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 September 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 NOVEMBER 1, 2003

                  NONE                                   NONE

<PAGE>







                                                                     Page Number
CAUTION REGARDING FORWARD-LOOKING STATEMENTS

PART I FINANCIAL INFORMATION

Item 1.       Financial Statements (Unaudited)                            2

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

              Statements of Revenues, Expenses and Patronage Capital,
              Three and Nine Months Ended September 30, 2003 and 2002     5

              Statements of Cash Flows, Nine Months Ended September 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 1

Item 3.       Quantitative and Qualitative Disclosures About Market
              Risk                                                      2 1

Item 4.       Controls and Procedures                                   2 2

PART II OTHER INFORMATION

Item 1.       Legal Proceedings                                         2 2

Item 2.       Changes in Securities and Use of Proceeds                 2 3

Item 3.       Defaults Upon Senior Securities                           2 3

Item 4.       Submission of Matters to a Vote of Security Holders       2 3

Item 5.       Other Information                                         2 3

Item 6.       Exhibits and reports on Form 8-K                          2 4

              Signatures                                                2 5

              Exhibits                                                  2 6



<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 September 30, 2003, follow:


<PAGE>


                       CHUGACH ELECTRIC ASSOCIATION, INC.
                                 BALANCE SHEETS


<TABLE>
<CAPTION>

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

Utility plant:

     Electric plant in service                                              $732,735,303          $730,439,297

     Construction work in progress                                            24,377,886            20,224,302
                                                                 ----------------------------------------------
                                                                             757,113,189           750,663,599


     Less accumulated depreciation                                         (290,300,411)         (279,958,912)
                                                                 ----------------------------------------------
                                                                             466,812,778           470,704,687

Other property and investments, at cost:

     Nonutility property                                                           3,550                 3,550

     Investments in associated organizations                                  10,996,796            10,963,715
                                                                 ----------------------------------------------
                                                                              11,000,346            10,967,265

Current assets:

     Cash and cash equivalents                                                10,581,957             7,284,292

     Cash-restricted construction funds                                          507,924               598,864

     Special deposits                                                            222,163               222,163

     Fuel cost receivable                                                        100,714                     0

     Accounts receivable, net                                                 13,524,287            26,410,264

     Materials and supplies                                                   22,190,977            23,747,590

     Prepayments                                                               3,375,803             1,953,350

     Other current assets                                                        351,187               336,798
                                                                 ----------------------------------------------
                                                                              50,855,012            60,553,321

Deferred charges                                                              24,781,290            27,989,601
                                                                 ----------------------------------------------

Total Assets                                                                $553,449,426          $570,214,874
                                                                 ==============================================
</TABLE>



<PAGE>



                       CHUGACH ELECTRIC ASSOCIATION, INC.
                                 BALANCE SHEETS
                                   (Continued)

<TABLE>
<CAPTION>

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

Equities and margins:

     Memberships                                                            $1,143,643              $1,108,243

     Patronage capital                                                     124,434,700             120,148,502

     Other                                                                   6,161,732               6,221,150
                                                             --------------------------------------------------
                                                                           131,740,075             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

     CoBank, ACB 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                                                        3,622,249               7,719,974

     Provision for rate refund                                               5,207,503               7,050,000

     Consumer deposits                                                       1,810,156               1,826,265

     Fuel cost payable                                                               0                 363,862

     Accrued interest                                                        1,992,610               6,381,106

     Salaries, wages and benefits                                            5,221,340               4,977,594

     Fuel                                                                    8,659,340               7,095,402

     Other current liabilities                                               1,664,264               2,027,938
                                                             --------------------------------------------------
                                                                            33,722,462              48,689,212

Deferred credits                                                             3,697,710               4,213,588
                                                             --------------------------------------------------

Total Liabilities and Equities                                            $553,449,426            $570,214,874
<FN>
                                                             ==================================================
See accompanying notes to financial statements
</FN>
</TABLE>


<PAGE>


                       CHUGACH ELECTRIC ASSOCIATION, INC.
              Statement of Revenues, Expenses and Patronage Capital
                                   (Unaudited)
<TABLE>
<CAPTION>

                                                  Three months ended September 30  Nine months ended September 30
                                                        2003            2002             2003            2002
                                                        ----            ----             ----            ----
<S>                                                <C>              <C>             <C>             <C>

Operating revenues:                                 $41,163,160      $41,523,323    $133,091,838    $132,929,592

Operating expenses:
     Fuel                                            12,267,067       11,320,700      34,120,453      36,016,679

     Power production                                 3,363,789        3,389,458       9,486,981      10,113,399

     Purchased power                                  4,681,807        4,165,054      12,714,043      14,172,137

     Transmission                                     1,045,137          876,754       3,159,875       2,871,203

     Distribution                                     2,869,990        2,522,722       8,147,487       7,746,900

     Consumer accounts/Information expense            1,307,796        1,478,932       4,123,234       4,373,951

     Administrative, general and other                5,976,266        5,496,010      19,261,872      15,470,650

     Depreciation and amortization                    6,839,754        6,299,242      20,812,332      18,862,947
                                               ------------------------------------------------------------------
          Total operating expenses                   38,351,606       35,548,872     111,826,277     109,627,866

Interest expense:
     On long-term obligations                         5,845,448        6,026,315      17,590,018      20,158,954

     On short-term obligations                                0           70,644          11,900         229,436

     Charged to construction-credit                   (110,826)        (102,069)       (212,510)       (358,663)
                                               ------------------------------------------------------------------
          Net interest expense                        5,734,622        5,994,890      17,389,408      20,029,727
                                               ------------------------------------------------------------------

          Net operating margins                     (2,923,068)         (20,439)       3,876,153       3,271,999

Non-operating margins:
     Interest income                                     99,950           93,200         282,033         638,401

     Other                                               22,890          (1,827)          86,605         266,709

     Property gain (loss)                                30,396            3,273         101,615       (188,751)
                                               ------------------------------------------------------------------
          Total non-operating margins                   153,236           94,646         470,253         716,359
                                               ------------------------------------------------------------------

          Assignable margins                        (2,769,832)           74,207       4,346,406       3,988,358
                                               ==================================================================

Patronage capital at beginning of period            127,204,532      128,955,925     120,148,502     125,184,374

Retirement of capital credits and estate
payments                                                      0         (71,141)        (60,208)       (213,741)
                                               ------------------------------------------------------------------

Patronage capital at end of period                 $124,434,700     $128,958,991    $124,434,700    $128,958,991
                                               ==================================================================
<FN>

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


<PAGE>


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

                                                                                                  Nine months ended
                                                                                                    September 30
                                                                                                  2003        2002
                                                                                                  ----        ----
<S>                                                                                           <C>          <C>

Cash flows from operating activities:
     Assignable margins                                                                        $4,346,406   $3,988,358

Adjustments to reconcile assignable margins to net cash (used in) provided by
  operating activities:
          Provision for rate refund                                                           (1,842,497)            0
          Depreciation and amortization (net of deferred asset amortization)                   24,813,600   18,862,947
          Capitalization of interest                                                            (245,983)    (401,431)
          Property (gains) losses                                                               (101,615)      188,751
          Impairment of long-lived asset                                                        1,846,816            0
          Other                                                                                     1,145        2,116
  Changes in assets and liabilities:
    (Increase) decrease in assets:
          Fuel cost recovery                                                                    (100,714)    3,190,691
          Accounts receivable                                                                  12,885,977    6,274,830
          Prepayments                                                                         (1,422,453)  (2,457,835)
          Materials and supplies                                                                1,556,613  (1,164,824)
          Deferred charges, net                                                                 (792,956)    1,655,610
          Other                                                                                  (14,389)     (10,546)
    Increase (decrease) in liabilities:
          Accounts payable                                                                    (4,097,725)  (5,641,761)
          Fuel payable                                                                          (363,862)            0
          Consumer deposits                                                                      (16,109)      159,849
          Accrued interest                                                                    (4,388,496)  (5,318,532)
          Deferred credits                                                                      (978,206) (15,743,826)
          Other                                                                                 1,444,009  (5,331,718)
                                                                                           ----------------------------
               Net cash (used in) provided by operating activities                             32,529,561  (1,747,321)

Cash flows from investing activities:
          Extension and replacement of plant                                                 (18,419,642) (18,218,299)
          Investments in associated organizations                                                (34,226)     (61,876)
                                                                                           ----------------------------
               Net cash used in investing activities                                         (18,453,868) (18,280,175)

Cash flows from financing activities:
          Short-term obligations                                                              (6,081,250)            0
          Proceeds from long-term obligations                                                           0  180,000,000
          Prepayments of long-term obligations                                                (5,165,821)(159,719,945)
          Retirement of patronage capital                                                        (60,208)    (213,741)
          Other                                                                                   529,251    (211,833)
                                                                                           ----------------------------
               Net cash (used in) provided by financing activities                           (10,778,028)   19,854,481

Net increase (decrease) in cash and cash equivalents                                            3,297,665    (173,015)
Cash and cash equivalents at beginning of period                                                7,284,292    3,814,767
------------------------------------------------
                                                                                           ----------------------------
Cash and cash equivalents at end of period                                                    $10,581,957   $3,641,752
------------------------------------------
                                                                                           ============================

Supplemental disclosure of cash flow information - interest expense paid, net of amounts
capitalized                                                                                   $17,456,325  $25,348,258
                                                                                           ============================
<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 normal recurring 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 December 31, 2003, subject to
     renewal at the discretion of the parties. At September 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 September 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 to
     the Alaska Supreme Court the Superior Court's decisions relating to our
     financial management, our decision not to bring our base rate action to the
     joint committee before filing with the RCA, as well as the Superior's
     Court's award to us of attorney's fees. 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
     $23.4 million as of September 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, 149 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 certain generation assets in the second
     quarter of 2003 and determined an impairment of an 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 nine months ended
     September 30, 2003 column in the Statement of Revenues, Expenses and
     Patronage Capital, "Administrative, general and other," category.

     7.  Recent Accounting Prounouncements

     In May 2003, the Financial Accounting Standards Board (FASB) issued
     Statement of Financial Accounting Standards (SFAS) No. 150, Accounting for
     Certain Financial Instruments with Characteristics of both Liabilities and
     Equity. This Statement establishes standards for how an issuer classifies
     and measures certain financial instruments with characteristics of both
     liabilities and equity. Many of those instruments were previously
     classified as equity. Some of the provisions of this Statement are
     consistent with the current definition of liabilities in FASB Concepts
     Statement No. 6, Elements of Financial Statements. The remaining provisions
     of this Statement are consistent with FASB's proposal to revise that
     definition to encompass certain obligations that a reporting entity can or
     must settle by issuing its own equity shares depending on the nature of the
     relationship established between the holder and the issuer. While FASB
     still plans to revise that definition through an amendment to Concepts
     Statement 6, FASB decided to defer issuing that amendment until it has
     concluded its deliberations on the next phase of this project. That next
     phase will deal with certain compound financial instruments including
     puttable shares, convertible bonds, and dual-indexed financial instruments.

     Chugach plans to implement SFAS 150 effective January 1, 2004. Chugach has
     not completed evaluating the potential impact of this Statement on its
     financial statements.



<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.

     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.

     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.

     Chugach calculates, that based on actual results through September 30 and
     for the remainder of the year, 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.



<PAGE>


     Docket U-01-108, Order No. 33

     On August 26, 2003, the RCA issued Order No. 33 in Docket U-01-108, which
     reversed again its decision and required Chugach to offset long-term
     interest expense with a normalized level of AFUDC/IDC established to be
     $1.2 million. On August 15, 2003, the RCA issued Order No. 32 and clarified
     that January 31, 2003 is the date from which any refunds below the level of
     the previously approved rates must be computed.

     On August 26, 2003, the RCA issued Order No. 33 and re-reversed its
     decision on the ratemaking treatment of AFUDC / IDC. In this order, the RCA
     required Chugach to treat AFUDC / IDC as a reduction to long-term interest
     expense, which reduces the revenue requirement by approximately $1.2
     million, excluding TIER. This treatment effectively reverts to the
     treatment accorded by the RCA's original decision made in Order 26 of this
     docket.

     On September 8, 2003 Chugach filed its recalculated revenue requirement in
     compliance with Order No. 33. The results of the calculation show a
     permanent system revenue requirement increase of less than $0.1 million. On
     November 5, 2003, the RCA issued an electronic order partially approving
     Chugach's compliance filing and requiring Chugach to file revised Cost of
     Power Adjustment (COPA) Tariffs by November 6, 2003, and indicating that
     upon receipt and approval of the required COPA, all tariffs would be
     approved with a simultaneous effective date.

     On September 25, 2003, Chugach filed an appeal in Superior Court of RCA
     Order 33 on the grounds that the RCA's treatment of AFUDC/IDC disallowed
     interest expense actually incurred and thus sets rates that are not just,
     fair and reasonable and which are constitutionally confiscatory,
     constituted an abuse of discretion, results in insufficient margins on the
     wholesale side of Chugach's business and resulted in discriminatory rates.
     The Superior Court has consolidated the appeals of Orders 26 and 30 with
     the appeal of Order 33.

     Docket U-01-108, Appeals

     Chugach has appealed the RCA's decisions in Order No. 26 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.

     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 limited 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.

     On May, 13, 2003, MEA filed a cross appeal challenging the following RCA'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 RCA 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.

     On October 3, 2003 Chugach filed for a motion to dissolve the stay that was
     granted by the Superior Court on July 21. Based on the results of RCA
     orders, subsequent to Chugach's request for stay in Superior Court, Chugach
     determined that removal of the stay on implementation of rates pursuant to
     Order 33 would increase Chugach revenues by approximately $0.7 million on
     an annual basis. Chugach will continue to pursue all issues raised in its
     appeals in Alaska Superior Court.

     On October 31, the superior court issued an order granting Chugach's motion
     to remove stay, releasing the escrow funds and ordering Chugach to pay
     refunds within 10 days of the order based upon the RCA's orders.

     On November 7, 2003, the Commission issued an electronic ruling approving
     Chugach's Order No. 33 compliance filing. As a result of the order, Chugach
     implemented revised retail and wholesale rates. The final order resulted in
     a system rate increase of 0.07 percent, or an increase of 3.5 percent to
     Chugach retail and a decrease of 7.9 percent to wholesale rates.

     In addition to implementing the revised rates, Chugach issued refunds on
     November 10, 2003, in the amount of $4.8 million to its wholesale customer
     classes. Chugach has requested an extension of time during which to issue
     refunds to its retail customers to allow it 90 days from the date of final
     approval by the RCA of Chugach's retail refund plan. This request was not
     opposed by the parties to the appeal, with MEA indicating it takes no
     position with respect to the request. Chugach expects to refund
     approximately $0.5 million to its small commercial customers, the only
     customer class entitled to a refund under the decision by the RCA.

     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, in the second quarter
     of 2003, 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 nine months ended
     September 30, 2003 column 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 $2.8 million for the quarter ended
     September 30, 2003, over the same quarter in 2002 primarily due to
     additional provision for rate refunds recorded in the third quarter of 2003
     pending a final decision from the RCA.

     Operating revenues, which include sales of electric energy to retail,
     wholesale and economy energy customers and other miscellaneous revenues,
     decreased by $360.2 thousand, or 0.9%, for the quarter ended September 30,
     2003, over the same quarter in 2002. The decrease in revenues was due to
     provision for rate refunds recorded in the third quarter of 2003, which was
     offset by a $759.7 thousand, or 60.0%, increase in economy energy sales to
     Golden Valley Electric Association (GVEA). GVEA purchased more from Chugach
     in the third 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 September
     30:



                                  2003                 2002
                                  ----                 ----

           Customer                kWh                  kWh
       Retail                 270,956,140          258,530,607
       Wholesale              269,168,585          265,987,798
       Economy Energy          48,747,730           34,830,310
                               ----------           ----------
       Total                  588,872,455          559,348,715
                          ==================    =================

     Retail demand and energy rates and wholesale demand and energy rates
     charged to HEA and MEA did not change in the third quarter of 2003 compared
     to the third 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 a final
     order from the RCA 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 increased by $946.4 thousand, or 8.4%, for the quarter ended
     September 30, 2003, compared to the same period in 2002 due to higher fuel
     prices. Purchased power expense increased $516.8 thousand, or 12.4% due to
     higher fuel prices and additional purchases from Anchorage Municipal Light
     & Power (AML&P) while the Beluga units were out for maintenance.
     Distribution expense increased by $347.3 thousand, or 13.8%, due to a
     decrease in meter and transformer installation credits and additional labor
     associated with the transfer of a crew who's efforts concentrated on
     distribution projects. Administrative, general and other expense increased
     by $480.3 thousand, or 8.7%, due to increased insurance, labor and health
     and welfare costs. Depreciation and amortization expense increased by
     $540.5 thousand, or 8.6%, due to the implementation of new depreciation
     rates in accordance with the depreciation study approved by the RCA. Power
     production, transmission and consumer accounts/information expenses did not
     materially change for the three-month period ended September 30, 2003.

     Interest on long-term debt decreased by $180.9 thousand, or 3.0%, due to
     lower interest rates.

     Current Year to Date Versus Prior Year to Date

     Assignable margins increased $358.0 thousand, or 9.0% in the first nine
     months of 2003 compared to the same period in 2002 due to the various
     reasons described below.

     Operating revenues did not materially change for the nine-month period
     ended September 30, 2003. Operating revenues increased due to increased kWh
     sales and higher fuel prices, resulting in increased revenue collected
     through the fuel surcharge cost-recovery mechanism; however, that was
     offset by $2.9 million of additional provision for rate refunds recorded in
     the third quarter of 2003.

     The following table represents kWh sales for the nine months ended
     September 30:

                                2003                 2002
                                ----                 ----
            Customer             kWh                  kWh
        Retail              845,910,228           831,036,637
        Wholesale           819,762,696           828,322,490
        Economy Ener        166,840,860            80,537,210
                            -----------            ----------
        Total             1,832,513,784         1,739,896,337
                       ===================    ==================

     Fuel expense decreased by $1.9 million, or 5.3%, for the first nine months
     of 2003, compared to the same period in 2002 due to lower fuel prices.
     Power production expense decreased $626.4 thousand, or 6.2%, due to
     unplanned vacancies. Purchased power expense decreased by $1.5 million, or
     10.3%, due to an outage of the Nikiski power plant as a result of a
     controls upgrade in the first quarter of 2003. Distribution expense
     increased by $400.6 thousand, or 5.2%, due to a decrease in meter and
     transformer installation credits and additional labor associated with an
     added crew. Administrative, general and other expense increased by $3.8
     million, or 24.5%, for the first nine months of 2003, compared to the same
     period in 2002. This was due to a $1.8 million write down of an impaired
     asset, a $341 thousand increase in labor, a $430 thousand increase in
     insurance costs, a $500 thousand reclassification of the Kenai Lake PCBs
     study from a deferred debit to other deductions, a $627 thousand increase
     in allocated information services costs and the $207 thousand donation of
     an obsolete inventory item. Depreciation and amortization expense increased
     by $1.9 million, or 10.3%, due to the implementation of new depreciation
     rates in accordance with the depreciation study approved by the RCA.
     Transmission and consumer accounts/information expense did not materially
     change for the nine-month period ended September 30, 2003, compared to the
     same period in 2002.

     Interest on long-term debt decreased by $2.6 million, or 12.7%, due to
     lower interest rates. Interest charged to construction decreased by $146.2
     thousand, or 40.7%, in the first nine months of 2003 compared to the same
     period in 2002 due to less construction activity and lower interest rates.
     Other interest expense decreased by $217.5 thousand, or 94.8%, during the
     same period in 2003 compared to the same period in 2002 due to decreased
     borrowing on the lines of credit in 2003.

     Other non-operating margins decreased by $246.1 thousand, or 34.4%, for the
     nine-month period ended September 30, 2003, compared to the same period in
     2002, due primarily 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 $16.8 million, or 2.9%, from December 31, 2002, to
     September 30, 2003. The decrease was due in part to a $3.9 million, or
     0.8%, decrease in net plant, caused primarily by the increase in
     accumulated depreciation under new depreciation rates and plant
     construction completed in 2002. The decrease was also due to a $12.9
     million, or 48.8%, 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. It was also due to a $1.6
     million, or 6.6%, decrease in materials and supplies caused by the use of
     generation inventory items for scheduled maintenance projects. The decrease
     was also due to a $3.2 million, or 11.5%, decrease in deferred charges
     caused by the 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 $3.3 million, or 45.3%,
     increase in cash and cash equivalents caused by the collection of
     relocation invoices from the State of Alaska. It was also offset by a $1.4
     million, or 72.9%, increase in prepayments caused by the September 2003
     property insurance renewal.

     Notable changes to total liabilities and equities include a $4.3 million,
     or 3.6%, increase in patronage capital due to the margin impact of the
     provision for rate refund adjustment to revenue. Fuel payable also
     increased by $1.6 million, or 22.0%, due to increased fuel prices and the
     timing of fuel invoice payments.

     The increases to total liabilities and equities were offset by a $363.9
     thousand, or 100.0% decrease in fuel cost payable caused by the
     under-collection of the prior quarter's fuel cost adjustment, as well as 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 bonds. 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 $4.4 million, or 68.8% decrease in accrued interest caused by
     lower interest rates and the semi-annual interest payment on the 2001
     Series A Bonds in the third quarter. There was also a $4.1 million, or
     53.1%, decrease in accounts payable due to the payment of invoices that
     were accrued at December 31, 2002.  There was also a $1.8 million, or
     26.1%, decrease in the provision for rate refund caused by an initial
     adjustment calculated by RCA Order 30 and by additional refund amounts that
     are recorded monthly.

     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
     September 30, 2003, there was no outstanding balance under the NRUCFC or
     CoBank line of credit.

     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 September 30,
     2003, Chugach had the following promissory notes outstanding under this
     facility:
<TABLE>
<CAPTION>

                                                     Interest rate at                             Principal Payment
    Promissory Note         Principal balance        September 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                 2.70%                   2022              2003 - 2022
        CoBank 4               $23,047,849                 2.70%                   2022              2003 - 2022
        CoBank 5               $10,000,000                 2.70%                   2012              2002 - 2012

         Total                 $64,134,179
</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 September
     30, 2003, approximately $18.4 million had been expended. Capital
     improvement expenditures are expected to decrease in the upcoming fourth
     quarter as the construction season ends.

     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 September 30, 2003, the 2002 Series B Bond carried a variable
     interest rate and will re-price every 28 days. CoBank 3, 4, and 5 were
     re-priced from 5.6% to 2.7%, on October 16, 2003, to a variable interest
     rate instrument that is re-priced every 30 days. All of our other
     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%
                    September 10, 2003                    1.12%
                     October 8, 2003                      1.12%
                     November 5, 2003                     1.12%



<PAGE>


     The following table provides information regarding cash flows for principal
     payments on total debt by maturity date (dollars in thousands) as of
     September 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        $0    $10,000        $0         $0          $270,000    $280,000    $313,414

Average
interest rate                                  7.56%                                  6.39%       6.44%

Variable rate                $0    $5,545     $5,931    $6,326     $6,729           $85,303    $109,834    $109,834

Average
interest rate                --     1.39%      1.39%     1.40%      1.41%             2.04%       1.90%
<FN>

     *   Includes current portion
</FN>
</TABLE>

     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 September 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 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 to
     the Alaska Supreme Court the Superior Court's decisions relating to our
     financial management, our decision not to bring our base rate action to the
     joint committee before filing with the RCA, as well as the Superior's
     Court's award to us of attorney's fees. 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.

     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, Standard & Poor's rating service downgraded the
     underlying ratings on Chugach's 2001 Series A, 2002 Series A and 2002
     Series B Bonds from "A Stable" rating to "A-minus Negative" rating.

     On October 31, 2003, Fitch Ratings downgraded the underlying ratings
     Chugach's 2001 Series A, 2002 Series A and 2002 Series B Bonds from "A+" to
     "A" rating and placed the debt on Rating Watch Negative.

     The rating with Moody's Investors Service has not been affected. The 2001
     Series A and 2002 Series A and B Bonds are still insured by MBIA Insurance
     Corporation.



<PAGE>


     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
             September 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:    November 14, 2003


                                            By:      /s/Michael R. Cunningham

                                                     Michael R. Cunningham
                                                     Chief Financial Officer

                                            Date:    November 14, 2003


<PAGE>


                                               EXHIBITS

     Listed below are the exhibits, which are filed as part of this Report:

              Exhibit Number               Description

                   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