SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
            ----------------------------------------------------

                AMENDMENT NO. 1 ON FORM 10-K/A TO FORM 10-K

(mark one)
[ X ]   Annual Report Pursuant to Section 13 or 15(d) of the Securities
        Exchange Act of 1934 for the fiscal year ended October 3, 1998.

[   ]   Transition Report Pursuant to Section 13 or 15(d) of the
        Securities Exchange Act of 1934.

                         Commission file number 1-13572

                            THERMO ECOTEK CORPORATION
             (Exact name of Registrant as specified in its charter)

Delaware                                                             04-3072335
(State or other jurisdiction               (I.R.S. Employer Identification No.)
of incorporation or organization)

245 Winter Street
Waltham, Massachusetts                                              02454-9046
(Address of principal executive offices)                            (Zip Code)

     Registrant's telephone number, including area code: (781) 622-1000

        Securities registered pursuant to Section 12(b) of the Act:

      Title of each class                 Name of exchange on which registered
   Common Stock, $.10 par value               American Stock Exchange


        Securities registered pursuant to Section 12(g) of the Act:
                                      None

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months, and (2) has been subject to the filing requirements for
at least the past 90 days. Yes [ X ] No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference into Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]

The aggregate market value of the voting stock held by nonaffiliates of the
Registrant as of October 30, 1998, was approximately $25,316,000.

As of October 30, 1998, the Registrant had 35,927,771 shares of Common Stock
outstanding.

                       DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant's Annual Report to Shareholders for the fiscal year
ended October 3, 1998, are incorporated by reference into Parts I and II.

Portions of the Registrant's definitive Proxy Statement for the Annual Meeting
of Shareholders to be held on March 10, 1999, are incorporated by reference into
Part III.

<PAGE>


                                                                     FORM 10-K/A

                                     PART IV

Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K

(c)      Exhibits

         13 Annual Report to Shareholders for the fiscal year ended October 3,
            1998 (only those portions incorporated herein by reference).

         23 Consent of Arthur Andersen LLP.

<PAGE>


                                                                    

                            THERMO ECOTEK CORPORATION

                                   SIGNATURES

    Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Amendment No. 1 on
Form 10-K/A to be signed on its behalf by the undersigned, thereunto duly
authorized.

Date:  January 13, 1999

                                               THERMO ECOTEK CORPORATION



                                               By:  /s/ Paul F. Kelleher
                                                    Paul F. Kelleher
                                                    Chief Accounting Officer