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

                                    FORM 8-K

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


       Date of Report (Date of earliest event reported): FEBRUARY 7, 2005


                         NORTHERN BORDER PARTNERS, L.P.
             (Exact name of registrant as specified in its charter)


         DELAWARE                       1-12202              93-1120873
(State or other jurisdiction of       (Commission           (IRS Employer
         incorporation)               File Number)        Identification No.)

            13710 FNB PARKWAY
             OMAHA, NEBRASKA                               68154-5200
(Address of principal executive offices)                   (Zip Code)

       Registrant's telephone number, including area code: (402) 492-7300


                      -------------------------------------
         (Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:


[  ] Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
     CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))



ITEM 7.01   REGULATION FD DISCLOSURE.

         Attached as Exhibit 99.1 is a copy of Northern Border Partners, L.P.'s
press release, dated February 7, 2005, announcing Northern Border Partners,
L.P.'s financial results for the fourth quarter of 2004 and 2004 year-end
results.

         The information in Item 7.01 of this report is being furnished, not
filed, pursuant to Regulation FD. Accordingly, the information in Item 7.01 of
this report will not be incorporated by reference into any registration
statement filed by the Partnership under the Securities Act of 1933, as amended,
unless specifically identified therein as being incorporated therein by
reference.

ITEM 9.01   FINANCIAL STATEMENTS AND EXHIBITS.

     (c)    Exhibits.

99.1     Northern Border Partners, L.P. press release dated February 7, 2005.



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                                   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 hereunto duly authorized.


                                 NORTHERN BORDER PARTNERS, L.P.

Date:  February 7, 2005          By: /s/ Jerry L. Peters
                                     --------------------------------------
                                 Name:    Jerry L. Peters
                                 Title:   Chief Financial and Accounting
                                          Officer


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                                 EXHIBIT INDEX

Exhibit 99.1 --  Northern Border Partners, L.P. press release dated February 7,
2005.


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