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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[x] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2005

or

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from _________to _________


Commission
  
Exact name of registrant as specified in its charter
  
IRS Employer
File Number
  
State or other jurisdiction of incorporation or organization
  
Identification No.
 
333-90553
  
MIDAMERICAN FUNDING, LLC
  
47-0819200
   
(An Iowa Limited Liability Company)
    
   
666 Grand Ave. PO Box 657
    
   
Des Moines, Iowa 50303
    
 
333-15387
  
MIDAMERICAN ENERGY COMPANY
  
42-1425214
   
(An Iowa Corporation)
    
   
666 Grand Ave. PO Box 657
    
   
Des Moines, Iowa 50303
    
         

 
(515) 242-4300
  
 
(Registrant’s telephone number, including area code)
  
     
 
(Former name, former address and former fiscal year, if changed since last report)
  

Indicate by check mark whether the registrants (1) have 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 (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrants are accelerated filers (as defined in Rule 12b-2 of the Exchange Act).
Yes [ ] No [X]

As of April 25, 2005, all of the member’s equity of MidAmerican Funding, LLC was held by its parent company, MidAmerican Energy Holdings Company.

As of April 25, 2005, all 70,980,203 outstanding shares of MidAmerican Energy Company’s voting stock were held by its parent company, MHC Inc., a direct, wholly owned subsidiary of MidAmerican Funding, LLC.


MidAmerican Funding, LLC ("MidAmerican Funding") and MidAmerican Energy Company ("MidAmerican Energy") separately file this combined Form 10-Q. Information relating to each individual registrant is filed by such registrant on its own behalf. Except for its subsidiary, MidAmerican Energy makes no representation as to information relating to any other subsidiary of MidAmerican Funding.

TABLE OF CONTENTS



     
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2

PART I - FINANCIAL INFORMATION

Item 1.   Financial Statements.


 MidAmerican Energy Company and Subsidiary
  
   
Report of Independent Registered Public Accounting Firm
4
Consolidated Balance Sheets
5
Consolidated Statements of Operations
6
Consolidated Statements of Cash Flows
7
Notes to Consolidated Financial Statements
8
   
 MidAmerican Funding, LLC and Subsidiaries
  
   
Report of Independent Registered Public Accounting Firm
14
Consolidated Balance Sheets
15
Consolidated Statements of Operations
16
Consolidated Statements of Cash Flows
17
Notes to Consolidated Financial Statements
18

3
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Board of Directors and Shareholder
MidAmerican Energy Company
Des Moines, Iowa

We have reviewed the accompanying consolidated balance sheet of MidAmerican Energy Company and subsidiary (the “Company”) as of March 31, 2005, and the related consolidated statements of operations and cash flows for the three-month periods ended March 31, 2005 and 2004. These interim financial statements are the responsibility of the Company's management.

We conducted our reviews in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our reviews, we are not aware of any material modifications that should be made to such consolidated interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet and statement of capitalization (not presented herein) of MidAmerican Energy Company and subsidiary as of December 31, 2004, and the related consolidated statements of operations, comprehensive income, retained earnings, and cash flows for the year then ended (not presented herein); and in our report dated February 25, 2005, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2004 is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.


/s/ Deloitte & Touche LLP

Des Moines, Iowa
May 5, 2005
 
4
 

MIDAMERICAN ENERGY COMPANY AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(In thousands)

   
As of
  
     
March 31,
    
December 31,
  
     
2005
    
2004
  
 
    
(Unaudited)
        
ASSETS
Utility Plant, Net
              
Electric
  
$
5,540,484
  
$
5,498,878
  
Gas
    
965,949
    
957,011
  
     
6,506,433
    
6,455,889
  
Accumulated depreciation and amortization
    
(3,002,637
)
  
(2,956,856
)
     
3,503,796
    
3,499,033
  
Construction work in progress
    
495,637
    
369,406
  
     
3,999,433
    
3,868,439
  
               
Current Assets
              
Cash and cash equivalents
    
48,636
    
88,113
  
Short-term investments      25,000     39,500  
Receivables, net
    
346,839
    
332,759
  
Inventories
    
32,479
    
89,646
  
Other
    
35,474
    
22,080
  
     
488,428
    
572,098
  
               
Investments and Nonregulated Property, Net
    
341,526
    
333,360
  
Regulatory Assets
    
210,420
    
227,997
  
Other Assets
    
119,120
    
110,057
  
Total Assets
  
$
5,158,927
  
$
5,111,951
  
 
CAPITALIZATION AND LIABILITIES
 
Capitalization
              
Common shareholder’s equity
  
$
1,580,628
  
$
1,527,468
  
MidAmerican Energy preferred securities
    
30,329
    
30,329
  
Long-term debt, excluding current portion
    
1,331,583
    
1,331,509
  
     
2,942,540
    
2,889,306
  
Current Liabilities
              
Current portion of long-term debt
    
417
    
91,018
  
Accounts payable
    
239,931
    
241,836
  
Taxes accrued
    
93,855
    
70,810
  
Interest accrued
    
21,763
    
13,842
  
Other
    
75,169
    
83,949
  
     
431,135
    
501,455
  
Other Liabilities
              
Deferred income taxes
    
480,577
    
486,970
  
Investment tax credits
    
47,097
    
48,143
  
Asset retirement obligations
    
169,229
    
166,845
  
Regulatory liabilities
    
708,790
    
677,489
  
Other
    
379,559
    
341,743
  
     
1,785,252
    
1,721,190
  
Total Capitalization and Liabilities
  
$
5,158,927
  
$
5,111,951
  
               

The accompanying notes are an integral part of these financial statements.
 
5
 
MIDAMERICAN ENERGY COMPANY AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)

   
Three Months
  
   
Ended March 31,
     
2005
    
2004
  
     
(Unaudited) 
  
Operating Revenues
              
Regulated electric
  
$
312,579
  
$
363,184
  
Regulated gas
    
467,465
    
393,571
  
Nonregulated
    
75,092
    
83,177
  
     
855,136
    
839,932
  
               
Operating Expenses
              
Regulated:
              
Cost of fuel, energy and capacity
    
88,763
    
114,234
  
Cost of gas sold
    
387,012
    
310,775