FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

(Mark One)

   X           QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended           March 31, 1997
                               ----------------------------------

                                       OR

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

For the transition period from                                   to

Commission file number             33-42125

                       Chugach Electric Association, Inc.
             (Exact name of registrant as specified in its charter)

       Alaska                                                   92-0014224
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                             Identification No.)

5601 Minnesota Drive         Anchorage, Alaska                       99518
 (Address of principal executive offices)                         (Zip Code)

                                 (907) 563-7494
              (Registrant's telephone number, including area code)

                                         None
      (Former name, former address and former fiscal year,if changed since
                                  last report)

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 .

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

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

                  CLASS                             OUTSTANDING AT MAY 1, 1997

                  NONE                                        NONE



<PAGE>



                       CHUGACH ELECTRIC ASSOCIATION, INC.

                                      INDEX



Part I. Financial Information                                       Page Number


Balance Sheets, March 31, 1997 (Unaudited) and December 31, 1996              3

Statements of Revenues, Expenses and Patronage Capital, Three Months Ended
   March 31, 1997 and 1996  (Unaudited)                                       5

Statements of Cash Flows, Three Months Ended March 31, 1997 and 1996
   (Unaudited)                                                                6

Notes to Financial Statements (Unaudited)                                     7

Management's Discussion and Analysis of Results of Operations and
  Financial Condition (Unaudited)                                             8


Part II.  Other Information                                                  11

Signatures                                                                   13

Exhibits                                                                     14





















                                        2

<PAGE>



                       CHUGACH ELECTRIC ASSOCIATION, INC.
                                 Balance Sheets

                                     Assets

<TABLE>

                                                  March 31, 1997  December 31, 1996
                                                  --------------  -----------------
                                                    (Unaudited)
<S>                                                 <C>             <C> 
Utility plant:

     Electric plant in service .................    $616,168,278    $615,464,060

     Construction work in progress .............      21,738,320      19,826,957
                                                    ------------    ------------

                                                     637,906,598     635,291,017

     Less accumulated depreciation .............     220,344,657     215,411,223
                                                    ------------    ------------

                      Net utility plant ........     417,561,941     419,879,794
                                                    ------------    ------------

Other property and investments, at cost:

     Nonutility property .......................           3,550           3,550

     Investments in associated organizations ...       7,626,275       7,647,189

     Restricted cash - margins from economy
        energy sales, all repurchase
        agreements .............................         811,465       1,599,239
                                                    ------------    ------------

                                                       8,441,290       9,249,978
                                                    ------------    ------------

Current assets:

     Cash and cash equivalents .................       9,882,395       5,419,819

     Cash - restricted construction funds ......       1,338,137       1,371,386

     Special deposits ..........................          89,232          89,232

     Accounts receivable, net ..................      16,395,733      15,369,883

     Materials and supplies, at average cost ...      16,108,331      16,187,592

     Prepayments ...............................       1,443,519         694,257

     Other current assets ......................         409,718         294,380
                                                    ------------    ------------

                    Total current assets .......      45,667,065      39,426,549
                                                    ------------    ------------

Deferred charges ...............................      14,169,785      13,932,109
                                                    ------------    ------------

                                                    $485,840,081    $482,488,430
                                                    ------------    ------------


</TABLE>


See accompanying notes to unaudited financial statements.




                                        3

<PAGE>




                       CHUGACH ELECTRIC ASSOCIATION, INC.
                                 Balance Sheets

                            Liabilities and Equities

<TABLE>

                                                       March 31, 1997  December 31, 1996
                                                       --------------  -----------------
                                                         (Unaudited)
<S>                                                      <C>            <C>  
Equities and margins:

     Memberships .....................................   $    822,608   $    812,748

     Patronage capital ...............................    106,786,331    100,685,517

     Other ...........................................      2,905,214      2,979,677
                                                         ------------   ------------

                                                          110,514,153    104,477,942
                                                         ------------   ------------

Long-term obligations, excluding current installments:

     First mortgage bonds payable ....................    245,910,000    251,553,000

     National Bank for Cooperatives bonds
       payable .......................................     56,227,479     56,352,847
                                                         ------------   ------------

                                                          302,137,479    307,905,847
                                                         ------------   ------------

Current liabilities:

     Notes payable ...................................     17,279,600      2,750,000

     Current installments of long-term debt and
       capital leases ................................      5,914,880      5,971,752

     Accounts payable ................................      3,494,545      5,178,161

     Consumer deposits ...............................      1,059,940      1,066,906

     Accrued interest ................................      1,336,013      7,076,388

     Salaries, wages and benefits ....................      3,537,180      3,583,422

     Fuel ............................................      4,315,969      6,047,574

     Other ...........................................      3,510,740      5,012,191
                                                         ------------   ------------

                   Total current liabilities .........     40,448,867     36,686,394
                                                         ------------   ------------

Deferred credits .....................................     32,739,582     33,418,247
                                                         ------------   ------------

                                                         $485,840,081   $482,488,430
                                                         ------------   ------------

</TABLE>


See accompanying notes to unaudited financial statements.


                                        4

<PAGE>



                       CHUGACH ELECTRIC ASSOCIATION, INC.

             Statements of Revenues, Expenses and Patronage Capital

<TABLE>

                                             Three months ended March 31

                                                1997            1996
                                                ----            ----

                                                     (Unaudited)
<S>                                        <C>              <C>  
Operating revenues .....................   $  38,510,339    $ 35,097,712
                                           -------------    ------------

Operating expenses:

     Production ........................       9,843,528       8,382,590

     Purchased power ...................       3,957,693       2,329,442

     Transmission ......................         929,679         883,206

     Distribution ......................       1,963,501       2,443,880

     Consumer accounts .................       1,270,375       1,791,397

     Administrative, general and other .       3,097,740       3,425,465

     Depreciation and amortization .....       5,271,803       5,035,068
                                           -------------    ------------

             Total operating expenses ..      26,334,319      24,291,048
                                           -------------    ------------

Interest:

     On long-term debt .................       6,336,161       7,304,244

     Other .............................          60,988         185,933

     Charged to construction - credit ..        (172,039)       (122,271)
                                           -------------    ------------

             Net interest expense ......       6,225,110       7,367,906
                                           -------------    ------------

             Net operating margins .....       5,950,910       3,438,758
                                           -------------    ------------


Nonoperating margins:

     Interest income ...................         148,628         171,162

     Other .............................          78,599          16,546
                                           -------------    ------------

             Total nonoperating margins          227,227         187,708
                                           -------------    ------------

             Assignable margins ........       6,178,137       3,626,466

Patronage capital at beginning of period     100,685,517      95,421,358

Retirement of capital credits and
   estate payments .....................         (77,323)        (34,677)
                                           -------------    ------------

Patronage capital at end of period .....   $ 106,786,331    $ 99,013,147
                                           -------------    ------------



</TABLE>

See accompanying notes to unaudited financial statements.


                                        5

<PAGE>




                       CHUGACH ELECTRIC ASSOCIATION, INC.
                            Statements of Cash Flows
<TABLE>

                                                        Three months ended March 31

                                                           1997             1996
                                                           ----             ----

                                                                (Unaudited)
<S>                                                    <C>             <C> 
Cash flows from operating activities:

   Assignable margins ..............................   $  6,178,137    $  3,626,466
                                                       ------------    ------------

   Adjustments to reconcile assignable
     margins to net cash used in operating
       activities:

       Depreciation and amortization ...............      5,271,803       5,035,068

       Changes in assets and liabilities:
       (Increase) decrease in assets:

         Accounts receivable .......................     (1,025,850)      1,677,068

         Prepayments ...............................       (749,262)       (684,168)

         Materials and supplies ....................         79,261        (478,961)

         Deferred charges ..........................       (237,676)        (43,310)

         Other .....................................        705,687        (533,539)

     Increase (decrease) in liabilities:
         Accounts payable ..........................     (1,683,615)     (4,048,575)

         Consumer deposits .........................         (6,966)        (47,746)

         Accrued interest ..........................     (5,740,375)     (6,776,920)

         Deferred credits ..........................       (678,665)     (4,511,866)

         Other .....................................     (3,279,301)      3,484,157
                                                       ------------    ------------

               Total adjustments ...................     (7,344,959)     (6,928,792)
                                                       ------------    ------------

               Net cash used in
                 operating activities ..............     (1,166,822)     (3,302,326)

Cash flows from investing activities:
   Extension and replacement of plant ..............     (2,953,950)     (1,237,770)

   Investments in associated organizations .........         20,913          55,231
                                                       ------------    ------------

               Net cash used in investing activities     (2,933,037)     (1,182,539)
                                                       ------------    ------------

Cash flows from financing activities:

   Short-term borrowings, net ......................     14,529,600      25,500,000

   Repayments of long-term debt ....................     (5,825,239)    (21,053,614)

   Retirement of patronage capital .................        (77,323)        (34,677)

   Other ...........................................        (64,603)        (52,388)
                                                       ------------    ------------

               Net cash provided by
                 financing activities ..............      8,562,435       4,359,321
                                                       ------------    ------------

               Net increase (decrease) in cash and
                 cash equivalents ..................      4,462,576        (125,544)

Cash and cash equivalents at beginning of period ...      5,419,819       5,879,483
                                                       ------------    ------------

Cash and cash equivalents at end of period .........   $  9,882,395    $  5,753,939
                                                       ------------    ------------

</TABLE>


See accompanying notes to unaudited financial statements.

                                        6

<PAGE>




                       CHUGACH ELECTRIC ASSOCIATION, INC.

                          Notes to Financial Statements

                                 March 31, 1997

                                   (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.  Users of interim financial information are encouraged to refer
     to  footnotes  contained  in Form 10-K  when  reviewing  interim  financial
     results.  Management  believes  that  the  accompanying  interim  financial
     statements reflect all adjustments which are necessary for a fair statement
     of the results of the interim period presented. All adjustments made in the
     accompanying interim financial statements are of a normal recurring nature.

     Certain  reclassifications  have been made to the 1996 financial statements
     to conform to the 1997 presentation.

2.   Lines of Credit
     Chugach  maintains a line of credit of  $35,000,000  with National Bank for
     Cooperatives (CoBank). The CoBank line of credit expires August 1, 1997 but
     is expected to be renewed.  At March 31, 1997,  $17,279,600 was outstanding
     at an interest rate of 6.40%.  In addition,  the  Association has an annual
     line of credit of  $50,000,000  available at the National  Rural  Utilities
     Cooperative Finance Corporation  (NRUCFC).  At March 31, 1997, there was no
     outstanding  balance  on this line of  credit.  The  NRUCFC  line of credit
     expires February 19, 1998.








                                        7

<PAGE>



                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                                   (Unaudited)


RESULTS OF OPERATIONS

Current Year Quarter Versus Prior Year Quarter

Operating revenues,  which include sales of electric energy to retail, wholesale
and economy energy customers and other miscellaneous revenues, increased by 9.7%
for the quarter  ended March 31, 1997 over the same quarter in 1996.  The higher
revenues are mostly  attributable to higher fuel and purchased power costs which
are passed  directly to Chugach's  customers  through a fuel and purchased power
adjustment  factor.  Demand and energy rate increases (on an  interim-refundable
basis) to the  wholesale  customers and higher kWh sales to one of the wholesale
customer  classes also  contributed  to the increase in revenues.  Additionally,
higher  economy  energy  sales were a factor as well.  These  factors  more than
offset  lower kWh sales to retail  customers  and the other  wholesale  customer
class.

As  previously  reported,  demand and energy rates  charged to the two wholesale
customer classes were increased on an interim-refundable  basis. These increases
were  slightly  offset by refunds  granted  pursuant to a  Settlement  Agreement
between Chugach and AEG&T/MEA/Homer.  This agreement was approved by the APUC in
February 1997.  The refunds of amounts  collected  under the  interim-refundable
rates  were  not  material  to  Chugach's   financial  position  or  results  of
operations. Retail demand and energy rates did not change from the first quarter
of 1996 to the same period in 1997.

Higher fuel prices were the major cause for the increase in  production  expense
for the three months  ended March 31, 1997  compared to the same period in 1996.
As previously reported, Chugach has completed the transition into Period 2 under
the long-term  fuel supply  contracts.  Fuel costs now result from  market-based
prices  instead of the lower  prices  from Period 1 under the  contracts.  Thus,
future fuel costs are expected to be higher in comparison to prior periods.  Due
to the  system  operating  scenario  during the first  quarter of 1997,  Chugach
purchased  power from AEG&T's  Soldotna 1 plant.  These  purchases  were made to
insure system  reliability on the Kenai  Peninsula.  Bradley Lake  hydroelectric
plant hydro allocations were significantly  lower than the forecasted levels due
to lake inflows.  In addition,  Chugach purchased power from Anchorage Municipal
Light & Power when one of its transmission lines from its Beluga power plant was
down for  maintenance.  These  factors  explain the increase in purchased  power
expense in 1997 over 1996.  Distribution expense was lower for the quarter ended
March  31,  1997  compared  to the  same  period  in  1996.  This  variance  was
substantially due to station equipment  maintenance  activities being focused on
distribution substations in 1996 as opposed to transmission substations in 1997.
Lower overhead line maintenance expenses were caused in part by staff reductions
and also by a slight increase in capital construction activities. Meter expenses
were  lower  due  to  a  portion  of  the  connect/disconnect  activities  being
transferred to another department. The lower overhead line maintenance and meter
expenses also  contributed  to the decrease in  distribution  expense.  Consumer
accounts

                                        8

<PAGE>



expense  decreased  for the period  ended March 31,  1997.  The majority of this
decrease was due to a lower level of common Information Service Department costs
being allocated to this function.

Interest on long-term  debt was lower for the quarter  ended March 31, 1997 than
the same period in 1996. This was caused by the reacquisition of $15.595 million
of  Chugach's  Series A, 2022 bonds  during the first  quarter of 1996.  The net
transaction  cost  of the  reacquisition  was  originally  charged  to  expense.
Subsequently, Chugach determined that these costs were recoverable through rates
and set up a regulatory  asset which is being amortized to expense over the life
of the  replacement  debt.  Additionally,  the interest rates on the replacement
debt were lower than the reacquired  bonds which also contributed to the decline
in interest  expense for the quarter.  Other interest  expense  decreased in the
current period due to a lower average outstanding balance on the short-term line
of credit.

Financial Condition

Total assets  increased  slightly from December 31, 1996 to March 31, 1997.  The
majority of this increase was due to a higher cash balance that resulted  mainly
from logistics  considerations  surrounding the March  semi-annual bond payment.
The payment was made  entirely with funds drawn on the CoBank line of credit (as
opposed  to  being  combined  with  internally  generated  funds)  in  order  to
accommodate a wire transfer deadline to insure the debt service payment could be
disbursed by the Trustee.  Chugach expects to pay down a substantial  portion of
this balance during the upcoming  second and third quarters in  anticipation  of
making an  additional  draw to fund the  September  1997 debt  service  payment.
Accounts receivable also increased, due to an increase in the fuel and purchased
power adjustment  factor balancing account (i.e.  Chugach was  undercollected at
March  31,  1997).  The  seasonal  increase  in the  prepayments  category  also
contributed to the higher total assets  balance.  These factors more than offset
the lower  balance in net utility  plant.  This lower  balance was caused by the
higher  accumulated  depreciation  reserve resulting from the  implementation of
higher  depreciation  rates  (the  phase-in  of updated  depreciation  rates was
completed in 1996).  The notable change to total  liabilities is the increase in
the balance on the short-term  lines of credit.  The semi-annual bond payment in
March resulted in a corresponding decrease in accrued interest payable.

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
National Rural  Utilities  Cooperative  Finance  Corporation  (NRUCFC) and a $35
million line of credit with CoBank. At March 31, 1997, Chugach had $17.3 million
outstanding  with CoBank which carried an interest rate of 6.40%.  There were no
amounts outstanding on the NRUCFC line at March 31, 1997.

Capital  construction  in 1997 is estimated at $19.8 million.  At March 31, 1997
approximately $3.0 million has been expended.  Capital improvement  expenditures
are  expected  to  increase  in the  upcoming  second and third  quarters as the
construction season begins in April and extends into October.

Chugach has negotiated a supplemental indenture (Third Supplemental Indenture 
of Trust) with
                                        9

<PAGE>



CoBank  for up to $80  million  in future  bond  financing.  At March 31,  1997,
Chugach  had  bonds  in the  amount  of $56.5  million  outstanding  under  this
financing  arrangement.  The balance is  comprised  of a $1.5  million bond that
carries an interest rate of 8.95% maturing in 2002, a $10 million bond priced at
7.76% due in 2005, a $21.5  million bond (CoBank 3),  currently  priced at 6.65%
(repriced  monthly),  and a $23.5  million bond  (CoBank 4) currently  priced at
6.65% (also repriced  monthly).  Additionally,  Chugach has negotiated a similar
supplemental  indenture (Fifth Supplemental Indenture of Trust) with NRUCFC also
for $80 million.  At March 31, 1997 there were no amounts outstanding under this
financing arrangement.

As previously  reported,  Chugach has  reacquired  $39.3 million of its Series A
2022  bonds.  This  strategy  has been in response  to the  favorable  long-term
interest   rate   environment.   Chugach  will   continue  to  explore   similar
reacquisition  transactions if market  conditions  warrant such action.  Besides
these reacquisition transactions (and any similar future refinancings),  Chugach
does not anticipate issuance of additional long-term debt in 1997.

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 1997 and thereafter.

Chugach's  current ratios (total current assets divided by current  liabilities)
at December 31, 1996 and March 31, 1997 were as follows:

                                                                 Current Ratio

                           December 31, 1996                          1.07
                           March 31, 1997                             1.13


Environmental Matters

Refer to Part II,  Item 1 for an update  on the  status  of the  Standard  Steel
Salvage Yard Site litigation.




                                       10

<PAGE>



                           PART II. OTHER INFORMATION


Item 1.  Legal Proceedings

As  previously  reported in the 10-K for year ending  December  31, 1996, a cost
recovery action was filed in Federal  District Court on December 27, 1991 by the
United States  against  Chugach and six other  Potentially  Responsible  Parties
(PRPs) seeking reimbursement of removal and response action costs (Past Response
Costs)  incurred  by US  EPA at the  Standard  Steel  and  Metals  Salvage  Yard
Superfund  Site in  Anchorage,  Alaska  (Site).  The six other PRPs named in the
action are the Alaska Railroad, Westinghouse Electric Corporation, Sears Roebuck
and   Co.,   Montgomery   Ward  &   Co.,   J.C.   Penney   Company,   Inc.   and
Bridgestone/Firestone, Inc.

On September 23, 1992,  Chugach entered into an Administrative  Order on Consent
(AOC) with the EPA to perform a remedial  investigation  and  feasibility  study
(RI/FS) for the Site.  The RI/FS was completed in 1996 and, based on the results
of the RI/FS, EPA selected the remedy of soil  stabilization and  solidification
(S/S)  for  cleanup  of the Site and  documented  its  selection  in a Record of
Decision issued in July, 1996.

In December 1996, a partial consent decree (Partial Consent Decree) settling the
cost  recovery  action was  entered by the  Federal  District  Court.  Under the
Partial  Consent  Decree the PRPs and the United  States  settled the  following
costs  associated  with the Site:  Past Response  Costs  incurred by EPA through
December 1991; RI/FS costs; drum and scrap removal costs; past enforcement costs
incurred by the  Department of Justice (DOJ) through  December 11, 1996; and EPA
oversight costs related to the RI/FS.

The settlement  under the Partial Consent Decree  allocates  14.37% of the above
costs to  Chugach.  Chugach  has paid its share of Past  Response  Costs and DOJ
enforcement costs under the Partial Consent Decree.  The total estimated cost of
the settlement under the Partial Consent Decree,  including amounts already paid
by  Chugach,  is  approximately  $6,800,000  of which  Chugach's  share  will be
approximately $977,000.  These amounts are estimates because EPA oversight costs
are not yet fully known and,  therefore,  the total amount to be paid by Chugach
under the Partial Consent Decree is not known with certainty.

The Partial Consent Decree does not settle Chugach's  liability for future costs
of designing and performing the S/S remedy (Future Costs).  Although the Partial
Consent  Decree does not settle  Chugach's or the other private PRPs'  liability
for Future Costs,  the Partial Consent Decree does bind the federal PRPs and the
Alaska  Railroad to pay an aggregate  share of 64% of Future Costs.  Chugach and
the five other  private  PRPs have reached a separate  settlement  to divide the
remaining 36% of Future Costs among themselves. Under that settlement, Chugach's
percentage share of liability for Future Costs will equal 15.39%.

Chugach's  agreement to perform  remedial  design and remedial action (RD/RA) at
the Site will be  memorialized  in a new Consent  Decree (RD/RA  Decree) that is
being  negotiated  between the  private  PRPs and the United  States.  The RD/RA
Decree  is  expected  to  contain  the  scope of work  for the  RD/RA as well as
settlement  terms,  including  EPA's  covenant  not to sue Chugach and the other
private PRPs for Future Costs once the RD/RA is completed.

                                       11

<PAGE>




The estimate of Future Costs of RD/RA at the Site,  as  determined  by Chugach's
consultants  based on cost  estimates  contained  in the FS report,  ranges from
$5,231,200  to  $6,619,800.  The  RD/RA  Decree  contains  a cost  estimate,  as
determined by EPA and including a 50% cost overrun  contingency,  of $8,400,000.
Chugach's share of these estimated RD/RA expenses would range from approximately
$805,082 to $1,292,760.  These amounts are only estimates,  however. The actual,
full scope of the S/S cleanup at the Site will not be known,  and the  projected
costs associated with the remedy cannot be refined,  until EPA approves remedial
design documents.

Under the RD/RA Decree, Chugach and the other PRPs will be required to reimburse
the United States for EPA oversight costs and DOJ enforcement  costs relating to
the RD/RA.  Those  costs have not been  estimated  by the United  States and are
unknown at this time.  Therefore,  the total amount to be paid by Chugach  under
the RD/RA Decree  cannot be predicted  with  certainty.  In addition,  the RD/RA
Decree  contains  reservation  of rights  allowing EPA to seek payments from the
PRPs under  certain  circumstances,  including  costs  associated  with  alleged
natural resource  damages.  At this time, no claims have been made pertaining to
alleged natural  resource damages and no prediction can be made whether EPA will
bring  future  claims  through its  reservation  of rights  under RD/RA  Decree.
Finally,  it is uncertain whether Chugach and the other PRPs will enter into the
RD/RA Decree with EPA until negotiations are completed.

Four of Chugach's  insurance  carriers have agreed under a reservation of rights
to pay, and currently are paying,  Chugach's  costs of defense for the Site. The
carriers have reserved  their rights  regarding  indemnification  of Chugach for
response costs.  Management believes that all past and future costs incurred for
response,  removal,  investigation  and  cleanup  of the  Site  would  be  fully
recoverable in rates or covered by insurance and therefore  would have no impact
on Chugach's financial condition or results of operations.

Items  2, 3, 4 and 5

Not applicable

Item 6. Exhibits and Reports on Form 8-K

         (a)      Exhibits:

                  Financial Data Schedule

         (b)      Reports on Form 8-K:

                  No reports on Form 8-K were filed for the quarter  ended March
                  31, 1997.



                                       12

<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/ Eugene N. Bjornstad
                                               Eugene N. Bjornstad 
                                                 General Manager

                                               Date:     May 13, 1997



                                  By:      /s/ Evan J. Griffith, Jr.
                                               Evan J. Griffith, Jr.
                                          Executive Manager, Finance & Planning


                                               Date:     May 13, 1997



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EXHIBITS

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


Exhibit
number                          Description                             Page


  27                       Financial Data Schedule                      N/A



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