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 March 31, 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

                                 March 31, 2003



















<PAGE>



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


Assets:                                            March 31,      December 31,
                                                     2003            2002
                                                 ------------    ------------
Cash and cash equivalents ....................   $  5,148,649    $  2,930,224
Accounts receivable, trade ...................      3,423,176       3,615,902
Due from affiliates ..........................      1,280,518       1,796,530
Other current assets .........................        426,468         461,019
                                                 ------------    ------------
         Total current assets ................     10,278,811       8,803,675
                                                 ------------    ------------

Plant and equipment ..........................     24,284,908      25,420,611
Construction in progress .....................      2,801,744            --
                                                 ------------    ------------
Total plant and equipment ....................     27,086,652      25,420,611
Less - Accumulated depreciation ..............     (4,561,744)     (4,204,739)
                                                 ------------    ------------
      Plant and equipment, net ...............     22,524,908      21,215,872
                                                 ------------    ------------


Electric power sales contracts and other
 intangibles .................................     20,936,753      21,865,668
Less - Accumulated amortization ..............     (4,057,621)     (3,716,837)
                                                 ------------    ------------
       Electric power sales contracts
         and other intangibles, net ..........     16,879,132      18,148,831
                                                 ------------    ------------

Investments:
    Maine Hydro Projects .....................      4,347,767       4,405,278
    Maine Biomass Projects ...................      3,725,458       3,896,576
    Egypt Projects ...........................      2,785,458       3,502,819
    Synergics Projects .......................      6,182,671       5,887,389
    CLP Spanish Landfill Projects ............           --         1,370,564
                                                 ------------    ------------
         Total assets ........................   $ 66,724,205    $ 67,231,004
                                                 ------------    ------------

Liabilities and shareholders' equity:
Liabilities:
Current portion of long-term debt ............   $  1,097,932    $  1,118,497
Accounts payable and accrued expenses ........      4,479,855       3,263,091
Due to affiliates ............................      3,385,434       3,182,056
                                                 ------------    ------------
         Total current liabilities ...........      8,963,221       7,563,644
                                                 ------------    ------------

Long-term debt, less current portion .........     18,934,607      19,842,782
Construction advances ........................      3,958,450            --
Deferred income taxes ........................        900,184         918,249
Other non-current liabilities ................         76,271          77,699
Minority interest ............................      7,497,059      10,584,899

Commitments and contingencies

Shareholders' equity:
    Shareholders' equity (932.8875 investor
     shares issued and outstanding) ..........     26,922,666      28,753,490
    Managing shareholder's accumulated deficit
     (1 management share issued and
      outstanding) ...........................       (528,253)       (509,759)
                                                 ------------    ------------
      Total shareholders' equity .............     26,394,413      28,243,731
                                                 ------------    ------------
      Total liabilities and shareholders'
        equity ...............................   $ 66,724,205    $ 67,231,004
                                                 ------------    ------------





         See accompanying notes to the consolidated financial statements.


<PAGE>



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

                                                 Three Months Ended
                                             --------------------------
                                              March 31,       March 31,
                                                2003            2002
                                             -----------    -----------

Revenues .................................   $ 2,766,654    $ 1,683,170

Cost of sales, including depreciation
 and amortization of $856,671 and
 $537,847 in 2003 and 2002 ...............     2,894,972      2,135,947
                                             -----------    -----------

Gross loss ...............................      (128,318)      (452,777)

General and administrative expenses ......       131,181         80,360
Management fee paid to the
 managing shareholders ...................       583,056        583,056
                                             -----------    -----------
  Total other operating expenses .........       714,237        663,416

Loss from operation ......................      (842,555)    (1,116,193)

Other income (expense):
   Interest income .......................        40,045         16,163
   Interest expense ......................      (466,556)      (412,324)
   Income from Synergic Projects .........       290,179           --
   (Loss) income from Maine Hydro Projects       (57,511)        18,243
   Loss from Maine Biomass Projects ......      (171,117)      (380,885)
   Loss from Egypt Projects ..............       (79,722)       (17,411)
   Other expense .........................        (9,330)       (50,521)
                                             -----------    -----------
           Other income (expense), net ...      (454,012)      (826,735)
                                             -----------    -----------

Loss before income taxes and
 minority interest .......................    (1,296,567)    (1,942,928)

Income taxes .............................          --           82,661
                                             -----------    -----------

Loss before minority interest in net
 loss of consolidated subsidiaries .......    (1,296,567)    (2,025,589)

Minority interest in net loss
 of consolidated subsidiaries ............       305,106        438,045
                                             -----------    -----------

           Net loss ......................   $  (991,461)   $(1,587,544)
                                             -----------    -----------



           See accompanying notes to 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

Net loss .............       (981,546)         (9,915)       (991,461)

Cumulative translation
 adjustment ..........       (849,278)         (8,579)       (857,857)
                         ------------    ------------    ------------

Shareholders' equity,
 March 31, 2003 ......   $ 26,922,666    $   (528,253)   $ 26,394,413
                         ------------    ------------    ------------





Ridgewood Electric Power Trust V
Consolidated Statement of Comprehensive Loss
-------------------------------------------------------------------------------

                                    Three Months Ended March 31,
                                    --------------------------
                                       2003           2002
                                    -----------    -----------
Net loss ........................   $  (991,461)   $(1,587,544)

Cumulative translation adjustment      (857,857)      (257,744)
                                    -----------    -----------

Comprehensive loss ..............   $(1,819,318)   $(1,845,288)
                                    -----------    -----------












         See accompanying notes to consolidated financial statements.


<PAGE>


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


                                                          Three Months Ended
                                                     --------------------------
                                                       March 31,      March 31,
                                                         2003           2002
                                                     -----------    -----------
Cash flows from operating activities:
     Net loss ....................................   $  (991,461)   $(1,587,544)
                                                     -----------    -----------
     Adjustments to reconcile net loss
      to net cash flows from operating
         activities:
           Depreciation and amortization .........       856,671        537,847
           Minority interest in loss of
            consolidated subsidiaries ............      (305,106)      (438,045)
           Loss (income) from Maine Hydro Projects        57,511        (18,243)
           Loss from Maine Biomass Projects ......       171,117        380,885
          Loss from CLP Spanish Landfill Projects           --            8,207
          Income from Synergics Projects .........      (290,179)          --
          Loss from Egypt Projects ...............        79,722         17,411
          (Decrease) increase in deferred
            income taxes .........................        (1,203)        82,661
          Changes in assets and liabilities:
             Decrease in accounts receivable .....       128,559        826,285
             Decrease in due from affiliates .....       516,012        211,245
             Decrease in other current assets ....        34,551         98,821
             Increase in accounts payable
              and accrued expenses ...............       324,324        455,974
             Increase in due to affiliates .......       198,275        437,357
                                                     -----------    -----------
             Total adjustments ...................     1,770,254      2,600,405
                                                     -----------    -----------
       Net cash provided by operating activities .       778,793      1,012,861
                                                     -----------    -----------

Cash flows from investing activities:
     Capital expenditures ........................    (1,940,693)    (2,102,180)
     Investment in Synergics Projects ............          --         (135,000)
     Investment in Maine Biomass Projects ........          --         (325,000)
                                                     -----------    -----------
       Net cash used in investing activities .....    (1,940,693)    (2,562,180)
                                                     -----------    -----------

Cash flows from financing activities:
     Construction advances .......................     4,031,139           --
     Borrowings under bank loan ..................          --        1,673,502
     Repayments under bank loan ..................      (553,303)          --
                                                     -----------    -----------
       Net cash provided by financing activities .     3,477,836      1,673,502
                                                     -----------    -----------

Effect of exchange rate on cash
 and cash equivalents ............................       (97,511)       (42,361)
Net increase in cash and cash equivalents ........     2,218,425         81,822

Cash and cash equivalents, beginning of year .....     2,930,224      2,519,330
                                                     -----------    -----------
Cash and cash equivalents, end of period .........   $ 5,148,649    $ 2,601,152
                                                     -----------    -----------

          See accompanying notes to 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

Summary results of operations for the Maine Hydro Projects, which are accounted
for under the equity method, were as follows:

Balance Sheet
                              March 31,                  December 31,
                                 2003                        2002
                        --------------------       ----------------------

Total assets            $         9,193,582         $         9,475,640
                        ---------------------       ----------------------

Stockholders' equity    $         8,695,532         $         8,810,554
                        ---------------------       ----------------------


Statement of Operations
                                          Three Months Ended March 31,
                                     2003                      2002
                                     ----                      ----
Revenue                          $ 763,000                   $790,000
Operating expense                   877,000                   754,000
Net income (loss)                  (114,000)                   36,000

Summary results of operations for the Maine Biomass Projects, which are
accounted for under the equity method, were as follows:

Balance Sheet
                             March 31,                  December 31,
                               2003                        2002
                         ---------------              -------------

Total assets             $  5,020,866                 $  4,815,288
                         ---------------              -------------

Members' deficit         $ (6,113,608)                $ (5,771,374)
                         ---------------              -------------

Statement of Operations
                                    Three Months Ended March 31,
                                  2003                         2002
                                  ----                         ----
Revenue                        $2,182,000                  $ 1,766,000
Cost of sales                   2,247,000                    2,289,000
Other expense                     277,000                      239,000
Net loss                         (342,000)                    (762,000)


Summary results of operations for the Egypt projects, which are accounted for
under the equity method, were as follows:

Balance Sheet
                            March 31,                   December 31,
                              2003                         2002
                          --------------              --------------

Total assets              $ 27,041,336                 $ 33,532,553
                         --------------               -------------

Members' equit            $ 19,767,046                $ 24,857,806
                         --------------               -------------


Statement of Operations
                                    Three Months Ended March 31,
                                   2003                           2002
                                   ----                           ----
Net Sales                     $   899,000                     $ 896,000
Cost of sales                     895,000                       664,000
Other expense                     569,000                       356,000
Net income (loss)                (566,000)                     (124,000)




Summary results of operations for the Synergics Projects, which are accounted
for under the equity method, were as follows:

Balance Sheet
                            March 31,                  December 31,
                              2003                        2002
                          ------------               ---------------

Total assets              $ 27,064,268                $ 28,733,768
                          ------------               ---------------

Members' equity           $ 21,173,848                $ 20,180,083
                          ------------               ---------------




                             Three Months Ended March 31,
                                      2003
                                      -----
Revenue                            $ 1,803,000
Operating expense                      809,000
Net income                             994,000



3.   New Accounting Standards and Disclosures

SFAS 142
In June 2001, the FASB issued SFAS 142,  Goodwill and Other  Intangible  Assets,
which  eliminates the  amortization  of goodwill and other  acquired  intangible
assets  with  indefinite  economic  useful  lives.  SFAS 142  requires an annual
impairment test of goodwill and other intangible  assets that are not subject to
amortization. Other intangible assets with definite economic lives will continue
to be amortized  over their useful  lives.  The Trust adopted SFAS 142 effective
January  1,  2002,  with  no  material  impact  on  the  consolidated  financial
statements.

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 144
In August  2001,  the FASB issued SFAS 144,  Accounting  for the  Impairment  or
Disposal of  Long-Lived  Assets,  which  replaces SFAS 121,  Accounting  for the
Impairment of Long-lived Assets and for Long-Lived Assets to Be Disposed Of. For
long-lived assets to be held and used, SFAS 144 retains the requirements of SFAS
121 to (a)  recognize  an  impairment  loss only if the  carrying  amount is not
recoverable from  undiscounted  cash flows and (b) measure an impairment loss as
the  difference  between the  carrying  amount and fair value of the asset.  For
long-lived  assets to be disposed of, SFAS 144  establishes a single  accounting
model based on the framework  established in SFAS 121. The accounting  model for
long-lived  assets to be disposed of by sale applies to all  long-lived  assets,
including discontinued operations and replaces the provisions of APB Opinion No.
30, Reporting the Results of Operations - Reporting the Effects of Disposal of a
Segment of a Business,  and  Extraordinary,  Unusual and Infrequently  Occurring
Events and  Transactions,  for the disposal of segments of a business.  SFAS 144
also broadens the reporting of discontinued  operations.  The Trust adopted SFAS
144  effective  January 1, 2002,  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  June 15,  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. 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 March 31,
2003,  the United  Kingdom  Landfill Gas Projects has borrowed  $4,031,139  from
PowerBank.

6. 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 March 31, 2003,  the Trust's  investment  in the
Egyptian projects  decreased by approximately  $638,000,  or 18%, as a result of
the decrease in exchange rate.

7. Related Party Transactions

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


                                     Due To                 Due From
                            ------------------------  ------------------------
                             March 31,   December 31,  March 31,   December 31,
                               2003         2002          2003        2002
                            ----------  -----------   ----------   ----------
Ridgewood Management ....   $     --     $     --     $   44,960   $   80,973
Ridgewood Renewable Power    1,658,918    1,265,862         --           --
Growth Fund .............      387,421      387,100         --           --
Synergics ...............    1,320,000    1,510,000         --           --
Maine Hydro .............         --           --        180,878      610,878
Maine Biomass ...........         --           --        900,244      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

Revenues  increased by $1,084,000,  from $1,683,000 in the first quarter of 2002
to  $2,767,000  in the first  quarter  of 2003.  The  increase  is due to the UK
Projects  increase in  production of $608,000,  resulting  from the expansion in
operating  capacity in 2003 in addition to the system  problems  experienced  in
2002,the  sale of  renewable  energy  credits of  $194,000  and the  increase in
currency translation of $282,000.

Gross loss  decreased  $325,000 to $128,000  in the first  quarter of 2003.  The
decrease  is a result  of the  increase  in  revenues  partially  offset  by the
increase in royalty expense related to the increase in production.

Equity  income  from the Maine  Hydro  Projects  decreased  $76,000 to a loss of
$58,000 for the first three  months of 2003.  The  decrease is due to the higher
insurance premiums and maintenance costs incurred in the first quarter of 2003.

The equity loss from the Maine Biomass  Projects  decreased from $381,000 in the
first  quarter of 2002 to $171,000 in the same period in 2003.  The  decrease in
the equity loss in the Maine Biomass  Projects is primarily  attributable to the
increase in revenue  derived  from the  transfer  of  renewable  energy  credits
produced in the fourth quarter of 2002.

The Trust recorded equity income from the Synergics  Projects of $290,000 in the
first  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  $63,000 from $17,000 in the
first quarter of 2002 to $80,000 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.

Interest  income  increased by $24,000 from $16,000 in the first quarter of 2002
to $40,000 in the first quarter of 2003 due to the higher average cash balances.
Interest expense increased by $55,000 from $412,000 in the first quarter of 2002
to  $467,000  in the  first  quarter  of  2003  due to  the  higher  outstanding
borrowings under the UK Projects construction advances.


Liquidity and Capital Resources

Cash provided by operating  activities for the three months ended March 31, 2003
was  $779,000 as compared to  $1,013,000  for the three  months  ended March 31,
2002.

Cash used in  investing  activities  decreased  to  $1,941,000  during the first
quarter of 2003 as compared to  $2,562,000  for the first  quarter of 2002.  The
decrease  is  primarily  due to the  Trust's  investments  in the Maine  Biomass
Projects and the Synergics Projects in 2002, $460,000, compared to $0 in 2003.

Cash provided by financing  activities for the three months ended March 31, 2003
was  $3,478,000 as compared to  $1,674,000  for the three months ended March 31,
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
         None.


<PAGE>



                                   SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant as 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-14 and 15d-14) for the registrant and we have:
    a) designed such disclosure controls and procedures to ensure that material
    information relating to the registrant, including its consolidated
    subsidiaries, is made known to us by others within those entities,
    particularly during the period in which this quarterly report is being
    prepared;

    b) evaluated the effectiveness of the registrant's disclosure controls and
    procedures as of a date within 90 days prior to the filing date of this
    quarterly report (the "Evaluation Date"); and

    c) presented in this quarterly report our conclusions about the
    effectiveness of the disclosure controls and procedures based on our
    evaluation as of the Evaluation Date;

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-14 and 15d-14) for the registrant and we have:
    a) designed such disclosure controls and procedures to ensure that material
    information relating to the registrant, including its consolidated
    subsidiaries, is made known to us by others within those entities,
    particularly during the period in which this quarterly report is being
    prepared;

    b) evaluated the effectiveness of the registrant's disclosure controls and
    procedures as of a date within 90 days prior to the filing date of this
    quarterly report (the "Evaluation Date"); and

    c) presented in this quarterly report our conclusions about the
    effectiveness of the disclosure controls and procedures based on our
    evaluation as of the Evaluation Date;

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