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




QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000




                Commission File Number 333-88577
                NORTHERN BORDER PIPELINE COMPANY
     (Exact name of registrant as specified in its charter)


            Texas                            74-2684967
(State or other jurisdiction of     (I.R.S. Employer Identification
incorporation or organization)                Number)



   1111 South 103rd Street
       Omaha, Nebraska                       68124-1000
(Address of principal executive              (Zip code)
           offices)


                       (402) 398-7700
    (Registrant's telephone number, including area code)




   Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X]     No [ ]





                             1 of 17

<PAGE>
                NORTHERN BORDER PIPELINE COMPANY

                        TABLE OF CONTENTS




                                                             Page No.
PART I.   FINANCIAL INFORMATION

   ITEM 1.  Financial Statements

       Statement of Income -
          Three Months Ended September 30, 2000 and 1999
          and Nine Months Ended September 30, 2000 and 1999     3
       Balance Sheet - September 30, 2000
          and December 31, 1999                                 4
       Statement of Cash Flows -
          Nine Months Ended September 30, 2000 and 1999         5
       Statement of Changes in Partners' Capital -
          Nine Months Ended September 30, 2000                  6
       Notes to Financial Statements                            7

   ITEM 2.  Management's Discussion and Analysis of
            Financial Condition and Results of Operations      10

   ITEM 3.  Quantitative and Qualitative Disclosures About
            Market Risk                                        15

PART II.  OTHER INFORMATION

   ITEM 6.  Exhibits and Reports on Form 8-K                   16


<PAGE>
<TABLE>
                  PART I. FINANCIAL INFORMATION

                  ITEM 1. FINANCIAL STATEMENTS

                NORTHERN BORDER PIPELINE COMPANY
                       STATEMENT OF INCOME
                         (In Thousands)
                           (Unaudited)

<CAPTION>
                                Three Months Ended    Nine Months Ended
                                   September 30,         September 30,
                                  2000      1999        2000       1999

<S>                              <C>       <C>        <C>        <C>
OPERATING REVENUES
 Operating revenues              $81,446   $73,925    $248,543   $220,582
 Provision for rate refunds       (3,205)       --     (16,715)        --

 Operating revenues, net          78,241    73,925     231,828    220,582

OPERATING EXPENSES
 Operations and maintenance       10,039     9,754      29,948     27,806
 Depreciation and amortization    14,248    13,126      43,623     38,806
 Taxes other than income           6,370     7,028      21,740     21,894

   Operating expenses             30,657    29,908      95,311     88,506

OPERATING INCOME                  47,584    44,017     136,517    132,076

INTEREST EXPENSE                  16,394    15,398      49,052     44,347

OTHER INCOME                       3,103       508       4,985        646

NET INCOME TO PARTNERS           $34,293   $29,127    $ 92,450   $ 88,375


<FN>
 The accompanying notes are an integral part of these financial
                           statements.
</TABLE>


<PAGE>
<TABLE>
            PART I. FINANCIAL INFORMATION (Continued)

            ITEM 1. FINANCIAL STATEMENTS (Continued)

                NORTHERN BORDER PIPELINE COMPANY
                          BALANCE SHEET
                         (In Thousands)
                           (Unaudited)

<CAPTION>
                                             September 30,   December 31,
ASSETS                                           2000            1999

<S>                                          <C>             <C>
CURRENT ASSETS
 Cash and cash equivalents                   $   35,897      $   17,310
 Accounts receivable                             31,292          27,049
 Materials and supplies, at cost                  5,619           3,645
 Under recovered cost of service                     --           3,068

   Total current assets                          72,808          51,072

NATURAL GAS TRANSMISSION PLANT
 Property, plant and equipment                2,370,979       2,368,021
 Less: Accumulated provision for
   depreciation and amortization                678,906         636,627

   Property, plant and equipment, net         1,692,073       1,731,394

OTHER ASSETS                                     14,642          14,225

   Total assets                              $1,779,523      $1,796,691


LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES
 Current maturities of long-term debt        $   41,000      $   66,000
 Accounts payable                                 3,608           5,588
 Accrued taxes other than income                 28,704          26,290
 Accrued interest                                 6,757          16,504
 Over recovered cost of service                   5,342              --
 Accumulated provision for rate refunds          19,660           2,317

   Total current liabilities                    105,071         116,699

LONG-TERM DEBT, NET OF CURRENT MATURITIES       837,565         834,459

RESERVES AND DEFERRED CREDITS                     7,768          10,698

PARTNERS' CAPITAL                               829,119         834,835

   Total liabilities and partners' capital   $1,779,523      $1,796,691


<FN>
 The accompanying notes are an integral part of these financial
                           statements.
</TABLE>


<PAGE>
<TABLE>
            PART I. FINANCIAL INFORMATION (Continued)

            ITEM 1. FINANCIAL STATEMENTS (Continued)

                NORTHERN BORDER PIPELINE COMPANY
                     STATEMENT OF CASH FLOWS
                         (In Thousands)
                           (Unaudited)
<CAPTION>
                                                      Nine Months Ended
                                                        September 30,
                                                       2000       1999

<S>                                                  <C>        <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
 Net income to partners                              $ 92,450   $ 88,375

 Adjustments to reconcile net income to partners
  to net cash provided by operating activities:
   Depreciation and amortization                       43,827     38,841
   Provision for rate refunds, including interest      17,343         --
   Changes in components of working capital            (3,597)     5,351
   Other                                               (4,873)       717

      Total adjustments                                52,700     44,909

   Net cash provided by operating activities          145,150    133,284

CASH FLOWS FROM INVESTING ACTIVITIES:
 Capital expenditures for property, plant
   and equipment                                       (7,156)   (89,562)

CASH FLOWS FROM FINANCING ACTIVITIES:
 Distributions to Partners                            (98,166)   (97,914)
 Issuance of long-term debt, net                       75,000    281,026
 Retirement of long-term debt                         (96,000)  (255,000)
 Proceeds received upon termination of
   interest rate forward agreements                        --     12,896
 Long-term debt financing costs                          (241)    (1,561)

   Net cash used in financing activities             (119,407)   (60,553)

NET CHANGE IN CASH AND CASH EQUIVALENTS                18,587    (16,831)

Cash and cash equivalents-beginning of period          17,310     37,389

Cash and cash equivalents-end of period              $ 35,897   $ 20,558



Supplemental Disclosures of Cash Flow Information:
 Cash paid for:
   Interest (net of amount capitalized)              $ 59,358   $ 47,811

Changes in components of working capital:
   Accounts receivable                               $ (4,243)  $ (8,461)
   Materials and supplies                              (1,974)      (300)
   Over/under recovered cost of service                 8,410      9,905
   Accounts payable                                     1,543      3,003
   Accrued taxes other than income                      2,414      4,796
   Accrued interest                                    (9,747)    (3,592)

    Total                                            $ (3,597)  $  5,351


<FN>
 The accompanying notes are an integral part of these financial
                           statements.
</TABLE>


<PAGE>
<TABLE>
            PART I. FINANCIAL INFORMATION (Continued)

            ITEM 1. FINANCIAL STATEMENTS (Continued)

                NORTHERN BORDER PIPELINE COMPANY
            STATEMENT OF CHANGES IN PARTNERS' CAPITAL
                         (In Thousands)
                           (Unaudited)

<CAPTION>
                                               TC         Northern
                                            PipeLines      Border
                                          Intermediate   Intermediate    Total
                                            Limited        Limited      Partners'
                                          Partnership    Partnership     Capital

<S>                                        <C>            <C>           <C>
Partners' Capital at December 31, 1999     $250,450       $584,385      $834,835

Net income to partners                       27,735         64,715        92,450

Distributions to partners                   (29,450)       (68,716)      (98,166)

Partners' Capital at September 30, 2000    $248,735       $580,384      $829,119


<FN>
  The accompanying notes are an integral part of this financial
                           statement.
</TABLE>


<PAGE>
           PART I. FINANCIAL INFORMATION - (Continued)

           ITEM 1. FINANCIAL STATEMENTS - (Continued)

                NORTHERN BORDER PIPELINE COMPANY
                  NOTES TO FINANCIAL STATEMENTS


1. The financial statements included herein have been prepared by
Northern Border Pipeline Company ("Northern Border Pipeline")
without audit pursuant to the rules and regulations of the
Securities and Exchange Commission.  Accordingly, they reflect
all adjustments which are, in the opinion of management,
necessary for a fair presentation of the financial results for
the interim periods.  Certain information and notes normally
included in financial statements prepared in accordance with
generally accepted accounting principles have been condensed or
omitted pursuant to such rules and regulations.  However,
Northern Border Pipeline believes that the disclosures are
adequate to make the information presented not misleading.  These
financial statements should be read in conjunction with the
financial statements and the notes thereto included in Northern
Border Pipeline's Annual Report on Form 10-K for the year ended
December 31, 1999.

   The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period.  Actual
results could differ from those estimates.

2. In October 1998, Northern Border Pipeline filed a certificate
application with the Federal Energy Regulatory Commission
("FERC") to seek approval to expand and extend its pipeline
system into Indiana ("Project 2000").  When completed, Project
2000 would afford shippers on the expanded and extended pipeline
system access to industrial gas consumers in northern Indiana.
The certificate application was subsequently amended by Northern
Border Pipeline in March and December 1999.  On March 16, 2000,
the FERC issued an order granting Northern Border Pipeline's
application for a certificate to construct and operate the
proposed facilities.  The FERC approved Northern Border
Pipeline's request for rolled-in rate treatment based upon the
proposed project costs.  The project has a targeted in-service
date of November 2001.  The capital expenditures for the project
are estimated to be approximately $94 million.

3. Northern Border Pipeline filed a rate proceeding with the FERC
in May 1999 for, among other things, a redetermination of its
allowed equity rate of return.  The total annual cost of service
increase due to Northern Border Pipeline's proposed changes was
approximately $30 million.  A number of Northern Border
Pipeline's shippers and competing pipelines filed
interventions and protests.  In June 1999, the FERC issued an
order in which the proposed changes were suspended until December
1, 1999, after which the proposed changes were implemented with
subsequent billings subject to refund.  The June order and a
subsequent clarification issued by the FERC in August 1999 set
for hearing not only Northern Border Pipeline's proposed changes
but also several issues raised by intervenors including the
appropriateness of Northern Border Pipeline's cost of service
tariff; rolled-in rate treatment of The Chicago Project, which
was Northern Border Pipeline's expansion and extension project
placed in service in December 1998; capital project cost
containment mechanism ("PCCM") amount recorded for The Chicago
Project; depreciation schedule; and creditworthiness standards.
As agreed to in a prior rate case settlement, the PCCM was
implemented to limit Northern Border Pipeline's ability to
include cost overruns on The Chicago Project in rate base and to
provide incentives for cost underruns.  The PCCM amount is
computed by comparing the final cost of The Chicago Project to
the budgeted cost, adjusted for the effects of inflation and
project scope changes as defined in the prior rate case
settlement.  Testimony filed by the FERC staff and intervenors in
the current rate case proceeding had proposed changes to the PCCM
computation, which would have resulted in rate base reductions
ranging from $32 million to $43 million.

   On September 26, 2000, Northern Border Pipeline filed a
stipulation and agreement that documents the proposed settlement
of its pending rate case.  The settlement was reached between
Northern Border Pipeline, the majority of its shippers and the
FERC staff and will become effective if and when approved by the
FERC.  Northern Border Pipeline anticipates the FERC will act on
the settlement in the first quarter of 2001.  If the settlement
is approved, shippers will pay stated transportation rates based
on a straight fixed variable rate design.  Under the straight
fixed variable rate design, approximately 98% of the shipper
payments are attributed to demand charges, based upon contracted
firm capacity, and 2% to commodity charges based on the volumes
of gas actually transported on the system.  On a per unit of
transportation basis, the rates under the settlement are
approximately equal to the previous rates under the cost of
service tariff.  The settlement further provides for the
incorporation into Northern Border Pipeline's rate base all
of the construction costs of The Chicago Project and specifies
an annual depreciation rate on transmission plant of 2.25%.
Northern Border Pipeline has netted a provision for rate refunds
against operating revenues to reflect the significant terms of
the settlement in its Statement of Income.  While the proposed
settlement agreement has not been opposed by any of its shippers,
Northern Border Pipeline can give no assurance whether it will
be approved by the FERC.

4. Income taxes are the responsibility of the partners and are
not reflected in these financial statements.  However, the
Northern Border Pipeline FERC tariff establishes the method of
accounting for and calculating income taxes and requires Northern
Border Pipeline to reflect in its accounting records the income
taxes that would have been paid or accrued if Northern Border
Pipeline were organized during the period as a corporation.  As a
result, for purposes of calculating the return allowed by the
FERC, partners' capital and rate base are reduced by the amount
equivalent to the net accumulated deferred income taxes.  Such
amounts were approximately $324 million and $316 million at
September 30, 2000 and December 31, 1999, respectively, and are
primarily related to accelerated depreciation and other plant-
related differences.

5. Northern Border Pipeline makes distributions to its general
partners approximately one month following the end of the
quarter.  The distribution for the third quarter of 2000 of
approximately $36.7 million was paid November 2, 2000.

<PAGE>
           PART I. FINANCIAL INFORMATION - (Continued)

         ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
          FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                NORTHERN BORDER PIPELINE COMPANY


Results of Operations

   Northern Border Pipeline Company's ("Northern Border
Pipeline") revenue is derived from agreements with various
shippers for the transportation of natural gas.  It transports
gas under a Federal Energy Regulatory Commission ("FERC")
regulated tariff.  Northern Border Pipeline has used a cost of
service form of tariff since its inception but has agreed to
convert to stated rates as part of a settlement of its current
rate case discussed below.

   The cost of service tariff provides Northern Border Pipeline
an opportunity to recover all of the operations and maintenance
costs of the pipeline, taxes other than income taxes, interest,
depreciation and amortization, an allowance for income taxes and
a regulated return on equity.  Northern Border Pipeline is
generally allowed to collect from its shippers a return on
regulated rate base as well as recover that rate base through
depreciation and amortization.  The return amount Northern Border
Pipeline may collect from its shippers declines as the rate base
is recovered.  Billings for the firm transportation agreements
are based on contracted volumes to determine the allocable share
of the cost of service and are not dependent upon the percentage
of available capacity actually used.

   Northern Border Pipeline filed a rate proceeding with the FERC
in May 1999 for, among other things, a redetermination of its
allowed equity rate of return.  The total annual cost of service
increase due to Northern Border Pipeline's proposed changes was
approximately $30 million.  In June 1999, the FERC issued an
order in which the proposed changes were suspended until December
1, 1999, after which the proposed changes were implemented with
subsequent billings subject to refund.

   On September 26, 2000, Northern Border Pipeline filed a
stipulation and agreement that documents the proposed settlement
of its pending rate case.  The settlement was reached between
Northern Border Pipeline, the majority of its shippers and the
FERC staff and will become effective if and when approved by the
FERC.  Northern Border Pipeline anticipates the FERC will act on
the settlement in the first quarter of 2001.  If the settlement
is approved, shippers will pay stated transportation rates based
on a straight fixed variable rate design.  Under the straight
fixed variable rate design, approximately 98% of the shipper
payments are attributed to demand charges, based upon contracted
firm capacity, and 2% to commodity charges based on the volumes
of gas actually transported on the system.  On a per unit of
transportation basis, the rates under the settlement are
approximately equal to the previous rates under the cost of
service tariff.  The settlement further provides for the
incorporation into Northern Border Pipeline's rate base all
of the construction costs of The Chicago Project, which was
Northern Border Pipeline's expansion and extension project
placed in service in December 1998, and specifies an annual
depreciation rate on transmission plant of 2.25%.  Under the
settlement, both Northern Border Pipeline and its existing
shippers will not be able to seek rate changes until November 1,
2005.  Northern Border Pipeline's earnings and cash flow will
depend on its future costs, contracted capacity, the volumes
of gas transported and its ability to recontract capacity at
acceptable rates.  Northern Border Pipeline has netted a
provision for rate refunds against operating revenues to
reflect the significant terms of the settlement in its
Statement of Income.  While the proposed settlement agreement
has not been opposed by any of its shippers, Northern Border
Pipeline can give no assurance whether it will be approved
by the FERC.

Third Quarter 2000 Compared With Third Quarter 1999

   Operating revenues, net increased $4.3 million (6%) for the
third quarter of 2000, as compared to the same period in 1999.
Northern Border Pipeline's net operating revenues for 2000
reflect the significant terms of the settlement discussed
previously.  Operating revenues for 1999 were determined under
Northern Border Pipeline's cost of service tariff.

   Depreciation and amortization expense increased  $1.1  million
(9%)  for  the  third quarter of 2000, as compared  to  the  same
period  in 1999, due primarily to an increase in the depreciation
rate  applied to transmission plant.  As required by its cost  of
service tariff, Northern Border Pipeline used a depreciation rate
of  2.0%  for all of 1999, which was increased to 2.3%  beginning
January 1, 2000.

   Interest expense increased $1.0 million (6%) for the third
quarter of 2000, as compared to the same period in 1999, due
primarily to an increase in interest rates between 1999 and 2000.

   Other income increased $2.6 million for the third quarter of
2000, as compared to the same period in 1999, due primarily to a
reduction in reserves previously established for regulatory
issues.

Nine Months September 30, 2000 Compared With Nine Months Ended
September 30, 1999

   Operating revenues, net increased $11.2 million (5%) for the
first nine months of 2000, as compared to the same period in
1999.  Northern Border Pipeline's net operating revenues for 2000
reflect the significant terms of the settlement discussed
previously.  Operating revenues for 1999 were determined under
Northern Border Pipeline's cost of service tariff.

   Operations and maintenance expense increased $2.1 million (8%)
for the first nine months of 2000, as compared to the same period
in  1999, due primarily to increased administrative expenses  for
the pipeline.

   Depreciation and amortization expense increased  $4.8  million
(12%) for the first nine months of 2000, as compared to the  same
period  in 1999, due primarily to an increase in the depreciation
rate  applied to transmission plant.  As required by its cost  of
service tariff, Northern Border Pipeline used a depreciation rate
of  2.0%  for all of 1999, which was increased to 2.3%  beginning
January 1, 2000.

   Interest expense increased $4.7 million (11%) for the first
nine months of 2000, as compared to the same period in 1999, due
primarily to an increase in interest rates between 1999 and 2000.

   Other income increased $4.3 million for the first nine months
of 2000, as compared to the same period in 1999, due primarily to
a reduction in reserves previously established for regulatory
issues.  Additionally, the 2000 results reflect income earned
from third-party usage of capacity on Northern Border Pipeline's
microwave system.

Liquidity and Capital Resources

General

    In  August 1999, Northern Border Pipeline completed a private
offering  of  $200 million of 7.75% Senior Notes due 2009,  which
notes  were  subsequently exchanged in a registered offering  for
notes  with substantially identical terms ("Senior Notes").   The
proceeds  from the Senior Notes were used to reduce  indebtedness
under a June 1997 credit agreement.

    Northern  Border  Pipeline entered into  a  credit  agreement
("Pipeline Credit Agreement") with certain financial institutions
in  June 1997.  The Pipeline Credit Agreement is comprised  of  a
term loan and a $200 million five-year revolving credit facility,
both  maturing  in  June  2002.  At September  30,  2000,  $424.0
million was outstanding under the term loan and $60.0 million was
outstanding under the revolving credit facility.

    At  September  30,  2000, Northern Border Pipeline  also  had
outstanding  $184  million of senior notes issued  in  a  private
placement  under a July 1992 note purchase agreement.   The  note
purchase  agreement provides for four series of notes,  Series  A
through  D,  maturing between August 2000 and August  2003.   The
Series A Notes with a principal amount of $66 million were repaid
in  August 2000 primarily by borrowing under the Pipeline  Credit
Agreement.   The Series B Notes with a principal  amount  of  $41
million mature in August 2001.

   Short-term liquidity needs will be met by internal sources and
through the revolving credit facility discussed above.  Long-term
capital  needs may be met through the ability to issue  long-term
indebtedness.

Cash Flows From Operating Activities

   Cash flows provided by operating activities increased $11.9
million to $145.2 million for the first nine months of 2000, as
compared to the same period in 1999, primarily due to the
billings collected subject to refund related to Northern Border
Pipeline's current rate proceeding (see Note 3 - Notes to
Financial Statements).

Cash Flows From Investing Activities

   Capital expenditures of $7.2 million for the first nine months
of 2000 included $3.3 million for Project 2000 (see Note 2 -
Notes to Financial Statements).  For the comparable period in
1999, capital expenditures were $89.6 million and included $78.3
million for The Chicago Project.  The remaining capital
expenditures for 2000 and 1999 were primarily related to renewals
and replacements of existing facilities.

   Total  capital expenditures for 2000 are estimated to  be  $18
million,  including $8 million for Project 2000.   The  remaining
capital  expenditures planned for 2000 are primarily for renewals
and   replacements  of  existing  facilities.   Northern   Border
Pipeline   currently  anticipates  funding   its   2000   capital
expenditures primarily by using internal sources and borrowing on
the revolving credit facility.

Cash Flows From Financing Activities

   Cash flows used in financing activities was $119.4 million for
the first nine months of 2000, as compared to $60.6 million for
the same period in 1999. Distributions paid to the general
partners remained relatively constant between years with
distributions of $98.2 million in 2000 compared to $97.9 million
in 1999.  In August 2000, Northern Border Pipeline repaid its
Series A Notes of $66 million primarily by borrowing under the
Pipeline Credit Agreement.  Under the Pipeline Credit Agreement,
borrowings totaled $75 million and repayments totaled $30 million
during the nine months ended September 30, 2000.  Financing
activities for the nine months ended September 30, 1999, included
$197.5 million from the issuance of the Senior Notes, net of
associated debt discounts and issuance costs, and $12.9 million
from the termination of the interest rate forward agreements.
Advances under the Pipeline Credit Agreement, which were
primarily used to finance a portion of the capital expenditures
for The Chicago Project, were $82.0 million for the nine months
ended September 30, 1999.  During the nine months ended September
30, 1999, $255.0 million was repaid on the Pipeline Credit
Agreement.

New Accounting Pronouncement

   In 1998, the Financial Accounting Standards Board issued SFAS
No. 133, "Accounting for Derivative Instruments and Hedging
Activities."  SFAS No. 133 establishes accounting and reporting
standards requiring that every derivative instrument (including
certain derivative instruments embedded in other contracts) be
recorded on the balance sheet as either an asset or liability
measured at its fair value.  The statement requires that changes
in the derivative's fair value be recognized currently in
earnings unless specific hedge accounting criteria are met.
Special accounting for qualifying hedges allows a derivative's
gains and losses to offset related results on the hedged item in
the income statement, and requires that a company must formally
document, designate and assess the effectiveness of transactions
that receive hedge accounting.

   In June 1999, the FASB issued SFAS No. 137, which deferred the
effective date of SFAS No. 133 to fiscal years beginning after
June 15, 2000.  In June 2000, the FASB issued SFAS No. 138, which
amended certain guidance within SFAS No. 133.  Northern Border
Pipeline plans to adopt SFAS No. 133 beginning January 1, 2001.
Northern Border Pipeline believes that SFAS No. 133 (as amended)
will not have a material impact on its financial position or
results of operations.

Information Regarding Forward Looking Statements

   The statements in this Quarterly Report that are not
historical information are forward looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934.  Such forward looking
statements include the discussions in "Management's Discussion
and Analysis of Financial Condition and Results of Operations"
and in "Notes to Financial Statements" regarding Northern Border
Pipeline's efforts to pursue opportunities to further increase
its capacity and Northern Border Pipeline's efforts to finalize
settlement of its rate case.  Although Northern Border Pipeline
believes that its expectations regarding future events are based
on reasonable assumptions within the bounds of its knowledge of
its business, it can give no assurance that its goals will be
achieved or that its expectations regarding future developments
will be realized.  Important factors that could cause actual
results to differ materially from those in the forward looking
statements herein include industry results, future demand for
natural gas, availability of supplies of Canadian natural gas,
political and regulatory developments that impact FERC
proceedings involving Northern Border Pipeline, Northern Border
Pipeline's success in sustaining its positions in such proceedings
or the success of intervenors in opposing Northern Border Pipeline's
positions, Northern Border Pipeline's ability to replace its rate
base as it is depreciated and amortized, competitive developments
by Canadian and U.S. natural gas transmission peers, political
and regulatory developments in Canada, and conditions of the
capital markets and equity markets.


  ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
                              RISK

   Northern Border Pipeline's interest rate exposure results from
the portion of its debt portfolio subject to variable rates.  To
mitigate potential fluctuations in interest rates, Northern
Border Pipeline maintains a significant portion of its debt
portfolio in fixed rate debt.  Northern Border Pipeline also uses
interest rate swap agreements to manage its level of exposure to
interest rate changes.  Northern Border Pipeline's annual
interest rate exposure from a hypothetical 1% increase in
interest rates is approximately $4.4 million at September 30,
2000.  In its Annual Report on Form 10-K for the year ended
December 31, 1999, Northern Border Pipeline reported that, under
its cost of service tariff, it would be able to recover an
increase in interest expense, if an increase were to occur.  If
the rate case settlement is approved (see Note 3 - Notes to
Financial Statements), Northern Border Pipeline would bear the
risk for an increase in interest rates.

<PAGE>
                   PART II. OTHER INFORMATION

                NORTHERN BORDER PIPELINE COMPANY


ITEM 6. Exhibits and Reports on Form 8-K

(a)   Exhibits.

      None.

(b)   Reports on Form 8-K.

      The company filed a Current Report on Form 8-K, dated
September 26, 2000, reporting the filing of a stipulation and
agreement with the FERC to document the proposed settlement of
Northern Border Pipeline Company's pending rate case.


<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.


                              NORTHERN BORDER PIPELINE COMPANY
                                (A Texas General Partnership)

Date:  November 13, 2000      By: JERRY L. PETERS
                                  Jerry L. Peters
                                  Vice President, Finance and
                                   Treasurer