<Page>

                       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 September 30, 2001

                                       OR

         [ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934

                  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)

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

                         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 SEPTEMBER 30, 2001

                                      INDEX

<Table>
<Caption>
                                                                                      Page
                                                                                      ----
<S>                                                                                   <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                                               11

          Item 3.   Quantitative and Qualitative Disclosures About Market Risk          14


PART II.  OTHER INFORMATION

          Item 6.   Exhibits and Reports on Form 8-K                                    15

                    Signature                                                           16
</Table>


                                       2
<Page>

                          PART I. FINANCIAL INFORMATION

ITEM 1.         FINANCIAL STATEMENTS (UNAUDITED)


TENASKA GEORGIA PARTNERS, L.P.

BALANCE SHEETS

<Table>
<Caption>
                                                     September 30,    December 31,
                                                         2001             2000
                                                     -------------    -------------
                                                      (Unaudited)
<S>                                                  <C>              <C>
ASSETS

CURRENT ASSETS:
    Cash and cash equivalents                        $  33,741,506    $  48,524,392
    Short-term investments                                      --       69,999,618
    Restricted cash and cash equivalents                   126,314       20,850,132
    Accounts receivable                                  1,685,515               --
    Other receivables                                    3,359,369               --
    Interest receivable                                    113,570        1,380,857
    Prepaid insurance                                      364,734          721,576
    Inventory                                            5,128,558        2,433,202
                                                     -------------    -------------
           Total current assets                         44,519,566      143,909,777

DEVELOPMENT WORK IN PROGRESS                            73,680,375      117,464,753
                                                     -------------    -------------

PLANT AND EQUIPMENT, at cost:
    Land                                                   602,529          602,529
    Electric generation plant                          116,295,628               --
    Other                                                  293,255           49,110
                                                     -------------    -------------
                                                       117,191,412          651,639
    Less-Accumulated depreciation                         (830,334)              --
                                                     -------------    -------------
           Total plant and equipment, net              116,361,078          651,639
                                                     -------------    -------------

OTHER ASSETS:
    Contract costs, net                                  9,551,780        6,013,760
    Pipeline and interconnection costs, net             12,134,813        4,571,566
    Deferred finance charges, net                        4,949,696        4,720,463
                                                     -------------    -------------
           Total other assets                           26,636,289       15,305,789
                                                     -------------    -------------
           Total assets                              $ 261,197,308    $ 277,331,958
                                                     =============    =============

LIABILITIES AND PARTNERS' DEFICIT

CURRENT LIABILITIES:
    Accounts payable                                 $     475,336    $   5,111,626
    Payable to affiliates                                  134,561           96,338
    Accrued interest payable                             4,354,167       10,885,417
                                                     -------------    -------------
           Total current liabilities                     4,964,064       16,093,381
                                                     -------------    -------------

CONTRACT RETAINAGE PAYABLE                               2,711,071        1,938,825
                                                     -------------    -------------

LONG-TERM DEBT                                         275,000,000      275,000,000
                                                     -------------    -------------
           Total liabilities                           282,675,135      293,032,206
                                                     -------------    -------------

COMMITMENTS AND CONTINGENCIES

PARTNERS' DEFICIT:
    Diamond Georgia, LLC                                   (41,097)         (23,764)
    Tenaska Georgia, Inc.                                 (173,681)        (133,238)
    Tenaska Georgia I, L.P.                            (21,263,049)     (15,543,246)
                                                     -------------    -------------
           Total partners' deficit                     (21,477,827)     (15,700,248)
                                                     -------------    -------------
           Total liabilities and partners' deficit   $ 261,197,308    $ 277,331,958
                                                     =============    =============
</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              Nine Months Ended
                                                 September 30,                   September 30,
                                         ----------------------------    ----------------------------
                                             2001            2000            2001            2000
                                         ------------    ------------    ------------    ------------
<S>                                      <C>             <C>             <C>             <C>
REVENUE:
    Electric                             $  4,490,940    $         --    $  6,040,401    $         --
    Other                                     836,629              --         836,629              --
                                         ------------    ------------    ------------    ------------
           Total revenue                    5,327,569              --       6,877,030              --
                                         ------------    ------------    ------------    ------------

OPERATING EXPENSES:
    Fuel for electric generation plant        391,820              --       1,511,037              --
    Plant operation and maintenance           433,797              --         496,463              --
    Management fees and expenses              600,924              --         794,903              --
    Depreciation and amortization             819,914              --       1,024,436              --
                                         ------------    ------------    ------------    ------------
           Total operating expenses         2,246,455              --       3,826,839              --
                                         ------------    ------------    ------------    ------------
           Operating income                 3,081,114              --       3,050,191              --
                                         ------------    ------------    ------------    ------------

INTEREST EXPENSE:
    Interest expense                        6,531,250       6,603,819      19,593,750      19,666,319
    Interest expense capitalized           (1,764,519)     (1,684,897)     (7,948,032)     (3,414,082)
    Other                                     181,289              --         211,519              --
                                         ------------    ------------    ------------    ------------
           Interest expense, net            4,948,020       4,918,922      11,857,237      16,252,237
                                         ------------    ------------    ------------    ------------

INVESTMENT INCOME                             494,534       3,159,498       3,029,467      10,120,689
                                         ------------    ------------    ------------    ------------

NET LOSS                                 $ (1,372,372)   $ (1,759,424)   $ (5,777,579)   $ (6,131,548)
                                         ============    ============    ============    ============
</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, 2000    $    (23,764)   $   (133,238)   $(15,543,246)   $(15,700,248)

    Net loss                       (17,333)        (40,443)     (5,719,803)     (5,777,579)
                              ------------    ------------    ------------    ------------
BALANCE, September 30, 2001   $    (41,097)   $   (173,681)   $(21,263,049)   $(21,477,827)
                              ============    ============    ============    ============
</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>
                                                                                    Nine Months Ended
                                                                                      September 30,
                                                                              ----------------------------
                                                                                  2001            2000
                                                                              ------------    ------------
<S>                                                                           <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net loss                                                                  $ (5,777,579)   $ (6,131,548)
    Adjustments to reconcile net loss to net cash from operating activities--
         Depreciation and amortization                                           1,024,436              --
         Amortization of deferred finance charges                                   57,774              --
         Increase in accounts receivable                                        (1,685,515)             --
         Increase in other receivables                                          (4,346,379)             --
         Decrease (increase) in interest receivable                              1,267,287        (280,384)
         Decrease in prepaid insurance                                             356,842         178,330
         Increase in inventory                                                  (2,695,356)             --
         Decrease in accounts payable                                           (2,040,672)       (157,198)
         Increase in payable to affiliates                                          38,223          84,485
         (Decrease) increase in accrued interest payable                        (6,531,250)        725,695
                                                                              ------------    ------------
           Total adjustments                                                   (14,554,610)        550,928
                                                                              ------------    ------------
           Net cash from operating activities                                  (20,332,189)     (5,580,620)
                                                                              ------------    ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Decrease in short-term investments                                          69,999,618      42,053,768
    Additions to development work in progress/plant and equipment              (74,353,094)    (63,770,087)
    Contract costs                                                              (3,591,019)     (2,700,812)
    Pipeline and interconnection costs                                          (7,715,259)     (2,757,357)
                                                                              ------------    ------------
           Net cash from investing activities                                  (15,659,754)    (27,174,488)
                                                                              ------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Decrease (increase) in restricted cash and cash equivalents                 20,723,818        (464,174)
    Decrease in restricted short-term investments                                       --      17,910,471
    Deferred finance charges                                                      (287,007)       (309,573)
    Increase in contract retainage payable                                         772,246       1,405,508
                                                                              ------------    ------------
           Net cash from financing activities                                   21,209,057      18,542,232
                                                                              ------------    ------------

NET DECREASE IN CASH AND CASH EQUIVALENTS                                      (14,782,886)    (14,212,876)

CASH AND CASH EQUIVALENTS, beginning of period                                  48,524,392      40,225,109
                                                                              ------------    ------------
CASH AND CASH EQUIVALENTS, end of period                                      $ 33,741,506    $ 26,012,233
                                                                              ============    ============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
    Cash paid for interest, net of amounts capitalized                        $ 18,176,968    $ 15,526,543
</Table>

SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:
    Included in decrease in accounts payable, development work in progress and
      pipeline and interconnection costs as of September 30, 2001 are accrued
      costs of $2,584,709 capitalized as development work in progress and
      $10,909 capitalized as pipeline and interconnection costs as of December
      31, 2000. Excluded from increase in other receivables and development work
      in progress as of September 30, 2001 are accrued costs of $987,010
      capitalized as development work in progress and netted against other
      receivables as of September 30, 2001.


The accompanying notes are an integral part of these statements.


                                       6
<Page>

TENASKA GEORGIA PARTNERS, L.P.

Notes to Financial Statements
September 30, 2001

(Unaudited)


1. GENERAL

The financial statements included herein as of September 30, 2001 and for the
three and nine months ended September 30, 2001 and 2000 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, 2000 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, 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 costs of approximately $310,500,000 to complete the
Facility. The Limited Partnership was inactive prior to calendar year 1999 and
commenced development activities during such year. As of September 30, 2001,
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.


                                       7
<Page>

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. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

REVENUE RECOGNITION

Under the terms set forth in the Power Purchase Agreement (the "Power Purchase
Agreement") with Exelon Generation Company, LLC ("Exelon"), Exelon is obligated
to purchase the entire net electric power generated from the electric generation
plant and is obligated to provide the natural gas and fuel oil for the electric
generation plant for a term of 29 years. Exelon assumed the rights and
obligations of PECO Energy Company under the Power Purchase Agreement as a
result of the formation of Exelon Corporation through the merger of PECO Energy
Company and Unicom Corporation. The Power Purchase Agreement provides for
certain fixed payments, an availability bonus, along with variable payments.
Commencing with commercial operation of two turbine-generators in June 2001 and
the third turbine-generator in August 2001, the Limited Partnership recognizes
related revenue from the sale of electricity in the months energy is delivered
based upon output delivered and capacity provided at rates specified in the
Power Purchase Agreement. Availability bonuses or penalties are recognized as
revenue or expense in the month the Limited Partnership achieves or fails to
achieve the availability targets defined in the Power Purchase Agreement.

DEPRECIATION

Plant and equipment is recorded at cost and depreciated using the straight-line
method. The estimated useful lives of the major asset categories are:

Electric generation plant                              38 years
Other plant and equipment                            5-20 years

DEFERRED FINANCE CHARGES

During the development phase, the Limited Partnership incurred charges and fees
necessary to obtain financing. These costs have been capitalized and deferred.
Commencing with commercial operation, the costs associated with the three
operational turbine-generators are being amortized to expense over the term of
the related debt using the bonds outstanding method. The costs associated with
the remaining three turbine-generators will also be amortized to expense over
the remaining term of the related debt using the bonds outstanding method once
their operations commence.

CONTRACT COSTS

The Limited Partnership incurred direct costs associated with the Power Purchase
Agreement. These costs have been capitalized and deferred. Commencing with
commercial operation, the costs associated with the three operational
turbine-generators are being amortized to expense over the 348-month term of the
Power Purchase Agreement. The costs associated with the remaining three
turbine-generators will also be amortized to expense over the remaining term of
the Power Purchase Agreement once their operations commence.


                                       8
<Page>

PIPELINE AND INTERCONNECTION COSTS

The Limited Partnership incurred costs to secure a long-term water supply
contract and to construct a natural gas pipeline, natural gas metering
facilities and electrical interconnections. These costs have been capitalized
and are being amortized to expense over the 348-month term of the Power Purchase
Agreement commencing with commercial operation in June 2001.

RECLASSIFICATION

Certain reclassifications have been made to the prior period financial
statements to conform to the current period presentation.

4. 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 turbines), materials, supervision and tools for the
construction of the Facility for a total guaranteed lump-sum price of
$230,363,464. As of September 30, 2001, the Limited Partnership has incurred
costs of $184,477,465 under the terms of the EPC Contract. As of September 30,
2001, these costs have been capitalized as follows: (a) costs of $106,671,554
associated with the three turbine-generators achieving commercial operation are
included in the accompanying balance sheets as Electric Generation Plant, (b)
costs of $8,376,790 associated with electrical interconnections are included in
the accompanying balance sheets as Pipeline and Interconnection Costs and (c)
costs of $69,429,121 associated with the remaining three turbine-generators
under construction are included in the accompanying balance sheets as
Development Work in Progress.

As of September 30, 2001, a cumulative total of $13,875,328 of interest has been
capitalized, of which $9,624,074 and $4,251,254 is included in the accompanying
balance sheets as Electric Generation Plant and Development Work in Progress,
respectively.

In 1999, the Limited Partnership entered into a separate agreement with Willbros
Engineers, Inc. to construct a natural gas pipeline from the Facility to an
interconnection point with a regional natural gas pipeline. The Limited
Partnership has incurred costs of $2,802,322 under the terms of this agreement
and construction is complete. This amount has been capitalized and is included
in the accompanying balance sheets as Pipeline and Interconnection Costs.

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 were
accepted as having 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.

One of the Initial Units ("Unit 2") did not achieve commercial operation as
scheduled due to damage sustained during testing. Repairs were made and Unit 2
was accepted as having 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.


                                       9
<Page>

Because Unit 2 did not achieve commercial operation on schedule under the terms
of the EPC Contract, the Limited Partnership expects to assert any rights it may
have to receive delay liquidated damages from Zachry, the amount of which is
partially dependent on whether General Electric is ultimately responsible for
all or any of the damages to Unit 2. As of September 30, 2001, the Limited
Partnership has accrued liquidated damages of $1,600,000 from Zachry in
accordance with the terms of the EPC Contract as a reduction of capitalized
contract costs. Furthermore, this amount is included in the accompanying balance
sheets as Other Receivables, and has been netted against amounts payable to
Zachry of $987,010 under the EPC Contract as of September 30, 2001. The maximum
amount the Limited Partnership could expect to receive as delay liquidated
damages is $2,830,000. The actual amount of the liquidated damages to be
recovered will be determined by who is ultimately responsible for the delay,
which is unknown at this time.

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 September 30, 2001, $2,700,396 is
included in the accompanying balance sheets as Other Receivables, which is net
of $1,136,248 of insurance proceeds received as of September 30, 2001.
Furthermore, of the $3,836,644, $3,000,015 was used to reduce capitalized
contract costs and $836,629, which was the portion of the claim related to lost
operating margins, is included as Other Revenue on the accompanying statements
of operations.

The Limited Partnership was required to pay Exelon liquidated damages of
$5,150,020 as a result of Units 2 and 3 not achieving their scheduled commercial
operation dates under the Power Purchase Agreement. As of September 30, 2001,
the Limited Partnership's obligation has been satisfied. Of the liquidated
damages paid to Exelon, $3,000,015 were covered by the Limited Partnership's
delay-in-start-up insurance claim.

As of September 30, 2001, construction of the remaining three turbine-generators
("Units 4 - 6") was on schedule and within budget. Units 4 - 6 are scheduled to
come on-line by June 1, 2002.


                                       10
<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, 2000 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. Prior to calendar year 1999, we were
inactive. As of September 30, 2001, three turbine-generators are in commercial
operation, resulting in operating revenues for the three and nine months ended
September 30, 2001. As of September 30, 2001, three turbine-generators remain
under construction.

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. The
total 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 equity contributions committed by our partners.

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 were accepted as having 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,
Unit 1 commenced commercial operation effective June 1, 2001, while Unit 3
commenced commercial operation effective June 2, 2001.

Unit 2 did not achieve commercial operation as scheduled due to damage sustained
during testing. The compressor section of the combustion turbine sustained
significant blade damage from an object or objects of unknown origin in the
compressor during initial testing of the unit. Repairs were made and Unit 2 was
accepted as having 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, the Limited Partnership expects to assert any rights it may
have to receive delay liquidated damages from Zachry, the amount of which is
partially dependent on whether General Electric is ultimately responsible for
all or any of the damages to Unit 2. As of September 30, 2001, the Limited
Partnership has accrued liquidated damages of $1,600,000 from Zachry in
accordance with the terms of the EPC Contract as a reduction of capitalized
contract costs. Furthermore, this amount is included in the accompanying balance
sheets as Other Receivables, and has been netted against amounts payable to
Zachry of $987,010 under the EPC Contract as of September 30, 2001. The maximum
amount the Limited Partnership could expect to receive as delay liquidated
damages is $2,830,000. The actual amount of the liquidated damages to be
recovered will be determined by who is ultimately responsible for the delay,
which is unknown at this time.


                                       11
<Page>

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 September 30, 2001, $2,700,396 is
included in the accompanying balance sheets as Other Receivables, which is net
of $1,136,248 of insurance proceeds received as of September 30, 2001.
Furthermore, of the $3,836,644, $3,000,015 was used to reduce capitalized
contract costs and $836,629, which was the portion of the claim related to lost
operating margins, is included as Other Revenue on the accompanying statements
of operations.

Exelon is currently fulfilling its contractual obligations under the Power
Purchase Agreement and is purchasing the output from the three combustion
turbines that have achieved commercial operation. The Limited Partnership was
required to pay Exelon liquidated damages of $5,150,020 as a result of Units 2
and 3 not achieving their scheduled commercial operation dates under the Power
Purchase Agreement. As of September 30, 2001, the Limited Partnership's
obligation has been satisfied. Of the liquidated damages paid to Exelon,
$3,000,015 were covered by the Limited Partnership's delay-in-start-up
insurance claim.

As of September 30, 2001, construction of the remaining three turbine-generators
("Units 4 - 6") was on schedule and within budget. Units 4 - 6 are scheduled to
come on-line by June 1, 2002.

On June 26, 2001, General Electric, the supplier of our combustion turbines,
issued a technical information letter (the "TIL") regarding the possible
existence of a subsurface flaw in the first stage buckets in a small population
of its 7FA combustion turbines possibly including the Initial Units at the
Facility. Units 4 - 6 are not affected by the TIL. GE recommended inspections
and repairs, if necessary, at GE's cost prior to a combustion turbine reaching
250 start/stop cycles. The inspection specified in the TIL has been completed on
all three Initial Units. As a result, there are no remaining conditions,
limitations or restrictions required by the TIL.

RESULTS OF OPERATIONS

The results of operations for the three and nine month periods ended September
30, 2001 and 2000 may not be comparable with results of operations for future
periods, especially when the Facility begins full operations 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 and nine month periods ended September 30, 2001 were
$5,327,569 and $6,877,030, respectively. For the three and nine month periods
ended September 30, 2001, the Limited Partnership recognized electric revenues
of $4,287,240 and $5,421,232, respectively, under the Power Purchase Agreement.
For the three and nine month periods ended September 30, 2001, the Limited
Partnership also recognized electric revenues of $203,700 and $619,169,
respectively, associated with the sale of power during start-up testing prior to
commercial operations being achieved. For each of the three and nine month
periods ended September 30, 2001, the Limited Partnership recognized other
revenue of $836,629 associated with the settlement of the Limited Partnership's
delay-in-start-up insurance claim for the portion of the claim related to lost
operating margins.

Operating expenses for the three and nine month periods ended September 30, 2001
were $2,246,455 and $3,826,839, respectively. Fuel costs associated with
start-up, capacity and emissions testing for the three and nine month periods
ended September 30, 2001 were $391,820 and $1,511,037, respectively. Other
operating expenses for the three and nine month periods ended September 30, 2001
were $1,854,635 and


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$2,315,802, respectively, of which depreciation and amortization expenses were
$819,914 and $1,024,436, respectively.

For the three and nine month periods ended September 30, 2001, costs incurred
for management fees, professional and consulting fees and other costs, deemed to
be direct costs associated with the contract to supply power, in the amount of
$1,280,857 and $3,591,019, respectively, have been capitalized as Contract
Costs. Commencing with commercial operation, Contract Costs associated with the
Initial Units are being amortized to expense over the 348-month term of the
Power Purchase Agreement. Contract Costs associated with Units 4-6 will also be
amortized to expense over the remaining term of the Power Purchase Agreement
once their operations commence.

For the three and nine month periods ended September 30, 2001, total costs in
the amount of $20,336,674 and $80,888,040, respectively, were capitalized as
Development Work in Progress. For the three and nine month periods ended
September 30, 2001, interest capitalized as Development Work in Progress was
$1,764,519 and $7,948,032, respectively. As of September 30, 2001, total
Development Work In Progress costs, including interest, have been capitalized as
follows: (a) costs of $116,295,628 associated with the three turbine-generators
achieving commercial operation are included in the accompanying balance sheets
as Electric Generation Plant, (b) costs of $8,376,790 associated with electrical
interconnections are included in the accompanying balance sheets as Pipeline and
Interconnection Costs and (c) costs of $73,680,375 associated with the remaining
three turbine-generators under construction are included in the accompanying
balance sheets as Development Work in Progress.

A portion of the proceeds from the sale of the Bonds has not yet been expended
on construction and is invested in cash and cash equivalents and short-term
investments. The interest earned on these invested funds is included as
investment income. The interest expense incurred on the portion of the Bond
proceeds expended to construct the Facility is capitalized as Development Work
in Progress and Electric Generation Plant. Interest expense incurred on the Bond
proceeds not spent on construction is included as interest expense. For the
three and nine month periods ended September 30, 2001, interest, net of amounts
capitalized, of $4,948,020 and $11,857,237, respectively, has been expensed. For
the three and nine month periods ended September 30, 2001, interest in the
amount of $494,534 and $3,029,467, respectively, has been recorded as investment
income.

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 29-year 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 our 29-year 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.


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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 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 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.

November 8, 2001              TENASKA GEORGIA PARTNERS, L.P.
                              a Delaware limited partnership

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


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


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