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
August 6, 2001
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Date of Report (Date of Earliest Event Reported)
MidAmerican Energy Holdings Company
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(Exact Name of Registrant as Specified in Charter)
Iowa 0-25551 94-2213782
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(State or Other Jurisdiction Commission File (IRS Employer
of Incorporation) Number) Identification No.)
666 Grand Avenue
Des Moines, Iowa 50309
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(Address of Principal Executive Offices and Zip Code)
(515) 242-4300
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(Registrant's Telephone Number, Including Area Code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
The Registrant today announced that its Northern Electric subsidiary,
located in Newcastle, England, agreed to exchange its electricity and gas supply
and metering business for Innogy's Yorkshire Electricity distribution business.
The transaction is expected to close in approximately two to three months.
A copy of the press release announcing the transaction is filed as Exhibit 99.1
hereto and is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
Exhibit 99.1 - MidAmerican Energy Holding Company's Press Release dated August
6, 2001.
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.
Date: August 6, 2001
MIDAMERICAN ENERGY HOLDINGS
COMPANY
By: /s/Paul J. Leighton
Name: Paul J. Leighton
Title: Vice President, Assistant
General Counsel and Assistant
Secretary
Exhibit Index
Exhibit Description
99.1 Press Release, dated August 6, 2001.
EX-99
2
EXHIBIT 99.1 - PRESS RELEASE
FOR IMMEDIATE RELEASE
For more information, contact:
Kevin Waetke, Director of Corporate Communications (515) 281-2785
MidAmerican Energy Holdings Company Expands U.K. Distribution Presence;
Company Announces Innovative Business Swap with Innogy
Newcastle, England, U.K. - Aug. 6, 2001 - In an innovative transaction
that plays to the strengths of the two companies, MidAmerican Energy Holdings
Company's Northern Electric subsidiary will swap its electricity and gas supply
and metering business for Innogy's Yorkshire Electricity distribution business.
The transaction is expected to close in approximately two to three months.
The acquisition of Yorkshire's distribution business by Northern
Electric plc will create a company serving more than 3.6 million customers
throughout an area of approximately 10,000 square miles. Both companies have
strong reputations for customer satisfaction and this transaction will provide
the opportunity to build on these reputations by bringing together the skills
and resources of two neighboring distribution businesses to create a strong,
focused business.
Northern Electric's supply business, with approximately 1.4 million
customers and a strong industrial and commercial base, will increase Innogy's
total customer base to approximately 7 million customers. This will reinforce
Innogy's position as the premier electricity supply business in the U.K. and
consolidate its market leadership in the domestic, industrial and commercial and
small business sectors.
"In the continually developing electricity and gas market, it is
becoming increasingly important to focus on your strengths," said Greg Abel,
MidAmerican president. "The supply and distribution sectors are both
consolidating within our industry in order to bring the benefits of scale
required to deliver ever greater customer service. This transaction will provide
our supply business with an opportunity to grow as part of one of the leading
players in the country, and allows us to combine two distribution companies with
much in common to form one of the largest distribution companies in the U.K."
The corporate headquarters of the Northern Electric group of companies
will remain on Tyneside with the network management of the businesses being
conducted, as at present, from both the North East and Yorkshire.
-More-
MidAmerican/Add one
MidAmerican Energy Holdings Company, headquartered in Des Moines, Iowa,
USA, is a privately owned global energy provider. The company has 9,600
employees and provides electric and natural gas service to approximately three
million customers. The company has approximately 10,000 net megawatts of
diversified power generation under ownership, contract and in operation,
construction and advanced development. Information on MidAmerican and its three
principal business platforms, CalEnergy Generation, MidAmerican Energy and
Northern Electric and Gas, is available on the Internet at www.midamerican.com.
Editor's note: The electricity market in the U.K. has been competitive since
enactment of the Electricity Act of 1989. This new legislation allowed for
competition in both the generation and supply, or retail, side of the industry.
The supply business in the U.K. is equivalent to the retail side of electricity
delivery in the U.S., that is, sale of electricity to the end user. Until 1990,
local area electricity boards supplied power to all customers in their immediate
area. During the following eight years, all electric customers were allowed to
buy electricity on a competitive basis through a phased-in approach.
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