of the
  Registrant.
  
         A copy of the press release issued by the Registrant is set
  forth as Exhibit 1 hereto and is incorporated herein by
  reference.  
  
  ITEM 7.  Financial Statements and Exhibits
        
        Exhibit 1 - Press Release dated August 15, 1994.     
  
                             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.
  
                                  California Energy Company, Inc.
  
                                  By:   /s/Steven A. McArthur           
                                        Steven A. McArthur
                                        Senior Vice President