UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

[ x ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

For the quarterly period ended            March 31, 2005
                                          --------------

                                       or

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

For the transition period from ______________________to_________________________

Commission File Number:                    333-83815
                                           ---------

                          Caithness Coso Funding Corp.
                          ----------------------------
             (Exact name of registrant as specified in its charter)

                Delaware                                  94-3328762
                --------                                  ----------
    (State or other jurisdiction of                      (IRS Employer
     incorporation or organization)                    Identification No.)

     Coso Finance Partners              California               68-0133679
     Coso Energy Developers             California               94-3071296
     Coso Power Developers              California               94-3102796
    ---------------------               ----------               ----------
(Exact names of Registrants as  (State or other jurisdiction    (IRS Employer
  specified in their charters)        of incorporation)      Identification No.)

       565 Fifth Avenue, 29th Floor, New York, New York        10017-2478
       ------------------------------------------------        ----------
           (Address of principal executive offices)            (Zip Code)


                                 (212) 921-9099
                                 --------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
                                 --------------
                     (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.                         [X] Yes [ ] No

     Indicate by check mark whether the registrant is an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act).                       [ ] 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.


          300 shares in Caithness Coso Funding Corp. as of May 13, 2005
          -------------------------------------------------------------

<PAGE>
                          CAITHNESS COSO FUNDING CORP.
                                    Form 10-Q
                      For the Quarter Ended March 31, 2005




                     PART I. FINANCIAL INFORMATION                      Page No.

Item 1.     Financial Statements

   Caithness Coso Funding Corp.
   Unaudited balance sheets at March 31, 2005 and December 31, 2004            4
   Unaudited statements of income for the three-months ended
     March 31, 2005 and the three-months ended March 31, 2004                  5
   Unaudited condensed statements of cash flows for the three-months
     ended March 31, 2005 and the three-months ended March 31, 2004            6
   Notes to the unaudited financial statements                                 7

   Coso Finance Partners and Subsidiary
   Unaudited consolidated balance sheets at March 31, 2005 and
     December 31, 2004                                                         8
   Unaudited consolidated statements of operations for the three-months
     ended March 31, 2005 and the three-months ended March 31, 2004            9
   Unaudited consolidated condensed statements of cash flows for the
     three-months ended March 31, 2005 and the three-months
     ended March 31, 2004                                                     10
   Notes to the unaudited consolidated financial statements                   11

   Coso Energy Developers
   Unaudited balance sheets at March 31, 2005 and December 31, 2004           13
   Unaudited statements of operations for the three-months ended
     March 31, 2005 and the three-months ended March 31, 2004                 14
   Unaudited condensed statements of cash flows for the three-months
     ended March 31, 2005 and the three-months ended March 31, 2004           15
   Notes to the unaudited financial statements                                16

   Coso Power Developers and Subsidiary
   Unaudited consolidated balance sheets at March 31, 2005 and
     December 31, 2004                                                        17
   Unaudited consolidated statements of operations for the three-months
     ended March 31, 2005 and the three-months ended March 31, 2004           18
   Unaudited consolidated condensed statements of cash flows for the
     three-months ended March 31, 2005 and the three-months
     ended March 31, 2004                                                     19
   Notes to the unaudited consolidated financial statements                   20

                                        2

Item 2.     Management's Discussion and Analysis of Financial Condition and
             Results of Operations                                            22

Item 3.     Quantitative and Qualitative Discloure about Market Risk          28

Item 4.     Control and Procedures                                            28

                           PART II. OTHER INFORMATION

Item 1.     Legal Proceedings                                                 29
Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds       29
Item 3.     Defaults upon Senior Securities                                   29
Item 4.     Submission of Matters to a Vote of Security Holders               29
Item 5.     Other Information                                                 29
   Supplemental consolidated and combined financial information for the
   Coso Partnerships and Subsidiaries
   Unaudited consolidated and combined balance sheets at March 31, 2005
     and December 31, 2004                                                    31
   Unaudited consolidated and combined statements of operations for the
     three-months ended March 31, 2005 and the three-months ended
     March 31, 2004                                                           32
   Unaudited consolidated, combined and condensed statements of cash flows
     for the three-months ended March 31, 2005 and the three-months
     ended March 31, 2004                                                     33
   Notes to the unaudited consolidated combined financial statements          34

Item 6.    Exhibits                                                           35

                                       3

<PAGE>
<TABLE>
<CAPTION>
                          CAITHNESS COSO FUNDING CORP.
                            UNAUDITED BALANCE SHEETS
                             (Dollars in thousands)

                                                                                      March 31,         December 31,
                                                                                        2005               2004
<S>                                                                                   <C>               <C>
                    Assets:
Current Assets:
  Accrued interest receivable.................................................      $   5,858           $     883
  Current portion of project loan from Coso Finance Partners..................         15,100              15,100
  Current portion of project loan from Coso Energy Developers.................          8,683               8,683
  Current portion of project loan from Coso Power Developers..................         11,697              11,697
                                                                                       ------              ------
                        Total current assets                                           41,338              36,363


Project loan from Coso Finance Partners.......................................         71,750              71,750
Project loan from Coso Energy Developers......................................         66,217              66,217
Project loan from Coso Power Developers.......................................         48,830              48,830
                                                                                       ------              ------

                        Total assets                                                $ 228,135           $ 223,160
                                                                                      =======             =======

                     Liabilities and Stockholders' Equity:

Current Liabilities:
  Senior secured notes:
  Accrued interest payable....................................................      $   5,858           $     883
  Current portion on project loans............................................         35,480              35,480
                                                                                       ------              ------
                        Total current liabilities                                      41,338              36,363


  9.05% notes due December 15, 2009...........................................        186,797             186,797

  Stockholders' equity........................................................              -                   -
                                                                                      --------            -------

                        Total liabilities & stockholders' equity                    $ 228,135           $ 223,160
                                                                                      =======             =======





                         See accompanying notes to the unaudited financial statements

                                                    4
</TABLE>
<PAGE>

                          CAITHNESS COSO FUNDING CORP.
                       UNAUDITED STATEMENTS OF OPERATIONS
                             (Dollars in thousands)


                                              Three-Months          Three-Months
                                                  Ended                 Ended
                                                 March 31,             March 31,
                                                   2005                  2004

Interest income.........................      $    4,975            $    5,675
Interest expense........................          (4,975)               (5,675)
                                                   -----                 -----
      Net income........................      $        -            $        -
                                                   =====                 =====






          See accompanying notes to the unaudited financial statements

                                       5

<PAGE>
<TABLE>
<CAPTION>
                                             CAITHNESS COSO FUNDING CORP.
                                     UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
                                                (Dollars in thousands)

                                                                                     Three-Months          Three-Months
                                                                                        Ended                 Ended
                                                                                      March 31,             March 31,
                                                                                        2005                  2004
<S>                                                                                  <C>                   <C>

Cash flows from investing activities - repayment of project loans......             $    4,975            $    5,675
Cash flows from financing activities - repayment of 9.05% notes........                 (4,975)               (5,675)
                                                                                         -----                 -----


Net changes in cash....................................................             $        -            $        -
                                                                                         =====                 =====








                       See accompanying notes to the unaudited condensed financial statements

                                                      6
</TABLE>
<PAGE>

                          CAITHNESS COSO FUNDING CORP.
                   NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
                             (Dollars in thousands)


(1)      Organization and Operations

Caithness Coso Funding Corp.  (Funding  Corp.),  which was incorporated on April
22,  1999,  is a  single-purpose  Delaware  corporation  formed to issue  senior
secured  notes  (Notes) for its own account and as an agent  acting on behalf of
Coso  Finance  Partners  (CFP),  Coso Energy  Developers  (CED),  and Coso Power
Developers  (CPD),  collectively,   the  "Partnerships."  The  Partnerships  are
California general Partnerships.

On May 28, 1999,  Funding  Corp.  sold  $413,000 of Notes.  Pursuant to separate
credit agreements  between Funding Corp. and each Partnership,  the net proceeds
from the offering of the Notes were loaned to the  Partnerships.  Payment of the
Notes  is  provided  for by  payments  made  by  the  Partnerships  under  their
respective  project loans.  Funding Corp. has no material  assets other than the
project loans,  and does not conduct any operations apart from having issued the
Notes and making the project loans to the Partnerships.

(2)      Basis of Presentation

The accompanying  unaudited condensed financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America for interim financial information.  Accordingly, certain information and
footnote  disclosures  normally  included in  financial  statements  prepared in
accordance with accounting principles generally accepted in the United States of
America  have been  condensed  or omitted  pursuant  to such  rules.  Management
believes that the disclosures are adequate to make the information presented not
misleading when read in conjunction with the financial  statements and the notes
thereto in the audited  financial  statements  for the year ended  December  31,
2004.

The preparation of unaudited financial  statements in accordance with accounting
principles  generally  accepted in the United States of America requires Funding
Corp.  to make certain  estimates  and  assumptions  for the  reporting  periods
covered by the financial statements.  These estimates and assumptions affect the
reported  amounts  of  assets,  liabilities,  income  and  expenses  during  the
reporting  period.  Actual  results  could  differ  from  these  estimates.  The
financial information herein presented reflects all adjustments, consisting only
of normal  recurring  adjustments,  which are,  in the  opinion  of  management,
necessary for a fair statement of the results for interim periods presented. The
results for the interim periods are not necessarily  indicative of results to be
expected for the full year.

                                       7

<PAGE>
<TABLE>
<CAPTION>
                                                  COSO FINANCE PARTNERS
                                                     AND SUBSIDIARY
                                          UNAUDITED CONSOLIDATED BALANCE SHEETS
                                                  (Dollars in thousands)


                                                                                         March 31,          December 31,
                                                                                           2005                2004
<S>                                                                                      <C>                <C>
                                        Assets:
 Current Assets:
    Cash........................................................................        $    9,434          $      791
    Restricted cash and cash equivalents........................................            10,943              13,298
    Accounts receivable, (net of allowances of $216)............................             7,634               7,502
    Prepaid expenses & other assets.............................................               404                 702
    Inventory...................................................................             5,350               5,357
    Amounts due from related parties............................................             1,734               1,583
                                                                                            ------              ------
                                        Total current assets                                35,499              29,233


 Restricted cash and investments................................................            15,049              14,894
 Property, plant & equipment, (net of accumulated depreciation
    of $121,936 and $119,157, respectively).....................................           133,064             133,624
 Power purchase contract, (net of accumulated amortization
    of $6,981 and $6,694, respectively).........................................             7,363               7,650
 Deferred financing costs, (net of accumulated amortization
    of $2,624 and $2,545, respectively).........................................             1,498               1,578
                                                                                             -----               -----

                                        Total assets                                    $  192,473          $  186,979
                                                                                           =======             =======

                            Liabilities and Partners' Capital:

 Current Liabilities:
    Accounts payable and accrued liabilities....................................             2,973               4,601
    Amounts due to related parties..............................................             2,515                 606
    Current portion of project loan.............................................            15,100              15,100
                                                                                            ------              ------
                                        Total current liabilities                           20,588              20,307


 Other liabilities..............................................................            15,825              15,648
 Deferred revenue...............................................................             1,037                  --
 Amounts due to related parties.................................................             2,347               2,382
 Project loan...................................................................            71,750              71,750
                                                                                            ------              ------
                                        Total liabilities                                  111,547             110,087

 Partners' capital..............................................................            80,926              76,892
                                                                                            ------              ------

                                        Total liabilities & partners' capital           $  192,473          $  186,979
                                                                                           =======             =======





                       See accompanying notes to the unaudited consolidated financial statements

                                                         8
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                            COSO FINANCE PARTNERS
                                                AND SUBSIDIARY
                                UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
                                            (Dollars in thousands)

                                                                            Three-Months           Three-Months
                                                                                Ended                  Ended
                                                                              March 31,              March 31,
                                                                                2005                   2004
<S>                                                                         <C>                    <C>
 Revenues:
   Energy revenues..............................................            $   11,750             $   11,856
   Capacity and bonus payments..................................                 1,255                  1,255
                                                                                ------                 ------
          Total revenues........................................                13,005                 13,111

 Operating expenses:
   Plant operating expense......................................                 2,102                  2,735
   Royalty expense..............................................                 1,934                  2,226
   Depreciation and amortization................................                 3,072                  2,848
                                                                                 -----                  -----
          Total operating expenses..............................                 7,108                  7,809

          Operating income......................................                 5,897                  5,302

 Other (income)/expenses:
   Interest and other income....................................                  (159)                   (91)
   Interest expense on project loan.............................                 1,943                  2,184
   Noncash interest expense.....................................                    79                     79
                                                                                 -----                  -----
          Total other expenses..................................                 1,863                  2,172
                                                                                 -----                  -----

          Net income............................................            $    4,034             $    3,130
                                                                                 =====                  =====






                 See accompanying notes to the unaudited consolidated financial statements

                                                   9
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                        COSO FINANCE PARTNERS
                                            AND SUBSIDIARY
                                 UNAUDITED CONSOLIDATED AND CONDENSED
                                      STATEMENTS OF CASH FLOWS
                                       (Dollars in thousands)

                                                                      Three-Months          Three-Months
                                                                          Ended                 Ended
                                                                        March 31,             March 31,
                                                                          2005                  2004


<S>                                                                   <C>                  <C>
 Net cash provided by (used in) operating activities......            $    8,668           $    7,056
 Net cash provided by (used in) investing activities......                   (25)                 (26)
 Net cash provided by (used in) financing activities......                     -                   (7)
                                                                           -----                -----

 Net change in cash.......................................            $    8,643           $    7,023
                                                                           =====                =====








        See accompanying notes to the unaudited consolidated and condensed financial statements

                                                 10
</TABLE>
<PAGE>
                              COSO FINANCE PARTNERS
                                 AND SUBSIDIARY
            NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                             (Dollars in thousands)


(1)      Organization and Operation

Coso Finance Partners (CFP), a general partnership,  is engaged in the operation
of a 80 MW power generation facility located at the China Lake Naval Air Weapons
Station, China Lake, California.  CFP sells all electricity produced to Southern
California  Edison (Edison) under a 24-year power purchase  contract expiring in
2011.

(2)      Basis of Presentation

The accompanying  unaudited consolidated and condensed financial statements have
been prepared in accordance with accounting principles generally accepted in the
United States of America for interim financial information. Accordingly, certain
information and footnote  disclosures  normally included in financial statements
prepared in accordance  with  accounting  principles  generally  accepted in the
United States of America have been condensed or omitted  pursuant to such rules.
Management  believes that the  disclosures  are adequate to make the information
presented not misleading when read in conjunction with the financial  statements
and the notes  thereto in the audited  financial  statements  for the year ended
December 31, 2004.

The preparation of unaudited financial  statements in accordance with accounting
principles  generally  accepted in the United States of America  requires CFP to
make certain  estimates and assumptions for the reporting periods covered by the
financial  statements.  These  estimates  and  assumptions  affect the  reported
amounts of assets,  liabilities,  revenues  and  expenses  during the  reporting
period.  Actual  results  could  differ  from  these  estimates.  The  financial
information herein presented reflects all adjustments, consisting only of normal
recurring adjustments, which are, in the opinion of management,  necessary for a
fair statement of the results for interim periods presented. The results for the
interim periods are not necessarily indicative of results to be expected for the
full year. CFP has experienced  significant quarterly  fluctuations in operating
results and it expects that these fluctuations in energy revenues,  expenses and
net income will continue.

The data for the balance sheets presented herein for March 31, 2005 and December
31, 2004 were derived from CFP's financial statements for the interim period and
fiscal  year then  ended and  includes  the  effect of  consolidating  New CLPSI
Company,  LLC  ("CLPSI"),  but does not  include  all  disclosures  required  by
accounting principles generally accepted in the United States of America.

(3)      Variable Interest Entities

The consolidated  financial statements include the accounts of CLPSI as a result
of  the   adoption  of  the   Financial   Accounting   Standards   Board  (FASB)
Interpretation  No. 46  (revised  December  2003),  (FIN 46R)  Consolidation  of
Variable Interest  Entities,  an interpretation of Accounting  Research Bulletin
No. 51. An entity shall be subject to consolidation  according to the provisions
of FIN 46R, if, by design, the holders of the equity investment at risk lack any
one of the following three  characteristics of a controlling financial interest:
(1)  the  direct  or  indirect  ability  to make  decisions  about  an  entity's
activities through voting rights or similar rights; (2) the obligation to absorb
the expected losses of the entity if they occur; or (3) the right to receive the
expected  residual returns of the entity if they occur.  The Company  determined
that CLPSI is a variable  interest  entity  under FIN 46R and was  consolidated,
effective  January  1,  2004.  The  effects  on  CFP's  consolidated   financial
statements at March 31, 2005 and December 31, 2004 were  increases of $2,364 and
$2,429 to assets and liabilities, respectively.

The  consolidated  financial  statements  relating  to prior  periods  have been
retroactively  restated to consolidate  the accounts of CLPSI as a direct result
of the adoption of FIN 46R.  There was no  cumulative  effect  recorded upon the
adoption of the Interpretation.

                                       11

(4)      Accounts Receivable and Revenue Recognition

Accounts receivable primarily consist of receivables from Edison for electricity
delivered  and sold under a power  purchase  contract.  Operating  revenues  are
recognized  as income  during the period in which  electricity  is  delivered to
Edison.

(5)      Reclassifications

Certain  balances  in prior  years  have been  reclassified  to  conform  to the
presentation adopted in the current year.

(6)      Asset Retirement Obligations

In June 2001, FASB issued Statement of Financial Accounting Standards (SFAS) No.
143,  Accounting for Asset  Retirement  Obligations.  This  Statement  addresses
financial   accounting  and  reporting  for  obligations   associated  with  the
retirement of tangible  long-lived  assets and the associated  asset  retirement
costs and amends SFAS No. 19, Financial  Accounting and Reporting by Oil and Gas
Producing  Companies.  The Statement requires that the fair value of a liability
for an asset  retirement  obligation  be recognized in the period in which it is
incurred  if a  reasonable  estimate  of a fair value can be made,  and that the
associated  asset retirement costs be capitalized as part of the carrying amount
of the long-lived  asset. The Statement is effective for consolidated  financial
statements  issued for fiscal years beginning after June 15, 2002. On January 1,
2003, CFP adopted SFAS No. 143 and estimated the  restoration  costs CFP expects
to incur when the land lease with the Navy expires. Under the land lease, CFP is
required to remove all property, plant, and equipment to restore the land to its
original  state.  As of March 31, 2005 and December 31,  2004,  the  accumulated
liability associated with the restoration costs was $932 and $910, respectively,
and is included in other liabilities.

                                       12
<PAGE>
<TABLE>
<CAPTION>
                                                  COSO ENERGY DEVELOPERS
                                                 UNAUDITED BALANCE SHEETS
                                                  (Dollars in thousands)

                                                                                          March 31,          December 31,
                                                                                            2005                2004
<S>                                                                                      <C>                <C>
                                      Assets:
 Current Assets:
   Cash.........................................................................         $    7,491          $      496
   Restricted cash and cash equivalents.........................................              9,812              10,850
   Accounts receivable..........................................................              6,404               6,636
   Prepaid expenses and other assets............................................                514                 930
   Amounts due from related parties.............................................                491                 485
                                                                                             ------              ------
                                      Total current assets                                   24,712              19,397


 Restricted investments.........................................................                221                 221
 Investment in Coso Transmission Line Partners..................................              2,402               2,430
 Advances to New CLPSI Company, LLC.............................................                442                 459
 Property, plant and equipment, (net of accumulated depreciation
   of $129,315 and $127,451, respectively)......................................            122,288             123,903
 Power purchase contract, (net of accumulated amortization
   of $6,490 and $6,222, respectively)..........................................             14,953              15,221
 Deferred financing costs, (net of accumulated amortization
   of $1,821 and $1,757, respectively)..........................................              1,211               1,275
                                                                                            -------             -------

                                      Total assets                                       $  166,229          $  162,906
                                                                                            =======             =======


                              Liabilities and Partners' Capital:

 Current Liabilities:
   Accounts payable and accrued liabilities.....................................         $    1,602          $    1,710
   Amounts due to related parties...............................................              3,408               1,648
   Current portion of project loan..............................................              8,683               8,683
                                                                                             ------              ------
                                      Total current liabilities                              13,693              12,041


   Other liabilities............................................................              1,295               1,263
   Amounts due to related parties...............................................             26,485              26,449
   Project loan.................................................................             66,217              66,217
                                                                                            -------             -------
                                      Total liabilities                                     107,690             105,970

 Partners' capital..............................................................             58,539              56,936
                                                                                            -------             -------

                                      Total liabilities &partners' capital               $  166,229          $  162,906
                                                                                            =======             =======







                              See accompanying notes to the unaudited financial statements

                                                           13
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                            COSO ENERGY DEVELOPERS
                                      UNAUDITED STATEMENTS OF OPERATIONS
                                            (Dollars in thousands)


                                                                          Three-Months           Three-Months
                                                                              Ended                  Ended
                                                                            March 31,              March 31,
                                                                              2005                   2004

<S>                                                                       <C>                    <C>
Revenues:
   Energy revenues.........................................               $    7,514             $    7,872
   Capacity and bonus payments.............................                    1,227                  1,227
                                                                               -----                  -----
          Total revenues...................................                    8,741                  9,099

Operating expenses:
   Plant operating expense.................................                    3,363                  3,437
   Royalty expense.........................................                      182                    (33)
   Depreciation and amortization...........................                    2,132                  2,357
                                                                               -----                  -----
          Total operating expenses.........................                    5,677                  5,761

          Operating income.................................                    3,064                  3,338

Other (income)/expenses:
   Interest and other income...............................                     (279)                  (311)
   Interest expense on project loan........................                    1,676                  1,898
   Noncash interest expense................................                       64                     64
                                                                               -----                  -----
          Total other expenses.............................                    1,461                  1,651
                                                                               -----                  -----

          Net income.......................................               $    1,603             $    1,687
                                                                               =====                  =====






                      See accompanying notes to the unaudited financial statements

                                                  14
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                       COSO ENERGY DEVELOPERS
                            UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS
                                       (Dollars in thousands)



                                                                       Three-Months           Three-Months
                                                                           Ended                  Ended
                                                                         March 31,              March 31,
                                                                           2005                   2004


<S>                                                                   <C>                    <C>
 Net cash provided by (used in) operating activities......             $    6,178             $    6,474
 Net cash provided by (used in) investing activities......                    817                    301
 Net cash provided by (used in) financing activities......                      -                      -
                                                                            -----                  -----

 Net change in cash.......................................             $    6,995             $    6,775
                                                                            =====                  =====






                See accompanying notes to the unaudited condensed financial statements

                                                   15

</TABLE>
<PAGE>
                             COSO ENERGY DEVELOPERS
                   NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
                             (Dollars in thousands)



(1)      Organization and Operation

Coso Energy Developers (CED), a general partnership, is engaged in the operation
of a 80 MW power  generation  facility  located at the Coso Hot  Springs,  China
Lake,  California.  CED sells all  electricity  produced to Southern  California
Edison (Edison) under a 30-year power purchase contract expiring in 2019.

(2)      Basis of Presentation

The accompanying  unaudited condensed financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America for interim financial information.  Accordingly, certain information and
footnote  disclosures  normally  included in  financial  statements  prepared in
accordance with accounting principles generally accepted in the United States of
America  have been  condensed  or omitted  pursuant  to such  rules.  Management
believes that the disclosures are adequate to make the information presented not
misleading when read in conjunction with the financial  statements and the notes
thereto in the audited  financial  statements  for the year ended  December  31,
2004.

The preparation of unaudited financial  statements in accordance with accounting
principles  generally  accepted in the United States of America  requires CED to
make certain  estimates and assumptions for the reporting periods covered by the
financial  statements.  These  estimates  and  assumptions  affect the  reported
amounts of assets,  liabilities,  revenues  and  expenses  during the  reporting
period.  Actual  results  could  differ  from  these  estimates.  The  financial
information herein presented reflects all adjustments, consisting only of normal
recurring adjustments, which are, in the opinion of management,  necessary for a
fair statement of the results for interim periods presented. The results for the
interim periods are not necessarily indicative of results to be expected for the
full year. CED has experienced  significant quarterly  fluctuations in operating
results and it expects that these fluctuations in energy revenues,  expenses and
net income will continue.

(3)      Accounts Receivable and Revenue Recognition

Accounts receivable primarily consist of receivables from Edison for electricity
delivered  and sold under a power  purchase  contract.  Operating  revenues  are
recognized  as income  during the period in which  electricity  is  delivered to
Edison.

(4)      Reclassifications

Certain  balances  in prior  years  have been  reclassified  to  conform  to the
presentation adopted in the current year.

(5)      Asset Retirement Obligations

In June 2001, FASB issued Statement of Financial Accounting Standards (SFAS) No.
143,  Accounting for Asset  Retirement  Obligations.  This  Statement  addresses
financial   accounting  and  reporting  for  obligations   associated  with  the
retirement of tangible  long-lived  assets and the associated  asset  retirement
costs and amends SFAS No. 19, Financial  Accounting and Reporting by Oil and Gas
Producing  Companies.  The Statement requires that the fair value of a liability
for an asset  retirement  obligation  be recognized in the period in which it is
incurred  if a  reasonable  estimate  of a fair value can be made,  and that the
associated  asset retirement costs be capitalized as part of the carrying amount
of the long-lived  asset. The Statement is effective for consolidated  financial
statements  issued for fiscal years beginning after June 15, 2002. On January 1,
2003, CED adopted SFAS No. 143 and estimated the  restoration  costs CED expects
to incur when the land lease with the Navy expires. Under the land lease, CED is

                                       16

required to remove all property, plant, and equipment to restore the land to its
original  state.  As of March 31, 2005 and December 31,  2004,  the  accumulated
liability   associated  with  the  restoration  costs  was  $1,295  and  $1,263,
respectively, and is included in other liabilities.

                                       17

<PAGE>
<TABLE>
<CAPTION>
                                                  COSO POWER DEVELOPERS
                                                     AND SUBSIDIARY
                                          UNAUDITED CONSOLIDATED BALANCE SHEETS
                                                 (Dollars in thousands)


                                                                                            March 31,           December 31,
                                                                                              2005                 2004
<S>                                                                                        <C>                  <C>
                                  Assets:
 Current Assets:
    Cash........................................................................           $    5,882           $      507
    Restricted cash and cash equivalents........................................                8,479                8,474
    Accounts receivable, (net of allowances of $82).............................                7,465                7,693
    Prepaid expenses and other assets...........................................                  359                  634
    Amounts due from related parties............................................                6,428                6,421
                                                                                               ------               ------
                                         Total current assets                                  28,613               23,729


    Restricted investments......................................................                  135                  135
    Advances to New CLPSI Company, LLC..........................................                1,905                1,923
    Property, plant and equipment, (net of accumulated depreciation
      of $113,061 and $111,198, respectively)...................................              111,915              113,696
    Power purchase contract, (net of accumulated amortization
      of $16,999 and $16,301, respectively).....................................               13,739               14,437
    Deferred financing costs, (net of accumulated amortization
      of $3,144 and $3,090, respectively).......................................                1,031                1,085
                                                                                              -------             --------

                                         Total assets                                      $  157,338           $  155,005
                                                                                              =======              =======


                               Liabilities and Partners' Capital:

 Current Liabilities:
    Accounts payable and accrued liabilities....................................           $    1,455           $    2,372
    Amounts due to related parties..............................................                2,696                1,313
    Current portion of project loan.............................................               11,697               11,697
                                                                                               ------               ------
                                         Total current liabilities                             15,848               15,382


    Other liabilities...........................................................                  881                  835
    Project loan................................................................               48,830               48,830
                                                                                               ------               ------
                                         Total liabilities                                     65,559               65,047


 Minority interest..............................................................                2,403                2,431
 Partners' capital..............................................................               89,376               87,527
                                                                                              -------              -------

                                         Total liabilities & partners' capital             $  157,338           $  155,005
                                                                                              =======              =======






                        See accompanying notes to the unaudited consolidated financial statements

                                                        18
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                           COSO POWER DEVELOPERS
                                               AND SUBSIDARY
                               UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
                                           (Dollars in thousands)


                                                                            Three-Months           Three-Months
                                                                                Ended                  Ended
                                                                              March 31,              March 31,
                                                                                2005                   2004
<S>                                                                        <C>                    <C>
Revenues:
   Energy revenues..........................................                  $  8,150               $  8,422
   Capacity and bonus payments..............................                     1,232                  1,234
                                                                                 -----                  -----
          Total revenues....................................                     9,382                  9,656

Operating expenses:
   Plant operating expense..................................                     2,234                  2,803
   Royalty expense..........................................                     1,490                  1,644
   Depreciation and amortization............................                     2,563                  2,562
                                                                                 -----                  -----
          Total operating expenses..........................                     6,287                  7,009

          Operating income..................................                     3,095                  2,647

Other (income)/expenses:
   Interest and other income................................                      (162)                  (128)
   Interest expense on project loan.........................                     1,354                  1,594
   Noncash interest expense.................................                        54                     54
                                                                                 -----                  -----
          Total other expenses..............................                     1,246                  1,520
                                                                                 -----                  -----

          Net income........................................                  $  1,849               $  1,127
                                                                                 =====                  =====






                  See accompanying notes to the unaudited consolidated financial statements

                                                    19
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                        COSO POWER DEVELOPERS
                                            AND SUBSIDIARY
                                 UNAUDITED CONSOLIDATED AND CONDENSED
                                       STATEMENTS OF CASH FLOWS
                                        (Dollars in thousands)

                                                                      Three-Months          Three-Months
                                                                          Ended                 Ended
                                                                        March 31,             March 31,
                                                                          2005                  2004

<S>                                                                  <C>                   <C>

 Net cash provided by (used in) operating activities......            $    5,492            $    6,320
 Net cash provided by (used in) investing activities......                   (89)                  217
 Net cash provided by (used in) financing activities......                   (28)                  (28)
                                                                           -----                 -----

 Net change in cash.......................................            $    5,375            $    6,509
                                                                           =====                 =====








        See accompanying notes to the unaudited consolidated and condensed financial statements

                                                   20

</TABLE>
<PAGE>
                              COSO POWER DEVELOPERS
                                 AND SUBSIDIARY
            NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                             (Dollars in thousands)


(1)      Organization and Operation

Coso Power Developers (CPD), a general partnership,  is engaged in the operation
of a 80 MW power  generation  facility  located at the Coso Hot  Springs,  China
Lake,  California.  CPD sells all  electricity  produced to Southern  California
Edison (Edison) under a 20-year power purchase contract expiring in 2010.

(2)      Basis of Presentation

The accompanying  unaudited consolidated and condensed financial statements have
been prepared in accordance with accounting principles generally accepted in the
United States of America for interim financial information. Accordingly, certain
information and footnote  disclosures  normally included in financial statements
prepared in accordance  with  accounting  principles  generally  accepted in the
United States of America have been condensed or omitted  pursuant to such rules.
Management  believes that the  disclosures  are adequate to make the information
presented not misleading when read in conjunction with the financial  statements
and the notes  thereto in the audited  financial  statements  for the year ended
December 31, 2004.

The preparation of unaudited financial  statements in accordance with accounting
principles  generally  accepted in the United States of America  requires CPD to
make certain  estimates and assumptions for the reporting periods covered by the
financial  statements.  These  estimates  and  assumptions  affect the  reported
amounts of assets,  liabilities,  revenues  and  expenses  during the  reporting
period.  Actual  results  could  differ  from  these  estimates.  The  financial
information herein presented reflects all adjustments, consisting only of normal
recurring adjustments, which are, in the opinion of management,  necessary for a
fair statement of the results for interim periods presented. The results for the
interim periods are not necessarily indicative of results to be expected for the
full year. CPD has experienced  significant quarterly  fluctuations in operating
results and it expects that these fluctuations in energy revenues,  expenses and
net income will continue.

The data for the balance sheets presented herein for March 31, 2005 and December
31, 2004 were derived from CPD's financial statements for the interim period and
fiscal  year  then  ended  and  includes  the  effect  of   consolidating   Coso
Transmission  Line  Partners  ("CTLP"),  but does not  include  all  disclosures
required by  accounting  principles  generally  accepted in the United States of
America.

(3)      Variable Interest Entities

The consolidated  financial  statements include the accounts of CTLP as a result
of  the   adoption  of  the   Financial   Accounting   Standards   Board  (FASB)
Interpretation  No. 46  (revised  December  2003),  (FIN 46R)  Consolidation  of
Variable Interest  Entities,  an interpretation of Accounting  Research Bulletin
No. 51. An entity shall be subject to consolidation  according to the provisions
of FIN 46R, if, by design, the holders of the equity investment at risk lack any
one of the following three  characteristics of a controlling financial interest:
(1)  the  direct  or  indirect  ability  to make  decisions  about  an  entity's
activities through voting rights or similar rights; (2) the obligation to absorb
the expected losses of the entity if they occur; or (3) the right to receive the
expected  residual returns of the entity if they occur.  The Company  determined
that CTLP is a  variable  interest  entity  under FIN 46R and was  consolidated,
effective  January  1,  2004.  The  effects  on  CPD's  consolidated   financial
statements at March 31, 2005 and December 31, 2004 were  increases of $2,403 and
$2,431, respectively, to assets and liabilities.

The  consolidated  financial  statements  relating  to prior  periods  have been
retroactively restated to consolidate the accounts of CTLP as a direct result of
the  adoption  of FIN 46R.  There was no  cumulative  effect  recorded  upon the
adoption of the Interpretation.

                                       21

(4)      Accounts Receivable and Revenue Recognition

Accounts receivable primarily consist of receivables from Edison for electricity
delivered  and sold under a power  purchase  contract.  Operating  revenues  are
recognized  as income  during the period in which  electricity  is  delivered to
Edison.

(5)      Reclassifications

Certain  balances  in prior  years  have been  reclassified  to  conform  to the
presentation adopted in the current year.

(6)      Asset Retirement Obligation

In June 2001, FASB issued Statement of Financial Accounting Standards (SFAS) No.
143,  Accounting for Asset  Retirement  Obligations.  This  Statement  addresses
financial   accounting  and  reporting  for  obligations   associated  with  the
retirement of tangible  long-lived  assets and the associated  asset  retirement
costs and amends FASB No. 19, Financial  Accounting and Reporting by Oil and Gas
Producing  Companies.  The Statement requires that the fair value of a liability
for an asset  retirement  obligation  be recognized in the period in which it is
incurred  if a  reasonable  estimate  of a fair value can be made,  and that the
associated  asset retirement costs be capitalized as part of the carrying amount
of the long-lived  asset. The Statement is effective for consolidated  financial
statements  issued for fiscal years beginning after June 15, 2002. On January 1,
2003, CPD adopted SFAS No. 143 and estimated the  restoration  costs CPD expects
to incur when the land lease with the Navy expires.  Under the land lease CPD is
required to remove all property, plant, and equipment to restore the land to its
original  state.  As of March 31, 2005 and December 31,  2004,  the  accumulated
liability   associated   with  the   restorations   costs  was  $881  and  $835,
respectively, and is included in other liabilities.


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

     Except for financial information contained herein, the matters discussed in
this quarterly report may be considered  forward-looking  statements  within the
meaning of Section 27A of the  Securities  Act of 1933, as amended,  and Section
21E of the Securities Exchange Act of 1934, as amended,  and subject to the safe
harbor created by the Securities  Litigation Reform Act of 1995. Such statements
include  declarations  regarding the intent,  belief or current  expectations of
Caithness  Coso  Funding  Corp.  (Funding  Corp.),  Coso  Finance  Partners  and
Subsidiary   (the  Navy  I  Partnership),   Coso  Energy   Developers  (the  BLM
Partnership),   and  Coso  Power   Developers  and   Subsidiary   (the  Navy  II
Partnership),   collectively,  (the  Coso  Partnerships)  and  their  respective
management.  Such  statements  may be  identified  by  terms  such as  expected,
anticipated,  may, will, believe or other terms or variations of such words. Any
such  forward-looking  statements are not guarantees of future  performance  and
involve  a number  of risks  and  uncertainties;  actual  results  could  differ
materially from those indicated by such  forward-looking  statements.  Among the
important factors that could cause future operating results to differ materially
from those  anticipated  include,  but are not limited to: (i) risks relating to
the uncertainties in the California energy market,  (ii) the financial viability
of Southern  California Edison ("Edison"),  (iii) risks related to the operation
of geothermal  power plants,  (iv) the impact of avoided cost pricing along with
other  pricing  variables,  (v)  general  operating  risks,  including  resource
availability and regulatory oversight, (vi) changes in government regulation and
(vii) the effects of competition.


General

     Each  Coso  Partnership  owns  an  80MW  geothermal  power  plant,  and its
respective  transmission  lines,  wells,  gathering  systems  and other  related
facilities.  The Coso  Partnerships  are  located  near one  another  near  Coso
Junction,  California.  The  Navy I  Partnership  owns  Navy I and  its  related
facilities. The BLM Partnership owns BLM and its related facilities. The Navy II
Partnership owns Navy II and its related facilities.

                                       22

     Each Coso partnership  sells 100% of the electrical energy generated at its
plant to Edison under a long-term Standard Offer No.4 power purchase  agreement.
Each power purchase agreement expires after the final maturity date of the 9.05%
Series B Senior Secured Notes (Notes) issued by Funding Corp.

     Each Coso partnership is entitled to the following payments under its power
purchase agreement:

*    capacity payments for being able to produce  electricity at certain levels.
     Capacity  payments  are fixed  throughout  the life of each power  purchase
     agreement;

*    capacity  bonus  payments  if the  Coso  partnership  is  able  to  produce
     electricity  above a specified  level.  The maximum  annual  capacity bonus
     payment  available is also fixed throughout the life of each power purchase
     agreement; and

*    energy  payments  which are based on the  amount  of  electricity  the Coso
     Partnership's plant actually produces.

     Edison is required to make energy payments to the Coso  Partnerships  based
on its avoided cost of energy,  which is its cost to generate  electricity if it
were to produce  electricity itself or buy it from another power producer rather
than buy it from the Coso  Partnerships.  The Edison power  purchase  agreements
will expire in August 2011 for the Navy I Partnership, in March 2019 for the BLM
Partnership, and in January 2010 for the Navy II Partnership.

     Edison entered into an agreement  (Agreement) with the Coso Partnerships on
June 19, 2001 that  addressed  renewable  energy  pricing and issues  concerning
California's  energy crisis.  The  Agreement,  which was amended on November 30,
2001,  established May 1, 2002 as the date the Coso Partnerships began receiving
a fixed energy rate of 5.37 cents per kWh for five (5) years in lieu of the rate
calculated  based on the  avoided  cost of energy.  Subsequent  to the five year
period  that  expires in April  2007,  Edison  will be  required  to make energy
payments to the Coso Partnerships based on its avoided cost of energy until each
partnership's power purchase agreement expires.  The California Public Utilities
Commission  (CPUC) has initiated a hearing to  re-evaluate  the  methodology  of
calculating  the  avoided  cost of energy in the future.  It is not  possible to
predict with accuracy the likely level of future  avoided cost of energy prices.
Factors which may impact the future avoided cost of energy prices include, among
other things, the volatility of natural gas markets and regulatory issues.

     Edison  filed a  petition  for a writ of  review  of a  January  2001  CPUC
decision,  claiming  that the  "floor"  line loss  factor of 0.95 for  renewable
generators  violated the Public Utility Regulatory Policies Act of 1978 (PURPA).
Subsequently,  the  California  Court of Appeals issued a decision on August 20,
2002 in response to the writs  affirming the January 2001 CPUC decision,  except
for the 0.95  "floor",  which it rejected as an abuse of discretion by the CPUC.
While this matter was appealed to the California Supreme Court, the petition for
review was denied.  The Coso  Partnerships  are currently  evaluating  potential
actions to redress this issue.  Their Agreements set the line loss factor at 1.0
for all energy sold between May 2002 through April 2007.  After April 2007,  the
Coso  Partnerships  will have a line loss  factor of less than 1.0,  effectively
decreasing  revenues if Edison's  challenge to the CPUC ruling stands.  The Coso
Partnerships  cannot predict whether any subsequent action regarding this matter
will be successful.

     In 1994, the Coso Partnerships  implemented a steam-sharing  program, under
the Coso Geothermal Exchange Agreement. The purpose of the steam-sharing program
is to enhance the management of the Coso geothermal resource and to optimize the
resource's overall benefits to the Coso Partnerships by transferring steam among
the  Coso  Partnerships.  Under  the  steam  sharing  program,  the  partnership
receiving the steam transfer  splits revenue earned from  electricity  generated
with the partnership that transferred the steam.

                                       23

     The Coso  Partnerships  are required to make  royalty  payments to the U.S.
Navy and the Bureau of Land Management.  On November 1, 2004 the Navy I and Navy
II  Partnerships'  entered into a new agreement ("New Contract") with the United
States Navy terminating the existing contract that was due to expire on December
31, 2009.  The New  Contract and  termination  of the  existing  contracts  were
disclosed on Form 8-K filed on November 2, 2004.

     Under the terms of the New Contract,  the royalty paid to the U.S. Navy was
restructured so that the Navy I and Navy II Partnerships pay at a rate of 15% of
gross revenues  received up to an annual base revenue amount.  Beyond the annual
base revenue amount,  the U.S. Navy and the Navy I and Navy II Partnerships will
split the additional revenues,  on a 50/50 basis, until the U.S. Navy receives a
maximum of 20% of all gross revenue.

     Under the  terminated  contract with the U. S. Navy, the Navy I Partnership
was obligated to pay royalties for Units 2 and 3 at 20% of gross revenue through
2009 and the Navy II Partnership  was obligated to pay royalties at 18% of gross
revenue through 2004, then increase to 20% through 2009. Additionally,  the Navy
I  Partnership  was  obligated  to pay a royalty  for Unit I  consisting  of the
payment of the U.S.  Navy's  electric bill for the China Lake Weapons  Facility,
subject to an indexed  reimbursement  from the U.S. Navy. The  reimbursement was
based on a pricing  formula for tariff  rates  charged by Edison.  Additionally,
under the terms of the terminated  agreement,  the Navy was compensated annually
for any savings in electrical usage at the U.S. Navy's Facility below a baseline
amount ("Conserved Power"). Upon termination of the Navy Contract,  the Navy was
paid $1.2 million for Conserved  Power from January 1, 2004 through  October 31,
2004. The  terminated  contract also obligated the Navy I Partnership to fund an
escrow  account  so that  the Navy I  Partnership  would  pay the U.S.  Navy $25
million on December  31,  2009.  Accordingly,  $111,000  was  deposited  monthly
through  October 31, 2004.  That provision was also  terminated and a new escrow
arrangement was entered into and the amount the Navy I Partnership owes the U.S.
Navy is now $18  million.  That  payment  is secured  by the  existing  funds on
deposit so that funds plus accrued  interest  are  expected to  aggregate  $18.0
million by December 31, 2009. Finally, in the terminated contracts the U.S. Navy
had the right to  terminate  the  contracts  at any time for their  convenience.
Under the New Contract that right was eliminated.

     The BLM  Partnerships  geothermal  lease  initially had a term of ten years
ending in 1998 with  automatic  extensions  until  October 31, 2035,  so long as
geothermal  steam is  commercially  produced.  The royalty paid to the Bureau of
Land Management is 10% of the net value of steam produced based on a calculation
known as the netback, which is estimated and paid monthly with an annual true-up
after year-end.

     The Coso  Partnerships  also pay other  royalties at various rates which in
the aggregate are not material.

     Funding Corp. is a special purpose corporation and is equally owned by each
of the Coso  Partnerships.  It was formed for the  purpose of issuing the senior
secured  notes  (Notes)  on behalf of the Coso  Partnerships  who have  jointly,
severally, and unconditionally guaranteed repayment of the Notes.

     On May 28, 1999,  Funding Corp.  issued $110.0  million of 6.80% Notes that
were due in 2001 and paid off on December 15, 2001,  and $303.0 million of 9.05%
Notes  due in  2009.  The  proceeds  from  the  Notes  were  loaned  to the Coso
Partnerships  and are payable to Funding  Corp.  from  payments of principal and
interest on the Notes. Funding Corp. does not conduct any other operations apart
from serving as the issuer of the Notes.

     Under the  depository  agreement  with the trustee for the Notes,  the Coso
Partnerships  established  accounts with a depository and pledged those accounts
as security for the benefit of the holders of the Notes.  All amounts  deposited
with the depository are, at the direction of the Coso Partnerships,  invested by
the depository in permitted investments. All revenues or other proceeds actually
received  by the Coso  Partnerships  are  deposited  in a  revenue  account  and
withdrawn upon receipt by the depository of a certificate from the relevant Coso
Partnerships  detailing  the  amounts  to be paid from  funds in its  respective
revenue account.

                                       24

Capacity Utilization

     For purposes of consistency in financial  presentation,  the plant capacity
factor for each of the Coso  Partnerships is based on a nominal  capacity amount
of 80MW (240MW in the aggregate).  The Coso  Partnerships have a gross operating
capacity  that  allows  for the  production  of  electricity  in excess of their
nominal capacity  amounts.  Utilization of this operating margin is based upon a
number of factors and can be expected to vary  throughout  the year under normal
operating conditions.

     The following  data includes the operating  capacity  factor,  capacity and
electricity  production  (in kWh) for each  Coso  Partnership  on a  stand-alone
basis:

                                                         Three-Months Ended
                                                              March 31

                                                     2005                 2004
                                                     ----                 ----
   Navy I Partnership (stand alone)
     Operating capacity factor                      101.3%               104.3%
     Capacity (MW) (average)                         81.06                83.40
     kWh produced (000s)                           175,090              180,150

   BLM Partnership (stand alone)
     Operating capacity factor                       86.9%                89.4%
     Capacity (MW) (average)                         69.55                71.49
     kWh produced (000s)                           150,224              154,410

   Navy II Partnership (stand alone)
     Operating capacity factor                      107.1%               109.7%
     Capacity (MW) (average)                         85.69                87.77
     kWh produced (000s)                           185,080              189,580

     Total energy  production for the Coso  Partnerships had slight declines for
the  three-months  ended  March 31, 2005 as compared to the same period in 2004.
The overall effort continues to maximize production through well maintenance and
capital  improvements,  including  improvements to existing production wells and
additional  steam-field piping modifications.  The Coso Partnerships continue to
work on enhancing the steam utilization and efficiency of the projects through a
turbine  enhancement  program and additional  steam-field piping  modifications.
With respect to the  reservoir,  an  injection  augmentation  program,  aimed at
improving  reservoir pressure and minimizing  resource decline,  is currently in
the engineering  design and permitting  phase.  The funds necessary to implement
the capital  improvement  program are  expected to be  available  from  reserves
established  under the Notes and from  excess  cash flow  generated  after  debt
service.


Results of Operations for the Three-months ended March 31, 2005 and 2004

     The following  discusses the results of operations of the Coso Partnerships
for the three-months ended March 31, 2005 and 2004 (dollar amounts in tables are
in thousands, except per kWh data):

                                       25

Revenue
                                      Three-Months                Three-Months
                                          Ended                       Ended
                                     March 31, 2005              March 31, 2004


                                     $     Cents/kWh             $     Cents/kWh
Total Operating Revenues             -     ---------             -     ---------
including steam transfers
  Navy I Partnership               13,005      7.4             13,111      7.3
  BLM Partnership                   8,741      5.8              9,099      5.9
  Navy II Partnership               9,382      5.1              9,656      5.1


     The Coso Partnerships sell all electricity  generated to Edison under their
respective  power  purchase  agreement.  Total  operating  revenues  consist  of
capacity payments, capacity bonus payments, and energy payments, including steam
transfers  discussed above.  Total operating  revenues for the Coso Partnerships
remained consistent for the three-months ended March 31, 2005 as compared to the
same period in 2004.


Plant Operating Expense

                                     Three-Months                 Three-Months
                                         Ended                        Ended
                                    March 31, 2005               March 31, 2004

                                    $     Cents/kWh              $     Cents/kWh
                                    -     ---------              -     ---------

  Navy I Partnership               2,102      1.2               2,735      1.5
  BLM Partnership                  3,363      2.2               3,437      2.2
  Navy II Partnership              2,234      1.2               2,803      1.5

     Plant operating  expense consists of labor and related  expenses,  supplies
and  maintenance,   property  taxes,  insurance,  workovers  and  administrative
expense.  The  decrease  in plant  operating  expense for the Navy I and Navy II
Partnerships for the three-months  ended March 31, 2005, as compared to the same
period in 2004,  was  primarily due to decreased  well workover  costs which are
scheduled to occur later this year.


Royalty Expense

                                    Three-Months                  Three-Months
                                        Ended                         Ended
                                   March 31, 2005                March 31, 2004

                                   $     Cents/kWh               $     Cents/kWh
                                   -     ---------               -     ---------

  Navy I Partnership              1,934      1.1                2,226      1.2
  BLM Partnership                   182      0.1                  (33)     0.0
  Navy II Partnership             1,490      0.8                1,644      0.9

     Royalty expense for the Navy I and Navy II  Partnerships  decreased for the
three-months  ended  March  31,  2005 as  compared  to the same  period in 2004,
primarily  due to the  change in  royalty  structure  under the terms of the New
Contract  with  the U.S.  Navy  discussed  above.  Royalty  expense  for the BLM
Partnership  increased for the three-months  ended March 31, 2005 as compared to
the same period in 2004, due to a large  favorable  adjustment in 2004 resulting
from the annual reconciliation  performed in the first quarter under the netback
royalty calculation.


Depreciation and Amortization

     Depreciation and amortization expense for the Navy I Partnership  increased
by $224 for the three-months ended March 31, 2005 as compared to the same period
in 2004, due to an increase in  capitalized  assets  associated  with a new well
placed in service in December of 2004. Depreciation and amortization expense for
the BLM Partnership  decreased by $225 for the three-months ended March 31, 2005

                                       26

as  compared  to the same  period  in 2004,  due to the  older  wells  and plant
overhauls  being fully  depreciated  during  2004.  The effect of the  Financial
Accounting Standards Board (FASB)  Interpretation No. 46 (revised December 2003)
(FIN 46R) on depreciation and  amortization  expense for the Navy II Partnership
for the  three-months  ended  March 31,  2005 as  compared to the same period in
2004, was an increase of $61, over both periods.


Interest and Other Income

     Interest and other income for the Navy I and Navy II Partnerships increased
by $68 and $34,  respectively  for the  three-months  ended  March  31,  2005 as
compared to the same period in 2004, due to higher market rates for fixed income
investments  during that period in 2005.  The effects of FIN 46R on interest and
other  income  for the  Navy I  Partnership  was an  increase  of  $41,  for the
three-months  ended  March  31,  2005 as  compared  to the same  period in 2004.
Interest  and other  income  for the BLM  Partnership  decreased  by $32 for the
three-months  ended March 31, 2005 as compared to the same period in 2004 due to
a decrease in the Dow Chemical  credit  partially  offset by higher market rates
for fixed income  investments  during that period in 2005. The effect of FIN 46R
on interest and other income for the Navy II Partnership was an increase of $28,
for the  three-months  ended  March 31,  2005 as  compared to the same period in
2004.


Interest Expense

     Interest expense for the Navy I, BLM and Navy II Partnerships  decreased by
$241, $222 and $240, respectively,  for the three-months ended March 31, 2005 as
compared  to the same  period in 2004,  due to the  reduction  in the  principal
amount of the project loan from Funding Corp.


Liquidity and Capital Resources

     Each of the Coso Partnerships  derive  substantially all of their cash flow
from Edison  under their power  purchase  agreements  and from  interest  income
earned on funds on deposit. The Coso Partnerships have used their cash primarily
for capital  expenditures for power plant  improvements,  resource and operating
costs, distributions to partners and payments with respect to the project loan.

     The Coso  Partnerships  cash flow  obligations  over the next several years
consist of debt  service  payments to Funding  Corp.  as they come due under the
Notes. The Coso  Partnerships  expect to be able to meet these  obligations from
operating cash flow. Historically, any excess cash after debt service has either
been reserved for capital improvements or distributed to the partners.

     The Coso  Partnerships'  ability to meet their obligations as they come due
will depend upon the ability of Edison to meet its  obligations  under the terms
of the standard offer No. 4 power purchase agreements and the Coso Partnerships'
ability to continue to generate electricity.  Edison's failure to pay its future
obligations may have a material adverse effect on the Coso Partnerships' ability
to make debt service payments to Funding Corp. as they come due under the Notes.

     Net cash from operating activities for the Navy I Partnership  increased by
$1,612 for the three-months  ended March 31, 2005 as compared to the same period
in 2004, primarily due to increased net income and an increase in amounts due to
related parties during 2005. Net cash used in investing  activities for the Navy
I Partnership  remained  constant for the  three-months  ended March 31, 2005 as
compared to the same period in 2004.

     Net cash from  operating  activities for the BLM  Partnership  decreased by
$296 for the three-months ended March 31, 2005 as compared to the same period in
2004,  primarily due to a reduction in accounts payable and accrued liabilities,
offset by an increase in amounts due to related  parties.  Net cash  provided by

                                       27

investing  activities  for the BLM  Partnership  increased  by $516 for the same
period in 2004, primarily due to a reduction in the restricted cash requirements
associated with the Notes during 2005.

     Net cash from operating  activities for the Navy II Partnerships  decreased
by $828 for the three-months ended March 31, 2005 as compared to the same period
in 2004 primarily due to decreased trade payable  partially  offset by increased
net income and  amounts due from  related  parties.  Net cash used in  investing
activities  for the Navy II Partnership  increased by $306 for the  three-months
ended March 31, 2005 as compared to the same period in 2004  primarily  due to a
reduction in the restricted cash  requirements  associated with the Notes during
2004.


Item 3.  Quantitative and Qualitative Disclosure About Market Risk

Risk Factors

     Operating the Coso projects involves, among other things, general economic,
financial,  competitive,  legislative,  legal, regulatory and other factors that
are beyond  management's  control.  Changes in these  factors could make it more
expensive  to  operate  the  Coso  projects,   or  require   additional  capital
expenditures,  or  reduce  certain  benefits  currently  available  to the  Coso
Partnerships.  There are a variety of other risks that affect the Coso projects,
some of which are beyond management's control, including:

     o    one or more of the Coso projects could perform below  expected  levels
          of output or efficiency which would reduce revenue;

     o    in light of the  uncertainty of the Western energy  markets,  Edison's
          financial   viability  may  be   considered   uncertain  and  accounts
          receivable from Edison could be reduced or eliminated;

     o    the Coso geothermal resource could be interrupted or unavailable;

     o    operating costs could increase;

     o    changes  in  the  regulatory   structure   which  govern  the  current
          operations of the Coso Partnerships.

     o    future  competition  may  lead  to an  accelerated  depletion  of  the
          resource;

     o    energy prices paid by Edison could decrease or terminate;

     o    delivery of electrical energy to Edison could be disrupted;

     o    environmental  problems or regulation  changes could arise which could
          lead to fines or a shutdown of one or more plants;

     o    plant units and  equipment  have broken down or failed in the past and
          could break down or fail in the future;

     o    the operators of the Coso projects could suffer labor disputes;

     o    the   government   could  change  permit  or   governmental   approval
          requirements restricting operations;

     o    third parties could fail to perform their  contractual  obligations to
          the Coso Partnerships; and

     o    catastrophic events, such as fires, earthquakes,  explosions,  floods,
          severe storms or other occurrences  including  terrorism or war, could
          affect one or more of the Coso projects, the Navy or Edison.

                                       28

     In  addition,   the  Coso  Partnerships  must  meet  specified  performance
requirements under their respective power purchase  agreements during the months
of June through  September  to continue to qualify for the maximum  capacity and
capacity  bonus  payments.  If one or more of the events  listed above occur and
substantially  affect the  performance of one or more of the plants during these
months, operating revenues would be significantly decreased.


Item 4.  Controls and Procedures

     The Registrant's  Chief Executive  Officer and Chief Financial Officer (the
Registrant's  principal  executive  officer  and  principal  financial  officer,
respectively)  have concluded,  based on their  evaluation as of March 31, 2005,
that the design and  operation  of the  Registrant's  "disclosure  controls  and
procedures" (as defined in Rules 13a-15(e) under the Securities  Exchange Act of
1934,  as amended  ("Exchange  Act")) are  effective to ensure that  information
required to be disclosed by the  Registrant in the reports filed or submitted by
the  Registrant  under the Exchange  Act is  accumulated,  recorded,  processed,
summarized  and  reported  to  the   Registrant's   management,   including  the
Registrant's  principal  executive officer and principal  financial officer,  as
appropriate  to allow timely  decisions  regarding  whether or not disclosure is
required.

     During  the  quarter  ended  March 31,  2005,  there were no changes in the
Registrant's  "internal  controls over financial  reporting" (as defined in Rule
13a-15(f)  under  the  Exchange  Act)  that  have  materially  affected,  or are
reasonably likely to materially affect, the Registrant's  internal controls over
financial reporting.

                           PART II. OTHER INFORMATION


Item 1.        Legal Proceedings

General

     The Coso  Partnerships are currently parties to various items of litigation
relating to day-to-day operations, none of which, if determined adversely, would
be material to the  financial  condition  and results of  operations of the Coso
Partnerships, either individually or taken as a whole.

Item 2.        Unregistered Sales of Equity Securities and Use of Proceeds

               None.

Item 3.        Defaults Upon Senior Securities

               None.

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

               None.

Item 5.        Other Information

               Supplemental Consolidated and Combined Financial Information for
               the Coso Partnerships and Subsidiaries

     The following  information  presents  unaudited  consolidated  and combined
financial statements of the Coso Partnerships and Subsidiaries.  These financial
statements  represent a consolidated and combination of the financial statements
of Caithness Coso Funding Corp., Coso Finance Partners,  Coso Energy Developers,
Coso  Power  Developers,  New  CLPSI  Company,  LLC and Coso  Transmission  Line
Partners for the periods indicated.  This supplemental  financial information is

                                       29

not required by accounting principles generally accepted in the United States of
America and has been provided to facilitate a more  comprehensive  understanding
of the  financial  position,  operating  results  and  cash  flows  of the  Coso
Partnerships and Subsidiaries as a whole, which jointly and severally  guarantee
the repayment of the Notes. The unaudited  consolidation and combined  financial
statements should be read in conjunction with each individual Coso Partnership's
and Subsidiaries financial statements and their accompanying notes.

     The  financial  information  herein  presented  reflects  all  adjustments,
consisting only of normal  recurring  adjustments,  which are, in the opinion of
management,  necessary for a fair  statement of the results for interim  periods
presented. The results for the interim periods are not necessarily indicative of
results to be expected for the full year.

                                       30

<PAGE>
<TABLE>
<CAPTION>
                                                   COSO PARTNERSHIPS
                                  UNAUDITED CONSOLIDATED AND COMBINED BALANCE SHEETS
                                                (Dollars in thousands)

                                                                                          March 31,          December 31,
                                                                                            2005                2004
<S>                                                                               <C>                 <C>
                           Assets:
Current Assets:
   Cash.........................................................................       $   22,807          $    1,794
   Restricted cash and cash equivalents.........................................           29,234              32,622
   Accounts receivable, net.....................................................           21,503              21,831
   Prepaid expenses and other...................................................            1,277               2,266
   Inventory....................................................................            5,350               5,357
   Amounts due from related parties.............................................            6,813               6,787
                                                                                           ------              ------
                                      Total current assets                                 86,984              70,657


   Restricted cash and investments..............................................           15,405              15,250
   Property, plant and equipment, (net of accumulated depreciation
     of $364,312 and $357,806, respectively)....................................          367,267             371,223
   Power purchase contract, (net of accumulated amortization
     of $30,470 and $29,217, respectively)......................................           36,055              37,308
   Deferred financing costs, (net of accumulated amortization
     of $7,795 and $7,487, respectively)........................................            3,740               3,938
                                                                                          -------             -------

                                      Total assets                                     $  509,451          $  498,376
                                                                                          =======             =======


                                Liabilities and Partners' Capital:

Current Liabilities:
   Accounts payable and accrued liabilities.....................................       $    6,030          $    8,684
   Amounts due to related parties...............................................            6,780               1,865
   Current portion of project loans.............................................           35,480              35,480
                                                                                           ------              ------
                                      Total current liabilities                            48,290              46,029


   Other liabilities............................................................           18,001              17,746
   Deferred revenue.............................................................            1,037                  --
   Amounts due to related parties...............................................           26,485              26,449
   Project loan.................................................................          186,797             186,797
                                                                                          -------             -------
                                      Total liabilities                                   280,610             277,021


Partners' capital...............................................................          228,841             221,355
                                                                                          -------             -------


                                      Total liabilities & partners' capital            $  509,451          $  498,376
                                                                                          =======             =======







             See accompanying notes to the unaudited consolidated and combined financial statements.

                                                      31
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

                                           COSO PARTNERSHIPS
                                  UNAUDITED CONSOLIDATED AND COMBINED
                                       STATEMENTS OF OPERATIONS
                                        (Dollars in thousands)



                                                                      Three-Months         Three-Months
                                                                          Ended                Ended
                                                                        March 31,            March 31,
                                                                          2005                 2004

<S>                                                                   <C>                   <C>
Revenues:
   Energy revenues..........................................          $    27,415           $    28,150
   Capacity and bonus payments..............................                3,713                 3,716
                                                                           ------                ------
          Total revenues....................................               31,128                31,866

   Operating expenses:
   Plant operating expense..................................                7,699                 8,906
   Royalty expense..........................................                3,606                 3,837
   Depreciation and amortization............................                7,698                 7,767
                                                                            -----                 -----
          Total operating expenses..........................               19,003                20,510

          Operating income..................................               12,125                11,356

   Other (income)/expenses:
   Interest and other income................................                 (531)                 (461)
   Interest expense on project loan.........................                4,973                 5,676
   Noncash interest expense.................................                  197                   197
                                                                            -----                 -----
          Total other expenses..............................                4,639                 5,412
                                                                            -----                 -----

          Net income........................................          $     7,486           $     5,944
                                                                            =====                 =====








           See accompanying notes to the unaudited consolidated and combined financial statements.

                                                  32
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                               COSO PARTNERSHIPS
                                 UNAUDITED CONSOLIDATED COMBINED AND CONDENSED
                                           STATEMENTS OF CASH FLOWS
                                            (Dollars in thousands)


                                                                             Three-Months          Three-Months
                                                                                 Ended                Ended
                                                                               March 31,            March 31,
                                                                                 2005                 2004


    <S>                                                                      <C>                 <C>
    Net cash provided by (used in) operating activities.....                 $   20,338           $   19,850
    Net cash provided by (used in) investing activities.....                        703                  492
    Net cash provided by (used in) financing activities.....                        (28)                 (35)
                                                                                 ------               ------


    Net change in cash......................................                 $   21,013           $   20,307
                                                                                 ======               ======







        See accompanying notes to the unaudited consolidated and condensed combined financial statements.

                                                      33
</TABLE>
<PAGE>
                                COSO PARTNERSHIPS
                             NOTES TO THE UNAUDITED
                            CONSOLIDATED AND COMBINED
                              FINANCIAL STATEMENTS
                             (Dollars in thousands)


(1)      Basis of Presentation

The accompanying  unaudited  consolidated and combined financial statements were
derived from the stand alone  unaudited  financial  statements of Caithness Coso
Funding Corp., Coso Finance Partners and Subsidiary,  Coso Energy Developers and
Coso Power Developers and Subsidiary ("the Coso Partnerships"). All intercompany
accounts and transactions were eliminated.  This financial  information has been
provided to  facilitate  a more  comprehensive  understanding  of the  financial
position,  operating results and cash flows of the Coso Partnerships as a whole.
The unaudited  consolidated and combined financial  statements should be read in
conjunction with each individual Partnership's unaudited financial statements.

The preparation of unaudited financial  statements in accordance with accounting
principles   generally   accepted  in  the  United  States   requires  the  Coso
Partnerships to make certain estimates and assumptions for the reporting periods
covered by the financial statements.  These estimates and assumptions affect the
reported  amounts of  assets,  liabilities,  revenues  and  expenses  during the
reporting  period.  Actual  results  could  differ  from  these  estimates.  The
financial information herein presented reflects all adjustments, consisting only
of normal  recurring  adjustments,  which are,  in the  opinion  of  management,
necessary for a fair statement of the results for interim periods presented. The
results for the interim periods are not necessarily  indicative of results to be
expected for the full year. The Coso Partnerships  have experienced  significant
quarterly   fluctuations  in  operating   results  and  it  expects  that  these
fluctuations in energy revenues, expenses and net income will continue.

The data for the  consolidated  and combined balance sheets presented herein for
March 31, 2005 and December  31, 2004 were  derived from the Coso  Partnership's
financial  statements  for the  interim  period and  fiscal  year then ended and
includes the effect of consolidating  New CLPSI Company,  LLC ("CLPSI") and Coso
Transmission  Line  Partners  ("CTLP"),  but does not  include  all  disclosures
required by  accounting  principles  generally  accepted in the United States of
America.

(2)      Variable Interest Entities

The consolidated  financial statements include the accounts of CLPSI and CTLP as
a result of the  adoption of the  Financial  Accounting  Standards  Board (FASB)
Interpretation  No. 46  (revised  December  2003),  (FIN 46R)  Consolidation  of
Variable Interest  Entities,  an interpretation of Accounting  Research Bulletin
No. 51. An entity shall be subject to consolidation  according to the provisions
of FIN 46R, if, by design, the holders of the equity investment at risk lack any
one of the following three  characteristics of a controlling financial interest:
(1)  the  direct  or  indirect  ability  to make  decisions  about  an  entity's
activities through voting rights or similar rights; (2) the obligation to absorb
the expected losses of the entity if they occur; or (3) the right to receive the
expected  residual  returns of the entity if they occur.  The Coso  Partnerships
determined  that  CLPSI and CTLP,  the  entities  that holds the  inventory  and
transmission  assets,  are variable  interest entities under FIN 46 (R) and were
consolidated, effective January 1, 2004. The inventory, related physical assets,
and payables were recorded as the Coso Partnership's assets and liabilities. The
impact to the Coso  Partnership's  future  statement of operations was increased
depreciation, partially offset by other income.

The consolidated  and combined  financial  statements  relating to prior periods
have been  retroactively  restated to consolidate the accounts of CLPSI and CTLP
as a direct result of the adoption of FIN 46 (R). There was no cumulative effect
recorded upon the adoption of the Interpretation.

                                       34


(3)      Accounts Receivable and Revenue Recognition

Accounts receivable primarily consist of receivables from Edison for electricity
delivered  and sold under a power  purchase  contract.  Operating  revenues  are
recognized  as income  during the period in which  electricity  is  delivered to
Edison.

(4)      Reclassifications

Certain  balances  in prior  years  have been  reclassified  to  conform  to the
presentation adopted in the current year.

(5)      Asset Retirement Obligations

In June 2001, FASB issued Statement of Financial Accounting Standards (SFAS) No.
143,  Accounting for Asset  Retirement  Obligations.  This  Statement  addresses
financial   accounting  and  reporting  for  obligations   associated  with  the
retirement of tangible  long-lived  assets and the associated  asset  retirement
costs and amends SFAS No. 19, Financial  Accounting and Reporting by Oil and Gas
Producing  Companies.  The Statement requires that the fair value of a liability
for an asset  retirement  obligation  be recognized in the period in which it is
incurred  if a  reasonable  estimate  of a fair value can be made,  and that the
associated  asset retirement costs be capitalized as part of the carrying amount
of the long-lived  asset. The Statement is effective for consolidated  financial
statements  issued for fiscal years beginning after June 15, 2002. On January 1,
2003, the Coso  Partnerships  adopted SFAS No. 143 and estimated the restoration
costs the Coso Partnerships expects to incur when the land lease expires.  Under
the land lease, the Coso Partnerships is required to remove all property, plant,
and  equipment to restore the land to its original  state.  As of March 31, 2005
and December 31, 2004, the accumulated liability associated with the restoration
costs was $3,108 and $3,008, respectively, and is included in other liabilities.


Item 6.        Exhibits

               Certification of Chief Executive Officer
               Certification of Chief Financial Officer
               99.1 Certification of Chief Executive Officer
               99.2 Certification of Chief Financial Officer


                                       35

<PAGE>
          CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION
                    302(a) OF THE SARBANES-OXLEY ACT OF 2002


I, James D. Bishop, Sr., certify that:

1.   I have  reviewed  this  quarterly  report  on Form 10-Q of  Caithness  Coso
     Funding  Corp.,   Coso  Finance   Partners  and  Subsidiary,   Coso  Energy
     Developers,  and Coso Power  Developers and Subsidiary  (collectively,  the
     Registrant);

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  Registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  Registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  Registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

5.   The Registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  Registrant's  auditors  and the audit
     committee of  Registrant's  board of directors (or persons  performing  the
     equivalent function):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  Registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  Registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  Registrant's  internal
          controls; and

6.   The  Registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date:  May 13, 2005                      Caithness Coso Funding Corp.
                                         a Delaware Corporation

                                          By: /S/ JAMES D. BISHOP, SR.
                                              ------------------------
                                                  James D. Bishop, Sr.
                                                  Director, Chairman &
                                                  Chief Executive Officer

<PAGE>
          CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO SECTION
                    302(a) OF THE SARBANES-OXLEY ACT OF 2002


I, Christopher T. McCallion, certify that:

1.   I have  reviewed  this  quarterly  report  on Form 10-Q of  Caithness  Coso
     Funding  Corp.,   Coso  Finance   Partners  and  Subsidiary,   Coso  Energy
     Developers,  and Coso Power  Developers and Subsidiary  (collectively,  the
     Registrant);

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statement of a material fact or omit to state a material fact  necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  Registrant  as of, and for,  the  periods  presented  in this
     quarterly report;

4.   The  Registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have:

     a)   designed  such  disclosure  controls  and  procedures  to ensure  that
          material  information  relating  to  the  Registrant,   including  its
          consolidated subsidiaries,  is made known to us by others within those
          entities,  particularly  during  the  period in which  this  quarterly
          report is being prepared;

5.   The Registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  Registrant's  auditors  and the audit
     committee of  Registrant's  board of directors (or persons  performing  the
     equivalent function):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  Registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  Registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  Registrant's  internal
          controls; and

6.   The  Registrant's  other  certifying  officers and I have indicated in this
     quarterly report whether or not there were significant  changes in internal
     controls  or in other  factors  that could  significantly  affect  internal
     controls  subsequent to the date of our most recent  evaluation,  including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.


Date:  May 13, 2005                      Caithness Coso Funding Corp.
                                         a Delaware Corporation

                                          By: /S/ CHRISTOPHER T. MCCALLION
                                              -----------------------------
                                                  Christopher T. McCallion
                                                  Executive Vice President
                                                  & Chief Financial Officer
                                                  Principal Financial &
                                                  Accounting Officer

<PAGE>
                                  Exhibit 99.1

                    CERTIFICATION OF CHIEF EXECUTIVE OFFICER
                       PURSUANT TO 18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002



In connection  with the Quarterly  Report of Caithness Coso Funding Corp.,  Coso
Finance  Partners  and  Subsidiary,  Coso  Energy  Developers,  and  Coso  Power
Developers and Subsidiary  (collectively,  the  Registrant) on Form 10-Q for the
period ended March 31, 2005 as filed with the Securities and Exchange Commission
on the date  hereof (the  Report),  I, James D.  Bishop,  Sr.,  Chief  Executive
Officer of the  Registrant,  certify,  to the best of my  knowledge  and belief,
pursuant to 18 U.S.C.  Section 1350,  as adopted  pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:

     (1)  The Report fully  complies with the  requirements  of section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     (2)  The  information  contained  in the  Report  fairly  presents,  in all
          material respects, the financial condition and result of operations of
          the Registrant.


Date:  May 13, 2005                     Caithness Coso Funding Corp.
                                        a Delaware Corporation

                                         By: /S/ JAMES D. BISHOP, SR.
                                             ------------------------
                                                 James D. Bishop, Sr.
                                                 Director, Chairman &
                                                 Chief Executive Officer
<PAGE>
                                  Exhibit 99.2

                    CERTIFICATION OF CHIEF FINANCIAL OFFICER
                       PURSUANT TO 18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002



In connection  with the Quarterly  Report of Caithness Coso Funding Corp.,  Coso
Finance  Partners  and  Subsidiary,  Coso  Energy  Developers,  and  Coso  Power
Developers and Subsidiary  (collectively,  the  Registrant) on Form 10-Q for the
period ended March 31, 2005 as filed with the Securities and Exchange Commission
on the date hereof (the Report),  I,  Christopher T. McCallion,  Chief Financial
Officer of the  Registrant,  certify,  to the best of my  knowledge  and belief,
pursuant to 18 U.S.C.  Section 1350,  as adopted  pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:

     (1)  The Report fully  complies with the  requirements  of section 13(a) or
          15(d) of the Securities Exchange Act of 1934; and

     (2)  The  information  contained  in the  Report  fairly  presents,  in all
          material respects, the financial condition and result of operations of
          the Registrant.


Date:  May 13, 2005                     Caithness Coso Funding Corp.
                                        a Delaware Corporation

                                         By: /S/ CHRISTOPHER T. MCCALLION
                                             ----------------------------
                                                 Christopher T. McCallion
                                                 Executive Vice President
                                                 & Chief Financial Officer
                                                 Principal Financial &
                                                 Accounting Officer
<PAGE>
                                   SIGNATURES


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



                                       CAITHNESS COSO FUNDING CORP.,
                                       a Delaware corporation

Date:  May 13, 2005                     By:  /S/ CHRISTOPHER T. MCCALLION
                                             ----------------------------
                                                 Christopher T. McCallion
                                                 Executive Vice President &
                                                 Chief Financial Officer
                                                 (Principal Financial and
                                                 Accounting Officer)


                                       COSO FINANCE PARTNERS AND SUBSIDIARY
                                       a California general partnership

                                        By: New CLOC Company, LLC,
                                             its Managing General Partner

Date:  May 13, 2005                     By:  /S/ CHRISTOPHER T. MCCALLION
                                             ----------------------------
                                                 Christopher T. McCallion
                                                 Executive Vice President &
                                                 Chief Financial Officer
                                                 (Principal Financial and
                                                 Accounting Officer)


                                       COSO ENERGY DEVELOPERS
                                       a California general partnership

                                        By: New CHIP Company, LLC,
                                             its Managing General Partner

Date:  May 13, 2005                     By:  /S/ CHRISTOPHER T. MCCALLION
                                             ----------------------------
                                                 Christopher T. McCallion
                                                 Executive Vice President &
                                                 Chief Financial Officer
                                                 (Principal Financial and
                                                 Accounting Officer)


                                       COSO POWER DEVELOPERS AND SUBSIDIARY
                                       a California general partnership

                                        By: New CTC Company, LLC,
                                             its Managing General Partner

Date:  May 13, 2005                     By:  /S/ CHRISTOPHER T. MCCALLION
                                             ----------------------------
                                                 Christopher T. McCallion
                                                 Executive Vice President &
                                                 Chief Financial Officer
                                                 (Principal Financial and
                                                 Accounting Officer)