CALENERGY ANNOUNCES FEDERAL COURT RULING PERMITTING NYSEG SHAREHOLDERS TO DECIDE ON TENDER OFFER TENDER OFFER SCHEDULED TO EXPIRE AT MIDNIGHT TONIGHT NEW YORK, Aug. 14 /PRNewswire - AsiaNet/ -- CalEnergy Company, Inc. (NYSE: CE; PSE; LSE) ("CalEnergy") announced today that the U.S. Federal District Court for the Southern District of New York had denied NYSEG's request for a preliminary injunction regarding CalEnergy's pending tender offer for 9.9% of NYSEG shares. Commenting on the ruling, CalEnergy made the following statement: "We are pleased with today's ruling which clears the way for us to consummate our pending cash tender offer for 9.9% of NYSEG shares, which is scheduled to expire at 12:00 midnight tonight. We are particularly gratified that a Federal Court has ruled to vindicate our position regarding NYSEG's frivolous lawsuit; thereby putting an end to current attempts by NYSEG's management to interfere with their own shareholders' right to accept our offer. It is unfortunate however, that these tactics by NYSEG management have created confusion in the marketplace through the final day of our pending 9.9% tender offer. "It is now up to the NYSEG shareholders to decide on our offer and tender their shares by midnight tonight." CalEnergy, which manages and owns interests in over 5,000 net MW of power generation facilities in operation, construction and development worldwide, currently operates 20 generating facilities and also supplies and distributes electricity to 1.5 million customers SOURCE CalEnergy Company, Inc. /CONTACT: Patti McAtee, Director, Corporate Communications of CalEnergy, 402-341-4500; or Joele Frank of Abernathy MacGregor, 212-371-5999, for CalEnergy/ (CE)