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**EXHIBIT      10.1**

**STIPULATION        AND AGREEMENT**

**Article        I **
**Introduction**

**Article        II – Purpose**

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**Article        III – Ratemaking Principles and Ratemaking Provisions**

| **Topic**                                                  |   | **Ratemaking                  Principle**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| **Iowa                  Jurisdictional Allocation**        |   | The                  Wind IV Iowa Projects will be allocated to Iowa in the same manner                  as the                  Greater Des Moines Energy Center, Council Bluffs Energy Center                  Unit No. 4,                  and authorized prior wind projects that were addressed in Dockets                  SPU-05-9                  and SPU-05-12.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| **Economic                  Test for Qualifying Projects** |   | Each                  Wind IV Iowa Project that, at a minimum, is projected                  to earn its revenue requirement, including its allowed cost of                  capital                  shall qualify for rate treatment under                  these ratemaking principles.  In order to determine if a project                  so qualifies, a conventional revenue requirement will be calculated                  for                  each proposed project, levelized and then converted to a cents                  per kWh                  basis.  In turn, the incremental benefits (revenues) of the                  project, converted to a comparable cents per kWh basis, will be                  subtracted                  from the revenue requirement.  If the net result is a positive                  cents                  per kWh (i.e., the costs exceed the benefits), the project will                  be deemed                  to not earn its revenue requirement and will not qualify for rate                  treatment under these ratemaking principles.  On the other hand,                  if the net result is                  zero or a negative cents per kWh (i.e., the benefits equal or exceed                  the                  costs), the project will be deemed to earn its revenue requirement                  and                  will qualify for rate treatment under these ratemaking                  principles.  MidAmerican will perform the above-mentioned                  economic test in good faith using reasonable estimates of projected                  costs and other                  reasonable assumptions and the test will be completed                  prior to the decision to construct a project at any particular                  site or                  sites. In                  the event that actual capital costs of a Wind IV Iowa Project are                  lower                  than the projected capital costs, rate base shall consist of actual                  costs.  In the event that actual capital costs exceed the                  capital expenditures that would result in the economic evaluation                  greater                  than zero as defined in                  the above paragraph, MidAmerican shall be required to establish                  the                  prudence and reasonableness of such excess before it can be included                  in                  rates. |
| **Size                  Cap**                              |   | The                  ratemaking principles shall be applicable to all new wind capacity                  up to                  540 MW placed into service on or before December 31, 2013, and                  not                  currently in service, except                  for the 123 MW Pomeroy Project currently under development, which                  is being                  completed under ratemaking principles approved in Docket No.                  RPU-05-4.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

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| **Depreciation**                                                                                     |   | The                  depreciation life of each Wind IV Iowa Project for ratemaking purposes                  shall be 20 years.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| **Return                  on Equity**                                                                |   | The                  allowed return on common equity investment (ROE) on                  the portion of the Wind IV Iowa Projects included in Iowa electric                  rate                  base shall be 11.7%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| **Renewable                  Energy and CO2                  Credits and                  the Like** |   | The                  Iowa jurisdictional portion of any revenues from the sale of renewable                  energy credits, carbon dioxide credits or other environmentally                  related                  benefits associated with each Wind IV Iowa Project shall be recorded                  above-the-line, in FERC accounts 456 and 411.8, by MidAmerican,                  through                  the 20-year depreciation life of such Projects (and thereafter                  as ordered by the Board in a contested case proceeding), and for                  the                  duration of the Stipulation and Settlement in Docket No. RPU-03-1,                  such                  revenues and benefits shall be recorded in the accounts specified                  in                  Appendix 2 and included in the revenue sharing calculations                  of items “g” and “h” of, the Stipulation and Settlement in that                  docket.                                                                                  |
| **Federal                  Production Tax Credit**                                                   |   | The                  Iowa jurisdictional portion of any federal production tax credits                  associated with each Wind IV Iowa Project shall                  be recorded above-the-line, in FERC account 409.1, by                  MidAmerican, through the 20-year depreciation life of such Projects                  (and                  thereafter as ordered by the Board in a contested case proceeding),                  and                  for the duration of the Stipulation and Settlement in Docket No.                  RPU-03-1,                  such federal production tax credits shall be recorded in the accounts                  specified in Appendix 2 and included in the revenue sharing calculations                  of items “g” and “h” of the Stipulation and Settlement in that                  docket.                                                                                                                                                                                                                            |
| **Wholesale                  Sales Revenue**                                                         |   | Through                  the revenue sharing calculation for calendar year 2013, the Iowa                  jurisdictional portion of wholesale sales revenue associated with                  all                  generating units included in MidAmerican’s Iowa jurisdictional electric                  rate base (including the Wind IV Iowa Projects) shall be recorded                  above-the-line in the accounts specified in Appendix 2 and included                  in the                  revenue sharing calculations of items “g” and “h” of the Stipulation and                  Settlement in Docket No. RPU-03-1.  Thereafter, the ratemaking                  treatment of the Iowa jurisdictional portion of wholesale sales                  revenue                  associated with all generating units included in MidAmerican’s Iowa                  jurisdictional electric rate base (including the Wind IV Iowa Projects)                  shall be determined by the Board in a contested case                  proceeding. |

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| **Topic**                                                                                                                                                                                                              |   | **Ratemaking                  Provision**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
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| **Renewable                  Energy and CO2                  Credits and                  the Like (for existing MidAmerican wind generation covered by prior                  Board-approved ratemaking principles)** |   | The                  Iowa jurisdictional portion of any revenues from the sale of renewable                  energy credits, carbon dioxide credits or other environmentally                  related                  benefits associated with each wind power generation project covered                  by                  settlements approved by the Board in Docket Nos. RPU-05-4, RPU-04-3,                  RPU-03-1 shall be recorded above-the-line, in accounts 456 and                  411.8, by                  MidAmerican, through the 20-year depreciation life of such projects                  (and                  thereafter as ordered by the Board in a contested case proceeding),                  and                  for the duration of the Stipulation and Settlement in Docket No.                  RPU-03-1,                  such revenues and benefits shall be recorded in the accounts specified                  in                  Appendix 2 and included in the revenue sharing calculations of                  items “g”                  and “h” of the Stipulation and Settlement in that                  docket. |
| **Federal                  Production Tax Credit**                                                                                                                                                                     |   | The                  Iowa jurisdictional portion of any federal production tax credits                  associated with each wind power generation project covered by settlements                  approved by the Board in Docket Nos. RPU-05-4, RPU-04-3, RPU-03-1                  shall be                  recorded above-the-line, in FERC account 409.1, by MidAmerican,                  through                  the 20-year depreciation life of such projects (and thereafter                  as ordered                  by the Board in a contested case proceeding), and for the duration                  of the                  Stipulation and Settlement in Docket No. RPU-03-1, such federal                  production                  tax credits shall be recorded in the accounts specified in Appendix                  2 and                  included in the revenue sharing calculations of items “g” and “h” of the                  Stipulation and Settlement in that docket.                                                                                                                                                      |
| **Conditional                  Overall Rate Freeze Extension Through December 31,                  2013**                                                                                                              |   | Subject                  to the conditional exit explained below, neither MidAmerican nor                  the OCA                  shall seek or support a non-revenue neutral electric rate change                  to become                  effective prior to January 1, 2014.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| **Conditional                  Overall Revenue Sharing Extension Through December 31,                  2013**                                                                                                          |   | Subject                  to the modifications described below, revenue sharing as approved                  by the                  Board in Docket No. RPU-03-01 for the years 2006-2010 shall apply                  in                  2013.  The customer portion of any revenue sharing benefits                  generated with respect to the 2013 revenue sharing year shall be                  used to                  reduce the Iowa jurisdictional portion of the investment in the                  Wind IV                  Iowa Projects.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

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| **Condition                  for Exiting Overall Rate Freeze Extension and Modifying Revenue                  Sharing                  Extension**      |   | MidAmerican                  shall be released from its obligation not to seek or support a                  non-revenue                  neutral electric rate change to become effective prior to January                  1, 2014,                  only in the event its projected return on equity for 2013 would                  be below                  10% with such projection to be based upon its 2011 actual Iowa                  jurisdictional electric cost of service plus *pro forma*                  adjustments (to cost of service, rate base, revenues, etc.), including                  *pro forma* adjustments to achieve a reasonable, representative                  and                  recurring level of wholesale margins.  In the rate case                  contemplated above, MidAmerican’s wholesale margins *pro forma*                  adjustments shall not include any sharing between customers and                  shareholders of such wholesale margins, and all such reasonable,                  representative and recurring margins shall be shall be recorded                  above-the-line, in MidAmerican’s proposals in such proceeding. In the                  event MidAmerican seeks such a rate change as a result of this                  condition                  occurring, then in such rate case there shall be no limitations                  or                  requirements with respect to the positions that may be taken by                  the OCA                  and MidAmerican, except that the OCA and MidAmerican shall be required                  to                  honor their settlement obligations as approved and ordered in this                  and in                  the prior Board ratemaking principles determinations, and other                  stipulations/agreements between the OCA and                  MidAmerican. |
| **Revenue                  Sharing Condition Applicable to Any Rate Case for Electric Rates                  to be                  Effective in 2013** |   | In                  the event MidAmerican receives Board approval to increase Iowa                  electric                  rates effective in 2013, the revenue sharing arrangement currently                  in                  effect shall apply in 2013, subject to the following                  modifications:i)                  All Iowa jurisdictional electric operating income, if any, that                  exceeds                  the combined allowed return on common equity established in the                  rate case                  (i.e. the allowed rates of return applicable from ratemaking principle                  decisions and all other rate base weighted as a percentage of total                  rate                  base) shall be subject to revenue sharing.ii)                  The revenue sharing formula shall be as follows: 83.3% of operating                  income                  subject to revenue sharing shall be used to offset Wind IV Iowa                  Projects                  rate base and the remaining 16.7% of operating income shall be                  retained by                  MidAmerican.iii)                  100% of the Iowa jurisdictional portion of wholesale electric margins                  shall be accounted for above-the-line for purposes of these revenue                  sharing calculations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

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| **Quad                  Cities Nuclear Decommissioning Expenses Ratemaking Treatment Through                  2012                  or 2013** |   | Subject                  to regulatory approval, effective January 1, 2007, through December                  31,                  2013 (or December 31, 2012 in the event there is a rate increase                  in 2013),                  there shall be a reduction in decommissioning funding from the                  2006 level                  of $8,299,012 deposited annually into the Quad Cities Nuclear Power                  Stations’ decommissioning trusts funds to a new decommissioning funding                  level, effective January 1, 2007, of $1,595,964.  The remaining                  difference, of $6,703,048 shall be used to reduce east and south                  residential base rates in 2008, to $.089/kWh and to reduce east                  and south                  residential base rates in 2009 to $.088/kWh as approved by the                  Board in                  Docket No. RPU-04-2, or as ultimately required by subsequent Board                  order.  To the extent the amount of the above-mentioned                  reduction in funds contributed annually to the decommissioning                  trusts                  funds exceeds the amount needed to implement the Board-approved                  rate-reductions for south and east zones for residential customers,                  100                  percent of the remaining amount shall be used, during 2007-2013                  (or 2007 -                  2012 in the event there is a rate increase in 2013), to reduce                  the Wind IV                  Iowa Projects investment in rate base (including AFUDC) or the                  investment                  in Council Bluffs Energy Center Unit No. 4 plant (including AFUDC),                  whichever has the highest ROE. |

**Article        IV**
**Joint Motion**

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**Article        V **
**Condition Precedent**

**Article        VI -- Privilege and Limitation**

**Article        VII – Execution**

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**Article        VIII - Modification and Amendment**

**Article        IX **
**Term**

**Article        X – Binding Nature**

**Article        XI -- Further Assurances**

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**Article          XII -- Entire Agreement**

|  MIDAMERICAN                ENERGY COMPANY |   |   |  OFFICE                OF CONSUMER ADVOCATE  |   |
|-------------------------------------------------|--------|--------|---------------------------------------------------|--------|
|                                            |   |   |                                              |   |
| /s/ Dean                  A. Crist         |   |   | /s/ John                  R. Perkins         |   |
| Name: Dean                  A. Crist       |   |   | Name: John                  R. Perkins  |   |
| Date:                   March 23, 2007     |   |   | Date:                   March 23, 2007       |   |

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