SCHEDULE 14A
                                (Rule 14a-101)
                    INFORMATION REQUIRED IN PROXY STATEMENT

                           SCHEDULE 14A INFORMATION
          Proxy Statement Pursuant to Section 14(a) of the Securities
                             Exchange Act of 1934

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                                      Magma Power Company
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               (Name of Registrant as Specified in Its Charter)

                                      Magma Power Company
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                  (Name of Person(s) Filing Proxy Statement)

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                      [LETTERHEAD OF MAGMA POWER COMPANY]



              MAGMA POWER ISSUES STATEMENT ON STATUS OF MEETINGS
                            WITH INTERESTED PARTIES

     San Diego, California, November 7, 1994...In response to inquiries 
regarding a Reuters interview with chief executive officer Ralph W. Boeker about
the current status of Magma Power Company's (Nasdaq NNM: MGMA) exploration of 
alternatives to further the best interests of Magma stockholders, Magma made the
following statement:

     "At present, we are moving down a number of different paths.  Since 
California Energy announced its unsolicited bid, we and Goldman Sachs & Co. have
received a substantial number of inquiries regarding the company, which we began
to seriously explore this past week.

     "We are now meeting with interested parties and, subject to confidentiality
agreements which several parties have signed, are giving them access to 
confidential information with which they can better analyze the long-term 
potential of the company.  Magma has not received proposals from any of these 
parties as of this time.

     "While we obviously cannot disclose with whom we are meeting, the parties 
include companies with financial resources greater than California Energy.  In 
addition, Goldman is actively soliciting other potential participants and has 
also been instructed to explore possible value enhancing transactions other than
business combinations.

 
     "Our paramount objective is to achieve the best result for our 
stockholders.  We are not putting a time limit on this pursuit and will not be 
influenced by artificial deadlines.

     "This is a complex effort.  We believe that in order to recognize the true 
value of Magma, a potential partner must sit down with management and study the 
company from the inside.  In addition, many of the interested parties, although 
knowledgeable about power generation, are new the geothermal. As a consequence,
the education process will take some time.

     "It is impossible to determine at this time how long this process will 
take.  We also cannot say that ultimately the board of directors will not 
conclude that independence is the best alternative for shareholders, nor can we 
guarantee that a transaction will be completed."


                                   #   #   #

 
     The following information is provided pursuant to Section 14(a) of the 
Securities Exchange Act of 1934, as amended, and Rule 14a-12(a)(3) thereto.  The
participants in the solicitation are Magma Power Company, the following 
directors and others, who in the aggregate are deemed to beneficially own 
approximately 2.1% of the outstanding common shares of Magma common stock: James
D. Shepard, Paul M. Pankratz, Thomas C. Hinrichs, Ralph W. Boeker, Louis A. 
Simpson, John D. Roach, Roger L. Kesseler, Lester L. Coleman, William R. Knee, 
Bent Petersen, and J. Pedro Reinhard, and Jon R. Peele, Wallace C. Dieckmann, 
Kenneth J. Kerr, and Trond Aschehoug.  No participant individually owns more 
than 1% of the outstanding shares of Magma's common stock.  Messrs. Kesseler, 
Knee and Reinhard are employees of The Dow Chemical Company ("Dow").  Dow is the
beneficial owner of 5,032,430 shares of Magma's common stock, of which 4,000,005
shares are held in escrow to satisfy certain exchange rights under an existing 
Dow note indenture.  Dow retains the right to vote the shares placed in escrow. 
In addition, the Company is a party to a technical services agreement with Dow 
pursuant to which the Company has made payments for technical services in the 
amounts of $575,000 for 1993 and has agreed to make payments of $550,000 for 
1994 and thereafter in annual amounts reduced by $50,000 each year to $300,000 
for 1999.  The Company is also a party to an engineering and construction 
management services agreement with Dow Engineering Company.  The Company 
believes that the technical services agreement and the engineering and 
construction management services agreement are on terms at least as favorable to
the Company as would be available from an unaffiliated third party.  Mr. Shepard
is a co-trustee of the B.C. McCabe Foundation (the "Foundation"), which 
beneficially owns 2,752,641 shares of Magma's common stock.  Mr. Shepard 
disclaims beneficial ownership of such shares.