CE CASECNAN WATER & ENERGY CO INC
8-K, 2001-01-19
ELECTRIC SERVICES
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                       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): January 19, 2001



                   CE Casecnan Water and Energy Company, Inc.

             (Exact name of registrant as specified in its charter)




Philippines                       1-12995               Not Applicable
-----------------------------------------------------------------------------
(State or other jurisdiction    (Commission              (IRS Employer
of incorporation)               File Number)           Identification No.)




24th Floor, 6750 Building, Ayala Avenue, Makati,
              Metro Manila Philippines                      Not Applicable
     (Address of principal executive offices)                 (Zip Code)




Registrant's telephone number, including area code:  (632) 892-0276
                                                     ---------------


                                      N/A

         (Former name or former address, if changed since last report.)

<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 thereunto duly authorized.


                                      CE Casecnan Water and Energy Company, Inc.


Date:  January 19, 2001                By:    /s/  Paul J. Leighton
                                              ------------------------
                                              Paul J. Leighton
                                              Secretary




<PAGE>

Item 5.  Other Events

Recent  demands for the  resignation  of  President  Estrada  together  with the
resignations  of cabinet  members  and other key  governmental  officials  could
result  in  a  change  in  the  near  future  in  the   Presidency  and  overall
administration  of the  government  of the Republic of the  Philippines.  Such a
change is not expected  to, but could,  adversely  affect CE Casecnan  Water and
Energy  Company,  Inc. (the  "Company"),  which is  constructing a multi-purpose
irrigation and 150 megawatt hydroelectric power facility project (the "Project")
on the island of Luzon.

The Company expects the Republic of the Philippines and the National  Irrigation
Administration  ("NIA")  to abide by the  terms  of  their  agreements  with the
Company as they relate to the Project.  The NIA is obligated to make payments to
the Company for water and  electricity  fees and the Republic of the Philippines
has a related sovereign performance undertaking. Although the obligations of the
NIA and the Republic of the  Philippines  under these  agreements  are in no way
dependent on maintaining any particular Philippine government  administration in
place, it is possible, however, that the Philippine government uncertainty could
have an adverse impact on the Project.



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