<PAGE>

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                                 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, 2002

                                       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: 333-45124

                             ---------------------

                            EAST COAST POWER L.L.C.
             (Exact Name of Registrant as Specified in its Charter)

<Table>
<S>                                            <C>
                   DELAWARE                                      52-2143667
         (State or Other Jurisdiction                         (I.R.S. Employer
      of Incorporation or Organization)                     Identification No.)

               EL PASO BUILDING
            1001 LOUISIANA STREET
                HOUSTON, TEXAS                                     77002
   (Address of Principal Executive Offices)                      (Zip Code)
</Table>

       Registrant's Telephone Number, Including Area Code: (713) 420-2600

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

     98.01 percent of the membership interests of East Coast Power L.L.C. is
owned directly by Mesquite Investors, L.L.C., 0.99 percent of the membership
interests is owned by Bonneville Pacific Corporation, and 1 percent of
membership interests is owned directly or indirectly by East Coast Power Holding
Company, L.L.C. Such membership interests are not publicly traded and therefore
have no separate, quantifiable market value.

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE>

                        PART I -- FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                            EAST COAST POWER L.L.C.

                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (IN MILLIONS)
                                  (UNAUDITED)

<Table>
<Caption>
                                                               QUARTER ENDED
                                                                 MARCH 31,
                                                              ----------------
                                                               2002      2001
                                                              ------    ------
<S>                                                           <C>       <C>
Operating revenues
  Electricity...............................................  $ 40.2    $  5.1
  Steam.....................................................     3.8       0.6
                                                              ------    ------
                                                                44.0       5.7
                                                              ------    ------
Operating expenses
  Fuel......................................................    20.2       3.9
  Operation and maintenance.................................     5.1       1.6
  Depreciation and amortization.............................     6.1       1.5
  General and administrative................................     3.1       1.7
                                                              ------    ------
                                                                34.5       8.7
                                                              ------    ------
Operating income (loss).....................................     9.5      (3.0)
                                                              ------    ------
Other (income) expense
  Earnings from unconsolidated affiliates...................   (15.6)    (19.1)
  Interest and other income.................................    (0.2)     (0.6)
  Interest and debt expense, net............................    17.2      21.8
                                                              ------    ------
                                                                 1.4       2.1
                                                              ------    ------
Net income (loss)...........................................  $  8.1    $ (5.1)
                                                              ======    ======
</Table>

                            See accompanying notes.

                                        1
<PAGE>

                            EAST COAST POWER L.L.C.

                     CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (IN MILLIONS)
                                  (UNAUDITED)

<Table>
<Caption>
                                                              MARCH 31,   DECEMBER 31,
                                                                2002          2001
                                                              ---------   ------------
<S>                                                           <C>         <C>
                                        ASSETS


Current assets
  Cash and cash equivalents.................................  $   78.0      $   43.0
  Restricted cash...........................................      12.4          12.3
  Accounts receivable, net of allowance of $3.0 million at
     March 31, 2002 and $2.9 million at December 31, 2001...      18.3          28.3
  Accounts receivable, affiliate............................       5.0           1.9
  Inventory.................................................      12.4          12.6
  Other current assets......................................       0.5           0.8
                                                              --------      --------
          Total current assets..............................     126.6          98.9
                                                              --------      --------
Investments in unconsolidated affiliates....................     731.5         745.6
Property, plant and equipment, at cost
  Property, plant and equipment.............................     392.8         276.2
  Construction in progress..................................        --         110.8
                                                              --------      --------
                                                                 392.8         387.0
  Less accumulated depreciation.............................     189.4         187.7
                                                              --------      --------
          Total property, plant and equipment, net..........     203.4         199.3
                                                              --------      --------
Other assets
  Intangible assets, net....................................     116.1         120.5
  Other.....................................................       8.6           9.0
                                                              --------      --------
                                                                 124.7         129.5
                                                              --------      --------
          Total assets......................................  $1,186.2      $1,173.3
                                                              ========      ========

                           LIABILITIES AND MEMBERS' CAPITAL
Current liabilities
  Accounts payable..........................................  $    6.3      $    6.0
  Accounts payable, affiliate...............................      11.5          16.4
  Current maturities of long-term debt......................      47.0          47.2
  Accrued liabilities.......................................      26.4           5.5
  Interest payable..........................................       2.9           2.9
                                                              --------      --------
          Total current liabilities.........................      94.1          78.0
                                                              --------      --------
Long-term debt, less current maturities.....................     912.3         923.6
Commitments and contingencies
Members' capital............................................     179.8         171.7
                                                              --------      --------
          Total liabilities and members' capital............  $1,186.2      $1,173.3
                                                              ========      ========
</Table>

                            See accompanying notes.

                                        2
<PAGE>

                            EAST COAST POWER L.L.C.

                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN MILLIONS)
                                  (UNAUDITED)

<Table>
<Caption>
                                                                 QUARTER ENDED
                                                                   MARCH 31,
                                                                ----------------
                                                                 2002      2001
                                                                ------    ------
<S>                                                             <C>       <C>
Cash flows from operating activities
  Net income (loss).........................................    $  8.1    $ (5.1)
  Adjustments to reconcile net income (loss) to net cash
     from operating activities
     Distributed earnings of unconsolidated affiliates
       Earnings from unconsolidated affiliates..............     (15.6)    (19.1)
       Distributions from unconsolidated affiliates.........      29.7      33.6
     Depreciation and amortization..........................       6.1       1.5
  Working capital and other changes, net of non-cash
     transactions...........................................      20.1      (3.6)
                                                                ------    ------
          Net cash provided by operating activities.........      48.4       7.3
                                                                ------    ------
Cash flows from investing activities
  Cash paid for additional interest in Bayonne Venture......        --     (16.0)
  Advances under short-term loan to unconsolidated
     affiliate..............................................        --      (8.0)
  Repayment of short-term loan to unconsolidated
     affiliate..............................................        --       8.0
  Purchases of property, plant and equipment................      (1.9)    (12.8)
                                                                ------    ------
          Net cash used in investing activities.............      (1.9)    (28.8)
                                                                ------    ------
Cash flows from financing activities
  Principal payments on long-term debt......................     (11.5)     (9.1)
  Contributions received from members.......................        --      36.7
                                                                ------    ------
          Net cash (used in) provided by financing
           activities.......................................     (11.5)     27.6
                                                                ------    ------
Increase in cash and cash equivalents.......................      35.0       6.1
Cash and cash equivalents
  Beginning of period.......................................      43.0       4.3
                                                                ------    ------
  End of period.............................................    $ 78.0    $ 10.4
                                                                ======    ======
</Table>

                            See accompanying notes.

                                        3
<PAGE>

                            EAST COAST POWER L.L.C.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (UNAUDITED)

1. BASIS OF PRESENTATION

     We are a Delaware limited liability company formed in December 1998. We are
owned by three members: Mesquite Investors, L.L.C. directly owns 98.01 percent
of the membership interests in us; Bonneville Pacific Corporation, a wholly
owned subsidiary of Mesquite Investors, owns 0.99 percent of the membership
interests in us; and East Coast Power Holding Company, L.L.C., which is
indirectly owned by Enron Corporation, owns a 1 percent non-voting preferred
membership interest in us.

     Our sole business is the ownership and operation of four power generation
facilities located in Camden, Linden, and Bayonne, New Jersey. The facilities
are commonly referred to as Linden Venture, Camden Venture, Bayonne Venture and
Linden 6 expansion.

     Our December 31, 2001 audited financial statements, as presented in our
Form 10-K, include a summary of our significant accounting policies and other
disclosures. You should read those financial statements in conjunction with this
Quarterly Report on Form 10-Q. The financial statements as of March 31, 2002,
and for the quarters ended March 31, 2002 and 2001, are unaudited. The balance
sheet as of December 31, 2001 is derived from our audited balance sheet included
in our Form 10-K. These financial statements have been prepared pursuant to the
rules and regulations of the United States Securities and Exchange Commission
and do not include all disclosures required by accounting principles generally
accepted in the United States. We believe we have made all adjustments, all of
which are of a normal, recurring nature, to fairly present our interim period
results. Information for interim periods may not necessarily indicate the
results of operations for the entire year due to the seasonal nature of our
business. The prior period information also includes reclassifications which
were made to conform to the current period presentation. These reclassifications
have no effect on our reported net income (loss) or members' capital.

     Our accounting policies are consistent with those discussed in our Form
10-K as of December 31, 2001, except as discussed below. You should refer to our
Form 10-K as of December 31, 2001 for a further discussion of those policies.

  Asset Impairments

     Effective January 1, 2002, we began evaluating the impairment of our
long-lived assets in accordance with Statement of Financial Accounting Standards
(SFAS) No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets.
This statement requires that long-lived assets that are to be disposed of by
sale be measured at the lower of book value or fair value less cost to sell. The
standard also expanded the scope of discontinued operations to include all
components of an entity with operations that can be distinguished from the rest
of the entity and will be eliminated from the ongoing operations of the entity
in a disposal transaction. The adoption of this standard had no initial impact
on our financial statements.

                                        4
<PAGE>

2. INVESTMENTS IN UNCONSOLIDATED AFFILIATES

     The following table presents summary income statement information for our
unconsolidated affiliates for the quarters ended March 31:

<Table>
<Caption>
                                                              2002(1)    2001
                                                              -------   -------
                                                                (IN MILLIONS)
<S>                                                           <C>       <C>
Operating revenues..........................................  $ 78.1    $ 196.6
Operating expenses..........................................   (41.8)    (150.8)
                                                              ------    -------
Net income..................................................  $ 36.3    $  45.8
                                                              ======    =======
</Table>

---------------

(1) In March 2001, we acquired the remaining partnership interest in Bayonne
    Venture, and in December 2001, we acquired the remaining partnership
    interest in Camden Venture. As a result, we are the sole owner of Bayonne
    Venture and Camden Venture whose financial statements were consolidated
    during 2001. As a result, only Linden Venture is represented in 2002.

3. INVENTORY

     Our inventory is as follows:

<Table>
<Caption>
                                                              MARCH 31,   DECEMBER 31,
                                                                2002          2001
                                                              ---------   ------------
                                                                   (IN MILLIONS)
<S>                                                           <C>         <C>
Spare parts.................................................    $10.3        $10.5
Kerosene....................................................      2.1          2.1
                                                                -----        -----
                                                                $12.4        $12.6
                                                                =====        =====
</Table>

4. DEBT AND FINANCING TRANSACTIONS

     Our debt consisted of the following:

<Table>
<Caption>
                                                                MARCH 31,     DECEMBER 31,
                                                                  2002            2001
                                                              -------------   ------------
                                                                     (IN MILLIONS)
<S>                                                           <C>             <C>
Long-term Debt
  Senior secured notes......................................     $614.9          $621.5
  Subordinated note with affiliates.........................      187.9           187.9
  Linden Ltd. term loan.....................................      155.9           160.8
  Bayonne equipment loan....................................        0.6             0.6
                                                                 ------          ------
                                                                  959.3           970.8
  Less current maturities...................................       47.0            47.2
                                                                 ------          ------
Long-term debt, less current maturities.....................     $912.3          $923.6
                                                                 ======          ======
</Table>

5. COMMITMENTS AND CONTINGENCIES

  CONTINGENCIES

  Linden 6 Expansion Project

     During February 2000, we entered into an energy services agreement with
Tosco Refining L.P., a subsidiary of Tosco Corporation, under which we are
required to construct, own and operate the Linden 6 facility, a 172-megawatt
cogeneration facility on part of the existing Linden site under a sublease
entered into with Linden Venture. Our engineering, procurement and construction
agreement with National Energy Production Corporation, an affiliate of Enron,
provided for liquidated damages in the event the completion of the expansion did
not occur by late October 2001. Completion of the facility was delayed. The
Linden 6 expansion began commercial operations on January 25, 2002. Due to the
Enron bankruptcy, the engineering, procurement and construction contract was
amended to allow us to pay National Energy Production

                                        5
<PAGE>

subcontractors directly, and we were precluded from collecting liquidated
damages from National Energy Production until the earlier of their bankruptcy or
April 30, 2002. We are currently evaluating how we should proceed with the
collection process. We have fully reserved the $2.2 million receivable from
National Energy Production related to the completion delay of the facility.

     Total expenditures for Linden 6 were approximately $116.5 million and have
been reclassed from construction in progress to property, plant and equipment on
our balance sheet as of March 31, 2002. As part of the construction costs, we
capitalized interest costs of $9.8 million over the construction period.

     In connection with obtaining the consent of the Linden Venture partners and
lenders for the transactions, contemplated by the energy services agreement, we
have indemnified Linden Venture from any and all losses that may be incurred as
a result of Linden 6. El Paso Corporation, our affiliate, guaranteed our
obligations under this indemnity in an aggregate amount of up to $15.0 million.

  Legal Proceedings

     On June 30, 2000, Infineum USA L.P. filed an action against Linden Venture
in the United States District Court for the District of New Jersey seeking
actual and punitive damages. The suit claims that Linden Venture tortuously
interfered with Infineum's ability to sell steam purchased from the Linden
facility to Bayway Refining Company, and that such interference is in violation
of federal and New Jersey antitrust laws, and in breach of Linden Venture's
agreement with Infineum. Linden Venture filed an answer and a counterclaim on
September 26, 2000. On December 21, 2001, the court denied Linden Venture's
motion to dismiss on lack of antitrust grounds. Discovery is now proceeding. No
trial date has been set.

     For each of our legal matters, we evaluate the merits of each case, our
exposure to the matter and possible legal or settlement strategies and the
likelihood of an unfavorable outcome. If we determine that an unfavorable
outcome is probable and can be estimated, we make the necessary accruals. If new
information becomes available, our estimates may change. The impact of these
changes may have a material effect on our results of operations. As of March 31,
2002, Linden Venture recorded $1.6 million for all its outstanding legal
matters. While the outcome of such proceedings cannot be predicted with
certainty, we do not expect these matters to have a material adverse effect on
our financial statements.

  COMMITMENTS

     There have been no material changes to our agreements from those reported
in our Form 10-K as of December 31, 2001 except as follows.

  Linden 6 Material Agreements

     Electricity Sale Agreements.  Linden 6 entered into an energy services
agreement with Tosco effective February 14, 2000 and terminating on April 30,
2017. This agreement provides for the sale of a nominated quantity of
electricity of no less than 90 megawatts. The sales price for electric energy
delivered is primarily based on a fixed base component plus variable factors
including an operations and maintenance component, and a fuel component. Total
electricity revenues under this agreement were $6.6 million for the quarter
ended March 31, 2002.

     Linden 6 also entered into an electricity supply agreement with Infineum
effective December 21, 2001 and terminating on January 25, 2007. This agreement
provides for Tosco's requirements of electricity up to but not exceeding a
maximum quantity of 10 megawatts. Total electricity revenues under this
agreement were $0.5 million for the quarter ended March 31, 2002.

     In March 2002, Public Service Electric agreed to buy electricity generated
by Linden 6 but not purchased by Tosco. Total electricity revenues from Public
Service Electric and Gas Company were $1.0 million for the quarter ended March
31, 2002.

                                        6
<PAGE>

     The electricity sale agreements qualify for the "normal sales" exclusion
under SFAS No. 133 and, accordingly, are not accounted for as derivative
instruments. We evaluate the agreements on a regular basis to verify that the
exclusion continues to apply.

     Gas Purchase Agreements.  Under the terms of our energy services agreement
with Tosco, Linden 6 may purchase fuel for the operation of our facility with
approval from Tosco for any contract with a term greater than six months. Tosco
also has the option, with 30 days notice, to arrange for delivery of fuel to us
from Public Service Electric. Linden 6 provides Tosco with a credit for all
Public Service Electric charges they may incur.

     In February 2002, Linden 6 contracted with Conectiv Energy Supply, Inc. to
purchase natural gas up to 50,000 million British thermal units per day through
November 2005 at an index price plus $0.04 per million British thermal units.
Included in fuel expenses was $1.0 million recognized under this agreement for
the quarter ended March 31, 2002.

     The gas purchase agreements qualify for the "normal purchase" exclusion
under SFAS No. 133 and, accordingly, are not accounted for as derivative
instruments. We evaluate the agreements on a regular basis to verify that the
exclusion continues to apply.

     Gas Transportation Agreement.  Linden 6 operates under a gas services
agreement between the Tosco and Public Service Electric. This agreement requires
Public Service Electric to provide non-firm transportation within their system
for up to 70,000 million cubic feet of natural gas per day to the Linden 6
facility at the published tariff rate and shall continue until April 30, 2017.
Included in fuel expenses is $0.3 million recognized under this agreement for
the quarter ended March 31, 2002.

     Standby Service Agreement.  In January 2002, Linden 6 contracted with
Public Service Electric to purchase standby electric service should the facility
fail to operate. The maximum electric requirement that can be used by Linden 6
at any time and under any circumstance during the year is 100 megawatts. This
agreement expires on January 25, 2003. Fees under this agreement were
approximately $0.4 million during the quarter ended March 31, 2002.

                                        7
<PAGE>

  Standby Letters of Credit

     Under our loan agreements and other commercials commitments, we maintained
letters of credit in the amount of $64.5 million as of March 31, 2002. No
amounts have been drawn under these letters of credit.

6. RESTRUCTURING OF POWER PURCHASE AGREEMENT

  Jersey Central Power and Light

     On February 27, 2002, we reached an agreement, subject to lender, partner,
and other unaffiliated party approval, with Jersey Central Power to restructure
the long-term power purchase agreement relating to our Bayonne Venture facility.
Completion of the restructuring is subject to customary conditions to closing
for similar transactions, including prior approval by the New Jersey Board of
Public Utilities. However, since many of the conditions to closing, such as
securing financing, are outside of our control, we cannot assure that we will be
able to complete the restructuring. We also agreed with Public Service Electric
to modifications of gas services agreements and an interconnection agreement
relating to the Bayonne facility effective upon the consummation of the
restructuring.

     The restructuring could be deemed a power contract buyout under the
indenture executed in connection with our notes, in which case we would be
required to seek confirmation from the rating agencies that the restructuring
will not cause a rating downgrade.

7. NEW ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

  Accounting for Asset Retirement Obligations

     In August 2001, the Financial Accounting Standards Board (FASB) issued SFAS
No. 143, Accounting for Asset Retirement Obligations. This statement requires
companies to record a liability relating to the retirement and removal of assets
used in their business. The liability is discounted to the present value, and
the related asset value is increased by the amount of the resulting liability.
Over the life of the asset, the liability will be accreted to its future value
and eventually extinguished when the asset is taken out of service. The
provisions of this statement are effective for fiscal years beginning after June
15, 2002. We are currently evaluating the effects of this pronouncement.

  Derivatives Implementation Group Issue C-16

     In September 2001, the Derivatives Implementation Group of the FASB cleared
guidance on Issue C-16, Scope Exceptions: Applying the Normal Purchases and
Normal Sales Exception to Contracts that Combine a Forward Contract and a
Purchased Option Contract. This guidance impacts the accounting for fuel supply
contracts that require delivery of a contractual minimum quantity of fuel at a
fixed price and have an option that permits the holder to take specified
additional amounts of fuel at the same fixed price at various times. This new
guidance will require companies to account for these contracts as derivative
instruments under SFAS No. 133, and will require them to be recorded at their
fair value. We use fuel supply contracts in our power producing operations and
currently do not reflect them in our balance sheet since they are considered
normal purchases that are not classified as derivative instruments under SFAS
No. 133 and its current interpretation. This guidance becomes effective in the
second quarter of 2002, and we may be required to account for these contracts as
derivative instruments under SFAS No. 133. We are currently evaluating the
impact of this guidance on our financial statements.

8. RELATED PARTY TRANSACTIONS

     During the quarter ended March 31, 2002, we purchased fuel from El Paso
Merchant of approximately $10.6 million and we recognized revenues of $7.2
million related to electricity sales to El Paso Merchant.

                                        8
<PAGE>

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

     The information contained in Item 2 should be read in conjunction with
information disclosed in our Form 10-K for the year ended December 31, 2001
dated April 15, 2002, in addition to the financial statements and notes
presented in Item 1, Financial Statements, of this Quarterly Report on Form
10-Q.

LINDEN 6 EXPANSION PROJECT

     The Linden 6 facility, a 172-megawatt cogeneration facility operates on
part of the existing Linden site under a sublease entered into with Linden
Venture. Linden 6 is owned and operated by one of our wholly owned subsidiaries.
The Linden 6 expansion began commercial operations on January 25, 2002. Linden 6
was constructed at a total cost of $116.5 million, which includes capitalized
interest costs of $9.8 million. Upon its completion in January 2002, we
classified these costs as part of property, plant, and equipment.

RESULTS OF OPERATIONS

     The following are our results for the first quarter of 2002 compared to the
first quarter of 2001. The operating results discussed below are not necessarily
indicative of the results that may be achieved for any subsequent interim period
or for a full year.

<Table>
<Caption>
                                                                QUARTER ENDED
                                                                  MARCH 31,
                                                              -----------------
                                                               2002       2001
                                                              ------     ------
                                                                (IN MILLIONS)
<S>                                                           <C>        <C>
Operating revenues..........................................  $ 44.0     $  5.7
Operating expenses..........................................    34.5        8.7
                                                              ------     ------
     Operating income (loss)................................     9.5       (3.0)
Earnings from unconsolidated affiliates.....................    15.6       19.1
Interest and other income...................................     0.2        0.6
Interest and debt expense...................................   (17.2)     (21.8)
                                                              ------     ------
     Net income (loss)......................................  $  8.1     $ (5.1)
                                                              ======     ======
</Table>

  First Quarter 2002 Compared to First Quarter 2001

     Operating revenues for the quarter ended March 31, 2002, were $38.3 million
higher than the same period in 2001. The increase was due to the consolidation
of Bayonne Venture beginning in March 2001 and Camden Venture in December 2001
as a result of our purchases of their outstanding partnership interests. The
increase was also from Linden 6 becoming operational in January 2002.

     Operating expenses for the quarter ended March 31, 2002, were $25.8 million
higher than the same period in 2001. The increase was due to the consolidation
of Bayonne Venture beginning in March 2001 and Camden Venture in December 2001
and from Linden 6 becoming operational in January 2002.

     Earnings from unconsolidated affiliates for the quarter ended March 31,
2002, were $3.5 million lower than the same period in 2001. The decrease was due
primarily to the consolidation of Bayonne Venture from March 13, 2001 and Camden
Venture from December 1, 2001. As a result, Bayonne Venture's and Camden
Venture's earnings are consolidated into the operating results for the quarter
ended March 31, 2002, whereas they were presented as earnings from
unconsolidated affiliates for the same period in 2001.

     Interest expense decreased by $4.6 million for the quarter ended March 31,
2002, compared to the same period in 2001 due primarily to a lower outstanding
debt balance.

                                        9
<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

  Cash from Operating Activities

     Net cash provided by our operating activities was $48.4 million for the
quarter ended March 31, 2002, compared to $7.3 million for 2001. The increase
was primarily due to Linden 6 operations that began in January 2002.

  Cash from Investing Activities

     Net cash used in our investing activities was $1.9 million for the quarter
ended March 31, 2002. Our 2002 investing activities consisted of additions to
property, plant and equipment in connection with the Linden 6 expansion.

     Our expected capital expenditures for the remainder of 2002 are expected to
be approximately $3.0 million. Future capital expenditures by us will be
financed by cash flows from operations or cash contributions by our members.

  Cash from Financing Activities

     Net cash used in our financing activities was $11.5 million for the quarter
ended March 31, 2002. The 2002 activity includes payments to retire long-term
debt.

  Future Liquidity

     Our primary source of liquidity is cash generated in the form of operating
revenues or distributions from unconsolidated affiliates arising from power
sales under existing and restructured power purchase agreements less the cost of
those sales and cash contributed by our members. We currently intend to
restructure our power purchase agreements at our Linden and Bayonne facilities.
While we expect our future revenues to decline as a result of these power
purchase agreement restructurings, we intend to reduce our debt service
obligations contemporaneously such that our cash from operations will continue
to be our primary source of liquidity.

     Our loan agreements require us to maintain compliance with certain
financial covenants. We believe that we are in compliance with the terms and
conditions of the loan agreements as of March 31, 2002.

COMMITMENTS AND CONTINGENCIES

     See Item 1, Financial Statements, Note 5, which is incorporated herein by
reference.

RESTRUCTURING OF POWER PURCHASE AGREEMENT

     See Item 1, Financial Statements, Note 6, which is incorporated herein by
reference.

NEW ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED

     See Item 1, Financial Statements, Note 7, which is incorporated herein by
reference.

                                        10
<PAGE>

      CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF
              THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

     This report contains or incorporates by reference forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Where any forward-looking statement includes a statement of the
assumptions or bases underlying the forward-looking statement, we caution that,
while we believe these assumptions or bases to be reasonable and to be made in
good faith, assumed facts or bases almost always vary from the actual results,
and the differences between assumed facts or bases and actual results can be
material, depending upon the circumstances. Where, in any forward-looking
statement, we or our management express an expectation or belief as to future
results, that expectation or belief is expressed in good faith and is believed
to have a reasonable basis. We cannot assure you, however, that the statement of
expectation or belief will result or be achieved or accomplished. The words
"believe," "expect," "estimate," "anticipate" and similar expressions will
generally identify forward-looking statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     There have been no material changes in our quantitative and qualitative
market risks from those reported in our Annual Report on Form 10-K for the year
ended December 31, 2001.

                                        11
<PAGE>

                          PART II -- OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

     See Part I, Item 1, Financial Statements, Note 5, which is incorporated
herein by reference.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

     None.

ITEM 3. DEFAULT UPON SENIOR SECURITIES

     None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     None.

ITEM 5. OTHER INFORMATION

     None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     a. Exhibits

          None.

     b. Reports on Form 8-K

          None.

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<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.

                                          EAST COAST POWER L.L.C.

Date: May 15, 2002                               /s/ JOHN L. HARRISON
                                          --------------------------------------
                                                     John L. Harrison
                                                  Vice President, Senior
                                                    Managing Director
                                              (Principal Financial Officer)

Date: May 15, 2002                              /s/ CECILIA T. HEILMANN
                                          --------------------------------------
                                                   Cecilia T. Heilmann
                                                 Vice President, Managing
                                                 Director and Controller
                                              (Principal Accounting Officer)

                                        13