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CECI AGREES TO ACQUIRE DEVELOPMENT RIGHTS TO YUMA COGENERATION PROJECT

 CECI AGREES TO ACQUIRE DEVELOPMENT RIGHTS
 TO YUMA COGENERATION PROJECT
 OMAHA, Neb., July 16 /PRNewswire/ -- California Energy Company, Inc. (AMEX, LSE: CE) announced today that it has entered into an agreement in principle with Bonneville Pacific Corporation for the purchase of a 75 percent interest in a 50 megawatt natural gas-fueled cogeneration development project located in Yuma, Ariz.
 Bonneville Pacific Corporation is currently in reorganization under Chapter 11 of the Bankruptcy Code. Subject to the negotiation and execution of final documentation, the Bankruptcy Court has approved the transaction. When the transaction is consummated, CECI will obtain a 75 percent interest in and become the managing partner of a partnership owning the development rights to the project, including the proposed plant site, Standard Offer No. 2 power purchase contract with San Diego Gas and Electric Company, and other assets relating to the facility. Bonneville Pacific will retain the remaining 25 percent interest in the project.
 "We are delighted to have reached this agreement in principle to buy the Yuma Project. This is an encouraging step in our company's plan to expand its development activities beyond geothermal into additional areas of environmentally responsible power generation," said Tom Mason, vice president, Project Development and Operations at CECI. "While there are still several development issues remaining, we hope to bring the project on line by mid 1994," said Mason.
 California Energy Company develops environmentally responsible power generating facilities. The company operates five geothermal facilities currently producing in excess of 250 megawatts.
 -0- 7/16/92
 /CONTACT: Richard Jaros, 402-330-8900, or David Cox, 402-330-8900, both of California Energy/
 (CE) CO: California Energy Company, Inc.; Bonneville Pacific Corporation ST: Nebraska; Arizona IN: UTL SU: TNM


AL -- MN012 -- 9936 07/16/92 16:10 EDT
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Publication:PR Newswire
Date:Jul 16, 1992
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