EXHIBIT 99.1

Date: June 24, 2002

Contact:  Susan O. Flaim                 John K. Nicksich
          Media                          Media
          801-584-7077                   801-584-6367
          Susan.o.flaim@williams.com     John.nicksich@williams.com


                     Kern River Secures Expansion Financing

     Salt Lake City -- Kern River Gas  Transmission  Company closed financing on
Friday,  June 21, 2002, for $875 million,  which completes all necessary funding
to fully support  construction  of the 2003 Kern River Expansion  Project.  Lead
lenders  include  Credit  Suisse  First  Boston,  Commerzbank  and Union Bank of
California.  Credit  ratings of A- and Baa1 were received from Standard & Poor's
and Moody's, respectively.

     "By closing the financing on this important project in the current economic
climate, Kern River and its lenders have once again affirmed Kern River's unique
position  and  critical  value to a growing  and  dynamic  natural gas market in
California, Nevada and Utah," said Robert Sluder, president of Kern River.

     The $1.2 billion  expansion  project will be financed  with 70 percent debt
and 30 percent  equity.  The 2003  expansion will more than double the amount of
natural gas transported on the Kern River system. The project includes placing a
second  natural  gas  pipeline  in the  right-of-way  adjacent  to the  existing
pipeline,  constructing three new compressor stations and installing  additional
compression and modifications at six existing  facilities.  When completed,  the
Kern River system will be able to transport approximately 1.7 billion cubic feet
per day. Kern River has executed  binding  agreements with shippers for over 900
million cubic feet per day of incremental service.

     It is anticipated the Federal Energy Regulatory Commission will issue final
approvals  in time for  construction  to begin in  summer  2002 to meet a May 1,
2003, facilities in-service date.

     Kern River Gas Transmission Company owns and operates a 926-mile interstate
natural gas pipeline between southwestern Wyoming and southern California.  With
headquarters in Salt Lake City, Kern River Secures Expansion Financing



Kern River  currently  delivers  more than 845.5  million  cubic feet per day of
natural gas to expanding markets in Utah, Nevada and California. Kern River is a
subsidiary of MidAmerican Energy Holdings Company.

     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 of America,  the company's wholly owned  residential real estate
brokerage business, is available on the Internet at www.homeservices.com.