<Page>
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                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                            ------------------------

                                   FORM 10-Q

<Table>
<C>        <S>
   /X/     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
           THE SECURITIES EXCHANGE ACT OF 1934
</Table>

                 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002
                                       OR

<Table>
<C>        <S>
   / /     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
           OF THE SECURITIES EXCHANGE ACT OF 1934
</Table>

        FOR THE TRANSITION PERIOD FROM ______________ TO ______________

                        COMMISSION FILE NUMBER 333-96239

                            ------------------------

                         TENASKA GEORGIA PARTNERS, L.P.

             (Exact name of registrant as specified in its charter)

<Table>
<S>                                            <C>
               DELAWARE                                     47-0812088
    (State or other jurisdiction of            (I.R.S Employer Identification No.)
    incorporation or organization)
</Table>

                        1044 N. 115TH STREET, SUITE 400
                           OMAHA, NEBRASKA 68154-4446
              (Address of principal executive offices) (Zip Code)

                                 (402) 691-9500
              (Registrant's telephone number, including area code)

    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 (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes /X/  No / /

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<Page>
                         TENASKA GEORGIA PARTNERS, L.P.
                              REPORT ON FORM 10-Q
                      FOR THE QUARTER ENDED MARCH 31, 2002

                                     INDEX

<Table>
<Caption>
                                                                                                 PAGE
                                                                                               --------
<S>                     <C>      <C>                                                           <C>
PART I.                 FINANCIAL INFORMATION

                        Item 1.  Financial Statements (Unaudited)

                                 Balance Sheets..............................................      3

                                 Statements of Operations....................................      4

                                 Statement of Partners' Deficit..............................      5

                                 Statements of Cash Flows....................................      6

                                 Notes to Financial Statements...............................      7

                        Item 2.  Management's Discussion and Analysis of Financial Condition
                                   and Results of Operations.................................     10

                        Item 3.  Quantitative and Qualitative Disclosures About Market
                                   Risk......................................................     13

PART II.                OTHER INFORMATION

                        Item 6.  Exhibits and Reports on Form 8-K............................     14

                                 Signature...................................................     15
</Table>

                                       2
<Page>
                         PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

                         TENASKA GEORGIA PARTNERS, L.P.
                                 BALANCE SHEETS

<Table>
<Caption>
                                                               MARCH 31,     DECEMBER 31,
                                                                  2002           2001
                                                              ------------   ------------
                                                              (UNAUDITED)
<S>                                                           <C>            <C>
ASSETS
CURRENT ASSETS:
  Cash and cash equivalents.................................  $  4,976,658   $  5,187,618
  Restricted cash and cash equivalents......................       101,340        126,499
  Accounts receivable.......................................     1,811,777      1,747,685
  Other receivables.........................................       100,910        262,527
  Interest receivable.......................................         7,713         33,582
  Prepaid insurance.........................................        88,559        226,748
  Inventory.................................................     4,891,827      4,676,547
                                                              ------------   ------------
    Total current assets....................................    11,978,784     12,261,206
                                                              ------------   ------------
DEVELOPMENT WORK IN PROGRESS................................   117,976,068    112,491,923
                                                              ------------   ------------
PLANT AND EQUIPMENT, at cost:
  Land......................................................       602,529        602,529
  Electric generation plant.................................   118,281,179    118,281,179
  Other.....................................................       342,775        328,566
                                                              ------------   ------------
                                                               119,226,483    119,212,274
  Less--Accumulated depreciation............................    (2,431,726)    (1,639,700)
                                                              ------------   ------------
    Total plant and equipment, net..........................   116,794,757    117,572,574
                                                              ------------   ------------
OTHER ASSETS:
  Contract costs, net.......................................    10,035,709      9,791,748
  Pipeline and interconnection costs, net...................    11,828,876     11,933,866
  Deferred finance charges, net.............................     4,912,104      4,933,177
                                                              ------------   ------------
    Total other assets......................................    26,776,689     26,658,791
                                                              ------------   ------------
    Total assets............................................  $273,526,298   $268,984,494
                                                              ============   ============
LIABILITIES AND PARTNERS' DEFICIT
CURRENT LIABILITIES:
  Accounts payable..........................................  $  4,569,125   $  4,782,499
  Payable to affiliate......................................       232,237        133,895
  Accrued interest payable..................................     4,354,167     10,885,417
                                                              ------------   ------------
    Total current liabilities...............................     9,155,529     15,801,811
                                                              ------------   ------------

CONTRACT RETAINAGE PAYABLE..................................     3,032,444      2,879,868
                                                              ------------   ------------
LONG-TERM DEBT..............................................   275,000,000    275,000,000
                                                              ------------   ------------
    Total liabilities.......................................   287,187,973    293,681,679
                                                              ------------   ------------
COMMITMENTS AND CONTINGENCIES

PARTNERS' DEFICIT:
  Diamond Georgia, LLC......................................       (17,649)       (50,755)
  Tenaska Georgia, Inc......................................      (118,967)      (196,216)
  Tenaska Georgia I, L.P....................................   (13,525,059)   (24,450,214)
                                                              ------------   ------------
    Total partners' deficit.................................   (13,661,675)   (24,697,185)
                                                              ------------   ------------
    Total liabilities and partners' deficit.................  $273,526,298   $268,984,494
                                                              ============   ============
</Table>

      The accompanying notes are an integral part of these balance sheets.

                                       3
<Page>
                         TENASKA GEORGIA PARTNERS, L.P.
                            STATEMENTS OF OPERATIONS
                                  (UNAUDITED)

<Table>
<Caption>
                                                                 THREE MONTHS ENDED
                                                                      MARCH 31,
                                                              -------------------------
                                                                 2002          2001
                                                              -----------   -----------
<S>                                                           <C>           <C>
REVENUE:
  Electric..................................................  $ 5,100,354   $        --
                                                              -----------   -----------
    Total revenue...........................................    5,100,354            --
                                                              -----------   -----------

OPERATING EXPENSES:
  Fuel for electric generation plant........................      471,171            --
  Plant operation and maintenance...........................      815,251            --
  Management fees and expenses..............................      627,440            --
  Depreciation and amortization.............................      943,537            --
                                                              -----------   -----------
    Total operating expenses................................    2,857,399            --
                                                              -----------   -----------
    Operating income........................................    2,242,955            --
                                                              -----------   -----------

INTEREST EXPENSE:
  Interest expense..........................................    6,531,250     6,531,250
  Interest expense capitalized..............................   (2,432,623)   (3,089,120)
  Other interest expense....................................      133,887            --
                                                              -----------   -----------
    Interest expense, net...................................    4,232,514     3,442,130
                                                              -----------   -----------

INVESTMENT INCOME...........................................       25,069     1,620,940
                                                              -----------   -----------

NET LOSS....................................................  $(1,964,490)  $(1,821,190)
                                                              ===========   ===========
</Table>

        The accompanying notes are an integral part of these statements.

                                       4
<Page>
                         TENASKA GEORGIA PARTNERS, L.P.
                         STATEMENT OF PARTNERS' DEFICIT
                                  (UNAUDITED)

<Table>
<Caption>
                                              DIAMOND         TENASKA          TENASKA
                                            GEORGIA, LLC   GEORGIA, INC.   GEORGIA I, L.P.      TOTAL
                                            ------------   -------------   ---------------   ------------
<S>                                         <C>            <C>             <C>               <C>
BALANCE, December 31, 2001................    $(50,755)      $(196,216)     $(24,450,214)    $(24,697,185)

  Equity Contributions....................      39,000          91,000        12,870,000       13,000,000
  Net loss................................      (5,894)        (13,751)       (1,944,845)      (1,964,490)
                                              --------       ---------      ------------     ------------
BALANCE, March 31, 2002...................    $(17,649)      $(118,967)     $(13,525,059)    $(13,661,675)
                                              ========       =========      ============     ============
</Table>

         The accompanying notes are an integral part of this statement.

                                       5
<Page>
                         TENASKA GEORGIA PARTNERS, L.P.
                            STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)

<Table>
<Caption>
                                                                 THREE MONTHS ENDED
                                                                      MARCH 31,
                                                              -------------------------
                                                                 2002          2001
                                                              -----------   -----------
<S>                                                           <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss..................................................  $(1,964,490)  $(1,821,190)
  Adjustments to reconcile net loss to net cash from
    operating activities-
    Depreciation and amortization...........................      943,537            --
    Amortization of deferred finance charges................       28,887            --
    Increase in accounts receivable.........................      (64,092)           --
    Decrease in other receivables...........................      161,617            --
    Decrease in interest receivable.........................       25,869       958,095
    Decrease in prepaid insurance...........................      138,189       127,337
    Increase in inventory...................................     (215,280)           --
    Decrease in accounts payable............................     (329,879)   (2,365,084)
    Increase in payable to affiliate........................       98,342       114,405
    Decrease in accrued interest payable....................   (6,531,250)   (6,531,250)
                                                              -----------   -----------
      Total adjustments.....................................   (5,744,060)   (7,696,497)
                                                              -----------   -----------
      Net cash from operating activities....................   (7,708,550)   (9,517,687)
                                                              -----------   -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Decrease in short-term investments........................           --    69,999,618
  Additions to development work in progress/plant and
    equipment...............................................   (5,381,849)  (40,285,558)
  Contract costs............................................     (290,482)   (1,088,773)
  Pipeline and interconnection costs........................           --       (10,909)
                                                              -----------   -----------
      Net cash from investing activities....................   (5,672,331)   28,614,378
                                                              -----------   -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Decrease in restricted cash and cash equivalents..........       25,159    12,919,494
  Deferred finance charges..................................       (7,814)     (169,608)
  Increase in contract retainage payable....................      152,576       451,414
  Equity contributions......................................   13,000,000            --
                                                              -----------   -----------
      Net cash from financing activities....................   13,169,921    13,201,300
                                                              -----------   -----------

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS........     (210,960)   32,297,991

CASH AND CASH EQUIVALENTS, beginning of period..............    5,187,618    48,524,392
                                                              -----------   -----------

CASH AND CASH EQUIVALENTS, end of period....................  $ 4,976,658   $80,822,383
                                                              ===========   ===========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid for interest, net of amounts capitalized........  $10,629,877   $ 9,973,380
</Table>

SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:

  Included in decrease in accounts payable, additions to development work in
    progress/plant and equipment, and pipeline and interconnection costs as
    of March 31, 2002 are accrued costs of $5,245,295 capitalized as
    development work in progress/plant and equipment and $423,509
    capitalized as pipeline and interconnection costs as of December 31,
    2001.

  Excluded from decrease in accounts payable, additions to development work in
    progress/plant and equipment, and pipeline and interconnection costs as
    of March 31, 2002 are accrued costs of $5,361,800 capitalized as
    development work in progress/plant and equipment and $423,509
    capitalized as pipeline and interconnection costs as of March 31, 2002.

        The accompanying notes are an integral part of these statements.

                                       6
<Page>
                         TENASKA GEORGIA PARTNERS, L.P.

                         NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 2002
                                  (UNAUDITED)

1. GENERAL

    The financial statements included herein as of March 31, 2002 and for the
three months ended March 31, 2002 and 2001 have been prepared by Tenaska Georgia
Partners, L.P. (the "Limited Partnership") without audit pursuant to the rules
and regulations of the Securities and Exchange Commission. Accordingly, the
financial statements reflect all adjustments, which are, in the opinion of
management, necessary for a fair presentation of the financial results for the
interim periods. Certain information and notes normally included in financial
statements prepared in accordance with accounting principles generally accepted
in the United States have been condensed or omitted pursuant to such rules and
regulations. However, the Limited Partnership believes that the disclosures are
adequate to make the information presented not misleading. These financial
statements should be read in conjunction with the Limited Partnership's audited
financial statements and the notes thereto for the year ended December 31, 2001
included in the Limited Partnership's Annual Report on Form 10-K for such year.

    The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

2. ORGANIZATION

    The Limited Partnership was formed on April 16, 1998 to develop, finance,
construct, own or lease, operate and maintain a 936 megawatt, natural gas-fired
electric generation peaking facility (the "Facility") located in Heard County,
Georgia. The Facility will generate electric power for sale and the Limited
Partnership expects to incur net costs of approximately $310,500,000 to complete
the Facility. As of March 31, 2002, three turbine-generators are in commercial
operation, with three turbine-generators still under construction. The Limited
Partnership is scheduled to terminate December 31, 2050.

    The following are the partners and their respective ownership interests and
their percentage share of net income or loss:

<Table>
<Caption>
                                                                             PERCENTAGE INTEREST
                                              PERCENTAGE INTEREST (FOR      (FOR ALLOCATION OF NET
PARTNER                                     EQUITY CONTRIBUTION PURPOSES)      INCOME OR LOSS)
-------                                     -----------------------------   ----------------------
<S>                                         <C>                             <C>
Diamond Georgia, LLC (General)............                .30%                         .30%
Tenaska Georgia, Inc. (General)...........                .70                          .70
Tenaska Georgia I, L.P. (Limited).........              99.00                        99.00
                                                       ------                       ------
                                                       100.00%                      100.00%
                                                       ======                       ======
</Table>

    The partners have committed to fund up to $35,500,000 of equity and the
Limited Partnership has issued senior secured bonds in the principal amount of
$275,000,000 to fund construction of the Facility. On January 29, 2002, the
Limited Partnership received equity contributions of $12,870,000,

                                       7
<Page>
                         TENASKA GEORGIA PARTNERS, L.P.

                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2002
                                  (UNAUDITED)

2. ORGANIZATION (CONTINUED)
$91,000 and $39,000 from Tenaska Georgia I, L.P., Tenaska Georgia, Inc. and
Diamond Georgia, LLC, respectively, which is the initial funding of the
partners' equity commitment of $35,500,000.

    The day-to-day management of the affairs of the Limited Partnership,
including preparation and maintenance of the financial and other records and
books of account of the Limited Partnership and supervision of the ongoing
operations of the facilities, loan administration and activities of the Limited
Partnership, is the responsibility of the managing partner ("Tenaska
Georgia, Inc.") subject to the direction of the Executive Review Committee.
Tenaska Georgia, Inc. does not have the authority to incur any obligations or
liabilities on behalf of the Limited Partnership, except as approved by the
Executive Review Committee.

3. DEVELOPMENT WORK IN PROGRESS

    The Limited Partnership entered into an Engineering, Procurement and
Construction Contract ("EPC Contract") with Zachry Construction Corporation
("Zachry") to design, engineer, procure, expedite and supply all labor,
equipment (including the gas turbine-generators), materials, supervision and
tools for the construction of the Facility. As of March 31, 2002, the fixed
price of the EPC Contract is $230,425,065 (subject to increase for scope
changes).

    As of March 31, 2002, total development work in progress costs of
$244,396,478 have been capitalized. Included in these total costs are costs
incurred under the EPC Contract, including estimated sales taxes on construction
of the Facility, of $226,171,241 and capitalized interest of $18,225,237. As of
March 31, 2002, total development work in progress costs, including interest,
have been capitalized as follows: (a) costs of $118,281,179 associated with the
three turbine-generators achieving commercial operation in 2001 are included in
the accompanying balance sheets as electric generation plant, (b) costs of
$8,139,231 associated with electrical interconnections are included in the
accompanying balance sheets as pipeline and interconnection costs and (c) costs
of $117,976,068 associated with the remaining three turbine-generators still
under construction are included in the accompanying balance sheets as
development work in progress.

    Construction of the Facility continues and is scheduled to be completed by
June 1, 2002. The first three turbine-generators ("Initial Units") were
scheduled to be operational by June 1, 2001, with the remaining three
turbine-generators scheduled to be operational by June 1, 2002. Two of the
Initial Units went into commercial operation on schedule under the EPC Contract.
Units 1 and 3 achieved commercial operation under the terms of the EPC Contract
as of May 31, 2001 and June 1, 2001, respectively. Under the terms of the Power
Purchase Agreement (the "Power Purchase Agreement") with Exelon Generation
Company, LLC ("Exelon"), Unit 1 commenced commercial operation effective
June 1, 2001, while Unit 3 commenced commercial operation effective June 2,
2001, which was one day late.

    One of the Initial Units (Unit 2) did not achieve commercial operation as
scheduled in June 2001 due to damage sustained during testing. Repairs were made
and Unit 2 achieved commercial operation under the terms of the EPC Contract as
of August 29, 2001. Under the terms of the Power Purchase Agreement with Exelon,
Unit 2 commenced commercial operation effective August 30, 2001.

                                       8
<Page>
                         TENASKA GEORGIA PARTNERS, L.P.

                   NOTES TO FINANCIAL STATEMENTS (CONTINUED)

                                 MARCH 31, 2002
                                  (UNAUDITED)

3. DEVELOPMENT WORK IN PROGRESS (CONTINUED)
    Because Unit 2 did not achieve commercial operation on schedule under the
terms of the EPC Contract, the Limited Partnership will assert its rights to
receive delay liquidated damages from Zachry. As of March 31, 2002 and
December 31, 2001, the Limited Partnership has accrued liquidated damages of
$1,600,000 due from Zachry in accordance with the terms of the EPC Contract, as
a reduction of capitalized contract costs, with the final amount due not yet
determined. Furthermore, this amount has been netted against amounts payable to
Zachry under the EPC Contract as of March 31, 2002 and December 31, 2001, and is
included in the accompanying balance sheets as accounts payable.

    The financial impact of Unit 2's damage to the project, net of insurance
proceeds, is anticipated to range from approximately $100,000 to $1,300,000,
depending upon the amount of liquidated damages actually received by the Limited
Partnership. Proceeds from the Limited Partnership's insurance policies are
expected to pay for the costs to repair Unit 2 and have covered the shortfall in
operating revenues and liquidated damages owed to Exelon after deduction for the
policy deductible amounts. The financial impact to the Limited Partnership, net
of insurance proceeds, will be covered with construction contingency funds.

    The Limited Partnership's delay-in-start-up insurance claim of $3,836,644
was approved and settled in October 2001. As of March 31, 2002, $5,015 is
included in the accompanying balance sheets as other receivables. Insurance
proceeds of $3,831,629 were received as of March 31, 2002.

    During 2001, the Limited Partnership paid Exelon liquidated damages of
$5,150,020, which was recorded as an increase to capitalized contract costs, as
a result of Units 2 and 3 not achieving their scheduled commercial operation
dates under the Power Purchase Agreement. Of the liquidated damages paid to
Exelon, $3,000,015 was covered by the Limited Partnership's delay-in-start-up
insurance claim and was recorded as a reduction to capitalized contract costs.

    As of March 31, 2002, construction of the remaining three turbine-generators
("Units 4, 5 and 6") was on schedule and within budget. Units 4, 5 and 6 are
scheduled to achieve commercial operation by June 1, 2002.

                                       9
<Page>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
       OF OPERATIONS

    THE FOLLOWING INFORMATION SHOULD BE READ IN CONJUNCTION WITH THE
ACCOMPANYING UNAUDITED FINANCIAL STATEMENTS AND THE NOTES THERETO INCLUDED IN
ITEM 1 OF THIS QUARTERLY REPORT, AND THE AUDITED FINANCIAL STATEMENTS AND THE
NOTES THERETO AND MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS INCLUDED IN OUR ANNUAL REPORT ON FORM 10-K (FILE
NO. 333-96239) FOR THE YEAR ENDED DECEMBER 31, 2001 FILED WITH THE SECURITIES
AND EXCHANGE COMMISSION (THE "ANNUAL REPORT"). UNLESS OTHERWISE INDICATED OR THE
CONTEXT OTHERWISE REQUIRES, ALL REFERENCES IN THIS QUARTERLY REPORT TO "WE,"
"US," "OUR," "OURS," "THE LIMITED PARTNERSHIP," "THE PARTNERSHIP" OR SIMILAR
TERMS REFER TO TENASKA GEORGIA PARTNERS, L. P.

GENERAL

    We were formed on April 16, 1998 to develop, finance, construct, own or
lease, operate and maintain the Facility. During 2001, three turbine-generators
achieved commercial operation and began generating operating revenues. Three
turbine-generators still remain under construction as of March 31, 2002.

    On November 10, 1999, we completed a private offering of $275,000,000
aggregate principal amount of 9.50 percent fixed rate Senior Secured Bonds due
2030. On August 31, 2000, we completed an exchange offer whereby the holders of
the original bonds exchanged their bonds for new bonds registered under the
Securities Act of 1933. In this report, references to "Bonds" means both the
original bonds and the new bonds, unless the context otherwise requires. Our
partners have committed to fund up to $35,500,000 in equity contributions. In
January 2002, we received equity contributions of $13,000,000, which is the
initial funding of the partners' equity commitment of $35,500,000. The total net
cost of the construction of the Facility is estimated to be approximately
$310,500,000, which is being financed by the proceeds from the sale of the Bonds
and the equity contributions.

FACILITY CONSTRUCTION

    Construction of the Facility continues and is scheduled to be completed by
June 1, 2002. The Initial Units were scheduled to be operational by June 1,
2001, with the remaining three turbine-generators scheduled to be operational by
June 1, 2002. Two of the Initial Units went into commercial operation on
schedule under the EPC Contract. Units 1 and 3 achieved commercial operation
under the terms of the EPC Contract as of May 31, 2001 and June 1, 2001,
respectively. Under the terms of the Power Purchase Agreement with Exelon, Unit
1 commenced commercial operation effective June 1, 2001, while Unit 3 commenced
commercial operation effective June 2, 2001, which was one day late.

    Unit 2 did not achieve commercial operation as scheduled in June 2001 due to
damage sustained during testing. Repairs were made and Unit 2 achieved
commercial operation under the terms of the EPC Contract as of August 29, 2001.
Under the terms of the Power Purchase Agreement with Exelon, Unit 2 commenced
commercial operation effective August 30, 2001.

    Because Unit 2 did not achieve commercial operation on schedule under the
terms of the EPC Contract, we will assert our rights to receive delay liquidated
damages from Zachry. As of March 31, 2002 and December 31, 2001, we have accrued
liquidated damages of $1,600,000 due from Zachry in accordance with the terms of
the EPC Contract, as a reduction of capitalized contract costs, with the final
amount due not yet determined. Furthermore, this amount has been netted against
amounts payable to Zachry under the EPC Contract as of March 31, 2002 and
December 31, 2001, and is included in the accompanying balance sheets as
accounts payable.

    The financial impact of Unit 2's damage to the project, net of insurance
proceeds, is anticipated to range from approximately $100,000 to $1,300,000,
depending upon the amount of liquidated damages

                                       10
<Page>
that we actually receive. Proceeds from our insurance policies are expected to
pay for the costs to repair Unit 2 and have covered the shortfall in operating
revenues and liquidated damages owed to Exelon after deduction for the policy
deductible amounts. The financial impact to us, net of insurance proceeds, will
be covered with construction contingency funds.

    Our delay-in-start-up insurance claim of $3,836,644 was approved and settled
in October 2001. As of March 31, 2002, $5,015 is included in the accompanying
balance sheets as other receivables. Insurance proceeds of $3,831,629 were
received as of March 31, 2002.

    Exelon continues to fulfill its contractual obligations under the Power
Purchase Agreement and is purchasing the output from the three
turbine-generators that have achieved commercial operation. During 2001, we paid
Exelon liquidated damages of $5,150,020, which was recorded as an increase to
capitalized contract costs, as a result of Units 2 and 3 not achieving their
scheduled commercial operation dates under the Power Purchase Agreement. Of the
liquidated damages paid to Exelon, $3,000,015 was covered by our
delay-in-start-up insurance claim and was recorded as a reduction to capitalized
contract costs.

    As of March 31, 2002, construction of the remaining three turbine-generators
("Units 4, 5 and 6") was on schedule and within budget. Units 4, 5 and 6 are
scheduled to achieve commercial operation by June 1, 2002.

RESULTS OF OPERATIONS

    The results of operations for the three month periods ended March 31, 2002
and 2001 may not be comparable with results of operations for future periods,
especially when the Facility begins full operations later in 2002.

    Commercial operations commenced on June 1, 2001, June 2, 2001, and
August 30, 2001 for Units 1, 3 and 2, respectively, under the Power Purchase
Agreement. Revenues for the three month period ended March 31, 2002 were
$5,100,354. We recognized electric revenues of $4,960,434 under the Power
Purchase Agreement and $139,920 for the sale of power to Tenaska Power Services
Co., an affiliate, for testing not associated with commercial dispatch.

    Operating expenses for the three month period ended March 31, 2002 were
$2,857,399. Fuel costs incurred for testing not associated with commercial
dispatch for the period were $471,171. Other operating expenses for the period
were $2,386,228, of which depreciation and amortization expenses were $943,537.

    For the three month period ended March 31, 2002, costs of $290,482 incurred
for management fees, professional and consulting fees and other costs, deemed to
be direct costs associated with the contract to supply power, have been
capitalized as contract costs.

    For the three month period ended March 31, 2002, total costs in the amount
of $5,484,145 were capitalized as development work in progress, of which
$2,432,623 represented capitalized interest. As of March 31, 2002, total
development work in progress costs of $244,396,478 have been capitalized.
Included in these total costs are costs incurred under the EPC Contract,
including estimated sales taxes on construction of the Facility, of $226,171,241
and capitalized interest of $18,225,237. As of March 31, 2002, total development
work in progress costs, including interest, have been capitalized as follows:
(a) costs of $118,281,179 associated with the three turbine-generators achieving
commercial operation in 2001 are included in the accompanying balance sheets as
electric generation plant, (b) costs of $8,139,231 associated with electrical
interconnections are included in the accompanying balance sheets as pipeline and
interconnection costs and (c) costs of $117,976,068 associated with the
remaining three turbine-generators still under construction are included in the
accompanying balance sheets as development work in progress.

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    The portion of the proceeds from the sale of the Bonds and equity
contributions not yet expended on construction was invested in cash and cash
equivalents and short-term investments. The interest earned on these invested
funds was included as investment income. The interest expense incurred on the
portion of the Bond proceeds expended to construct the Facility has been
capitalized as development work in progress and electric generation plant.
Interest expense incurred on the Bond proceeds not spent on construction was
included as interest expense. For the three month periods ended March 31, 2002
and 2001, interest, net of amounts capitalized, of $4,232,514 and $3,442,130,
respectively, has been expensed. For the three month periods ended March 31,
2002 and 2001, interest in the amount of $25,069 and $1,620,940, respectively,
has been recorded as investment income. The decrease in investment income
primarily relates to the utilization of the Bond proceeds and equity
contributions for construction of the Facility, along with a decrease in
short-term interest rates.

LIQUIDITY AND CAPITAL RESOURCES

    We believe that the net proceeds from the sale of the Bonds, investment
income on the unspent portion thereof during the construction period,
anticipated revenues from the operation of the Initial Units and proceeds from
the equity contributions will be sufficient to (1) fund the engineering,
procurement, construction, testing and commissioning of the Facility, (2) pay
certain fees and expenses in connection with the financing and development of
our project, and (3) pay the costs of developing, financing and initially
operating our project, including interest on the Bonds. After the Facility is
placed in commercial operation, we expect that our revenues under the Power
Purchase Agreement with Exelon will be adequate to support our costs of
operations.

    In order to provide liquidity in the event of temporary cash flow
shortfalls, we are required to maintain an account that will contain an amount
equal to the principal and interest due on the Bonds on the next scheduled
payment date. Our obligation to fund this account begins on June 1, 2002. The
maintenance of this balance will be done through cash funding, the issuance of a
letter of credit or a combination of both.

BUSINESS STRATEGY AND OUTLOOK

    Our overall business strategy is to perform as agreed under the Power
Purchase Agreement and to maximize our revenues under the Power Purchase
Agreement by earning incentive payments available through achieving certain
availability and efficiency levels. We intend to cause the Facility to be
managed, operated and maintained in compliance with all applicable documents
relating to our project and all applicable legal requirements.

CRITICAL ACCOUNTING POLICIES

    Please refer to the accompanying unaudited financial statements and the
notes thereto included in Item 1 of this quarterly report and the audited
financial statements and the notes thereto included in the Annual Report
regarding our critical and other accounting policies.

IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS

    There are currently no recent accounting pronouncements issued by the
Financial Accounting Standards Board that are expected to have a material impact
on our financial position or results of operations.

FORWARD LOOKING STATEMENTS

    Various statements contained in this quarterly report are forward-looking
statements as that term is defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements, which speak only as of the date
hereof, can be identified by the use of forward-looking terminology

                                       12
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such as "believes," "expects," "may," "intends," "will," "should," or
"anticipates," or by the negative forms or other variations of these terms or
comparable terminology, or by the discussions of strategy. Although these
statements are based on assumptions that we believe are reasonable, no assurance
can be given that the future results covered by these statements will be
achieved. These statements are subject to risks, uncertainties and other
factors, which could cause actual results to differ materially from future
results expressed or implied by these statements. The most significant of these
risks, uncertainties and other factors are discussed under the heading "Risk
Factors" in the Annual Report, and you are urged to read this section and
carefully consider these factors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

    The Bonds were issued at a 9.50 percent fixed rate of interest and as a
result we are not exposed to market risk associated with an increase in interest
rates. The unspent proceeds from the Bonds and any equity contributions are
invested in cash and cash equivalents and short-term securities (collectively
"short-term investments") with fixed rates of interest for periods of up to six
months. As these short-term investments mature, the proceeds are either spent on
construction of the Facility or reinvested in other short-term investments. If
short-term interest rates decrease, the interest we earn on these short-term
investments would decrease accordingly. However, we would not expect any such
decrease in the interest earned on short-term investments to have a material
adverse effect on our results of operations.

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                           PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

    (a) Exhibits

       None.

    (b) Reports on Form 8-K

       None.

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                                   SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

May 9, 2002

<Table>
<S>                                               <C>  <C>
                                                  TENASKA GEORGIA PARTNERS, L.P.
                                                  a Delaware limited partnership

                                                  By:  TENASKA GEORGIA, INC.
                                                       a Delaware corporation, as Managing General
                                                       Partner of Tenaska Georgia Partners, L.P.

                                                  By:  /s/ MICHAEL F. LAWLER
                                                       ----------------------------------------------
                                                       Michael F. Lawler
                                                       Vice President of Finance and Treasurer
</Table>

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