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 June 30, 2003

                         Commission file Number 0-24143

                        RIDGEWOOD ELECTRIC POWER TRUST V
            (Exact name of registrant as specified in its charter.)

                   Delaware                         22-3437351
        (State or other jurisdiction of            (I.R.S. Employer
         incorporation or organization)             Identification No.)

   1314 King Street, Wilmington, Delaware                19801
   ------------------------------------------------------------------------
   (Address of principal executive offices)           (Zip Code)

   (302)888-7444
Registrant's telephone number, including area code:

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





<PAGE>


                         PART I. - FINANCIAL INFORMATION

Item 1. Financial Statements















                        Ridgewood Electric Power Trust V

                        Consolidated Financial Statements

                                  June 30, 2003



<PAGE>


Ridgewood Electric Power Trust V
Consolidated Balance Sheets(unaudited)
------------------------------------------------------------------------------

Assets:                                    June 30,      December 31,
                                             2003            2002
                                         ------------    ------------
Cash and cash equivalents ............   $ 22,973,725    $  2,930,224
Accounts receivable, trade ...........      3,918,131       3,615,902
Due from affiliates ..................      1,008,198       1,796,530
Other current assets .................        436,385         461,019
                                         ------------    ------------
         Total current assets ........     28,336,439       8,803,675
                                         ------------    ------------

Plant and equipment ..................     25,492,242      25,420,611
Construction in progress .............      3,945,017            --
                                         ------------    ------------
Total plant and equipment ............     29,437,259      25,420,611
Less - Accumulated depreciation ......     (5,213,169)     (4,204,739)
                                         ------------    ------------
      Plant and equipment, net .......     24,224,090      21,215,872
                                         ------------    ------------

Electric power sales contracts
 and other intangibles ...............     21,921,304      21,865,668
Less - Accumulated amortization ......     (4,627,575)     (3,716,837)
                                         ------------    ------------
       Electric power sales contracts
        and other intangibles, net ...     17,293,729      18,148,831
                                         ------------    ------------

Investments:
    Maine Hydro Projects .............      4,615,653       4,405,278
    Maine Biomass Projects ...........      4,143,737       3,896,576
    Egypt Projects ...................      2,517,767       3,502,819
    Synergics Projects ...............      6,531,832       5,887,389
    CLP Spanish Landfill Projects ....           --         1,370,564
                                         ------------    ------------
         Total assets ................   $ 87,663,247    $ 67,231,004
                                         ------------    ------------

Liabilities and shareholders' equity:
Liabilities:
Current portion of long-term debt ....   $  1,150,497    $  1,118,497
Accounts payable and accrued expenses       4,245,434       3,263,091
Due to affiliates ....................      3,775,537       3,182,056
                                         ------------    ------------
         Total current liabilities ...      9,171,468       7,563,644
                                         ------------    ------------

Long-term debt, less current portion .     19,875,299      19,842,782
Construction advances ................     23,440,049            --
Deferred income taxes ................        776,270         918,249
Other non-current liabilities ........         79,922          77,699
Minority interest ....................      7,602,774      10,584,899

Commitments and contingencies

Shareholders' equity:
    Shareholders' equity (932.8875
     investor shares issued and
       outstanding) ..................     27,242,486      28,753,490
    Managing shareholder's accumulated
     deficit (1 management share
       issued and outstanding) .......       (525,021)       (509,759)
                                         ------------    ------------
         Total shareholders' equity ..     26,717,465      28,243,731
                                         ------------    ------------
         Total liabilities and
          shareholders' equity .......   $ 87,663,247    $ 67,231,004
                                         ------------    ------------





  See accompanying notes to the consolidated financial statements.


<PAGE>



Ridgewood Electric Power Trust V
Consolidated Statements of Operations (unaudited)
------------------------------------------------------------------------------

                              Six Months Ended             Three Months Ended
                        ---------------------------   --------------------------
                          June 30,       June 30,       June 30,       June 30,
                            2003          2002           2003           2002
                        -----------    -----------    -----------    -----------
Revenues ............  $ 6,015,554    $ 3,763,919    $ 3,248,900    $ 2,080,749

Cost of sales .......    6,139,475      4,329,414      3,244,503      2,193,467
                        -----------    -----------    -----------    -----------

Gross profit(loss) ..     (123,921)      (565,495)         4,397       (112,718)

General and
 administrative
 expenses ...........      264,353        257,011        133,172        176,651
Management fee
 paid to
 managing
 shareholder ........    1,166,112      1,166,112        583,056        583,056
                        -----------    -----------    -----------    -----------
  Total other
   operating
   expenses .........    1,430,465      1,423,123        716,228        759,707

Loss from
 operations .........   (1,554,386)    (1,988,618)      (711,831)      (872,425)

Other income
(expense):
  Interest income ...       99,530         34,444         59,485         18,281
  Interest expense ..   (1,177,288)      (785,096)      (710,732)      (372,772)
  Equity interest
   in:
  Income from
   Synergics
   Projects .........      639,340           --          349,161           --
  Income from
   Maine Hydro
   Projects .........      210,376        398,329        267,887        380,086
  Income (loss)
   from Maine
   Biomass
   Projects .........      247,162       (911,811)       418,279       (530,926)
  Loss from
   Egypt Projects ...     (222,165)       (30,182)      (142,443)       (12,771)
  Other income
  (expense) .........      (34,109)       145,581        (24,779)       196,102
                        -----------    -----------    -----------    -----------

    Other income
    (expense) net ...     (237,154)    (1,148,735)       216,858       (322,000)
                       -----------    -----------    -----------    -----------


Loss before
 income taxes
 and minority
 interest ...........   (1,791,540)    (3,137,353)      (494,973)    (1,194,425)

Income tax
(benefit)
 expense ............     (164,265)       167,345       (164,265)        84,684
                       -----------    -----------    -----------    -----------


Loss before
 minority
 interest in
 net loss of
 consolidated
 subsidiaries .......   (1,627,275)    (3,304,698)      (330,708)    (1,279,109)

Minority interest
 in loss of
 consolidated
 subsidiaries .......      533,945        739,347        228,839        301,302
                       -----------    -----------    -----------    -----------

Net loss ............  $(1,093,330)   $(2,565,351)   $  (101,869)   $  (977,807)
                       ===========    ===========    ===========    ===========








       See accompanying notes to the consolidated financial statements.




<PAGE>


Ridgewood Electric Power Trust V
Consolidated Statement of Changes in Shareholders' Equity (unaudited)
-----------------------------------------------------------------------------


                                           Managing
                         Shareholders     Shareholder        Total
                         ------------    -------------   ------------
Shareholders' equity,
 December 31, 2002 ...   $ 28,753,490    $   (509,759)   $ 28,243,731

Cumulative translation
 adjustment ..........       (428,607)         (4,329)       (432,936)

Net loss .............     (1,082,397)        (10,933)     (1,093,330)
                         ------------    ------------    ------------

Shareholders' equity,
 June 30, 2003 .......   $ 27,242,486    $   (525,021)   $ 26,717,465
                         ------------    ------------    ------------






Ridgewood Electric Power Trust V
Consolidated Statements of Comprehensive Loss  (unaudited)
------------------------------------------------------------------------------

                      Six Months Ended              Three Months Ended
                 ---------------------------   ----------------------------
                   June 30,       June 30,       June 30,        June 30,
                     2003           2002           2003            2002
                 -----------    ------------   ------------   ------------

Net loss .....   $(1,093,330)   $(2,565,351)   $  (101,869)   $  (977,807)

Cumulative
 translation
 adjustment ..      (432,936)       628,568        424,921        886,312
                 -----------    -----------    -----------    -----------

Comprehensive
 income (loss)   $(1,526,266)   $(1,936,783)   $   323,052    $   (91,495)
                 -----------    -----------    -----------    -----------
















       See accompanying notes to the consolidated financial statements.


<PAGE>


Ridgewood Electric Power Trust V
Consolidated Statement of Cash Flows(unaudited)
-----------------------------------------------------------------------------
                                                          Six Months Ended
                                                   ----------------------------
                                                     June 30,          June 30,
                                                       2003              2002
                                                   ------------    ------------
Cash flows from operating activities:
     Net loss ..................................   $ (1,093,330)   $ (2,565,351)
                                                   ------------    ------------
     Adjustments to reconcile net loss
      to net cash flows from operating
         activities:
       Depreciation and amortization ...........      1,677,756       1,384,859
       Minority interest in loss of
        consolidated subsidiaries ..............       (533,945)       (739,347)
       Income from Maine Hydro Projects ........       (210,375)       (398,329)
       (Income) loss from Maine
         Biomass Projects ......................       (247,161)        911,811
       Loss from CLP Spanish Landfill
        Projects ...............................           --             8,311
       Loss from Egypt Projects ................        222,165          30,182
       Income from Synergics Projects ..........       (639,340)           --
       (Decrease) increase in
        deferred income taxes ..................       (164,265)        167,345
       Changes in assets and liabilities:
         (Increase) decrease in
          accounts receivable ..................       (194,075)        355,272
         Decrease in due from
          affiliates ...........................        788,332         134,788
         Decrease (increase) in other
          current assets .......................         24,634         (16,096)
         Increase in accounts payable
          and accrued expenses .................        873,535         881,902
         Increase in due to affiliates .........        593,481         916,777
                                                   ------------    ------------
         Total adjustments .....................      2,190,742       3,637,475
                                                   ------------    ------------
       Net cash provided by operating activities      1,097,412       1,072,124
                                                   ------------    ------------

Cash flows from investing activities:
     Capital expenditures ......................     (3,965,321)     (3,125,014)
     Investment in Synergics Projects ..........         (5,103)       (135,000)
     Loans to Maine Biomass Projects ...........           --          (325,000)
                                                   ------------    ------------
       Net cash used in investing activities ...     (3,970,424)     (3,585,014)
                                                   ------------    ------------

Cash flows from financing activities:
     Construction advances .....................     22,884,976            --
     Contributions to United Kingdom
      Landfill Projects by
      minority interest ........................           --             4,491
     Repayments under bank loan ................       (522,488)           --
     Borrowings under bank loan ................           --         2,321,703
                                                   ------------    ------------
       Net cash provided by financing activities     22,362,488       2,326,194
                                                   ------------    ------------

Effect of exchange rate on cash
 and cash equivalents ..........................        554,025         130,230
Net increase (decrease) in cash
 and cash equivalents ..........................     20,043,501         (56,466)

Cash and cash equivalents, beginning of year ...      2,930,224       2,519,330
                                                   ------------    ------------

Cash and cash equivalents, end of period .......   $ 22,973,725    $  2,462,864
                                                   ------------    ------------


    See accompanying notes to the consolidated financial statements.


<PAGE>




Ridgewood Electric Power Trust V
Notes to Consolidated Financial Statements (unaudited)
------------------------------------------------------------------------------

1. General

In the opinion of management,  the accompanying unaudited consolidated financial
statements   contain  all   adjustments   which  consist  of  normal   recurring
adjustments,  necessary for the fair presentation of the results for the interim
periods. Additional footnote disclosure concerning accounting policies and other
matters are  disclosed  in  Ridgewood  Electric  Power  Trust V's (the  "Trust")
consolidated  financial  statements  included in the 2002 Annual  Report on Form
10-K, which should be read in conjunction with these financial statements.

The results of operations for an interim period should not  necessarily be taken
as  indicative  of the results of  operations  that may be expected for a twelve
month period.

The  consolidated  financial  statements  include the  accounts of the Trust and
United Kingdom Landfill Projects ("UK Projects").  The Trust's investment in the
Synergics Hydro projects was accounted for as a note receivable through November
22, 2002, at which time, the Trust and The Ridgewood Power Growth Fund completed
its acquisition of the Synergics Hydro projects. Accordingly, the Trust now uses
the equity  method of  accounting  for its  investment.  The Trust also uses the
equity method of accounting  for its  investments  in the Maine Hydro  Projects,
Maine Biomass Projects, and the Egypt Projects.

2. Summary Results of Operations for Selected Investments

Summarized financial information for the Maine Hydro Projects, which are
accounted for under the equity method, are as follows:

Balance Sheet
                                       June 30,               December 31,
                                         2003                     2002
                                ------------------       ---------------------

Total assets                    $         9,929,790       $         9,475,640
                                 ------------------         ------------------

Stockholders' equity            $         9,231,205       $         8,810,554
                                 ------------------         ------------------


Statement of Operations

                         Six    Months    Ended       Three    Months    Ended
                                June 30,                       June 30,
                           2003          2002             2003          2002
                       -----------   -----------     -----------    -----------
Revenue                $ 2,134,000   $ 2,384,000     $ 1,371,000    $ 1,594,000
Operating expense        1,713,000     1,587,000         836,000        833,000
Net income                 421,000       797,000         535,000        761,000



Summarized financial information for the Maine Biomass Projects, which are
accounted for under the equity method, are as follows:

Balance Sheet
                                        June 30,                  December 31,
                                          2003                        2002
                                 ---------------------       ------------------

Total assets                      $    5,502,181                 $  4,815,288
                                 ---------------------       ------------------

Members' deficit                  $   (5,277,541)                $ (5,771,374)
                                 ---------------------       ------------------


Statement of Operations

                           Six    Months    Ended     Three    Months    Ended
                                   June 30,                     June 30,
                            2003           2002           2003           2002
                        -----------    -----------    -----------    ----------
Revenue                 $ 5,778,000    $ 2,533,000    $ 3,596,000    $  767,000
Cost of sales             4,704,000      3,834,000      2,457,000     1,545,000
Other expense               580,000        523,000        303,000       284,000
Net income (loss)           494,000     (1,824,000)       836,000    (1,062,000)


Summarized financial information for the Egypt Projects, which are accounted for
under the equity method, are as follows:

Balance Sheet
                                        June 30,                 December 31,
                                          2003                       2002
                                 ---------------------       ------------------

Total assets                   $       25,046,317          $         33,532,553
                                 ---------------------       ------------------

Members' equity                $       17,867,371          $        24,857,806
                                 ---------------------       ------------------


Statement of Operations

                           Six    Months    Ended       T hree  Months Ended
                                   June 30,                      June 30,
                            2003          2002          2003              2002
                         ----------    -----------    ---------     ------------
Revenue                 $ 1,792,000    $ 2,294,000    $ 893,000     $  1,398,000
Cost of sales             1,853,000      1,774,000      957,000        1,110,000
Other expense             1,516,000        736,000      947,000          380,000
Net loss                 (1,577,000)      (216,000)  (1,011,000)        (92,000)




Summarized financial information for the Synergics Projects, which are accounted
for under the equity method, are as follows:

Balance Sheet
                                    June 30,                December 31,
                                      2003                      2002
                               ------------------         --------------------

Total assets                   $    29,999,580            $     28,733,768
                               ------------------         --------------------

Members' equity                $    22,369,604            $     20,180,083
                               -------------------        --------------------


Statement of Operations

                        Six Months Ended    Three Months Ended
                            June 30,           June 30,
                              2003              2003
                           ----------        ----------
Revenue                   $ 3,897,000       $ 2,094,000
Operating expense           1,707,000           898,000
Net income                  2,190,000         1,196,000


3.  Summary of Significant Accounting Policies

New Accounting Standards and Disclosures

SFAS 143
In June  2001,  the FASB  issued  SFAS  143,  Accounting  for  Asset  Retirement
Obligations, on the accounting for obligations associated with the retirement of
long-lived  assets.  SFAS 143  requires  a  liability  to be  recognized  in the
consolidated  financial  statements for retirement  obligations meeting specific
criteria.  Measurement of the initial  obligation is to approximate  fair value,
with  an  equivalent  amount  recorded  as an  increase  in  the  value  of  the
capitalized  asset.  The asset will be  depreciated  in  accordance  with normal
depreciation  policy and the  liability  will be increased for the time value of
money, with a charge to the income  statement,  until the obligation is settled.
SFAS 143 is effective for fiscal years  beginning after June 15, 2002. The Trust
adopted  SFAS 143  effective  January 1, 2003,  with no  material  impact on the
consolidated financial statements.

SFAS 145
In April 2002, the FASB issued SFAS No. 145,  Rescission of FASB  Statements No.
4, 44, and 64,  Amendment of FASB  Statement No. 13, and  Technical  Correction.
SFAS No. 145 eliminates extraordinary accounting treatment for reporting gain or
loss  on  debt   extinguishment,   and  amends  other   existing   authoritative
pronouncements  to make various  technical  corrections,  clarify  meanings,  or
describe their applicability  under changed  conditions.  The Trust adopted SFAS
145  effective  January 1, 2003,  with no  material  impact on the  consolidated
financial statements.

SFAS 146
In June 2002, the FASB issued SFAS No. 146, Accounting for Costs Associated with
Exit or Disposal  Activities.  SFAS No. 146 requires  recording costs associated
with exit or disposal  activities at their fair values when a liability has been
incurred. The Trust adopted SFAS 146 effective January 1, 2003, with no material
impact on the consolidated financial statements.

FIN 45
In  November  2002,  the FASB  issued  FASB  Interpretation  No. 45 ("FIN  45"),
"Guarantor's  Accounting and Disclosure  Requirements for Guarantees,  Including
Indirect  Guarantees  and  Indebtedness  of Others."  FIN 45  elaborates  on the
disclosures  to be made by the  guarantor  in its interim  and annual  financial
statements about its obligations under certain guarantees that it has issued. It
also requires  that a guarantor  recognize,  at the inception of a guarantee,  a
liability  for the fair  value  of the  obligation  undertaken  in  issuing  the
guarantee.   The  initial   recognition  and  measurement   provisions  of  this
interpretation  are  applicable on a prospective  basis to guarantees  issued or
modified  after  December  31,  2002;  while the  provisions  of the  disclosure
requirements are effective for financial statements of interim or annual reports
ending after December 15, 2002.  The Trust adopted the disclosure  provisions of
FIN 45  during  the  fourth  quarter  of 2002  with no  material  impact  to the
consolidated financial statements.

FIN 46
In January 2003, the FASB issued FASB  Interpretation No. 46,  "Consolidation of
Variable  Interest  Entities" ("FIN 46") which changes the criteria by which one
company includes another entity in its consolidated financial statements. FIN 46
requires  a variable  interest  entity to be  consolidated  by a company if that
company is subject to a majority of the risk of loss from the variable  interest
entity's  activities or entitled to receive a majority of the entity's  residual
returns or both. The  consolidation  requirements of FIN 46 apply immediately to
variable  interest  entities  created after  January 31, 2003,  and apply in the
first fiscal period ending after March 15, 2004, for variable  interest entities
created prior to February 1, 2003. The Trust adopted the  disclosure  provisions
of  FIN  46  effective  December  31,  2002,  with  no  material  impact  to the
consolidated financial statements.  The Trust will implement the full provisions
of FIN 46 effective December 15, 2003.

SFAS 149
In April 2003,  the FASB issued SFAS No. 149,  "Amendment  of  Statement  133 on
Derivative  Instruments  and  Hedging  Activities."  SFAS  No.  149  amends  and
clarifies  the  accounting  for  derivative   instruments,   including   certain
derivative  instruments embedded in other contracts,  and for hedging activities
under  SFAS  No.  133,  "Accounting  for  Derivative   Instruments  and  Hedging
Activities."  SFAS No. 149 is generally  effective for contracts entered into or
modified after June 30, 2003 and for hedging relationships designated after June
30, 2003.  The Trust adopted SFAS 149 effective  July 1, 2003,  with no material
impact on the consolidated financial statements.

SFAS 150
In May 2003,  the FASB  issued SFAS No. 150,  Accounting  for Certain  Financial
Instruments with  Characteristics  of both Liabilities and Equity.  SFAS No. 150
establishes   standards  for   classifying  and  measuring   certain   financial
instruments  with  characteristics  of both  liabilities  and equity.  The Trust
adopted  SFAS  150  effective  July 1,  2003,  with no  material  impact  on the
consolidated financial statements.

4. Transfer of Assets

In March 2003 the Trusts subsidiary, Ridgewood UK, LLC ("Ridgewood UK"), entered
into an agreement with one of its minority shareholders.  Under the terms of the
agreement, Ridgewood UK transferred its 50% interest in the CLP Spanish Landfill
Projects  in return  for a portion of the  minority  shareholder's  interest  in
Ridgewood  UK.  As a result  of the  transaction,  Ridgewood  UK  increased  its
ownership in Ridgewood UK Ltd. from 76.3% to 88.3%.

The minority interest was created through the issuance of shares of Ridgewood UK
in connection with the October 2001 acquisition of certain UK landfill projects,
the equity interest in the Spanish landfill projects and related companies.  The
equity  interest  in the  Spanish  landfill  projects  had a  carrying  value of
$1,345,363 as of March 2003, which management believes  approximated fair value.
The excess of the carrying value of the minority interest over the fair value of
the Spanish  landfill  equity  investment  has been credited on a pro-rata basis
against  the value of other  non-monetary  assets  acquired  in the  acquisition
(reduction  of  $676,929  and  $558,412 to  property,  plant and  equipment  and
electric power sales contracts and other intangibles, respectively).

5. Cost of Sales

Included in cost of sales is depreciation and amortization expense of $1,677,756
and  $1,384,859  for the six months ended June 30, 2003 and 2002,  respectively.
The Trust  recorded  depreciation  and  amortization  expense  of  $821,085  and
$847,012 for the three months  ended June 30, 2003 and 2002,  respectively,  and
has included  these expenses in cost of sales on the  consolidated  statement of
operations.

6. Long-term Debt

In the fourth quarter of 2002, the Trust's Managing Shareholder formed Ridgewood
Renewable  PowerBank LLC  ("PowerBank")  and began  offering  shares.  PowerBank
raised  approximately  $12 million and closed its offering in April 2003. During
the second quarter of 2003, the Trust's  Managing  Shareholder  formed Ridgewood
Renewable PowerBank II LLC ("PowerBank II") and began offering shares. PowerBank
II raised  approximately $20.6 million and closed its offering in June 2003. The
proceeds  from these funds will  finance  the  expansion  of the United  Kingdom
Landfill Gas Projects.  As stated in the agreed upon terms,  the United  Kingdom
Landfill Gas Projects will borrow  proceeds from the various  PowerBank funds to
develop and  construct  expansion  of certain  existing  facilities.  During the
construction phase the United Kingdom Landfill Gas Projects will pay interest at
a rate of 10%. Upon completion of  construction,  and commencement of operation,
interest  charges  will cease and the  outstanding  borrowings  will  convert to
capital  leases.  The term of the leases  will run for 15 years.  As of June 30,
2003, the United  Kingdom  Landfill Gas Projects has borrowed  $23,440,049  from
PowerBank and PowerBank II.

7. Foreign Currency

On January 30, 2003, the Egyptian government  discontinued the regulation of its
monetary  currency  rate and decided to allow the currency  rate to float.  As a
result of this change in policy, the Egyptian pound decreased 15% against the US
dollar on January 30, 2003.  At June 30,  2003,  the Trust's  investment  in the
Egyptian projects  decreased by approximately  $763,000,  or 22%, as a result of
the decrease in exchange rate.

8. Related Party Transactions

At June 30, 2003 and December 31, 2002, the Trust had outstanding payables and
receivables, with the following affiliates:


                                   Due To                       Due From
                           -----------------------------------------------------
                              June 30,   December 31,    June 30,   December 31,
                                2003        2002           2003       2002
                           -------------------------    ------------------------
Ridgewood Management ....   $     --     $     --      $ 108,590     $ 80,973
Ridgewood Renewable Power    1,710,974    1,265,862           --           --
Growth Fund .............      394,418      387,100           --           --
Synergics ...............    1,651,050    1,510,000           --           --
Maine Hydro .............         --           --         74,928      610,878
Maine Biomass ...........         --           --        670,244      950,244
Other affiliates ........       19,095       19,094      154,436      154,435

From time to time, the Trust records short-term payables and receivables from
other affiliates in the ordinary course of business. The amounts payable and
receivable with the other affiliates do not bear interest.




<PAGE>


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

Dollar amounts in this discussion are generally rounded to the nearest $1,000.

Introduction

The  consolidated  financial  statements  include the  accounts of the Trust and
United Kingdom Landfill Projects ("UK Projects").  The Trust's investment in the
Synergics Hydro projects was accounted for as a note receivable through November
22, 2002, at which time, the Trust and The Ridgewood Power Growth Fund completed
its acquisition of the Synergics Hydro projects. Accordingly, the Trust now uses
the equity  method of  accounting  for its  investment.  The Trust also uses the
equity method of accounting  for its  investments  in the Maine Hydro  Projects,
Maine Biomass Projects, and the Egypt Projects.

Critical Accounting Policies and Estimates

For a complete discussion of critical accounting policies, refer to "Significant
Accounting Policies" in Item 7 of the Trust's 2002 Form 10-K. There have been no
substantive changes to those policies and estimates.

Results of Operations
Three Months Ended June 30,2003, Compared to the Three Months Ended June 30,2002

Revenues  increased by $1,168,000,  to $3,249,000 in the second quarter of 2003,
as  compared  to the  second  quarter  of 2002.  The  increase  is due to the UK
Projects  increased  capacity of  $446,000,  the  transfer of  renewable  energy
credits of $451,000 and the increase in currency translation of $271,000.

Gross loss  decreased  $117,000  to a profit of $4,000 in the second  quarter of
2003. The decrease is a result of the increase in revenues  partially  offset by
the increase in royalty expense related to the increased capacity.

The Trust recorded equity income from the Synergics  Projects of $349,000 in the
second  quarter of 2003.  Prior to November  2002,  the Trust  accounted for its
investment in the Synergics Projects as a note receivable.

The equity loss from the Egypt projects  increased  $129,000 from $13,000 in the
second  quarter of 2002 to $142,000 in 2003.  The increase in loss is attributed
to the increase in interest  expense as a result of the higher  outstanding debt
balances  under the credit  line  executed  by the Egypt  projects  in the third
quarter of 2002, as well as the loss recorded on the sale of one of the Egyptian
facilities.

Equity income from the Maine Hydro Projects  decreased by $112,000,  to $268,000
in the second  quarter of 2003.  The  decrease  is due to the  heavier  rainfall
experienced in the second quarter of 2002.

The equity income from the Maine Biomass  Projects  increased  $949,000,  from a
loss of $531,000 in the second quarter of 2002 to income of $418,000 in the same
period in 2003. The increase in equity income from the Maine Biomass Projects is
primarily  attributable to the $1,749,000 in revenues received from the transfer
of renewable energy credits.

Interest income  increased by $41,000 from $18,000 in the second quarter of 2002
to  $59,000  in the  second  quarter  of 2003  due to the  higher  average  cash
balances.  Interest  expense  increased by $338,000  from $373,000 in the second
quarter  of 2002 to  $711,000  in the  second  quarter  of 2003 due to the funds
received under the UK Projects construction advances.

Other income  decreased by $221,000 in the second  quarter of 2003 primarily due
to the proceeds  received in the second quarter of 2002 from the  liquidation of
the Santee River Rubber Company, which filed for bankruptcy in 2000.

  Six Months Ended June 30, 2003, Compared to the Six Months Ended June 30, 2002

Revenues increased by $2,252,000 to $6,016,000 for the first six months of 2003,
as compared to the same period of 2002.  The  increase is due to the UK Projects
increased  capacity of $1,054,000,  the transfer of renewable  energy credits of
$645,000 and the increase in currency  translation of $553,000  during the first
half of 2003.

Gross loss  decreased  $442,000 to $124,000 in the first six months of 2003. The
decrease  is a result  of the  increase  in  revenues  partially  offset  by the
increase in royalty expense related to the increased capacity.

The Trust recorded equity income from the Synergics  Projects of $639,000 in the
first  half of  2003.  Prior to  November  2002,  the  Trust  accounted  for its
investment in the Synergics Projects as a note receivable.

The equity loss from the Egypt projects  increased  $192,000 from $30,000 in the
first six months of 2002 to $222,000 in 2003. The increase in loss is attributed
to the increase in interest  expense as a result of the higher  outstanding debt
balances  under the credit  line  executed  by the Egypt  projects  in the third
quarter of 2002 and the debt  assumed in the  acquisition  of Sinai in  February
2002,  as  well  as the  loss  recorded  on  the  sale  of  one of the  Egyptian
facilities.

Equity income from the Maine Hydro Projects  decreased by $188,000,  to $210,000
in the  first  half  of  2003.  The  decrease  is due  to the  heavier  rainfall
experienced in 2002.

The equity income from the Maine Biomass Projects increased  $1,159,000,  from a
loss of  $912,000  in the first half of 2002 to income of  $247,000  in the same
period in 2003. The increase in equity income from the Maine Biomass Projects is
primarily  attributable to the $2,985,000 in revenues received from the transfer
of renewable energy credits.

Interest  income  increased  by $65,000  from $33,000 in the first six months of
2002 to $99,000 in the first six months of 2003 due to the higher  average  cash
balances. Interest expense increased by $392,000 from $785,000 in the first half
of 2002 to $1,177,000 in the first half of 2003 due to the funds  received under
the UK Projects construction advances.

Other income decreased by $180,000 in the first six months of 2003 primarily due
to the proceeds received in 2002 from the liquidation of the Santee River Rubber
Company, which filed for bankruptcy in 2000.

Liquidity and Capital Resources

Cash provided by operating activities for the six months ended June 30, 2003 was
$1,097,000 as compared to $1,072,000 for the six months ended June 30, 2002.

Cash used in investing  activities  increased to $3,970,000 during the first six
months of 2003 as compared to $3,585,000  for the first six months of 2002.  The
increase in 2003  investing  activities  is primarily  due to the  $3,965,000 UK
Projects  expansion,  offset by the  Trust's  investments  in the Maine  Biomass
Projects and the Synergics Projects of $460,000 in 2002.

Cash provided by financing activities for the six months ended June 30, 2003 was
$22,362,000 as compared to $2,326,000 for the six months ended June 30, 2002.
The increase in cash flow from financing activities is due to the increase in
borrowings of the UK Projects to finance expansion of certain projects.

On June 26, 2003, Ridgewood Renewable Power LLC, the Managing Shareholder of the
Trust,  entered into a $5,000,0000  Revolving Credit and Security Agreement with
Wachovia  Bank,  National   Association.   The  agreement  allows  the  Managing
Shareholder  to obtain loans and letters of credit for the benefit of the trusts
and funds that it manages.  The  agreement  expires on June 30, 2004. As part of
the  agreement,  the  Trust  agreed  to  limitations  on its  ability  to  incur
indebtedness and liens and make guarantees.

Obligations of the Trust are generally  limited to payment of the management fee
to the Managing Shareholder and payment of certain accounting and legal services
to third parties.  The Trust ceased making  distributions to shareholders in the
first quarter of 2001.

The Trust expects that its cash flows from operations will be sufficient to fund
its obligations for the next twelve months,  and the UK Projects access to funds
from PowerBank and PowerBank II will be sufficient to continue  expansion in the
United Kingdom.

Item 4. Controls and Procedures

Based on their  evaluation,  as of a date  within 90 days of the filing  date of
this Form 10-Q, the Trust's Chief Executive  Officer and Chief Financial Officer
have concluded that the Trust's  disclosure  controls and procedures (as defined
in Rules 13a-14(c) and 15d-14(c)  under the Securities  Exchange Act of 1934, as
amended)  are  effective.  There have been no  significant  changes in  internal
controls or in other  factors that could  significantly  affect  these  controls
subsequent to the date of their  evaluation,  including any  corrective  actions
with regard to significant deficiencies and material weaknesses.

Management has  identified  deficiencies  in the Trust's  ability to process and
summarize  financial  information  of  certain  individual  projects  and equity
investees  on a timely  basis.  Management  is  establishing  a project  plan to
address this deficiency.

Forward-looking statement advisory

This Quarterly  Report on Form 10-Q, as with some other  statements  made by the
Trust from time to time, contains forward-looking  statements.  These statements
discuss business trends and other matters relating to the Trust's future results
and the  business  climate and are found,  among other  places,  in the notes to
financial  statements  and at  Part  I,  Item  2,  Management's  Discussion  and
Analysis.  In  order  to  make  these  statements,  the  Trust  has  had to make
assumptions  as to the future.  It has also had to make  estimates in some cases
about events that have already  happened,  and to rely on data that may be found
to be inaccurate at a later time. Because these  forward-looking  statements are
based on assumptions,  estimates and changeable data, and because any attempt to
predict the future is subject to other errors,  what happens to the Trust in the
future may be materially different from the Trust's statements here.

The Trust  therefore warns readers of this document that they should not rely on
these  forward-looking  statements  without  considering  all of the things that
could make them  inaccurate.  The Trust's other filings with the  Securities and
Exchange  Commission and its Confidential  Memorandum discuss many (but not all)
of  the  risks  and  uncertainties  that  might  affect  these   forward-looking
statements.

Some of these are changes in political and economic conditions, federal or state
regulatory  structures,  government  taxation,  spending and budgetary policies,
government  mandates,  demand for electricity and thermal energy, the ability of
customers  to pay for  energy  received,  supplies  of fuel and prices of fuels,
operational status of plant,  mechanical  breakdowns,  availability of labor and
the  willingness  of  electric  utilities  to perform  existing  power  purchase
agreements in good faith.  Some of the  cautionary  factors that readers  should
consider are described in the Trust's most recent Annual Report on Form 10-K.

By making these statements now, the Trust is not making any commitment to revise
these forward-looking statements to reflect events that happen after the date of
this document or to reflect unanticipated future events.


<PAGE>



                           PART II - OTHER INFORMATION

     Item 1. Legal Proceedings

None.


<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.




                        RIDGEWOOD ELECTRIC POWER TRUST V
                                    Registrant


January 16, 2004                By /s/ Christopher I. Naunton
Date                            Christopher I. Naunton
                                Vice President and
                                Chief Financial Officer
                                (signing on behalf of the
                                Registrant and as
                                principal financial
                                officer)

<PAGE>


                                  CERTIFICATION



I, Robert E. Swanson,  Chief Executive Officer of Ridgewood Electric Power Trust
V ("registrant"), certify that:

1. I have reviewed this quarterly report on Form 10-Q of the registrant;

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

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

4.  The  registrant's  other  certifying  officer  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)) for the registrant and we have:

    a)   designed such disclosure controls and procedures, or caused such
         disclosure control 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
         quarterly report is being prepared;

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

    c)   disclosed in this quarterly report any change in the registrant's
         internal control over financial reporting that occurred during the
         period covered by the report that has materially affected, or is
         reasonably likely to materially affect, the issuer's internal control
         over financial reporting; and


5. The registrant's other certifying officer and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and senior management:

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

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

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

Date: January 16, 2004

/s/   Robert E. Swanson
----------------------------------------
Robert E. Swanson
Chief Executive Officer
<PAGE>
                                  CERTIFICATION



I, Christopher I. Naunton,  Chief Financial Officer of Ridgewood  Electric Power
 Trust V ("registrant"), certify that:

1. I have reviewed this quarterly report on Form 10-Q of the registrant;

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

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

4.  The  registrant's  other  certifying  officer  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)) for the registrant and we have:

    a)   designed such disclosure controls and procedures, or caused such
         disclosure control 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
         quarterly report is being prepared;

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

    c)   disclosed in this quarterly report any change in the registrant's
         internal control over financial reporting that occurred during the
         period covered by the report that has materially affected, or is
         reasonably likely to materially affect, the issuer's internal control
         over financial reporting; and


5. The registrant's other certifying officer and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and senior management:

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

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

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

Date: January 16, 2004

/s/   Christopher I. Naunton
------------------------------------
Christopher I. Naunton
Chief Financial Officer