FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                             ----------------------

             Quarterly Report Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                For the Quarterly Period Ended February 28, 2005

                        Commission File Number 333-121321

                       GREEN PLAINS RENEWABLE ENERGY, INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


                  Iowa                                   84-1652107
     --------------------------------        ---------------------------------
     (State or other jurisdiction of         (IRS Employer Identification No.)
      incorporation or organization)


                 9635 Irvine Bay Court, Las Vegas, Nevada 89147
                 ----------------------------------------------
                    (Address of principal executive offices)


                                 (702) 524-8928
                 ----------------------------------------------
                (Issuer's telephone number, including area code)

         Indicate by check mark whether the registrant (1) 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

         Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Exchange Act). [ ]Yes [X]No


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

                     Class                     Outstanding as of April 12, 2005
         -----------------------------         --------------------------------
         Common Stock, $.001 par value                  765,000 shares


<PAGE>

                                TABLE OF CONTENTS



                         PART I - FINANCIAL INFORMATION


Item 1:  Financial Statements

         Condensed Balance Sheet as of February 28, 2005 (Unaudited)         3

         Condensed Statement of Operations
              For the three months ended February 28, 2005 (Unaudited)       4

         Condensed Statement of Cash Flows
              For the three months ended February 28, 2004 (Unaudited)       5

         Notes to Condensed Financial Statements                             6


Item 2:  Management's Discussion and Analysis of Financial Condition 
           and Results of Operations                                         7


Item 3:  Quantitative and Qualitative Disclosures About Market Risk         11


Item 4:  Controls and Procedures                                            13



                           PART II - OTHER INFORMATION


Item 1:  Legal Proceedings                                                  14


Item 2:  Unregistered Sales of Equity Securities and Use of Proceeds        14


Item 3:  Defaults upon Senior Securities                                    14


Item 4:  Submission of Matters to a Vote of Security Holders                14


Item 5:  Other Information                                                  14


Item 6:  Exhibits                                                           14

Signatures                                                                  15

                                       2

<PAGE>


                         PART I -- FINANCIAL INFORMATION


Item 1.  Financial Statements.

<TABLE>
<CAPTION>
                               GREEN PLAINS RENEWABLE ENERGY, INC.
                                     CONDENSED BALANCE SHEET
                                           (Unaudited)


                                             ASSETS
<S>                                                                         <C>               
Current assets
   Cash                                                                     $       528,324
   Deposits related to option agreements                                              3,000
                                                                            ---------------
     Total current assets                                                           531,324
                                                                            ---------------

Fixed assets, net                                                                     7,446
                                                                            ---------------

   Total assets                                                             $       538,770
                                                                            ===============

                            LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
   Accounts payable                                                         $        12,540
   Accrued liabilities                                                               12,428
                                                                            ---------------
     Total current liabilities                                                       24,968
                                                                            ---------------

Total liabilities                                                                    24,968

Commitments and contingencies                                                             -

Stockholders' equity
   Common stock; $.001 par value, 25,000,000 shares authorized,
     765,000 shares issued and shares outstanding                                       765
   Additional paid-in capital                                                       672,523
   Accumulated deficit                                                             (159,486)
                                                                            ---------------
     Total stockholders' equity                                                     513,802
                                                                            ---------------

Total liabilities and stockholders' equity                                  $       538,770
                                                                            ===============



        See accompanying notes to condensed consolidated financial statements.

                                            3
</TABLE>


<PAGE>

<TABLE>
<CAPTION>
                                       GREEN PLAINS RENEWABLE ENERGY, INC.
                                       CONDENSED STATEMENTS OF OPERATIONS
                                                   (Unaudited)


                                                                      Three months           June 29, 2004
                                                                          ended            (Inception) through
                                                                    February 28, 2005       February 28, 2005
                                                                 --------------------    --------------------
<S>                                                                    <C>                     <C>          
Revenues                                                               $           -           $           -

Operating expenses
     Consulting and professional fees                                         91,112                  96,912
     Other general and administrative expenses                                19,602                  64,107
                                                                       -------------           ------------- 

        Total operating expenses                                             110,714                 161,019
                                                                       -------------           ------------- 


Loss from operations                                                        (110,714)               (161,019)

Other income
     Interest income                                                           1,223                   1,533
                                                                       -------------           ------------- 

Loss before provision for income taxes                                      (109,491)               (159,486)

Provision for income taxes                                                         -                       -
                                                                       -------------           ------------- 

Net loss                                                               $    (109,491)          $    (159,486)
                                                                       =============           ============= 

Loss per common share - basic and diluted                              $       (0.14)          $       (0.24)
                                                                       =============           ============= 

Weighted average common shares outstanding -
     Basic and diluted                                                       765,000                 674,869
                                                                       =============           ============= 



                   See accompanying notes to condensed consolidated financial statements.

                                                     4
</TABLE>


<PAGE>

<TABLE>
<CAPTION>
                                       GREEN PLAINS RENEWABLE ENERGY, INC.
                                        CONDENSED STATEMENT OF CASH FLOWS
                                                   (Unaudited)

   
                                                                    Three months            June 29, 2004
                                                                        Ended            (Inception) through
                                                                  February 28, 2005       February 28, 2005
                                                                  -----------------       -----------------
<S>                                                                 <C>                      <C>           
Cash flows from operating activities:
     Net loss                                                       $    (109,491)           $    (159,486)
     Adjustments to reconcile net loss to
      net cash used by operating activities:
        Depreciation                                                           72                       72
        Stock based compensation                                                -                   37,500
     Changes in operating assets and liabilities:
        Accounts payable                                                   12,540                   12,540
        Accrued liabilities                                                 6,628                   12,428
                                                                    -------------            -------------
           Net cash used by operating activities                          (90,251)                 (96,946)

Cash flows from investing activities:
     Purchase of fixed assets                                              (7,518)                  (7,518)
     Deposits related to option agreements                                      -                   (3,000)
                                                                    -------------            -------------
           Net cash used by investing activities                           (7,518)                 (10,518)

Cash flows from financing activities:
     Proceeds from issuance of stock                                            -                  635,788
                                                                    -------------            -------------

           Net cash provided by financing activities                            -                  635,788
                                                                    -------------            -------------

Net increase in cash                                                      (97,769)                 528,324


Cash, at beginning of period                                              626,093                        -
                                                                    -------------            -------------

Cash, at end of period                                              $     528,324            $     528,324
                                                                    =============            =============

Supplemental disclosures of cash flow:
     Cash paid for income taxes                                     $           -            $           -
                                                                    =============            =============
     Cash paid for interest                                         $           -            $           -
                                                                    =============            =============



                  See accompanying notes to condensed consolidated financial statements.

                                                     5
</TABLE>


<PAGE>

                       GREEN PLAINS RENEWABLE ENERGY, INC.

                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)

1.   DESCRIPTION OF BUSINESS

     Green Plains Renewable Energy, Inc. (hereinafter referred to as the
     "Company") is a development stage company incorporated on June 29, 2004
     under the laws of the state of Iowa. Green Plains Renewable Energy, Inc.
     was organized to construct and operate a 50 million gallon, dry mill, fuel
     grade ethanol plant ("Plant").

     The accompanying unaudited condensed financial statements have been
     prepared in accordance with Securities and Exchange Commission requirements
     for interim financial statements. Therefore, they do not include all of the
     information and footnotes required by accounting principles generally
     accepted in the United States for complete financial statements. The
     financial statements should be read in conjunction with the Form S-1 for
     the year ended November 30, 2004 of Green Plains Renewable Energy, Inc.
     (the "Company").

     The interim financial statements present the condensed balance sheet,
     statements of operations, stockholders' equity and cash flows of Green
     Plains Renewable Energy, Inc. The financial statements have been prepared
     in accordance with accounting principles generally accepted in the United
     States.

     The interim financial information is unaudited. In the opinion of
     management, all adjustments necessary to present fairly the financial
     position of the Company as of February 28, 2005 and the results of
     operations and cash flows presented herein have been included in the
     financial statements. Interim results are not necessarily indicative of
     results of operations for the full year.

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

2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     The Company applies SFAS No. 123 Accounting for Stock-Based Compensation
     for all compensation related to stock, options or warrants. SFAS 123
     requires the recognition of compensation cost using a fair value based
     method whereby compensation cost is measured at the grant date based on the
     value of the award and is recognized over the service period, which is
     usually the vesting period. The Company uses the Black-Scholes pricing
     model to calculate the fair value of options and warrants issued to both
     employees and non-employees. Stock issued for compensation is valued using
     the market price of the stock on the date of the related agreement.

     The Company granted no warrants or options for compensation for the period
     ended February 28, 2005.


                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       6

<PAGE>


I
tem 2. Management's Discussion and Analysis of Financial Conditions and Results
of Operations

         The following discussion and analysis provides information which
management believes is relevant to an assessment and understanding of our
condensed results of operations and financial condition. The discussion contains
forward-looking statements that involve risks and uncertainties. Actual events
or results may differ materially from those indicated in such forward-looking
statements. The discussion should be read in conjunction with the consolidated
financial statements included in our Form S-1 Registration Statement (SEC
Registration No. 333-121321) as amended, with the Securities and Exchange
Commission, on December 16, 2004, which became effective on March 9, 2005 (the
"Registration Statement") and notes thereto and the risk factors contained
therein.

Overview

         We are a start-up company in development stage, which was formed for
the purpose of building a plant to produce ethanol and animal feed products in
southwestern Iowa. We do not expect to operate at a profit before the ethanol
plant is completely constructed and operational.

         For the three month period ended February 28, 2005, we incurred an
accumulated net loss of $109,491 and we have incurred an accumulated loss of
$159,486 from inception (June 29, 2004) through February 28, 2005. We believe we
will incur significant losses from this time forward until we are able to secure
financing and successfully complete construction and commence operations of the
plant. There is no assurance that we will be successful in securing necessary
financing and/or in our efforts to build and operate an ethanol plant. Even if
we successfully meet all of these objectives and begin operations at the ethanol
plant, there is no assurance that we will be able to operate profitably.

         We filed the Registration Statement for an initial public offering of
our securities. We expect that the project will cost approximately $75.9
million. We have raised approximately $637,500 in seed capital, and plan to
raise a minimum of $29,667,000 and a maximum of $35,340,000 in the offering and
secure the balance through federal, state and local grants and debt financing.
We will require a significant amount of debt financing to complete our project.
The amount of debt financing that we need depends on the amount of equity we
raise in the offering and whether we receive any grant proceeds. We have
contacted and have had limited discussions with prospective lenders, but have no
agreement with any lender for the debt financing that we need. If we are
successful with our offering, but do not secure the debt financing that we need,
we will not be able to construct our proposed ethanol plant and may have to
abandon our business.

         Representatives from Fagen Inc., our contractor, have informed the
Company that a 50 million gallon per year plant will consume on an annual basis
approximately 18.5 million bushels of locally grown corn and annually produce
approximately 50 million gallons of fuel-grade ethanol, and 160,000 tons of DDGS
on a dry basis. We plan to hire independent brokers to sell our ethanol and
DDGS. We anticipate locating the plant in Shenandoah, Iowa, an area where we
believe there are over 200 hundred thousand feed cattle on feeder lots within a
50 mile radius of the plant. We believe we can sell a portion of our distillers
grains in a wet form because of this, which will save us a significant amount of
money because we will not have to dry the grain before selling it.

         Additionally, in discussions with representatives from Fagen, Inc. we
have been informed that our plant will produce approximately 148 thousand tons
of carbon dioxide that may be recovered on an annual basis. While we intend to
have discussions with several companies regarding construction of a facility to
capture raw carbon dioxide, we presently have no agreement with any third party
to capture or market the raw carbon dioxide, and the market may be too saturated
in Iowa to recover the carbon dioxide profitably. We therefore may choose to
vent off the C0(2) and may have no market for it of any kind.

         We anticipate that we will have an agreement with an experienced
ethanol marketer to sell our ethanol production. We also anticipate that we will
have an agreement with an experienced marketer to sell our animal feed products.

                                       7

<PAGE>

We have no agreements with any party to sell any of our expected products. We
will be hiring staff to handle the direct operation of the plant, and currently
expect to employ approximately 32 people. We do not intend to hire a sales staff
to market our products. Third-party marketing agents will coordinate all
shipping.

         The following table describes our proposed use of proceeds, based upon
a minimum offering of $29,667,000, net of selling commissions, and a maximum
offering of $38,000,000. The total use of proceeds is estimated to be
$75,909,000. The actual use of funds is based upon contingencies, such as the
estimated cost of plant construction, the suitability and cost of the proposed
site, the regulatory permits required and the cost of debt financing and
inventory costs, which are driven by the market. Therefore, the following
figures are intended to be estimates only based on between 36% and 46% investor
equity, and the actual use of funds may vary significantly from the descriptions
given below depending on the contingencies described above. However, we
anticipate that any variation in our use of proceeds will occur in the level of
proceeds attributable to a particular use (as set forth below) rather than a
change from one of the uses set forth below to a use not identified in this
report.

<TABLE>
<CAPTION>
                                   Projected Sources and Uses Of Funds

                                                                    Maximum Offering     Minimum Offering
                                                                  -------------------  ------------------- 
Estimated Sources:
<S>                                                               <C>                  <C>                
     Share Proceeds                                               $        35,340,000  $        29,667,000
     TIF Financing                                                          3,925,000            3,925,000
     Seed Capital                                                             637,500              637,500
     Term Debt Financing                                                   36,006,500           41,679,500
                                                                  -------------------  ------------------- 
Total Estimated Sources of Funds                                  $        75,909,000  $        75,909,000
                                                                  ===================  =================== 

Estimated Uses of Funds:
     Plant Construction and Misc. Costs                           $        59,398,000  $        59,398,000
     Estimated Site Costs                                         $         3,290,000  $         3,290,000
     Estimated Railroad Costs                                     $         4,641,000  $         4,641,000
     Estimated Fire Protection/Water Supply Costs                 $           825,000  $           825,000
     Estimated Rolling Stock Costs                                $           175,000  $           175,000
     Estimated Financing Costs                                    $           340,000  $           340,000
     Estimated Pre-Production Period Costs                        $           710,000  $           710,000
     Estimated Inventory & Working Capital Costs                  $         6,530,000  $          6,530,00
                                                                  -------------------  ------------------- 
Total Estimated Use of Funds                                      $        75,909,000  $        75,909,000
                                                                  ===================  ===================
</TABLE>


Plan for the Next 24 Months of Operations

         We expect to spend the next 24 months in financing, design-development
and construction of the plant. Assuming the successful completion of our
offering and the related debt financing, we expect to have sufficient cash on
hand to cover all costs associated with construction of the project, including
but not limited to, site acquisition, utilities, construction, equipment
acquisition and site development. In addition, we expect to have enough cash to
cover our costs through this period, including staffing, office costs, audit,
legal, compliance and staff training. We estimate that we will need
approximately $75,909,000 to complete the project.

         The tables above describing the estimated sources of funds and various
costs associated with the project also describe operations for the next 24
months. These tables are only estimates and actual expenses could be much higher
due to a variety of factors described in the section entitled "Risk Factors".
All sources of funding are only estimates. The Company has no commitments or
agreements with any third party to provide the necessary funds.

         The tables above also contemplate costs to the Company of approximately
$1.5 million that were anticipated in connection with the completion of a
natural gas pipeline to the plant. At the suggestion of U.S. Energy, it now

                                       8

<PAGE>

appears that an existing natural gas pipeline may be able to be upgraded to
supply the plant with the necessary natural gas which is expected to result in a
savings to the Company of most if not all of the projected $1.5 million expense.

Condition of Records

         We currently have no experienced general manager, and we do not expect
to retain one until some time in 2005. We are dependent entirely on our board of
directors for maintenance of books and records. We intend to hire and train
staff well before the start of the plant operations, and we have included an
expense allocation for this in our budget. However, there can be no assurance
that we will be able to retain qualified individuals. It is possible that
accounting or other financing functions may not be performed on time, if at all.

Operating Expenses

         We expect to have certain operating expenses, such as salaries, when
the plant manager and other office staff are hired. Along with operating
expenses, we anticipate that we will have significant expenses related to
financing and interest. We have allocated funds in our capital structure for
these expenses. However, there can be no assurance that the funds allocated are
sufficient to cover the expenses. We may need additional funding to cover these
costs if sufficient funds are not retained up-front or if costs are higher than
expected.

Liquidity and Capital Resources

         We are seeking to raise a minimum of $29,667,000 and a maximum of
$38,000,000 in the offering. The offering proceeds will be placed in an escrow
account with The Security National Bank. We will not close on the escrow until
at least $29,667,000 in subscriptions, after deduction of selling commissions,
are accepted by us from the sale of securities in this offering and The Security
National Bank has received written confirmation from us that we have obtained a
written letter of commitment from one or more lending institutions to provide us
with sufficient construction and start-up financing to carry out our business
plan. Assuming that the maximum offering is raised, approximately $36,006,500 in
debt and other funding will be needed to complete the project. If less than the
maximum offering is raised, additional debt must be sought. We do not have
financing commitments for any amount. Completion of the project relies entirely
on our ability to attract these loans and close on this offering. We may engage
a financing company to attempt to obtain the loans. If we do not receive both
the letter of commitment and the minimum proceeds on or before November 29,
2005, your investment will be promptly returned to you without interest and
without any deductions.

         We hope to attract the senior bank loan from a major bank, with
participating loans from other banks, to construct the plant. We expect that the
combined minimum loan amount of $36,256,500 will be secured by all of our real
property, including receivables and inventories. We have been informed by
lending institutions that we have been in discussions with that we can expect to
pay approximately libor plus 380 basis points, which would equate to roughly one
point over prime on our debt while the plant is being built. Once the plant is
operational we will be able to receive incentive discounts on interest paid
based on the financial performance of the Company. These incentives could go to
as low as prime, if we manage the Company in a profitable manner. In all
likelihood, we will also be required to pay annual fees for maintenance and
observation of the loan by the lender. If we were to issue warrants in
connection with any subordinated financing, it could reduce the value of our
common stock.

Critical Accounting Policies

         The Company applies SFAS No. 123 Accounting for Stock-Based
Compensation for all compensation related to stock, options or warrants. SFAS
123 requires the recognition of compensation cost using a fair value based
method whereby compensation costs is measured at the grant date based on the
value of the award and is recognized over the service period, which is usually
the vesting period. The Company uses the Black-Scholes pricing model to
calculate the fair value of options and warrants issued to both employees and
non-employees. Stock issued for compensation is valued using the market price of
the stock on the date of the related agreement.

                                       9

<PAGE>

         The Company granted no warrants or options for compensation for the
period ended February 28, 2005.

Off-Balance Sheet Arrangements

         We do not have any off-balance sheet arrangements that have or are
reasonably likely to have a current or future material effect on our financial
condition, results of operations or liquidity.

Recent Accounting Pronouncements

         The Company has not adopted any new accounting policies that would have
a material impact on the Company's financial condition, changes in financial
conditions or results of operations.

Grant and Government Programs

         We believe that we are eligible for and anticipate applying for various
state and federal grant, loan and forgivable loan programs. Most grants that may
be awarded to us are considered paid-in capital for tax purposes and are not
taxable income. Although we may apply under several programs simultaneously and
may be awarded grants or other benefits from more than one program, it must be
noted that some combinations of programs are mutually exclusive. Under some
state and federal programs, awards are not made to applicants in cases where
construction on the project has started prior to the award date. There is no
guarantee that applications will result in awards of grants or loans. We are
also not depending on the award of any such grants as part of our funding of the
Project. However, we may be eligible to receive such grants. If we do, the
amount of money we will have to borrow will be reduced by that amount.

         We approached the Fremont County Board of Supervisors for (TIF)
financing and were told that County would consider issuing an industrial revenue
bond for a period of 15-20 years, but that County would not be inclined to issue
a general obligation bond to fund the TIF. A general obligation bond would be
the responsibility of the County, backed by the general taxing authority of the
County, whereas an industrial revenues bond would be our obligation. The Company
is not inclined to seek an industrial revenue bond at this time because we
anticipate having significant debt in connection with our proposed construction
loan. The City of Shenandoah indicates that it is willing to provide TIF
financing for the project, but that its TIF financing limits would be in $2-2.5
million dollar range. However, the Shenandoah City Council offered a 15 year tax
abatement, which we believe may ultimately be more beneficial than the TIF
financing.

         If the TIF is not received in the projected amounts then our Term Debt
Financing would be increased by $3,925,000 in both the minimum and maximum
offering scenarios. We anticipate that our lender(s) will require us to
contribute approximately 45% of the capital needed to fund the construction and
operation of the plant. However, the lending institutions we have been in
discussions with have indicated that they will consider lesser amounts of
equity. In the case of the minimum offering, we would not meet the 45% capital
contribution threshold if the TIF is not received. In the case of the maximum
offering, we would meet the 45% capital contribution threshold whether or not
TIF is received. In the case of the minimum offering, our failure to obtain TIF
may leave us with insufficient funding to construct the plant, execute our plan
of operation or close on funds raised in this offering.

         We will be applying for a grant from the USDA's Commodity Credit
Corporation, if the program is extended to continue past 2006 when it is it
scheduled to expire. It has been extended in the past and we hope that it will
be extended once again. Under the grant program, the Commodity Credit
Corporation will reimburse eligible ethanol producers of less than 65 million
gallons of bioenergy one bushel of corn for every two and one-half bushels of
corn used for the increased production of ethanol. No eligible producer may
receive more than $7.5 million under the program. Because we expect to be an
eligible producer and to annually utilize 18.5 million bushels of corn in the
increased production of ethanol, we expect to potentially receive the maximum
award of $7.5 million. However, the Commodity Credit Corporation may award only
$150 million annually fiscal years 2003 through 2006 and any award we received
may be reduced based upon the volume of applications from other eligible
producers. We expect to be eligible to receive an award under the program only

                                       10

<PAGE>

once during the life of our project, if the program is extended. If it is not
extended by the U.S. Congress, we do not believe we would be in production early
enough to receive any benefits from the program. There can be no assurance that
any amounts will be received under this program.

         There may be additional tax credits in the State of Iowa that we may be
eligible for as a producer of ethanol. There may also be benefits that the
Company will receive from the State of Iowa for developing a business in an
enterprise zone. These programs may benefit the Company financially. There may
be other state and federal programs that we are not aware of at this time.
Programs and incentives offered by state and federal agencies are subject to
change and new programs and incentives may become available. As changes in
current programs and incentives are made and new programs and incentives become
available, we will endeavor to stay informed and to take advantage of the
programs and incentives for which we are eligible. However, there can be no
assurance that we will receive any funding under any federal or state funding
initiative.

Forward-Looking Statements

         Throughout this report, we make "forward-looking statements."
Forward-looking statements include the words "may," "will," "estimate,"
"continue," "believe," "expect" or "anticipate" and other similar words. These
forward-looking statements generally relate to our plans and objectives for
future operations and are based upon management's reasonable estimates of future
results or trends. Although we believe that our plans and objectives reflected
in or suggested by such forward-looking statements are reasonable, we may not
achieve such plans or objectives. Actual results may differ from projected
results due, but not limited, to unforeseen developments, including developments
relating to the following:

         o        The availability and adequacy of our cash flow to meet its
                  requirements, including payment of loans;

         o        Economic, competitive, demographic, business and other
                  conditions in our local and regional markets;

         o        Changes or developments in laws, regulations or taxes in the
                  ethanol, agricultural or energy industries;

         o        Actions taken or omitted to be taken by third parties
                  including our suppliers and competitors, as well as
                  legislative, regulatory, judicial and other governmental
                  authorities;

         o        Competition in the ethanol industry;

         o        The loss of any license or permit;

         o        The loss of our plant due to casualty, weather, mechanical
                  failure or any extended or extraordinary maintenance or
                  inspection that may be required;

         o        Changes in our business strategy, capital improvements or
                  development plans;

         o        The availability of additional capital to support capital
                  improvements and development; and,

         o        Other factors discussed under "Risk Factors" in our
                  Registration Statement and prospectus.

         You should read this report completely and with the understanding that
actual future results may be materially different from what we expect. The
forward looking statements specified in this report have been compiled as of the
date of this report and should be evaluated with consideration of any changes
occurring after the date of this report. We will not update forward-looking
statements even though our situation may change in the future.


I
tem 3. Quantitative and Qualitative Disclosures About Market Risk

         The Company is a start-up company in development stage, which was
formed for the purpose of building a plant to produce ethanol and animal feed
products in southwestern Iowa. The Company is not presently conducting

                                       11

<PAGE>

operations and is not presently subject to market risks. If and when the Company
obtains the funding necessary to execute its business plan and begins
operations, it anticipates that it will be exposed to the impact of market
fluctuations associated with commodity prices and interest rates as discussed
below. The Company does not expect to have exposure to foreign currency risk as
all of its business is expected to be conducted in U.S. dollars.
          
Commodity Price Risk
 
         We expect to produce ethanol and its co-product, distiller's dried
grains with solubles (DDGS), from corn, and our business will be sensitive to
changes in the price of corn. The price of corn is subject to fluctuations due
to unpredictable factors such as weather, total corn planted and harvested
acreage, changes in national and global supply and demand, and government
programs and policies. We also expect to use natural gas in the ethanol and DDGS
production process, and our business will be sensitive to changes in the price
of natural gas. The price of natural gas is influenced by such weather factors
as extreme heat or cold in the summer and winter, in addition to the threat of
hurricanes in the spring, summer and fall. Other natural gas price factors
include the U.S. domestic onshore and offshore rig count, and the amount of U.S.
natural gas in underground storage during both the injection and withdrawal
seasons.
          
         We anticipate that we will attempt to reduce the market risk associated
with fluctuations in the price of corn and natural gas by employing a variety of
risk management strategies. Strategies include the use of derivative financial
instruments such as futures and options initiated on the Chicago Board of Trade
and/or the New York Mercantile Exchange, as well as the daily cash management of
our total corn and natural gas ownership relative to monthly demand for each
commodity, which may incorporate the use of forward cash contracts or basis
contracts.
                                                          
         We may hedge corn with derivative instruments including futures and
options contracts offered through the Chicago Board of Trade. Forward cash corn
and basis contracts may also be utilized to minimize future price risk.
Similarly, natural gas is hedged with futures and options contracts offered
through the New York Mercantile Exchange. Basis contracts may also be utilized
to minimize future price risk.
          
         Gains and losses on futures and options contracts used as economic
hedges of corn inventory, as well as on forward cash corn and basis contracts,
are recognized as a component of cost of revenues for financial reporting on a
monthly basis using month-end settlement prices for corn futures on the Chicago
Board of Trade. Corn inventories are marked to fair value using market based
prices so that gains or losses on the derivative contracts, as well as forward
cash corn and basis contracts, are offset by gains or losses on inventories
during the same accounting period.
          
         Gains and losses on futures and options contracts used as economic
hedges of natural gas, as well as basis contracts, are recognized as a component
of cost of revenues for financial reporting on a monthly basis using month-end
settlement prices for natural gas futures on the New York Mercantile Exchange.
The natural gas inventories hedged with these derivatives or basis contracts are
valued at the spot price of natural gas, plus or minus the gain or loss on the
futures or options positions relative to the month-end settlement price on the
New York Mercantile Exchange.
          
         While our hedging activities may have a material effect on future
operating results or liquidity in a specific quarter of its fiscal year,
particularly prior to harvest, management does not believe that such activities
will have a material, long-term effect on future operating results or liquidity.
          
Interest Rate Risk
 
         We anticipate borrowing substantial amounts of money to build our
plant. We may have interest rate risk exposure relating to variable rate
long-term debt. We may attempt to manage interest rate risk by attempting to
obtain fixed rate debt rather than variable debt. We presently have no
outstanding debt.

                                       12

<PAGE>


Item 4. Controls and Procedures

         The Company has evaluated, with the participation of the Company's
Chief Executive Officer and Chief Financial Officer, the effectiveness of the
design and operation of the Company's disclosure controls and procedures as of
February 28, 2005, pursuant to Exchange Act Rule 15d-15. Based upon that
evaluation, the Chief Executive Officer and Chief Financial Officer concluded
that the Company's disclosure controls and procedures are effective in timely
alerting him to material information relating to the Company required to be
included in the Company's periodic SEC filings. There have been no significant
changes in internal controls or in other factors that could significantly effect
internal controls subsequent to the date of our most recent evaluation.


                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]


                                       13

<PAGE>


                          PART II -- OTHER INFORMATION


Item 1. Legal Proceedings

         Not applicable


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

         We filed a Registration Statement with the Securities and Exchange
Commission for an initial public offering of our common stock and warrants. The
Registration Statement was declared effective on March 9, 2005. We have not held
an initial closing. As a result, have neither received nor used any proceeds to
date in connection with this offering.


Item 3. Defaults Upon Senior Securities

         None


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

         No matters were submitted to a vote of the security holders during the
quarterly period covered by this report.


Item 5. Other Information

         Not applicable


Item 6. Exhibits


                                  EXHIBIT INDEX

EXHIBIT 
  NO.                                 DESCRIPTION OF EXHIBIT
-------                               ----------------------

3(i).1            Amended and Restated Articles of Incorporation of the Company
                  (Incorporated by reference to Exhibit 3(i).1 of the Company's
                  Registration Statement on Form S-1 filed December 16, 2004,
                  File No. 333-121321)

3(ii).1           Bylaws of the Company (Incorporated by reference to Exhibit
                  3(ii).1 of the Company's Registration Statement on Form S-1
                  filed December 16, 2004, File No. 333-121321)

10.1              Option Agreement on Hilger West Property, by and between the
                  Company and Alberta A. Bryon, dated November 12, 2004
                  (Incorporated by reference to Exhibit 10.1 of the Company's
                  Registration Statement on Form S-1 filed December 16, 2004,
                  File No. 333-121321)

10.2              Option Agreement on Hilger East Property, by and between the
                  Company and Alberta A. Bryon, dated October 20, 2004
                  (Incorporated by reference to Exhibit 10.2 of the Company's
                  Registration Statement on Form S-1 filed December 16, 2004,
                  File No. 333-121321)

10.3              Letter of Intent relating to the purchase of real property
                  from Shenandoah Chamber & Industry Association, dated November
                  12, 2004 (Incorporated by reference to Exhibit 10.3 of the
                  Company's Registration Statement on Form S-1 filed December
                  16, 2004, File No. 333-121321)

                                       14

<PAGE>

EXHIBIT 

  NO.                                 DESCRIPTION OF EXHIBIT
-------                               ----------------------

10.4              Letter of Intent by and between Fagen, Inc. and Green Plains
                  Renewable Energy, Inc. dated November 4, 2004 (Incorporated by
                  reference to Exhibit 10.4 of the Company's Registration
                  Statement on Form S-1 filed December 16, 2004, File No.
                  333-121321)

10.5              Letter Agreement by and between the Company and U.S. Energy,
                  Inc., dated October 5, 2004 (Incorporated by reference to
                  Exhibit 10.5 of the Company's Registration Statement on Form
                  S-1 filed December 16, 2004, File No. 333-121321)

10.6              Agreement to Extend Expiration Date by and between the Company
                  and Alberta A. Bryon, dated October 20, 2005 (Incorporated by
                  reference to Exhibit 10.6 of the Company's Registration
                  Statement on Form S-1/A filed February 4, 2005, File No.
                  333-121321)

10.7              Letter of Intent by and between the Company and the City of
                  Shenandoah, dated December 16, 2004 (Incorporated by reference
                  to Exhibit 10.7 of the Company's Registration Statement on
                  Form S-1/A filed February 4, 2005, File No. 333-121321)

10.8              Martin D. Ruikka, dba PRX Geographic(TM) Quotation, dated May
                  3, 2004 (Incorporated by reference to Exhibit 10.8 of the
                  Company's Registration Statement on Form S-1/A filed February
                  4, 2005, File No. 333-121321)

10.9              Martin D. Ruikka, dba PRX Geographic(TM) Invoice, dated
                  January 1, 2005 (Incorporated by reference to Exhibit 10.9 of
                  the Company's Registration Statement on Form S-1/A filed
                  February 4, 2005, File No. 333-121321)

31.1              Certification by Barry A. Ellsworth under Section 302 of the
                  Sarbanes-Oxley Act of 2002.

31.2              Certification by Dan Christensen under Section 302 of the
                  Sarbanes-Oxley Act of 2002.

32.1              Certification of Barry A. Ellsworth pursuant to 18 U.S.C.
                  Section 1350, as adopted pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002.

32.2              Certification of Dan Christensen pursuant to 18 U.S.C. Section
                  1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
                  Act of 2002.



                                   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.

                                           GREEN PLAINS RENEWABLE ENERGY, INC.



Date: April 12, 2005                       By     /s/ Barry A. Ellsworth     
                                              ----------------------------------
                                              Barry A. Ellsworth
                                              President
                                              (Principal Executive Officer)



Date: April 12, 2005                       By     /s/ Dan Christensen
                                              ----------------------------------
                                              Dan Christensen
                                              Treasurer
                                              (Principal Financial Officer)

                                       15



Exhibit 31.1

         I, Barry A. Ellsworth, as Principal Executive Officer of the Company,
certify that:

         1. I have reviewed this report on Form 10-Q of Green Plains Renewable
Energy, Inc.;

         2. Based on my knowledge, this 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 report;

         3. Based on my knowledge, the financial statements, and other financial
information included in this 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 report;

         4. The registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)
for the registrant and have:

         a.       Designed such disclosure controls and procedures, or caused
                  such disclosure controls and procedures to be designed under
                  our supervision, 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 report is being prepared;

         b.       Designed such internal control over financial reporting, or
                  caused such internal control over financial reporting to be
                  designed under our supervision, to provide reasonable
                  assurance regarding the reliability of financial reporting and
                  the preparation of financial statements for external purposes
                  in accordance with generally accepted accounting principles;

         c.       Evaluated the effectiveness of the registrant's disclosure
                  controls and procedures and presented in this report our
                  conclusions about the effectiveness of the disclosure controls
                  and procedures, as of the end of the period covered by this
                  report based on such evaluation; and

         d.       Disclosed in this report any change in the registrant's
                  internal control over financial reporting that occurred during
                  the registrant's most recent fiscal quarter (the registrant's
                  fourth fiscal quarter in the case of an annual report) that
                  has materially affected, or is reasonably likely to materially
                  affect, the registrant's internal control over financial
                  reporting; and

         5. The registrant's other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal control over financial
reporting, to the registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent functions):

         a.       All significant deficiencies and material weaknesses in the
                  design or operation of internal control over financial
                  reporting which are reasonably likely to adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial information; and

         b.       Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal control over financial reporting.

Date: April 12, 2005                                  /s/ Barry A. Ellsworth  
                                                     ---------------------------
                                                     Barry A. Ellsworth
                                                     President and Principal 
                                                     Executive Officer

Exhibit 31.2

         I, Dan Christensen, as Principal Financial Officer of the Company,
certify that:

         1. I have reviewed this report on Form 10-Q of Green Plains Renewable
Energy, Inc.;

         2. Based on my knowledge, this 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 report;

         3. Based on my knowledge, the financial statements, and other financial
information included in this 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 report;

         4. The registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)
for the registrant and have:

         a.       Designed such disclosure controls and procedures, or caused
                  such disclosure controls and procedures to be designed under
                  our supervision, 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 report is being prepared;

         b.       Designed such internal control over financial reporting, or
                  caused such internal control over financial reporting to be
                  designed under our supervision, to provide reasonable
                  assurance regarding the reliability of financial reporting and
                  the preparation of financial statements for external purposes
                  in accordance with generally accepted accounting principles;

         c.       Evaluated the effectiveness of the registrant's disclosure
                  controls and procedures and presented in this report our
                  conclusions about the effectiveness of the disclosure controls
                  and procedures, as of the end of the period covered by this
                  report based on such evaluation; and

         d.       Disclosed in this report any change in the registrant's
                  internal control over financial reporting that occurred during
                  the registrant's most recent fiscal quarter (the registrant's
                  fourth fiscal quarter in the case of an annual report) that
                  has materially affected, or is reasonably likely to materially
                  affect, the registrant's internal control over financial
                  reporting; and

         5. The registrant's other certifying officer(s) and I have disclosed,
based on our most recent evaluation of internal control over financial
reporting, to the registrant's auditors and the audit committee of registrant's
board of directors (or persons performing the equivalent functions):

         a.       All significant deficiencies and material weaknesses in the
                  design or operation of internal control over financial
                  reporting which are reasonably likely to adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial information; and

         b.       Any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal control over financial reporting.

Date: April 12, 2005                                  /s/ Dan Christensen       
                                                    ----------------------------
                                                    Dan Christensen
                                                    Principal Financial Officer

Exhibit 32.1


                            CERTIFICATION 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 Green Plains Renewable
Energy, Inc. (the "Company") on Form 10-Q for the period ending February 28,
2005, as filed with the Securities and Exchange Commission on the date hereof
(the "Report"), I, Barry A. Ellsworth, Principal Executive Officer of the
Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 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 Company.

/s/ Barry A. Ellsworth
------------------------------------------
President and Principal Executive Officer
April 12, 2005 



Exhibit 32.2


                            CERTIFICATION 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 Green Plains Renewable
Energy, Inc. (the "Company") on Form 10-Q for the period ending February 28,
2005 as filed with the Securities and Exchange Commission on the date hereof
(the "Report"), I, Dan Christensen, Principal Financial Officer of the Company,
certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 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 Company.

/s/ Dan Christensen
-----------------------------------------
Treasurer and Principal Financial Officer
April 12, 2005