SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


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                                    FORM 10-Q

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   X     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
         SECURITIES EXHANGE ACT OF 1934


                  For the quarterly period ended June 30, 2003

                                       OR

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

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                         Commission file number 33-42125


                       CHUGACH ELECTRIC ASSOCIATION, INC.


                Incorporated pursuant to the Laws of Alaska State

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        Internal Revenue Service - Employer Identification No. 92-0014224

                    5601 Minnesota Drive, Anchorage, AK 99518
                                 (907) 563-7494

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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

Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Act)
Yes                        No X

Indicate the number of shares outstanding of each of the issuer's class of
common stock, as of the latest practicable date.

                  CLASS                    OUTSTANDING AT AUGUST 1, 2003

                  NONE                                NONE

<PAGE>







                                                                     Page Number
CAUTION REGARDING FORWARD-LOOKING STATEMENTS

PART I FINANCIAL INFORMATION

Item 1.       Financial Statements (Unaudited)                                2

              Balance Sheets, June 30, 2003 and December 31, 2002             3

              Statements of Revenues, Expenses and Patronage Capital,
              Three and Six Months Ended June 30, 2003 and 2002               5

              Statements of Cash Flows, Six Months Ended June 30,
              2003 and 2002                                                   6

              Notes to Financial Statements                                   7

Item 2.       Management's Discussion and Analysis of Results of
              Operations and Financial Condition                            1 0

Item 3.       Quantitative and Qualitative Disclosures About Market Risk    2 0

Item 4.       Controls and Procedures                                       2 1

PART II OTHER INFORMATION

Item 1.       Legal Proceedings                                             2 1

Item 2.       Changes in Securities and Use of Proceeds                     2 2

Item 3.       Defaults Upon Senior Securities                               2 2

Item 4.       Submission of Matters to a Vote of Security Holders           2 2

Item 5.       Other Information                                             2 2

Item 6.       Exhibits and reports on Form 8-K                              2 2

              Signatures                                                    2 3

              Exhibits                                                      2 4



<PAGE>



                  CAUTION REGARDING FORWARD-LOOKING STATEMENTS

     Statements in this report that do not relate to historical facts, including
     statements relating to future plans, events or performance, are
     forward-looking statements that involve risks and uncertainties. Actual
     results, events or performance may differ materially. Readers are cautioned
     not to place undue reliance on these forward-looking statements, that speak
     only as of the date of this report and the accuracy of which is subject to
     inherent uncertainty. Chugach Electric Association, Inc. (Chugach)
     undertakes no obligation to publicly release any revisions to these
     forward-looking statements to reflect events or circumstances that may
     occur after the date of this report or the effect of those events or
     circumstances on any of the forward-looking statements contained in this
     report, except as required by law.

                          PART I FINANCIAL INFORMATION

     Item 1.  Financial Statements

     The unaudited financial statements and notes to financial statements of
     Chugach for the quarter ended June 30, 2003, follow:

<PAGE>


                       CHUGACH ELECTRIC ASSOCIATION, INC.
                                 BALANCE SHEETS

<TABLE>
<CAPTION>


                                                                                (Unaudited)
                             Assets                                            June 30, 2003        December 31, 2002
                             ------                                            -------------        -----------------
<S>                                                                            <C>                     <C>

Utility plant:

     Electric plant in service                                                 $ 733,382,927           $ 730,439,297

     Construction work in progress                                                18,799,828              20,224,302
                                                                                  ----------              ----------
                                                                                 752,182,755             750,663,599

     Less accumulated depreciation                                             (287,187,957)           (279,958,912)
                                                                               -------------           -------------
                                                                                 464,994,798             470,704,687

Other property and investments, at cost:

     Nonutility property                                                               3,550                   3,550

     Investments in associated organizations                                      10,997,887              10,963,715
                                                                                  ----------              ----------
                                                                                  11,001,437              10,967,265

Current assets:

     Cash and cash equivalents                                                    14,911,404               7,284,292

     Cash-restricted construction funds                                              513,387                 598,864

     Special deposits                                                                222,163                 222,163

     Accounts receivable, net                                                     12,908,716              26,410,264

     Materials and supplies                                                       25,430,123              23,747,590

     Prepayments                                                                   2,882,081               1,953,350

     Other current assets                                                            227,191                 336,798
                                                                                     -------                 -------
                                                                                  57,095,065              60,553,321

Deferred charges                                                                  25,691,582              27,989,601
                                                                                  ----------              ----------

Total Assets                                                                   $ 558,782,882           $ 570,214,874
                                                                               =============           =============
</TABLE>




<PAGE>

                        CHUGACH ELECTRIC ASSOCIATION, INC.
                                 BALANCE SHEETS
                                   (Continued)

<TABLE>
<CAPTION>

                                                                                 (Unaudited)
                     Liabilities and Equities                                   June 30, 2003       December 31, 2002
                     ------------------------                                   -------------       -----------------
<S>                                                                            <C>                    <C>

Equities and margins:

     Memberships                                                                 $ 1,129,984             $ 1,108,243

     Patronage capital                                                           127,204,532             120,148,502

     Other                                                                         6,161,086               6,221,150
                                                                                   ---------               ---------
                                                                                 134,495,602             127,477,895
Long-term obligations, excluding current installments:

     2001 Series A Bond payable                                                  150,000,000             150,000,000

     2002 Series A Bond payable                                                  120,000,000             120,000,000

     2002 Series B Bond payable                                                   51,100,000              55,700,000

     National Bank for Cooperatives Bonds payable                                 63,189,179              64,134,179
                                                                                  ----------              ----------
                                                                                 384,289,179             389,834,179
Current liabilities:

     Short-term obligations                                                                0               6,081,250

     Current installments of long-term obligations                                 5,545,000               5,165,821

     Accounts payable                                                              4,739,642               7,719,974

     Provision for rate refund                                                     2,259,288               7,050,000

     Consumer deposits                                                             1,827,699               1,826,265

     Fuel cost payable                                                             1,045,951                 363,862

     Accrued interest                                                              6,310,682               6,381,106

     Salaries, wages and benefits                                                  5,388,544               4,977,594

     Fuel                                                                          7,864,726               7,095,402

     Other current liabilities                                                     1,430,175               2,027,938
                                                                                   ---------               ---------
                                                                                  36,411,707              48,689,212

     Deferred credits                                                              3,586,394               4,213,588
                                                                                   ---------               ---------

      Total Liabilities and Equities                                           $ 558,782,882           $ 570,214,874
                                                                               =============           =============
<FN>

See accompanying notes to financial statements.
</FN>
</TABLE>

<PAGE>



                       CHUGACH ELECTRIC ASSOCIATION, INC.
             Statements of Revenues, Expenses and Patronage Capital
                                   (Unaudited)


<TABLE>
<CAPTION>

                                                                Three months ended June 30        Six months ended June 30
                                                                 2003              2002             2003              2002
                                                                 ----              ----             ----              ----
<S>                                                      <C>                 <C>             <C>                <C>

Operating revenues                                           $41,689,671       $42,837,727      $91,928,678       $91,406,269

Operating expenses:
     Fuel                                                     10,449,494        11,736,690       21,853,386        24,695,979

     Power production                                          3,398,259         3,505,628        6,123,192         6,723,941

     Purchased power                                           4,694,759         4,812,543        8,032,237        10,007,083

     Transmission                                                920,130         1,118,331        2,114,738         1,994,449

     Distribution                                              2,450,195         2,596,065        5,277,497         5,224,178

     Consumer accounts/Information expense                     1,413,773         1,471,341        2,815,438         2,895,019

     Administrative, general and other                         8,036,378         5,025,321       13,285,605         9,974,640

     Depreciation and amortization                             6,957,600         6,323,088       13,972,578        12,563,706
                                                               ---------         ---------       ----------        ----------

         Total operating expenses                             38,320,588        36,589,007       73,474,671        74,078,995

Interest expense:
     On long-term obligations                                  5,863,975         6,090,395       11,744,569        14,132,639

     On short-term obligations                                         0            55,544           11,901           158,792

     Charged to construction-credit                                6,194         (106,888)        (101,684)         (256,594)
                                                                   -----         ---------        ---------         ---------

         Net interest expense                                  5,870,169         6,039,051       11,654,786        14,034,837
                                                               ---------         ---------       ----------        ----------

         Net operating margins                               (2,501,086)           209,669        6,799,221         3,292,437

Nonoperating margins:
     Interest income                                              95,520           100,289          182,083           545,201

     Other                                                       (4,420)            21,169           63,715           268,536

     Property gain (loss)                                              0             1,164           71,219         (192,025)
                                                                --------          --------         --------          --------

         Total nonoperating margins                               91,100           122,622          317,017           621,712
                                                                --------          --------         --------          --------

         Assignable margins                                  (2,409,986)           332,291        7,116,238         3,914,149
                                                             ===========           =======        =========         =========

Patronage capital at beginning of period                     129,614,518       128,669,206      120,148,502       125,184,374

Retirement of capital credits and estate
  payments                                                           (0)          (45,572)         (60,208)         (142,598)
                                                                     ---          --------         --------         ---------

Patronage capital at end of period                         $ 127,204,532     $ 128,955,925    $ 127,204,532     $ 128,955,925
                                                           =============     =============    =============     =============
<FN>

See accompanying notes to financial statements.

</FN>
</TABLE>

<PAGE>
                         CHUGACH ELECTRIC ASSOCIATION, INC.
                            Statements of Cash Flows
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                                                                Six months ended June 30
                                                                                                 2003               2002
                                                                                                 ----               ----
<S>                                                                                        <C>             <C>

Cash flows from operating activities:
          Assignable margins                                                                  $7,116,238         $3,914,149

Adjustments to reconcile assignable margins to net cash (used in) provided by
operating activities:
          Provision for rate refund                                                          (4,790,712)                  0
          Depreciation and amortization                                                       16,700,183         15,340,926
          Capitalization of interest                                                           (112,266)          (301,189)
          Property gains (losses)                                                               (71,219)          (192,025)
          Impairment of long-lived asset                                                       1,846,816                  0
          Other                                                                                       54                970

       Changes in assets and liabilities:
        (Increase) decrease in assets:
          Special deposits                                                                             0                  0
          Fuel cost recovery                                                                           0          2,186,410
          Accounts receivable                                                                 13,501,548          5,457,671
          Prepayments                                                                          (928,731)        (1,823,744)
          Materials and supplies                                                             (1,682,533)        (1,050,755)
          Deferred charges, net                                                                (429,586)        (1,795,875)
          Other                                                                                  109,607            118,323

        Increase (decrease) in liabilities:
          Accounts payable                                                                   (2,980,332)        (6,499,147)
          Fuel payable                                                                           682,089                  0
          Consumer deposits                                                                        1,434             99,258
          Accrued interest                                                                      (70,424)        (1,025,132)
          Deferred credits                                                                   (1,221,591)       (16,071,442)
          Other                                                                                  582,511        (4,730,002)
                                                                                              ----------         ----------
                  Net cash (used in) provided by operating activities                         28,253,086        (6,371,604)

Cash flows from investing activities:
          Extension and replacement of plant                                                 (9,926,020)       (10,789,403)
          Investments in associated organizations                                               (34,226)           (63,656)
                                                                                              ----------         ----------
                  Net cash used in investing activities                                      (9,960,246)       (10,853,059)

Cash flows from financing activities:
          Short-term obligations                                                             (6,081,250)          8,000,000
          Proceeds from long-term obligations                                                          0        180,000,000
          Repayments of long-term obligations                                                (5,165,821)      (170,719,945)
          Retirement of patronage capital                                                       (60,208)          (142,598)
          Other                                                                                  641,551             52,268
                                                                                              ----------        -----------
                  Net cash (used in) provided by financing activities                       (10,665,728)         17,189,725

Net increase (decrease) in cash and cash equivalents                                           7,627,112           (34,938)

Cash and cash equivalents at beginning of period                                              $7,284,292         $3,814,767
------------------------------------------------                                              ----------         ----------

Cash and cash equivalents at end of period                                                   $14,911,404         $3,779,829
------------------------------------------                                                   ===========         ==========

Supplemental disclosure of cash flow information - interest expense paid, net of              11,725,209         15,059,969
                                                                                              ==========         ==========
amounts capitalized
<FN>

See accompanying notes to financial statements.
</FN>
</TABLE>









<PAGE>


                        CHUGACH ELECTRIC ASSOCIATION, INC.

                          Notes to Financial Statements
                                   (Unaudited)

     1.     Presentation of Financial Information

     During interim periods, Chugach Electric Association, Inc. (Chugach)
     follows the accounting policies set forth in its audited financial
     statements included in Form 10-K filed with the Securities and Exchange
     Commission unless otherwise noted. Users of interim financial information
     are encouraged to refer to the footnotes contained in Chugach's Form 10-K
     when reviewing interim financial results. The accompanying unaudited
     interim financial statements reflect all adjustments, which are, in the
     opinion of management, necessary for a fair statement of the results for
     the interim periods presented.

     Certain reclassifications have been made to the 2002 financial statements
     to conform to the 2003 presentation.

     2.     Lines of credit

     Chugach maintains a line of credit of $20 million with CoBank, ACB
     (CoBank). The CoBank line of credit expires October 31, 2003, subject to
     renewal at the discretion of the parties. At June 30, 2003, there was no
     outstanding balance on this line of credit. In addition, Chugach has an
     annual line of credit of $50 million available at the National Rural
     Utilities Cooperative Finance Corporation (NRUCFC). At June 30, 2003, there
     was no outstanding balance on this line of credit. The NRUCFC line of
     credit expires October 15, 2007.

     3.     Environmental Matters

     Chugach discovered polychlorinated biphenyls (PCBs) in paint, caulk and
     grease at the Cooper Lake Hydroelectric plant during initial phases of a
     turbine overhaul. A Federal Energy Regulatory Commission (FERC) approved
     plan, prepared in consultation with the Environmental Protection Agency
     (EPA) was implemented to remediate the PCBs in the plant. As a condition of
     its approval of the license amendment for the overhaul project, FERC
     required Chugach to also investigate the presence of PCBs in Kenai Lake. A
     sampling plan was developed by us in consultation with state and federal
     agencies and approved by FERC. In 2000, we sampled sediments and fish
     collected from Kenai Lake and other waters. While low levels of PCBs were
     found in some sediment samples taken near the plant, no pathway from
     sediment to fish was established. While the levels of PCBs in fish from
     Kenai Lake were similar to levels found in fish from other lakes within the
     region, we conducted additional sampling and analysis of fish in Kenai Lake
     and other waters and filed our final report dated April 1, 2002, with FERC,
     which analyzed the results of the sampling. Based on these analyses, we
     concluded that no further PCB sampling and analysis in Kenai Lake was
     necessary. In a letter dated June 13, 2002, FERC informed us that its
     review of the report supported our conclusions and agreed we were not
     required to conduct further PCB sampling and analysis in Kenai Lake. In its
     recent order in our general rate case, Order U-01-108(26), the Regulatory
     Commission of Alaska (RCA), permitted the costs associated with the
     overhaul and the PCB remediation to be recovered through rates.
     Consequently, management believes the costs of the PCB remediation and
     studies will have no material impact on our financial condition or results
     of operations.

     4.     Legal Proceeding

     Matanuska Electric Association, Inc., v. Chugach Electric Association,
     Inc., Superior Court Case No. 3AN-99-8152 Civil

     This action is a claim for a breach of the Tripartite Agreement, which is
     the contract governing the parties' relationship for a 25-year period from
     1989 through 2014 and governing our sale of power to Matanuska Electric
     Association, Inc., (MEA) during that time. MEA asserted we breached that
     contract by failing to provide information, by failing to properly manage
     our long-term debt, and by failing to bring our base rate action to a Joint
     Committee before presenting it to the RCA. The committee is defined in the
     power sales contract and consists of one MEA and two Chugach board members.
     All of MEA's claims have been dismissed. On April 29, 2002, MEA appealed
     the Superior Court's decisions relating to our financial management and our
     failure to bring our base rate action to the joint committee before filing
     with the RCA to the Alaska Supreme Court. We cross-appealed the Superior
     Court's decision not to dismiss the financial management claim on
     jurisdictional and res judicata grounds. Oral argument was heard by the
     Supreme Court on April 15, 2003. Management is uncertain as to the outcome
     and expects a decision within six to twelve months.

     Chugach has certain additional litigation matters and pending claims that
     arise in the ordinary course of its business. In the opinion of management,
     no individual matter or the matters in the aggregate is likely to have a
     material adverse effect on our results of operations, financial condition
     or liquidity.

     5.     Critical Accounting Policies

     The preparation of financial statements in conformity with principles
     generally accepted in the United States of America requires that management
     apply accounting policies and make estimates and assumptions that affect
     results of operations and reported amounts of assets and liabilities in the
     financial statements. The following areas represent those that management
     believes are particularly important to the financial statements and that
     require the use of estimates and assumptions to describe matters that are
     inherently uncertain.

     FERC Accounting

     Chugach prepares its financial statements in accordance with principles
     generally accepted in the United States of America and in conformity with
     the FERC's uniform system of accounts.

     Cost Basis Regulation

     Chugach is subject to regulation by the RCA. The rates that are charged by
     Chugach to its customers are based upon cost-based regulation reviewed and
     approved by this regulatory commission. Under the authority of this
     commission, Chugach has recorded certain regulatory assets in the amount of
     $21.8 million as of June 30, 2003. If Chugach's rates were no longer based
     upon cost or there was no longer the probability of future collection in
     rates, these assets and liabilities would be written off against assignable
     margins.

     Financial Instruments and Hedging

     Chugach has previously used U.S. Treasury based forward rate lock
     agreements to hedge expected interest rates on debt. Chugach accounted for
     the agreements under SFAS 80 and 71 through December 31, 2000, and SFAS
     133, 138 and 71 subsequent to that date. Gains or losses are treated as
     regulatory assets or liabilities upon settlement. If Chugach's rates were
     no longer based upon cost or there was no longer the probability of future
     collection in rates, these assets and liabilities would be written off
     against assignable margins. Based on historical regulatory treatment on
     previous refinancing, management believes the establishment and recovery of
     Chugach's regulatory assets and liabilities is appropriate. Accounting for
     derivatives continues to evolve through guidance issued by the Derivatives
     Implementation Group (DIG) of the Financial Accounting Standards Board
     (FASB). To the extent that changes by the DIG modify current guidance, the
     accounting treatment for derivatives may change.

     6.     Impairment of Long-Lived Assets

     In accordance with Statement of Financial Accounting Standards No. 144,
     Accounting for the Impairment or Disposal of Long-Lived Assets (SFAS 144),
     Chugach performed an analysis of generation assets and determined an
     impairment of a certain asset existed. As a result of this analysis, an
     asset was written down by $1,846,816 to its estimated salvage value. This
     amount is included in the Statement of Revenues, Expenses and Patronage
     Capital, "Administrative, general and other," category.

<PAGE>


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

     Reference is made to the information contained under the caption "CAUTION
     REGARDING FORWARD-LOOKING STATEMENTS" at the beginning of this report.

     Regulatory Matters

     Docket U-01-108

     Chugach filed a general rate case, Docket U-01-108, on July 10, 2001, based
     on the 2000 test year, requesting a permanent base rate increase of 6.5%,
     and an interim base rate increase of 4.0%. On September 5, 2001, the RCA
     granted a 1.6% interim demand and energy rate increase effective September
     14, 2001. Chugach filed a petition for reconsideration and on October 25,
     2001, the RCA revised its Interim Approval to permit Chugach to collect an
     interim base rate increase of 3.97%. The additional rate increase was
     implemented on November 1, 2001. As anticipated in Chugach's July 2001
     original filing, on April 15, 2002, Chugach submitted a filing with the RCA
     to update certain known and measurable costs and savings that had occurred
     outside the 2000 Test Year. In the updated filing, Chugach reduced its base
     rate increase request from 6.5% to 5.7%, or approximately $0.9 million in
     the revenue requirement on a system basis. The revised filing also
     reflected an increase in depreciation expense of approximately $1.5 million
     due to the completion of the Beluga Unit 7 re-powering project and a
     reduction in annualized interest expense of $2.4 million due to Chugach's
     recent refinancings. In this revised filing, Chugach continued to request
     $11.9 million in margins. As a result of reduced interest costs, Chugach's
     supplemental filing would have yielded an equivalent system Times Interest
     Earned Ratio (TIER) of 1.47.

     Docket U-01-108, Order No. 26

     The RCA issued Order No. 26 in Docket U-01-108 on February 6, 2003.

     Order 26 resolved several issues in Chugach's favor:

o        The RCA rejected intervenor mismanagement allegations regarding
         re-powering of Beluga Units 6, 7 and Cooper Lake Power Plant (CLPP)
         overhaul and PCB remediation.

o        The RCA accepted Chugach's rate lock cost amortization and did not
         question other refinancing activities.

o        The RCA approved the 1999 depreciation study, in part, and allowed
         implementation of remaining life depreciation methodology.

o        The RCA approved recovery of rate lock and CLPP PCB remediation
         expenses.



<PAGE>


     Order 26 contained several adjustments not in Chugach's favor:

o        The RCA required Chugach to continue using TIER in calculating return
         levels instead of converting to a return on rate-base methodology.

o        The RCA adjusted Chugach's system overall TIER downwards from 1.35 to
         1.30, a difference of approximately $1.3 million in margins based on
         the 2000 test year and would have similar impacts in subsequent years.
         As Chugach had requested that its permanent rates in this case be
         established with an effective TIER of 1.47, this was a difference of
         approximately $4 million in margins based on the 2000 test year between
         the now-authorized TIER of 1.30.

o        The RCA required Chugach to treat Allowance for Funds Used During
         Construction/Interest During Construction (AFUDC / IDC) as a reduction
         to long-term interest expense, which reduces the revenue requirement by
         approximately $1.2 million, excluding TIER. With the required AFUDC/IDC
         adjustment alone, Chugach's effective TIER would be below a 1.30.

o        The RCA required a 1.8 percentage point interest rate reduction (from
         3.8% to 2%) on Chugach's $60.0 million of variable debt, which equates
         to a revenue requirement reduction of approximately $1.1 million,
         excluding TIER.

o        Chugach's overall Depreciation Study was approved, although the RCA did
         require approximately $0.7 million in downward adjustments, primarily
         related to Bernice Lake Units 2 - 4 and Chugach's North Submarine Cable
         field. This reduction in the revenue requirement will match Chugach's
         reduction in depreciation expense, resulting in a net effect of zero to
         margins in subsequent years.

     The impact of Order 26 required the following:

o        Based on the final rates ordered, a refund of revenues collected in
         2001 of approximately $1.1 million and in revenues collected in 2002 of
         approximately $6.0 million, which resulted in a net operating loss of
         $2 million in 2002. Under the Order, Chugach's financial performance
         for 2002 fell below the 1.10 level contained in the Rate Covenants in
         its currently effective indenture, the Amended and Restated Indenture,
         the CoBank Master Loan Agreement and the MBIA Insurance Corporation's
         (MBIA) Reimbursement and Indemnity Agreement.

o        A reduction in estimated 2003 revenues of approximately $6.0 million.
         Based on the budgeted revenues and expenditures, under Order 26,
         Chugach may have insufficient margins over interest in 2003 to comply
         with the requirements of the Rate Covenants in the agreements described
         above.



<PAGE>


     In accordance with the Rate Covenant in the Amended and Restated Indenture,
     on February 13, 2003, Chugach filed a Motion with the RCA asking the RCA to
     stay the effect of Order 26 until after the RCA considered Chugach's
     Petition for Reconsideration. On February 18, 2003, the RCA granted, in
     part, our motion for stay. Chugach filed the Petition for Reconsideration
     with the RCA on February 28, 2003.

     Docket U-01-108, Order No. 30

     On April 15, 2003, the RCA issued Order No. 30 in Docket U-01-108, revising
     its earlier ruling by:

o        Reversing its AFUDC/IDC offset decision and agreeing with Chugach that
         the offset of AFUDC and IDC against long-term interest expense in the
         test year is not appropriate. Language in Order 30 may limit its ruling
         to projects commenced and concluded within the test year.

o        Allowing most of the legal expenses reduced or amortized from the
         revenue requirement to be added back.

o        Establishing a normalized interest rate of 3.8% on our $60 million in
         variable rate debt.

o        Clarifying that it intended to set a floating TIER of 1.64 for
         Distribution.

o        Clarifying, as requested by Chugach, that the refund cannot go below
         the "floor" of the rates that were in place prior to Chugach's interim
         increase.

o        Clarifying that interest expense should be allocated based on net
         plant.

o        Authorizing Chugach to use the higher interest rate existing in January
         and February of 2002 (before the March refinancing reduced interest
         expense) in calculating any refunds.

     In Order No. 30, the RCA also:

o        Declined to change its ruling continuing the split TIER.

o        Declined to change its ruling reducing overall TIER to 1.30 and
         reducing Generation and Transmission (G&T) TIER to 1.10.

o        Declined to change its ruling that rate case costs cannot be amortized
         and recovered in rates.

     The net impact of Order 30, as it modified Order 26, requires the
     following:

o        A refund of approximately $435 thousand in revenues collected in 2001.

o        A refund of approximately $1.1 million in revenues collected in 2002.
         The resulting provision for rate refund adjustment adjusts revenue
         positively by $5.45 million in 2003.

o        A refund of approximately $377 thousand in revenues collected in 2003.

o        Chugach calculates, that based on the budgeted revenues and
         expenditures, under Order 30, Chugach will have sufficient margins over
         interest in 2003 to comply with the requirements of the Rate Covenants
         in the Amended and Restated Indenture, the CoBank Master Loan Agreement
         and the MBIA Reimbursement Agreement.

     Docket U-01-108, Order No. 30 Appeal

     On April 29, 2003, Chugach filed an appeal in Alaska Superior Court on two
     issues. In Order No. 30 of this docket, the RCA reconsidered and reversed
     its earlier decision and agreed with Chugach that requiring AFUDC/IDC as an
     offset to long-term interest expense would cause under-recovery and should,
     therefore, not be required. However, the specific language of the RCA's
     order on reconsideration may limit its ruling to projects commenced and
     concluded within the test year. This could cause under-recovery of project
     costs over the life of the asset resulting in a confiscatory rate. Chugach
     has filed an appeal as to this portion of the RCA's decision on
     reconsideration in Order No. 30. In its compliance filing with the RCA,
     Chugach revised the calculations used to develop rates and calculating
     refunds in compliance with the RCA's orders. Chugach proposed rate and
     refund calculations consistent with the rationale approved by the
     Commission in Order 30, which if allowed by the RCA, would alleviate this
     defect and moot the issue on appeal. If the RCA accepts Chugach's
     compliance filing, Chugach will withdraw the appeal on this issue. MEA,
     however, has included this issue in its points on appeal filed with its
     cross appeal described below. The RCA has not yet ruled on Chugach's
     compliance filing submitted on April 28, 2003.

     Chugach has also appealed the RCA's decision from Order No. 26, which the
     RCA declined to reconsider, to modify Chugach's generation and transmission
     TIER of 1.10, from the previously authorized level of 1.15 and a
     distribution TIER of approximately 1.6. Chugach asserts that such a
     disparity in TIER violates the requirements of AS 42.05.141(a)(3) and AS
     42.05.391 (a) in that the resulting rates are not just, fair and reasonable
     and yield an unreasonable difference as to rates between Chugach's retail
     and wholesale customers. Chugach further asserts that the resulting rates
     grant an unreasonable preference or advantage to Chugach's wholesale
     customers by creating an unreasonable prejudice or disadvantage to its
     retail customers.



<PAGE>


     On May, 13, 2003, MEA filed a cross appeal challenging the following
     Commission's decisions:

o        Allowing 3.8 percent interest rate for use in calculating the weighted
         cost of debt associated with its 2002 Series B (auction rate) Bonds.
o        Approving Chugach's treatment of AFUDC/IDC for ratemaking purposes.
o        Determining that the Commission did not have the jurisdiction to
         consider the claims of MEA regarding Chugach's alleged breach of its
         power sales agreement with MEA.
o        Concluding that the "rate locks" executed by Chugach were both a
         prudent financial management decision and a prudent expenditure such
         that Chugach could recover the cost of the rate locks through the rates
         paid by MEA.

     On July 21, 2003, the Superior Court of Alaska granted Chugach's motion for
     stay on condition that the excess interim rate refund be placed into an
     interest bearing escrow account and the revenues received from future
     rates, which may be subject to refund, be held in the same account.

     Impairment of Long-Lived Assets

     In accordance with Statement of Financial Accounting Standards No. 144,
     Accounting for the Impairment or Disposal of Long-Lived Assets (SFAS 144),
     Chugach performed an analysis of generation assets and determined an
     impairment of a certain asset existed. As a result of this analysis, an
     asset was written down by $1,846,816 to its estimated salvage value. This
     amount is included in the Statement of Revenues, Expenses and Patronage
     Capital, "Administrative, general and other," category.

<PAGE>


     Results Of Operations

     Current Year Quarter Versus Prior Year Quarter

     Assignable margins decreased by $2.7 million for the quarter ended June 30,
     2003, over the same quarter in 2002 primarily due to the $1.8 million write
     down of an impaired asset. The decrease was also due to a decrease in
     revenue collected through the fuel surcharge mechanism due to lower fuel
     prices and additional provision for rate refunds recorded in the second
     quarter of 2003.

     Operating revenues, which include sales of electric energy to retail,
     wholesale and economy energy customers and other miscellaneous revenues,
     decreased by $1.1 million, or 2.7%, for the quarter ended June 30, 2003,
     over the same quarter in 2002. The decrease in revenues was due to the
     decrease in revenue collected through the fuel surcharge mechanism due to
     lower fuel prices and additional provision for rate refunds recorded in the
     second quarter of 2003, which was offset by increased economy energy sales
     to Golden Valley Electric Association (GVEA). GVEA purchased more from
     Chugach in the second quarter of 2003 as compared to the same quarter last
     year when they purchased more from another provider.

     The following table represents kWh sales for the quarter ended June 30:

                                    2003                2002
                                    ----                ----
            Customer                kWh                  kWh
          Retail                264,341,691          259,178,470
          Wholesale             259,493,952          263,894,173
          Economy Energy         58,899,440           42,402,010
                                 ----------           ----------
          Total                 582,735,083          565,474,653
                                ===========          ===========

     Retail demand and energy rates and wholesale demand and energy rates
     charged to HEA and MEA did not change in the second quarter of 2003
     compared to the second quarter of 2002. The interim rate increase
     authorized by the RCA for all rate classes except small commercial and
     public street and highway lighting in November 2001 was still in affect,
     awaiting the RCA's approval of our Compliance Filing for the 2000 Test Year
     rate case. Wholesale demand and energy rates charged to Seward Electric
     System (SES) did not change in this quarter compared to the same quarter
     last year.

     Fuel expense decreased by $1.3 million, or 11.0%, for the quarter ended
     June 30, 2003, compared to the same period in 2002 due to lower fuel
     prices. Transmission expense decreased by $198.2 thousand, or 17.7%, due to
     a decrease in right of way clearing and scheduled maintenance due to
     permitting issues as a result of unusually warm weather. Administrative,
     general and other expense increased by $3.0 million, or 59.9%, due to a
     write down of an impaired asset of $1.8 million, a $150 thousand increase
     in insurance expense, a $207 thousand donation of an obsolete inventory
     item and a $500 thousand reclassification of the Kenai Lake PCBs study from
     a deferred debit to other deductions. Depreciation and amortization expense
     increased by $634.5 thousand, or 10.0%, due to the implementation of new
     depreciation rates in accordance with the depreciation study approved by
     the RCA. Power production, purchased power, distribution and consumer
     accounts/information expenses did not materially change for the three-month
     period ended June 30, 2003.

     Interest on long-term debt decreased by $226.4 thousand, or 3.7%, due to
     lower interest rates. Interest charged to construction decreased by $113.1
     thousand, or 105.8%, in the second quarter of 2003 compared to the same
     period in 2002 due to lower interest rates, lower average balances in
     Construction Work in Progress, (CWIP) and an adjustment that was made to
     closed projects. Other interest expense decreased by $55.5 thousand, or
     100%, from the second quarter of 2002 due to decreased borrowing on the
     CoBank line of credit in the second quarter of 2003.

     Other nonoperating margins did not materially change for the three-month
     period ended June 30, 2003, compared to the same period in 2002.

     Current Year to Date Versus Prior Year to Date

     Assignable margins increased by $3.2 million, or 81.8%, in the first six
     months of 2003, over the same period in 2002 primarily due to a decrease in
     fuel and purchased power expense and a decrease in interest on long-term
     debt. These decreases were offset by an increase in administration, general
     and other and depreciation expense.

     Operating revenues did not materially change for the six-month period ended
     June 30, 2003.

     The following table represents kWh sales for the six months ended June 30:

                                  2003                  2002
                                  ----                  ----
               Customer            kWh                   kWh
             Retail            574,954,088           572,506,030
             Wholesale         550,594,111           562,334,692
             Economy Energy    118,093,130            45,706,900
                               -----------            ----------
             Total           1,243,641,329         1,180,547,622
                             =============         =============

     Fuel expense decreased by $2.8 million, or 11.5%, for the first six months
     of 2003, compared to the same period in 2002 due to lower fuel prices.
     Purchased power expense decreased by $2.0 million, or 19.7%, due to an
     outage of the Nikiski power plant as a result of a controls upgrade in the
     first quarter of 2003. Administrative, general and other expense increased
     by $3.3 million, or 33.2%, due primarily to the $1.8 million write down of
     an impaired asset. Other increases included a $280 thousand increase in
     insurance costs, a $500 thousand reclassification of the Kenai Lake PCBs
     study from a deferred debit to other deductions, a $360 thousand increase
     in allocated information services costs and the $207 thousand donation of
     an obsolete inventory item. Depreciation and amortization expense increased
     by $1.4 million, or 11.2%, due to the implementation of new depreciation
     rates in accordance with the depreciation study approved by the RCA.
     Transmission, distribution and consumer accounts/information did not
     materially change for the six-month period ended June 30, 2003, compared to
     the same period in 2002.

     Interest on long-term debt decreased by $2.4 million, or 16.9%, due to
     lower interest rates. Interest charged to construction decreased by $154.9
     thousand, or 60.4%, in the first six months of 2003 compared to the same
     period in 2002 due to less construction activity and lower interest rates.
     Other interest expense decreased by $146.9 thousand, or 92.5%, during the
     same period in 2003 compared to the same period in 2002 due to decreased
     borrowing on the CoBank line of credit in 2003.

     Other nonoperating margins decreased by $304.7 thousand, or 49.0%, for the
     six-month period ended June 30, 2003, compared to the same period in 2002,
     due to a decrease in interest income. During the 2002 refinancing, Chugach
     received and invested funds that increased interest income in the prior
     year.

     Financial Condition

     Total assets decreased $11.4 million, or 2.0%, from December 31, 2002, to
     June 30, 2003. The decrease was due in part to a $5.7 million, or 1.2%,
     decrease in net plant, caused primarily by the increase in accumulated
     depreciation due to new depreciation rates and plant construction completed
     in 2002. The decrease was also due to a $13.5 million, or 51.1%, decrease
     in accounts receivable caused by the payment of wholesale power invoices
     and the state of Alaska relocation invoices that were accrued but not paid
     at December 31, 2002. The decrease in total assets was also due to a $2.3
     million, or 8.2%, decrease in deferred charges caused by the second
     quarter's amortization of deferred projects, as well as the
     reclassification of the Kenai Lake PCBs study from a deferred debit to
     other deductions.

     The decrease in total assets was offset by a $7.6 million, or 104.7%,
     increase in cash and cash equivalents caused by the collection of
     relocation invoices from the State of Alaska. It was also offset by a
     $928.7 thousand, or 47.5%, increase in prepayments caused by increased
     insurance renewals, as well as a $1.7 million, or 6.6%, increase in
     materials and supplies caused by the purchase of generation inventory items
     in preparation of scheduled maintenance projects.

     Notable changes to total liabilities and equities include a $7.0 million,
     or 5.5%, increase in patronage capital due to the margin impact of the
     provision for rate refund adjustment to revenue. There was also an increase
     of $682.1 thousand, or 187.4%, in fuel cost payable caused by the
     over-collection of the prior quarter's fuel cost adjustment. Fuel payable
     also increased by $769.3 thousand, or 10.8%, due to the timing of fuel
     invoice payments.

     The increases to total liabilities and equities were offset by a $5.5
     million, or 1.4%, decrease in long-term obligations due to an installment
     payment of the 2002 Series B Bond and installment payments of CoBank 3
     and CoBank 4. There was a $6.1 million, or 100.0%, decrease in short-term
     obligations caused by the collection of outstanding accounts receivable
     that was collected and used to pay off the line of credit. There was also a
     $3.0 million, or 38.6%, decrease in accounts payable caused by the payment
     of invoices that were accrued at December 31, 2002. There was also a $4.8
     million, or 68.0%, decrease in the provision for rate refund caused by the
     adjustment calculated by RCA Order 30 and subsequent calculations in 2003.
     Other current liabilities decreased $597.8 thousand, or 29.5% due to the
     payment of the annual gross receipts tax and the quarterly RCA tax.

     Liquidity and Capital Resources

     Chugach has satisfied its operational and capital cash requirements
     primarily through internally generated funds, an annual $50 million line of
     credit from NRUCFC and a $20 million line of credit with CoBank. At June
     30, 2003, there was no outstanding balance with NRUCFC or CoBank.

     Chugach also has a term loan facility with CoBank. Loans made under this
     facility are evidenced by promissory notes governed by the Master Loan
     Agreement, which became effective on January 22, 2003. At June 30, 2003,
     Chugach had the following promissory notes outstanding under this facility:
<TABLE>
<CAPTION>

                                                     Interest rate at                             Principal Payment
    Promissory Note         Principal balance          June 30, 2003          Maturity Date             Dates
<S>     <C>                    <C>                         <C>                     <C>               <C>



        CoBank 2               $10,000,000                 7.76%                   2005                 2005
        CoBank 3               $21,086,330                 5.60%                   2022              2003 - 2022
        CoBank 4               $23,500,000                 5.60%                   2022              2003 - 2022
        CoBank 5               $10,000,000                 5.60%                   2012              2002 - 2012

         Total                 $64,586,330
</TABLE>

     On January 22, 2003, Chugach and CoBank finalized a new Master Loan
     Agreement pursuant to the existing term loan facility that was converted
     from secured to unsecured debt and the obligations represented by the
     outstanding bonds held by CoBank were converted into promissory notes
     governed by the new Master Loan Agreement. Chugach's existing mortgage
     indenture was replaced in its entirety by an Amended and Restated Indenture
     dated April 1, 2001. All liens and security interests imposed under the
     indenture were terminated and all outstanding Chugach bonds (including New
     Bonds of 2001 Series A, 2002 Series A and 2002 Series B) became unsecured
     obligations governed by the terms of the Amended and Restated Indenture.

     Capital construction in 2003 is estimated at $31.1 million. At June 30,
     2003, approximately $9.9 million had been expended. Capital improvement
     expenditures are expected to increase in the upcoming third quarter as the
     construction season began in April and extends into October.

     Chugach management continues to expect that cash flows from operations and
     external funding sources will be sufficient to cover operational and
     capital funding requirements in 2003 and thereafter.



<PAGE>


     Outlook

     Chugach reorganized its management and structure in June 2002 when the
     longstanding Chief Financial Officer (CFO), Evan J. Griffith, accepted the
     Chief Executive Officer (CEO) position. Chugach now has four senior
     vice-president level organizational entities: CFO (Finance and Accounting),
     Energy Supply, Power Delivery and Administration. A Chief of Staff position
     was also created and staffed by in-house senior management. We believe this
     structure will better facilitate the organization's ability to effectively
     manage future challenges.

     Environmental Matters

     Compliance with Environmental Standards

     Chugach's operations are subject to certain federal, state and local
     environmental laws that Chugach monitors to ensure compliance. The costs
     associated with environmental compliance are included as a component of
     both the operating and capital budget processes. Chugach accrues for costs
     associated with environmental remediation obligations when such costs are
     probable and reasonably estimable.

     Environmental Matters

     Chugach discovered polychlorinated biphenyls (PCBs) in paint, caulk and
     grease at the Cooper Lake Hydroelectric plant during initial phases of a
     turbine overhaul. A Federal Energy Regulatory Commission (FERC) approved
     plan, prepared in consultation with the Environmental Protection Agency
     (EPA) was implemented to remediate the PCBs in the plant. As a condition of
     its approval of the license amendment for the overhaul project, FERC
     required Chugach to also investigate the presence of PCBs in Kenai Lake. A
     sampling plan was developed by us in consultation with state and federal
     agencies and approved by FERC. In 2000, we sampled sediments and fish
     collected from Kenai Lake and other waters. While low levels of PCBs were
     found in some sediment samples taken near the plant, no pathway from
     sediment to fish was established. While the levels of PCBs in fish from
     Kenai Lake were similar to levels found in fish from other lakes within the
     region, we conducted additional sampling and analysis of fish in Kenai Lake
     and other waters and filed our final report dated April 1, 2002, with FERC,
     which analyzed the results of the sampling. Based on these analyses, we
     concluded that no further PCB sampling and analysis in Kenai Lake was
     necessary. In a letter dated June 13, 2002, FERC informed us that its
     review of the report supported our conclusions and agreed we were not
     required to conduct further PCB sampling and analysis in Kenai Lake. In its
     recent order in our general rate case, Order U-01-108(26), the RCA
     permitted the costs associated with the overhaul and the PCB remediation to
     be recovered through rates. Consequently, management believes the costs of
     the PCB remediation and studies will have no material impact on our
     financial condition or results of operations.


<PAGE>


     Item 3. Quantitative and Qualitative Disclosures About Market Risk

     Chugach is exposed to a variety of risks, including changes in interest
     rates and changes in commodity prices due to repricing mechanisms inherent
     in gas supply contracts. In the normal course of our business, we manage
     our exposure to these risks as described below. Chugach does not engage in
     trading market risk-sensitive instruments for speculative purposes.

     Interest Rate Risk

     As of June 30, 2003, except for the 2002 Series B Bond, which carries a
     variable interest rate and is re-priced every 28 days, all of our
     outstanding long-term obligations were at fixed interest rates with varying
     maturity dates. The following table provides information regarding auction
     dates and rates in 2003 for the 2002 Series B Bonds.

                            Auction Date              Interest Rate

                          January 29, 2003                1.40%
                          February 26, 2003               1.35%
                           March 26, 2003                 1.32%
                           April 23, 2003                 1.33%
                            May 21, 2003                  1.30%
                           June 18, 2003                  1.18%
                           July 16, 2003                  1.10%
                           August 13, 2003                1.10%

     The following table provides information regarding cash flows for principal
     payments on total debt by maturity date (dollars in thousands) as of June
     30, 2003.
<TABLE>
<CAPTION>

                                                                                                          Fair
Total Debt*                 2003     2004      2005      2006       2007        Thereafter    Total       Value
-----------                 ----     ----      ----      ----       ----        ----------    -----       -----
<S>                         <C>    <C>       <C>       <C>        <C>            <C>         <C>         <C>


Fixed rate                   $0      $945    $11,031    $1,126     $1,229        $319,804    $334,134    $372,960

Average
interest rate                       5.60%      7.56%     5.60%      5.60%           6.27%       6.31%

Variable rate                $0    $4,600     $4,900    $5,200     $5,500         $35,500     $55,700     $55,700

Average
interest rate                --     1.10%      1.10%     1.10%      1.10%           1.10%       1.10%
<FN>

     *   Includes current portion

</FN>
</TABLE>


<PAGE>


     Commodity Price Risk

     Chugach's gas contracts provide for adjustments to gas prices based on
     fluctuations of certain commodity prices and indices. Because purchased
     power costs are passed directly to our wholesale and retail customers
     through a fuel surcharge, fluctuations in the price paid for gas pursuant
     to long-term gas supply contracts do not normally impact margins. The fuel
     surcharge mechanism mitigates the commodity price risk related to market
     fluctuations in the price of purchased power.

     Item 4. Controls and Procedures

     Chugach's management, including the Chief Executive Officer and the
     Chief Financial Officer, evaluated the Company's disclosure controls and
     procedures (as defined in Rule 13a-14(c) under the Securities Exchange Act
     of 1934) as of June 30, 2003. Based on this evaluation, the Chief Executive
     Officer and the Chief Financial Officer concluded that the Company's
     disclosure controls and procedures are effective. There were no significant
     changes in Chugach's internal controls that could significantly
     affect its disclosure controls and procedures since the date of the
     evaluation.

                            PART II OTHER INFORMATION

     Item 1. Legal Proceedings

     Matanuska Electric Association, Inc., v. Chugach Electric Association,
     Inc., Superior Court Case No. 3AN-99-8152 Civil

     This action is a claim for a breach of the Tripartite Agreement, which is
     the contract governing the parties' relationship for a 25-year period from
     1989 through 2014 and governing our sale of power to MEA during that time.
     MEA asserted we breached that contract by failing to provide information,
     by failing to properly manage our long-term debt, and by failing to bring
     our base rate action to a Joint Committee before presenting it to the RCA.
     The committee is defined in the power sales contract and consists of one
     MEA and two Chugach board members. All of MEA's claims have been dismissed.
     On April 29, 2002, MEA appealed the Superior Court's decisions relating to
     our financial management and our failure to bring our base rate action to
     the joint committee before filing with the RCA to the Alaska Supreme Court.
     We cross-appealed the Superior Court's decision not to dismiss the
     financial management claim on jurisdictional and res judicata grounds.
     Oral argument was heard by the Supreme Court on April 15, 2003. Management
     is uncertain as to the outcome and expects a decision within six to twelve
     months.

     Chugach has certain additional litigation matters and pending claims that
     arise in the ordinary course of its business. In the opinion of management,
     no individual matter or the matters in the aggregate is likely to have a
     material adverse effect on our results of operations, financial condition
     or liquidity.




<PAGE>


     Item 2. Changes in Securities and Use of Proceeds

     Not applicable

     Item 3. Defaults Upon Senior Securities

     Not applicable

     Item 4. Submission of Matters to a Vote of Security Holders

     Not applicable

     Item 5. Other Information

     On August 8, 2003, citing a recent decline in financial margins, concern
     regarding regulatory support for the credit quality and certain challenges
     associated with Chugach's exceptionally large amount of non-amortizing
     debt, Standard & Poor's rating service downgraded Chugach's 2001 Series A,
     2002 Series A and 2002 Series B Bonds from "A Stable" rating to "A-minus
     Negative" rating. The ratings with Fitch, Inc. and Moody's Investors
     Service have not been affected. The 2001 Series A and 2002 Series A and B
     Bonds are still insured by MBIA Insurance Corporation.

     Item 6. Exhibits and Reports on Form 8-K


          (a) Exhibits:

              31.1     Certification of Principal Executive Officer pursuant to
                       Section 302 of the Sarbanes-Oxley Act of 2002.

              31.2     Certification of Principal Financial Officer pursuant to
                       Section 302 of the Sarbanes-Oxley Act of 2002.

              32.1     Certification of Principal Executive Officer pursuant to
                       Section 906 of the Sarbanes-Oxley Act of 2002.

              32.2     Certification of Principal Financial Officer pursuant to
                       Section 906 of the Sarbanes-Oxley Act of 2002.

          (b) Reports on Form 8-K:

              No reports on Form 8-K were filed for the quarter ended June
              30, 2003.


<PAGE>


                              Signatures

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



                                            CHUGACH ELECTRIC ASSOCIATION, INC.


                                            By:      /s/ Evan J. Griffith

                                                     Evan J. Griffith
                                                     Chief Executive Officer

                                            Date:    August 14, 2003


                                            By:      /s/ Michael R. Cunningham

                                                     Michael R. Cunningham
                                                     Chief Financial Officer

                                            Date:    August 14, 2003


<PAGE>


                                 EXHIBITS

     Listed below are the exhibits, which are filed as part of this Report:
<TABLE>
<CAPTION>


              Exhibit Number                                       Description
<S>                <C>                 <C>

                   31.1                Certification of Principal Executive Officer pursuant to Section
                                       302 of the Sarbanes-Oxley Act of 2002

                   31.2                Certification of Principal Financial Officer pursuant to Section
                                       302 of the Sarbanes-Oxley Act of 2002

                   32.1                Certification of Principal Executive Officer pursuant to Section
                                       906 of the Sarbanes-Oxley Act of 2002

                   32.2                Certification of Principal Financial Officer pursuant to Section
                                       906 of the Sarbanes-Oxley Act of 2002

</TABLE>