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 August 27, 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
   (Former name or former address, if changed since last report)
  Item 5.  Other Events
  
       On August 27, 1997, the Registrant announced  that CE
  Casecnan Water and Energy Company, Inc. ("CE Casecnan"), a
  Philippine subsidiary of the Registrant,  has received a
  favorable summary judgment ruling in New York State Court against
  Korea First Bank.  The judgment, which is subject to appeal by
  the bank, requires Korea First Bank to honor a $79,329,000
  drawing by CE Casecnan on a $117,850,000 irrevocable standby
  letter of credit.  The letter of credit had been issued as
  security for the obligations of Hanbo Engineering & Construction
  Co., Ltd. and Hanbo Corporation (collectively "Hanbo") under a
  turnkey engineering, procurement and construction contract for
  the Casecnan project which was terminated by CE Casecnan in May
  due to multiple defaults by Hanbo, including Hanbo's insolvency.
  A press release issued by CE Casecnan is attached hereto and
  incorporated herein by reference.
  
  
  
  Item 7.  Financial Statements and Exhibits
  
       Exhibit 1 - Press Release dated August 27, 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
  
  
  
  
  Dated: August 27, 1997
  Exhibit 1
  
  
  FOR IMMEDIATE RELEASE
                                  
                                  
  Craig M. Hammett - Vice President, Chief Financial Officer    402-341-4500
  Jeffrey S. Laudin - Manager, Investor Relations               402-341-4500
  
            CE CASECNAN OBTAINS SUMMARY JUDGMENT AGAINST
              KOREA FIRST BANK ON LETTER OF CREDIT DRAW
  
       Manila, Philippines, August 27, 1997:  CE Casecnan Water and
  Energy Company, Inc. ("CE Casecnan"), a 35% owned affiliate of
  CalEnergy Company, Inc. ("CalEnergy") (NYSE, PSE, and LSE Symbol:
  CE) announced today that it has received a favorable summary
  judgment ruling in New York State Court against Korea First Bank.
  The judgment, which is subject to appeal by the bank, requires
  Korea First Bank to honor a $79,329,000 drawing by CE Casecnan on
  a $117,850,000 irrevocable standby letter of credit.  The letter
  of credit had been issued as security for the obligations of
  Hanbo Engineering & Construction Co., Ltd. and Hanbo Corporation
  (collectively "Hanbo") under a turnkey engineering, procurement
  and construction contract for the Casecnan project which was
  terminated by CE Casecnan in May due to multiple defaults by
  Hanbo, including Hanbo's insolvency.
  
       Donald M. O'Shei, Jr., Chief Executive Officer of CE
  Casecnan, said:  "We are pleased to have received this favorable
  court ruling requiring Korea First Bank to honor the draw made by
  CE Casecnan on the irrevocable, standby letter of credit issued
  by the bank to support Hanbo's obligations to CE Casecnan.  While
  our replacement contractor has mobilized and is already
  proceeding with work on the important Casecnan project in the
  Philippines, the receipt of the letter of credit funds from Korea
  First Bank remains essential to the completion of the project and
  we will continue to press for Korea First Bank to honor its clear
  obligations under the letter of credit and make prompt payment.
  It is essential that international lending institutions honor
  their obligations under standby letters of credit and we believe
  it is virtually unprecedented that Korea First Bank has failed to
  comply with customary banking practices and failed to honor its
  letter of credit obligations to date.  However, if Korea First
  Bank chooses to appeal this court ruling and thereby further
  delay CE Casecnan's receipt of the requested funds, we intend to
  pursue Hanbo and Korea First Bank for all additional damages
  arising out of such actions as well as their actions to date,
  including making such additional draws as may be required on the
  remaining balance of the letter of credit."
  
       CE Casecnan's proposed combined irrigation and 150MW
  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.
  
                                # # #
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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": "97671574"}, "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 August 27, 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
   (Former name or former address, if changed since last report)
  Item 5.  Other Events
  
       On August 27, 1997, the Registrant announced  that CE
  Casecnan Water and Energy Company, Inc. ("CE Casecnan"), a
  Philippine subsidiary of the Registrant,  has received a
  favorable summary judgment ruling in New York State Court against
  Korea First Bank.  The judgment, which is subject to appeal by
  the bank, requires Korea First Bank to honor a $79,329,000
  drawing by CE Casecnan on a $117,850,000 irrevocable standby
  letter of credit.  The letter of credit had been issued as
  security for the obligations of Hanbo Engineering & Construction
  Co., Ltd. and Hanbo Corporation (collectively "Hanbo") under a
  turnkey engineering, procurement and construction contract for
  the Casecnan project which was terminated by CE Casecnan in May
  due to multiple defaults by Hanbo, including Hanbo's insolvency.
  A press release issued by CE Casecnan is attached hereto and
  incorporated herein by reference.
  
  Item 7.  Financial Statements and Exhibits
  
       Exhibit 1 - Press Release dated August 27, 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
  
  Dated: August 27, 1997
  Exhibit 1
  
  FOR IMMEDIATE RELEASE
                                  
                                  
  Craig M. Hammett - Vice President, Chief Financial Officer    402-341-4500
  Jeffrey S. Laudin - Manager, Investor Relations               402-341-4500
  
            CE CASECNAN OBTAINS SUMMARY JUDGMENT AGAINST
              KOREA FIRST BANK ON LETTER OF CREDIT DRAW
  
       Manila, Philippines, August 27, 1997:  CE Casecnan Water and
  Energy Company, Inc. ("CE Casecnan"), a 35% owned affiliate of
  CalEnergy Company, Inc. ("CalEnergy") (NYSE, PSE, and LSE Symbol:
  CE) announced today that it has received a favorable summary
  judgment ruling in New York State Court against Korea First Bank.
  The judgment, which is subject to appeal by the bank, requires
  Korea First Bank to honor a $79,329,000 drawing by CE Casecnan on
  a $117,850,000 irrevocable standby letter of credit.  The letter
  of credit had been issued as security for the obligations of
  Hanbo Engineering & Construction Co., Ltd. and Hanbo Corporation
  (collectively "Hanbo") under a turnkey engineering, procurement
  and construction contract for the Casecnan project which was
  terminated by CE Casecnan in May due to multiple defaults by
  Hanbo, including Hanbo's insolvency.
  
       Donald M. O'Shei, Jr., Chief Executive Officer of CE
  Casecnan, said:  "We are pleased to have received this favorable
  court ruling requiring Korea First Bank to honor the draw made by
  CE Casecnan on the irrevocable, standby letter of credit issued
  by the bank to support Hanbo's obligations to CE Casecnan.  While
  our replacement contractor has mobilized and is already
  proceeding with work on the important Casecnan project in the
  Philippines, the receipt of the letter of credit funds from Korea
  First Bank remains essential to the completion of the project and
  we will continue to press for Korea First Bank to honor its clear
  obligations under the letter of credit and make prompt payment.
  It is essential that international lending institutions honor
  their obligations under standby letters of credit and we believe
  it is virtually unprecedented that Korea First Bank has failed to
  comply with customary banking practices and failed to honor its
  letter of credit obligations to date.  However, if Korea First
  Bank chooses to appeal this court ruling and thereby further
  delay CE Casecnan's receipt of the requested funds, we intend to
  pursue Hanbo and Korea First Bank for all additional damages
  arising out of such actions as well as their actions to date,
  including making such additional draws as may be required on the
  remaining balance of the letter of credit."
  
       CE Casecnan's proposed combined irrigation and 150MW
  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.
  
                                # # #