EXHIBIT 99-1

PRO FORMA FINANCIAL INFORMATION

         On  April  24,  1996,   MidAmerican   Energy  Company's  (the  Company)
shareholders  approved a proposal to form  MidAmerican  Energy Holdings  Company
(Holding  Company) as the holding company for the Company,  MidAmerican  Capital
Company (MidAmerican Capital) and Midwest Capital Group, Inc. (Midwest Capital).
The  transaction  is structured  as a share  exchange with each share of Company
common stock being exchanged for one share of Holding Company common stock.  All
regulatory  approvals  have been obtained and it is  managements's  intention to
complete the transaction on or about December 1, 1996.

     The following pro forma consolidated balance sheet and statements of income
of the Company are based on the historical  Consolidated Financial Statements of
the  Company and its  subsidiaries  at  September  30, 1996 and for the nine and
twelve months then ended and for the twelve months ended  December 31, 1995. The
pro forma  information  reflects the planned  dividend by the Company of all the
shares of stock of MidAmerican Capital and Midwest Capital to Holding Company.

     "As Reported" amounts reflect the Company's oil and gas subsidiary,  a coal
mining  subsidiary  and  a  computer  information   subsidiary  as  discontinued
operations  in  accordance  with  Accounting  Principles  Board  Opinion  No. 30
"Reporting  the Results of  Operations - Reporting  the Effects of Disposal of a
Segment of a Business,  and  Extraordinary,  Unusual and Infrequently  Occurring
Events and  Transactions".  The pro forma  adjustments  reflect the  dividend of
MidAmerican  Capital  and  Midwest  Capital  to Holding  Company.  The pro forma
amounts represent the operations that will remain a part of the Company.

<PAGE>


                                                                    EXHIBIT 99.1
<TABLE>

                          MIDAMERICAN ENERGY COMPANY
                   PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
                      NINE MONTHS ENDED SEPTEMBER 30, 1996
                                 (IN THOUSANDS)
                                  (UNAUDITED)
<CAPTION>

                                                                         PRO FORMA
                                                        AS REPORTED     ADJUSTMENTS    PRO FORMA
                                                        -----------     -----------    ----------
<S>                                                      <C>            <C>            <C>
OPERATING REVENUES
Electric utility ....................................    $  840,023     $     --       $  840,023
Gas utility .........................................       354,506           --          354,506
Nonregulated ........................................       139,211       (139,211)          --
                                                         ----------     ----------     ----------
                                                          1,333,740       (139,211)     1,194,529
OPERATING EXPENSES
Utility:
Cost of fuel, energy and capacity ...................       177,662           --          177,662
Cost of gas sold ....................................       219,725           --          219,725
Other operating expenses ............................       260,126           --          260,126
Maintenance .........................................        68,616           --           68,616
Depreciation and amortization .......................       123,126           --          123,126
Property and other taxes ............................        71,788           --           71,788
                                                         ----------     ----------     ----------
                                                            921,043           --          921,043
Nonregulated:
Cost of sales .......................................       124,497       (124,497)          --
Other ...............................................        25,136        (25,136)          --
                                                         ----------     ----------     ----------
                                                            149,633       (149,633)          --
                                                         ----------     ----------     ----------
Total operating expenses ............................     1,070,676       (149,633)       921,043
                                                         ----------     ----------     ----------

OPERATING INCOME ....................................       263,064         10,422        273,486
                                                         ----------     ----------     ----------

NON-OPERATING INCOME
Interest income .....................................         3,088         (2,078)         1,010
Dividend income .....................................        13,081        (13,081)          --
Realized gains and losses on securities, net ........         3,204         (3,204)          --
Other, net ..........................................           541         (7,826)        (7,285)
                                                         ----------     ----------     ----------
                                                             19,914        (26,189)        (6,275)
                                                         ----------     ----------     ----------
INTEREST CHARGES
Interest on long-term debt ..........................        77,523        (17,876)        59,647
Other interest expense ..............................         8,279            (99)         8,180
Allowance for borrowed funds ........................        (3,286)          --           (3,286)
                                                         ----------     ----------     ----------
                                                             82,516        (17,975)        64,541
                                                         ----------     ----------     ----------
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES       200,462          2,208        202,670
INCOME TAXES ........................................        79,662          5,085         84,747
                                                         ----------     ----------     ----------
INCOME FROM CONTINUING OPERATIONS ...................       120,800         (2,877)       117,923
PREFERRED DIVIDENDS .................................         6,748           --            6,748
                                                         ----------     ----------     ----------
EARNINGS ON COMMON STOCK FROM CONTINUING OPERATIONS .    $  114,052     $   (2,877)    $  111,175
                                                         ==========     ==========     ==========

</TABLE>
                                      -1-
<PAGE>
                                                                    EXHIBIT 99.1


<TABLE>

                           MIDAMERICAN ENERGY COMPANY
                   PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
                     TWELVE MONTHS ENDED SEPTEMBER 30, 1996
                                 (IN THOUSANDS)
                                  (UNAUDITED)

<CAPTION>
                                                                         Pro Forma
                                                        As Reported     Adjustments    Pro Forma
                                                        -----------     -----------    ----------
<S>                                                      <C>            <C>            <C>
OPERATING REVENUES
Electric utility ....................................    $1,086,681     $              $1,086,681
Gas utility .........................................       501,658           --          501,658
Nonregulated ........................................       169,765       (169,765)          --
                                                         ----------     ----------     ----------
                                                          1,758,104       (169,765)     1,588,339
OPERATING EXPENSES
Utility:
Cost of fuel, energy and capacity ...................       230,229           --          230,229
Cost of gas sold ....................................       309,558           --          309,558
Other operating expenses ............................       364,631           --          364,631
Maintenance .........................................        90,681           --           90,681
Depreciation and amortization .......................       163,684           --          163,684
Property and other taxes ............................        90,455           --           90,455
                                                         ----------     ----------     ----------
                                                          1,249,238           --        1,249,238
Nonregulated:
Cost of sales .......................................       148,432       (148,432)          --
Other ...............................................        34,235        (34,235)          --
                                                         ----------     ----------     ----------
                                                            182,667       (182,667)          --
                                                         ----------     ----------     ----------

Total operating expenses ............................     1,431,905       (182,667)     1,249,238
                                                         ----------     ----------     ----------

OPERATING INCOME ....................................       326,199         12,902        339,101
                                                         ----------     ----------     ----------

NON-OPERATING INCOME
Interest income .....................................         4,241         (2,880)         1,361
Dividend income .....................................        17,892        (17,892)          --
Realized gains and losses on securities, net ........        3,829         (3,829)          --
Other, net ..........................................        (3,034)        (4,662)        (7,696)
                                                         ----------     ----------     ----------
                                                             22,928        (29,263)        (6,335)
                                                         ----------     ----------     ----------
INTEREST CHARGES
Interest on long-term debt ..........................       103,684        (23,985)        79,699
Other interest expense ..............................        10,850           (106)        10,744
Allowance for borrowed funds ........................        (4,872)          --           (4,872)
                                                         ----------     ----------     ----------
                                                            109,662        (24,091)        85,571
                                                         ----------     ----------     ----------
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES       239,465          7,730        247,195
INCOME TAXES ........................................        91,180         10,092        101,272
                                                         ----------     ----------     ----------
INCOME FROM CONTINUING OPERATIONS ...................       148,285         (2,362)       145,923
PREFERRED DIVIDENDS .................................         8,567           --            8,567
                                                         ----------     ----------     ----------
EARNINGS ON COMMON STOCK FROM CONTINUING OPERATIONS .    $  139,718     $   (2,362)    $  137,356
                                                         ==========     ==========     ==========


</TABLE>
                                      -2-
<PAGE>
                                                                    EXHIBIT 99.1
<TABLE>

                           MIDAMERICAN ENERGY COMPANY
                   PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
                      TWELVE MONTHS ENDED DECEMBER 31, 1995
                                 (IN THOUSANDS)
                                  (UNAUDITED)
<CAPTION>

                                                                         PRO FORMA
                                                        AS REPORTED     ADJUSTMENTS    PRO FORMA
                                                        -----------     -----------   -----------
<S>                                                      <C>            <C>           <C>
OPERATING REVENUES
Electric utility ....................................    $1,094,647     $     --       $1,094,647
Gas utility .........................................       459,588           --          459,588
Nonregulated ........................................        95,106        (95,106)          --
                                                         ----------     ----------     ----------
                                                          1,649,341        (95,106)     1,554,235
OPERATING EXPENSES
Utility:
Cost of fuel, energy and capacity ...................       230,261           --          230,261
Cost of gas sold ....................................       279,025           --          279,025
Other operating expenses ............................       399,648           --          399,648
Maintenance .........................................        85,363           --           85,363
Depreciation and amortization .......................       158,950           --          158,950
Property and other taxes ............................        96,350           --           96,350
                                                         ----------     ----------     ----------
                                                          1,249,597           --        1,249,597
Nonregulated:
Cost of sales .......................................        70,209        (70,209)          --
Other ...............................................        37,181        (37,181)
                                                         ----------     ----------     ----------
                                                            107,390       (107,390)          --
                                                         ----------     ----------     ----------

Total operating expenses ............................     1,356,987       (107,390)     1,249,597
                                                         ----------     ----------     ----------

OPERATING INCOME ....................................       292,354         12,284        304,638
                                                         ----------     ----------     ----------

NON-OPERATING INCOME
Interest income .....................................         4,485         (3,156)         1,329
Dividend income .....................................        16,954        (16,929)            25
Realized gains and losses on securities, net ........           688           (688)          --
Other, net ..........................................       (10,467)         5,039         (5,428)
                                                         ----------     ----------     ----------
                                                             11,660        (15,734)        (4,074)
                                                         ----------     ----------     ----------
INTEREST CHARGES
Interest on long-term debt ..........................       105,550        (25,417)        80,133
Other interest expense ..............................         9,449            (53)         9,396
Allowance for borrowed funds ........................        (5,552)          --           (5,552)
                                                         ----------     ----------     ----------
                                                            109,447        (25,470)        83,977
                                                         ----------     ----------     ----------
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES       194,567         22,020        216,587
INCOME TAXES ........................................        66,803         17,295         84,098
                                                         ----------     ----------     ----------
INCOME FROM CONTINUING OPERATIONS ...................       127,764          4,725        132,489
PREFERRED DIVIDENDS .................................         8,059           --            8,059
                                                         ----------     ----------     ----------
EARNINGS ON COMMON STOCK FROM CONTINUING OPERATIONS .    $  119,705     $    4,725     $  124,430
                                                         ==========     ==========     ==========

</TABLE>
                                      -3-

<PAGE>


                                                                 EXHIBIT 99.1
<TABLE>

                           MIDAMERICAN ENERGY COMPANY
                      PRO FORMA CONSOLIDATED BALANCE SHEETS
                            AS OF SEPTEMBER 30, 1996
                                 (IN THOUSANDS)
                                  (UNAUDITED)
<CAPTION>

                                                             PRO FORMA
                                              AS REPORTED   ADJUSTMENTS    PRO FORMA
                                              -----------   -----------    ----------
<S>                                              <C>           <C>           <C>
     ASSETS
UTILITY PLANT
Electric ....................................    $3,981,980    $   3,003     $3,984,983
Gas .........................................       718,796         --          718,796
                                                 ----------    ---------     ----------
                                                  4,700,776        3,003      4,703,779
Less accumulated depreciation and amortization    2,132,456        1,319      2,133,775
                                                 ----------    ---------     ----------
Net Utility Plant ...........................     2,568,320        1,684      2,570,004
Construction work in progress ...............        56,452         --           56,452
                                                 ----------    ---------     ----------
                                                  2,624,772        1,684      2,626,456
                                                 ----------    ---------     ----------

POWER PURCHASE CONTRACT .....................       207,725         --          207,725
                                                 ----------    ---------     ----------

INVESTMENT IN DISCONTINUED OPERATIONS .......       214,594     (199,294)        15,300
                                                 ----------    ---------     ----------

CURRENT ASSETS
Cash and cash equivalents ...................        23,138       (6,382)        16,756
Receivables .................................       196,245      (22,620)       173,625
Inventories .................................        91,061         --           91,061
Other .......................................        10,275       (3,609)         6,666
                                                 ----------    ---------     ----------
  Total .....................................       320,719      (32,611)       288,108
                                                 ----------    ---------     ----------

INVESTMENTS .................................       628,553     (522,955)       105,598
                                                 ----------    ---------     ----------

OTHER ASSETS ................................       399,755       (2,173)       397,582
                                                 ----------    ---------     ----------

TOTAL ASSETS ................................    $4,396,118    $(755,349)    $3,640,769
                                                 ==========    =========     ==========

     CAPITALIZATION AND LIABILITIES
CAPITALIZATION
Common shareholders' equity .................    $1,238,615    $(264,811)    $  973,804
Preferred shares, not subject to mandatory
  redemption.................................        77,534         --           77,534
Preferred shares, subject to mandatory
  redemption ................................        50,000         --           50,000
Long-term debt (excluding current portion)...     1,372,007     (309,657)     1,062,350
                                                 ----------    ---------     ----------
                                                  2,738,156     (574,468)     2,163,688
                                                 ----------    ---------     ----------

CURRENT LIABILITIES
Notes payable ...............................       157,728        2,335        160,063
Current portion of long-term debt ...........        77,624      (29,911)        47,713
Current portion of power purchase contract...        13,029         --           13,029
Accounts payable ............................       102,423          877        103,300
Taxes accrued ...............................        61,307         (909)        60,398
Interest accrued ............................        24,091       (5,567)        18,524
Other .......................................        59,702      (30,170)        29,532
                                                 ----------    ---------     ----------
                                                    495,904      (63,345)       432,559
                                                 ----------    ---------     ----------

OTHER LIABILITIES
Power purchase contract .....................       112,700         --          112,700
Deferred income taxes .......................       732,233     (111,707)       620,526
Investment tax credit .......................        90,692         --           90,692
Other .......................................       226,433       (5,829)       220,604
                                                 ----------    ---------     ----------
                                                  1,162,058     (117,536)     1,044,522
                                                 ----------    ---------     ----------

TOTAL CAPITALIZATION AND LIABILITIES ........    $4,396,118    $(755,349)    $3,640,769
                                                 ==========    =========     ==========
</TABLE>
                                      -4-
<PAGE>

EXPLANATORY NOTE TO THE PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

     The pro forma adjustments on the consolidated  statements of income for the
nine and twelve months ended September 30, 1996, and for the twelve months ended
December  31,  1995,  exclude  the  results of  MidAmerican  Capital and Midwest
Capital from the results of the Company's continuing  operations.  The pro forma
adjustments on the consolidated balance sheet as of September 30, 1995, separate
the assets and  liabilities of MidAmerican  Capital and Midwest Capital from the
assets that will remain a part of the Company's continuing operations, including
the effect of  intercompany  eliminations.  The pro forma  adjustment  to common
equity  reflects  the  dividend  of the net assets of  MidAmerican  Capital  and
Midwest  Capital to the  holding  company as if the  dividend  had  occurred  on
September 30, 1996.

                                      -5-