<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 June 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 Identification No.)
      incorporation or organization)

                         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 JUNE 30, 2001

                                      INDEX

                                                                          PAGE

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



                                       2
<Page>

                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

TENASKA GEORGIA PARTNERS, L.P.
(A Development Stage Limited Partnership)

BALANCE SHEETS

<Table>
<Caption>

                                                         June 30,         December 31,
                                                           2001               2000
                                                       -------------      -------------
                                                        (Unaudited)
<S>                                                    <C>                <C>
ASSETS

CURRENT ASSETS:
    Cash and cash equivalents                          $  66,741,170      $  48,524,392
    Short-term investments                                        --         69,999,618
    Restricted cash and cash equivalents                   8,026,954         20,850,132
    Accounts receivable                                      808,420                 --
    Interest receivable                                      252,017          1,380,857
    Prepaid insurance                                        502,857            721,576
    Inventory                                              4,175,260          2,433,202
                                                       -------------      -------------
           Total current assets                           80,506,678        143,909,777

DEVELOPMENT WORK IN PROGRESS                              95,553,904        117,464,753
                                                       -------------      -------------

PLANT AND EQUIPMENT, at cost:
    Land                                                     602,529            602,529
    Electric generation plant                             82,462,215                 --
    Other                                                    206,816             49,110
                                                       -------------      -------------
                                                          83,271,560            651,639
    Less-Accumulated depreciation                           (192,762)                --
                                                       -------------      -------------
           Total plant and equipment, net                 83,078,798            651,639
                                                       -------------      -------------

OTHER ASSETS:
    Contract costs, net                                    8,323,269          6,013,760
    Pipeline and interconnection costs, net                3,853,962          4,571,566
    Deferred finance charges, net                          4,975,443          4,720,463
                                                       -------------      -------------
           Total other assets                             17,152,674         15,305,789
                                                       -------------      -------------
           Total assets                                $ 276,292,054      $ 277,331,958
                                                       =============      =============

LIABILITIES AND PARTNERS' DEFICIT

CURRENT LIABILITIES:
    Accounts payable                                   $   7,567,616      $   5,111,626
    Payable to affiliates                                    428,110             96,338
    Accrued interest payable                              10,885,417         10,885,417
                                                       -------------      -------------
           Total current liabilities                      18,881,143         16,093,381
                                                       -------------      -------------

CONTRACT RETAINAGE PAYABLE                                 2,516,366          1,938,825
                                                       -------------      -------------
LONG-TERM DEBT                                           275,000,000        275,000,000
                                                       -------------      -------------
           Total liabilities                             296,397,509        293,032,206
                                                       -------------      -------------

COMMITMENTS AND CONTINGENCIES

PARTNERS' DEFICIT:
    Diamond Georgia, LLC                                     (36,980)           (23,764)
    Tenaska Georgia, Inc.                                   (164,074)          (133,238)
    Tenaska Georgia I, L.P.                              (19,904,401)       (15,543,246)
                                                       -------------      -------------
           Total partners' deficit                       (20,105,455)       (15,700,248)
                                                       -------------      -------------
           Total liabilities and partners' deficit     $ 276,292,054      $ 277,331,958
                                                       =============      =============
</Table>

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


                                        3
<Page>

TENASKA GEORGIA PARTNERS, L.P.
(A Development Stage Limited Partnership)

STATEMENTS OF OPERATIONS
(Unaudited)

<Table>
<Caption>


                                                 Three Months Ended                   Six Months Ended
                                                      June 30,                            June 30,
                                           ------------------------------      ------------------------------
                                               2001              2000             2001               2000
                                           ------------      ------------      ------------      ------------
<S>                                        <C>               <C>               <C>               <C>
REVENUE:
    Electric                               $  1,549,461      $         --      $  1,549,461      $         --
                                           ------------      ------------      ------------      ------------
           Total revenue                      1,549,461                --         1,549,461                --
                                           ------------      ------------      ------------      ------------

OPERATING EXPENSES:
    Fuel for electric generation plant        1,119,217                --         1,119,217                --
    Plant operation and maintenance              62,666                --            62,666                --
    Management fees and expenses                193,979                --           193,979                --
    Depreciation and amortization               204,522                --           204,522                --
                                           ------------      ------------      ------------      ------------
           Total operating expenses           1,580,384                --         1,580,384                --
                                           ------------      ------------      ------------      ------------
           Operating loss                       (30,923)               --           (30,923)               --
                                           ------------      ------------      ------------      ------------

INTEREST EXPENSE:
    Interest expense                          6,531,250         6,531,250        13,062,500        13,062,500
    Interest expense capitalized             (3,094,393)       (1,081,414)       (6,183,513)       (1,729,185)
    Other                                        30,230                --            30,230                --
                                           ------------      ------------      ------------      ------------
           Interest expense, net              3,467,087         5,449,836         6,909,217        11,333,315
                                           ------------      ------------      ------------      ------------

INVESTMENT INCOME                               913,993         3,475,400         2,534,933         6,961,191
                                           ------------      ------------      ------------      ------------

NET LOSS TO PARTNERS ACCUMULATED
    DURING THE DEVELOPMENT STAGE           $ (2,584,017)     $ (1,974,436)     $ (4,405,207)     $ (4,372,124)
                                           ============      ============      ============      ============
</Table>


The accompanying notes are an integral part of these statements.


                                        4
<Page>

TENASKA GEORGIA PARTNERS, L.P.
(A Development Stage Limited Partnership)

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 to partners accumulated
      during the development stage            (13,216)          (30,836)       (4,361,155)       (4,405,207)
                                         ------------      ------------      ------------      ------------
BALANCE, June 30, 2001                   $    (36,980)     $   (164,074)     $(19,904,401)     $(20,105,455)
                                         ============      ============      ============      ============
</Table>





The accompanying notes are an integral part of this statement.


                                        5
<Page>

TENASKA GEORGIA PARTNERS, L.P.
(A Development Stage Limited Partnership)

STATEMENTS OF CASH FLOWS
(Unaudited)

<Table>
<Caption>

                                                                                Six Months Ended
                                                                                     June 30,
                                                                         --------------------------------
                                                                             2001               2000
                                                                         -------------      -------------
<S>                                                                      <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net loss to partners accumulated during the development stage        $  (4,405,207)     $  (4,372,124)
    Adjustments to reconcile net loss to partners accumulated during
      the development stage to net cash from operating activities-
        Depreciation and amortization                                          204,522                 --
        Amortization of deferred finance charges                                19,258                 --
        Increase in accounts receivable                                        (86,972)                --
        Decrease (increase) in interest receivable                           1,128,840           (144,890)
        Decrease in prepaid insurance                                          218,719            212,533
        Increase in inventory                                               (1,742,058)                --
        (Decrease) increase in accounts payable                               (365,910)            19,501
        Increase in payable to affiliates                                      331,772             83,017
        Increase in accrued interest payable                                        --         13,062,500
                                                                         -------------      -------------
           Total adjustments                                                  (291,829)        13,232,661
                                                                         -------------      -------------
           Net cash from operating activities                               (4,697,036)         8,860,537
                                                                         -------------      -------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Decrease in short-term investments                                      69,999,618         95,810,591
    Additions to development work in progress/plant and equipment          (57,876,263)       (38,535,513)
    Contract costs                                                          (2,310,162)        (1,635,533)
    Pipeline and interconnection costs                                         (25,860)          (734,132)
                                                                         -------------      -------------
           Net cash from investing activities                                9,787,333         54,905,413
                                                                         -------------      -------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Decrease (increase) in restricted cash and cash equivalents             12,823,178        (19,135,741)
    Decrease in restricted short-term investments                                   --         17,910,471
    Deferred finance charges                                                  (274,238)          (186,201)
    Increase in contract retainage payable                                     577,541            659,703
                                                                         -------------      -------------
           Net cash from financing activities                               13,126,481           (751,768)
                                                                         -------------      -------------

NET INCREASE IN CASH AND CASH EQUIVALENTS                                   18,216,778         63,014,182

CASH AND CASH EQUIVALENTS, beginning of period                              48,524,392         40,225,109
                                                                         -------------      -------------
CASH AND CASH EQUIVALENTS, end of period                                 $  66,741,170      $ 103,239,291
                                                                         =============      =============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

    Cash paid for interest, net of amounts capitalized                   $   6,878,987      $          --
</Table>



SUPPLEMENTAL DISCLOSURE OF NONCASH TRANSACTIONS:
    Included in decrease in accounts payable, development work in progress and
      pipeline and interconnection costs as of June 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 decrease in accounts payable and development work in
      progress as of June 30, 2001 are accrued costs of $5,417,518 capitalized
      as development work in progress as of June 30, 2001.

    Excluded from increase in accounts receivable and pipeline and
      interconnection costs are accrued reimbursable costs of $721,448 as of
      June 30, 2001.

The accompanying notes are an integral part of these statements.



                                        6
<Page>

TENASKA GEORGIA PARTNERS, L.P.
(A Development Stage Limited Partnership)


Notes to Financial Statements
June 30, 2001

(Unaudited)


1. GENERAL

The financial statements included herein as of June 30, 2001 and for the three
and six months ended June 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. Two turbine-generators began
commercial operation in June 2001, with four turbine-generators remaining under
construction at June 30, 2001. 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 PECO Energy Company ("PECO"), PECO 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. 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, the Limited
Partnership began recognizing related revenue from the sale of electricity in
the month energy is delivered based upon output delivered and capacity provided
at rates specified in the Power Purchase Agreement. Availability bonuses or
penalties will be 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:

<Table>
<S>                                                <C>
Electric generation plant                          38 years
Other plant and equipment                        5-20 years
</Table>

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 in June 2001, the costs associated with the
two 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 four turbine-generators will be amortized to expense over the
remaining term of the related debt using the bonds outstanding method once
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 in June 2001, the costs associated with the two operational
turbine-generators are being amortized to expense over the 348-month term of the
Power Purchase Agreement. The costs associated with the remaining four
turbine-generators will be amortized to expense over the remaining term of the
Power Purchase Agreement once operations commence.

PIPELINE AND INTERCONNECTION COSTS

The Limited Partnership incurred costs to construct a natural gas pipeline and
natural gas metering facilities and to secure a long-term water supply contract.
These costs have been capitalized and are being amortized


                                       8
<Page>

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

In 1999, 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
$229,064,832. As of June 30, 2001, the Limited Partnership has incurred costs of
$165,795,310 under the terms of the EPC Contract. This amount has been
capitalized. As of June 30, 2001, costs of $76,481,874 associated with the two
turbine-generators achieving commercial operation are included in the
accompanying balance sheets as Electric Generation Plant. The costs associated
with the remaining four turbine-generators under construction are included in
the accompanying balance sheets as Development Work in Progress as of June 30,
2001.

As of June 30, 2001, a cumulative total of $12,110,809 of interest has been
capitalized, of which $5,980,341 and $6,130,468 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. As of June 30, 2001,
the Limited Partnership has incurred costs of $2,768,266 under the terms of this
agreement and construction was completed. 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 PECO, 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 are currently
underway. The current expectation is that the combustion turbine will be
available for commercial operation by early September 2001.

Because Unit 2 did not achieve commercial operation on schedule, 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 June 30, 2001, the Limited Partnership has recorded liquidated damages
of $1,600,000 from Zachry in accordance with the terms of the EPC Contract. This
amount has been netted against amounts payable to Zachry under the EPC Contract
as of June 30, 2001 in the accompanying balance sheets. 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


                                       9
<Page>

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 cover
the shortfall in operating revenues and liquidated damages owed to PECO after
deduction for the policy deductible amounts. The financial impact to the Limited
Partnership, net of insurance proceeds, is expected to be covered with
construction contingency funds.

As of June 30, 2001, the Limited Partnership was required to pay PECO liquidated
damages of $1,150,000 as a result of Units 2 and 3 not achieving their scheduled
commercial operation dates under the Power Purchase Agreement. As of June 30,
2001, these liquidated damages have been offset against amounts due from PECO
for power purchases made under the Power Purchase Agreement in the accompanying
balance sheets. Subsequent to June 30, 2001, the Limited Partnership's
obligation has been satisfied.

As of June 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. We are in the development stage. Two turbine-generators began
commercial operation in June 2001, resulting in operating revenues for the three
and six months ended June 30, 2001. As of June 30, 2001, four 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 are currently underway.
The current expectation is that the combustion turbine will be available for
commercial operation by early September 2001.

Because Unit 2 did not achieve commercial operation on schedule, 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 June 30, 2001, the Limited Partnership has recorded liquidated damages
of $1,600,000 from Zachry in accordance with the terms of the EPC Contract. This
amount has been netted against amounts payable to Zachry under the EPC Contract
as of June 30, 2001 in the accompanying balance sheets. 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 cover the shortfall in
operating revenues and liquidated damages owed to PECO after deduction for the
policy deductible amounts. The financial impact to the Limited Partnership, net
of insurance proceeds, is expected to be covered with construction contingency
funds.

PECO is currently fulfilling its contractual obligations under the Power
Purchase Agreement and is purchasing the output from the two combustion turbines
that have achieved commercial operation. As of June 30, 2001, the Limited
Partnership was required to pay PECO liquidated damages of $1,150,000 as a
result of Units 2 and 3 not achieving their scheduled commercial operation dates
under the Power Purchase Agreement. As of June 30, 2001, these liquidated
damages have been offset against amounts due from PECO for power purchases made
under the Power Purchase Agreement in the accompanying balance sheets.
Subsequent to June 30, 2001, the Limited Partnership's obligation has been
satisfied.

As of June 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 has recommended
inspections and repairs, if necessary, at GE's cost prior to a combustion
turbine reaching 250 start/stop cycles. Unit 2 has passed inspection. Units 1
and 3 have commenced commercial operation and are scheduled for inspection in
October 2001 following the peak season to mitigate penalties under the Power
Purchase Agreement and to meet the needs of our customer for power this summer.
Units 1 and 3 are being operated in accordance with the supplier's TIL
recommendations and will be inspected before reaching 250 start/stop cycles.

RESULTS OF OPERATIONS

The results of operations for the three and six month periods ended June 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 and June 2, 2001 for Units 1 and
3, respectively. For the period June 1, 2001 through June 30, 2001, the Limited
Partnership recognized electric revenues of $1,133,992 under the Power Purchase
Agreement. For each of the three and six month periods ended June 30, 2001, the
Limited Partnership also recognized electric revenues of $415,469 associated
with the sale of power during start-up testing prior to commercial operations
being achieved.

Operating expenses for each of the three and six month periods ended June 30,
2001 were $1,580,384, of which $1,119,217 represented fuel costs incurred during
start-up testing. Other operating expenses were $461,167 for the period June 1,
2001 through June 30, 2001.

For the three and six month periods ended June 30, 2001 and 2000, we were in the
development phase of the project. For the three and six month periods ended June
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 $1,221,389 and $2,310,162, respectively, have
been capitalized as Contract Costs. Commencing with commercial operation in June
2001, Contract Costs associated with the two operational turbine-generators are
being amortized to expense over the 348-month term of the Power Purchase
Agreement. Contract Costs associated with the remaining four turbine-generators
will be amortized to expense over the remaining term of the Power Purchase
Agreement once operations commence.


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For the three and six month periods ended June 30, 2001, total costs in the
amount of $20,901,876 and $60,551,366, respectively, were capitalized as
Development Work in Progress. For the three and six month periods ended June 30,
2001, interest capitalized as Development Work in Progress was $3,094,393 and
$6,183,513, respectively. As of June 30, 2001, total Development Work In
Progress costs in the amount of $82,462,215 associated with the two
turbine-generators achieving commercial operation are included in the
accompanying balance sheets as Electric Generation Plant. The costs associated
with the remaining four turbine-generators under construction are included in
the accompanying balance sheets as Development Work in Progress as of June 30,
2001.

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 and gas pipeline is capitalized as
Development Work in Progress. Interest expense incurred on the Bond proceeds not
spent on construction is included as interest expense. For the three and six
month periods ended June 30, 2001, interest, net of amounts capitalized, of
$3,467,087 and $6,909,217, respectively, has been expensed. For the three and
six month periods ended June 30, 2001, interest in the amount of $913,993 and
$2,534,933, 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 PECO 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.

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


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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

      During the quarter ended June 30, 2001, Tenaska Georgia Partners, L.P.
      filed a Current Report on Form 8-K dated June 7, 2001 regarding the status
      of commercial operation of the Initial Units (which incorrectly stated
      2001 as the scheduled date of commercial operation of the last three
      turbine-generators; such date, as disclosed herein, is 2002). Items 5 and
      7 were reported and no financial statements were filed.



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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.

August 9, 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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