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CALIFORNIA ENERGY MAKES UNOCAL AND YUMA PROPERTY ACQUISITIONS AND SIGNS POWER SALES MOU WITH BPA/EWEB

 OMAHA, Neb., Jan. 5 /PRNewswire/ -- California Energy Company, Inc. (AMEX, PSE Symbol: CE) announced today that it has signed a definitive purchase contract to acquire Unocal's Medicine Lake/Glass Mountain geothermal properties in Northern California. Richard Jaros, California Energy's President, stated: "In our view, Medicine Lake represents the finest undeveloped geothermal reservoir in the West. This acquisition of Unocal's leases, together with our other developmental activities in the Pacific Northwest, demonstrates our commitment to being the leading developer of environmentally sound power facilities in the region."
 In other development news, regarding California Energy's ongoing 30 MW geothermal development project with Bonneville Power Administration ("BPA") located at Newberry Volcano in Oregon, the Company reported it has completed its negotiations with and signed a Memorandum of Understanding ("MOU") with BPA and EWEB for the sale of power from that facility, which is proposed to be placed in commercial operation late in 1996. Under the terms of the MOU, BPA and EWEB will participate in the development of the project. Following completion of the environmental and permitting activities, the parties will execute power sales contracts for the entire project output in a form already negotiated.
 Lastly, California Energy reported that it consummated the acquisition of the remaining 25 percent interest in a development-stage 50 MW gas fired cogeneration project located in Yuma, Arizona from Bonneville Pacific Corporation. This provides California Energy with 100 percent ownership of the project which will sell power to San Diego Gas & Electric Company under a 30 year Standard Offer No. 2 contract.
 California Energy Company develops environmentally responsible power generating facilities internationally. The company operates five facilities currently producing in excess of 250 megawatts.
 -0- 1/5/93
 /CONTACT: Richard Jaros, president and chief operating officer, or John Sylvia, vice president and chief financial officer, or Don O'Shei, Sr., vice president, all of California Energy Company Inc., 402-330-8900/
 (CE)


CO: California Energy Company, Inc. ST: Nebraska IN: UTI SU: TNM

TM-LD -- NY008 -- 1536 01/05/93 08:00 EST
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Publication:PR Newswire
Date:Jan 5, 1993
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