Exhibit 99.1
FOR IMMEDIATE RELEASE
For more information, contact:
Kevin Waetke, Director of Corporate Communications                (515) 281-2785


     MidAmerican Energy Holdings Company Closes on Acquisition of Kern River

         Des Moines, Iowa - March 27, 2002 - MidAmerican Energy Holdings Company
today announced it has completed its acquisition of Kern River Gas Transmission
Company from Williams [NYSE: WMB]. Kern River is a 926-mile interstate pipeline
transporting Rocky Mountain and Canadian natural gas to markets in California,
Nevada and Utah.
         "While this is MidAmerican's first entry into the interstate natural
gas transmission business, it is a logical extension of our current energy
businesses," said David L. Sokol, chairman and chief executive officer of
MidAmerican Energy Holdings Company. "Kern River is clearly one of the best
operating natural gas transmission lines in the country. We see this acquisition
as the perfect way to enter this segment of the industry and, by working with
Kern River's existing management staff, to grow this company well into the
future."
         MidAmerican will continue the planned expansion of the Kern River
system, a project that will more than double the pipeline's capacity. The value
of the pipeline, together with the planned expansion project, exceeds $2
billion.
         The transaction was announced on March 7 and received prompt approval.
Upon completion of the expansion project, expected in May 2003, Kern River will
be capable of transporting 1.7 billion cubic feet of natural gas per day. When
converted to electricity, that is enough energy to power approximately 10
million homes.
         In addition to the acquisition of the Kern River system, MidAmerican
completed its purchase of $275 million of 9-7/8 percent cumulative convertible
preferred stock of Williams.
         MidAmerican was advised by Credit Suisse First Boston on this
transaction.
         MidAmerican Energy Holdings Company is based in Des Moines, Iowa, and
is a privately owned global provider of energy services. Through its
energy-related business platforms - CalEnergy Generation, Kern River Gas
Transmission Company, MidAmerican Energy, and Northern and Yorkshire Electric -
MidAmerican provides electric and natural gas service to 5 million customers
worldwide. Information on MidAmerican is available on the Internet at
www.midamerican.com. Information on HomeServices, the company's wholly owned
residential real estate brokerage business, is available on the Internet at
www.homeservices.com.