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 September 30, 2002

                         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.)

   947 Linwood Avenue, Ridgewood, New Jersey                07450-2939
   ------------------------------------------------------------------------
   (Address of principal executive offices)                 (Zip Code)

  (201) 447-9000 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

                               September 30, 2002



<PAGE>


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

Assets:                                            September 30,   December 31,
                                                       2002            2001
                                                   ------------    ------------
Cash and cash equivalents ......................   $  2,682,372    $  2,519,330
Accounts receivable, trade .....................      1,941,829       2,464,557
Due from affiliates ............................        253,150         435,823
Other current assets ...........................        460,343         334,859
                                                   ------------    ------------
      Total current assets .....................      5,337,694       5,754,569
                                                   ------------    ------------

Plant and equipment ............................     24,158,089      20,040,217
Construction in progress .......................      1,179,592            --
                                                   ------------    ------------
Total plant and equipment ......................     25,337,681      20,040,217
Less - Accumulated depreciation ................     (3,617,169)     (2,287,288)
                                                   ------------    ------------
      Plant and equipment, net .................     21,720,512      17,752,929
                                                   ------------    ------------

Electric power sales contracts
 and other intangibles .........................     21,933,709      19,891,901
Less - Accumulated amortization ................     (3,326,535)     (1,976,152)
                                                   ------------    ------------
     Electric power sales contracts
        and other intangibles, net .............     18,607,174      17,915,749
                                                   ------------    ------------

Investments:
    Maine Hydro Projects .......................      4,922,738       4,879,015
    Maine Biomass Projects .....................      4,831,717       4,830,991
    Egypt Projects .............................      3,668,816       3,836,912
    Synergics Projects .........................      5,869,109       5,869,109
    CLP Spanish Landfill Projects ..............      1,059,860         766,335
                                                   ------------    ------------
      Total assets .............................   $ 66,017,620    $ 61,605,609
                                                   ------------    ------------

Liabilities and shareholders' equity:
Liabilities:
Current portion of long-term debt ..............   $  1,200,215    $    609,550
Accounts payable and accrued expenses ..........      3,196,659       3,234,486
Due to affiliates ..............................      1,449,358         343,057
                                                   ------------    ------------
     Total current liabilities .................      5,846,232       4,187,093
                                                   ------------    ------------

Long-term debt, less current portion ...........     18,626,297      13,878,183
Deferred income taxes ..........................        813,542       1,081,202
Minority interest ..............................     10,699,135      10,408,841

Commitments and contingencies

Shareholders' equity:
    Shareholders' equity (932.8875 investor
     shares issued and outstanding) ............     30,486,129      32,483,826
    Managing shareholder's accumulated
     deficit (1 management share
       issued and outstanding) .................       (453,715)       (433,536)
                                                   ------------    ------------
      Total shareholders' equity ...............     30,032,414      32,050,290
                                                   ------------    ------------
      Total liabilities and shareholders' equity   $ 66,017,620    $ 61,605,609
                                                   ------------    ------------







        See accompanying notes to the consolidated financial statements.


<PAGE>



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


                            Nine Months Ended            Three Months Ended
                       ---------------------------  ---------------------------
                       September 30,  September 30, September 30,  September 30,
                            2002          2001            2002           2001
                        -----------    -----------    -----------    -----------

Revenues ............  $ 5,809,962    $ 4,416,136    $ 2,046,043    $ 1,514,394

Cost of sales .......    5,289,006      3,176,092      1,836,518      1,132,744
                        -----------    -----------    -----------    -----------

Gross profit ........      520,956      1,240,044        209,525        381,650


General and
 administrative
 expenses ...........      853,877        593,906        417,163        234,065
Management fee
 paid to
 managing
 shareholder ........    1,166,112      1,749,168           --          583,056
Research and
 development ........    1,206,822        238,776        509,599       (318,059)
                       -----------    -----------    -----------    -----------
  Total other
   operating
   expenses .........    3,226,811      2,581,850        926,762        499,062

Loss from
 operations .........   (2,705,855)    (1,341,806)      (717,237)      (117,412)

Other income
(expense):
  Interest income ...       57,194        139,788         22,750         39,632
  Interest expense ..   (1,162,922)      (788,271)      (377,826)      (293,008)
  Interest income
   from Synergics
   Projects .........         --          409,825           --          136,609
  Equity interest in
   Income(loss)from
    Maine Hydro
    Projects ........       43,723        (50,471)      (354,607)      (321,577)
   (Loss)income from
     Maine Biomass
     Projects .......     (324,274)      (269,680)       587,538        144,182
   Income(loss)from
    Egypt Projects ..     (104,756)       131,202        (74,574)        61,978
   Loss from CLP
    Spanish
    Landfill
    Projects ........      (32,309)          --          (23,998)          --
   Other income .....      147,158           --           (6,733)          --
                       -----------    -----------    -----------    -----------
     Other income
      (expense) net .   (1,376,186)      (427,607)      (227,450)      (232,184)
                       -----------    -----------    -----------    -----------

Loss before taxes ...   (4,082,041)    (1,769,413)      (944,687)      (349,596)

Income tax(benefit)
 expense ............     (331,414)        74,658       (498,759)      (131,297)
                       -----------    -----------    -----------    -----------

Loss before minority
 interest in net
 loss of
 consolidated
 subsidiaries .......   (3,750,627)    (1,844,071)      (445,928)      (218,299)

Minority interest
 in loss(earnings)
 of consolidated
 subsidiaries .......      916,105        (68,881)       176,758       (300,227)
                       -----------    -----------    -----------    -----------

Net loss ............  $(2,834,522)   $(1,912,952)   $  (269,170)   $  (518,526)
                       ===========    ===========    ===========    ===========



        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, 2001 ..............  $ 32,483,826    $   (433,536)   $ 32,050,290

Cumulative translation adjustment       808,480           8,166         816,646

Net loss for the year ...........    (2,806,177)        (28,345)     (2,834,522)
                                   ------------    ------------    ------------

Shareholders' equity,
 September 30, 2002 .............  $ 30,486,129        (453,715)   $ 30,032,414
                                   ------------    ------------    ------------






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


                          Nine Months Ended             Three Months Ended
                    ----------------------------  ----------------------------
                    September 30,  September 30,  September 30,  September 30,
                        2002            2001          2002           2001
                     -----------    -----------    -----------    -----------

Net loss .........   $(2,834,522)   $(1,912,952)   $  (269,170)   $  (518,526)

Cumulative
 translation
 adjustment ......       816,646       (572,814)       188,078        (37,604)
                     -----------    -----------    -----------    -----------

Comprehensive loss   $(2,017,876)   $(2,485,766)   $   (81,092)   $  (556,130)
                     -----------    -----------    -----------    -----------
















         See accompanying notes to the consolidated financial statements.


<PAGE>


Ridgewood Electric Power Trust V
Consolidated Statement of Cash Flows (unaudited)
--------------------------------------------------------------------------------
                                                       Nine Months Ended
                                                  ---------------------------
                                                  September 30,  September 30,
                                                       2002          2001
                                                   -----------    -----------
Cash flows from operating activities:
     Net loss ..................................   $(2,834,522)   $(1,912,952)
                                                   -----------    -----------
     Adjustments to reconcile net loss to
      net cash flows from operating
         activities:
       Depreciation and amortization ...........     2,189,639      1,447,302
       Minority interest in (loss)
        income of consolidated
         subsidiaries ..........................      (916,105)        68,881
       (Income) loss from Maine Hydro Projects .       (43,723)        50,471
       Loss from Maine Biomass Projects ........       324,274        269,680
       Loss from CLP Spanish Landfill Projects .        32,309           --
       Loss (income)  from Egypt Projects ......       104,756       (131,202)
       Interest income from Synergics Projects .          --         (409,825)
       Changes in assets and liabilities:
         Decrease (increase) in accounts
          receivable ...........................       672,579       (635,377)
         Decrease in due from affiliates .......       182,674        164,237
         (Increase) decrease in other
           current assets ......................      (125,484)       569,090
         (Decrease) increase in accounts payable
           and accrued expenses ................      (211,164)       937,519
         Increase (decrease) in deferred
          income taxes .........................      (331,414)        67,382
         Increase (decrease) in due to
          affiliates ...........................     1,106,301       (312,879)
                                                   -----------    -----------
         Total adjustments .....................     2,984,642      2,085,279
                                                   -----------    -----------
         Net cash provided by
          operating activities .................       150,120        172,327
                                                   -----------    -----------

Cash flows from investing activities:
     Capital expenditures ......................    (3,619,870)    (3,539,901)
     Purchase of power contract ................          --       (3,192,929)
       Investment in CLP Spanish
        Landfill Projects ......................      (255,608)          --
     Loans to Maine Biomass Projects ...........      (325,000)      (450,000)
     Distributions from Egypt Projects .........          --          899,982
                                                   -----------    -----------
         Net cash used in
          investing activities .................    (4,200,478)    (6,282,848)
                                                   -----------    -----------

Cash flows from financing activities:
     Contributions to United Kingdom
      Landfill Projects by
       minority interest .......................         4,491      3,466,950
     Borrowings under bank loan ................     4,022,063      2,680,582
                                                   -----------    -----------
         Net cash provided by
          financing activities .................     4,026,554      6,147,532
                                                   -----------    -----------

Effect of exchange rate on cash
  and cash equivalents .........................       186,846        (21,518)
Net increase in cash and cash equivalents ......       163,042         15,493

Cash and cash equivalents, beginning of year ...     2,519,330      4,731,081
                                                   -----------    -----------

Cash and cash equivalents, end of period .......   $ 2,682,372    $ 4,746,574
                                                   -----------    -----------


            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 2001 Annual  Report on Form
10-K,  which  should be read in  conjunction  with these  financial  statements.
Certain items in previously  issued financial  statements have been reclassified
for comparative purposes.

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.

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:

                         Nine Months Ended           Three Months Ended
                           September 30,                September 30,
                        2002          2001           2002           2001
                    -----------   -----------    -----------    -----------
Revenue .........   $ 2,538,000   $ 2,214,000    $   154,000    $   145,000
Operating expense     2,451,000     2,315,000        864,000        788,000
Net income (loss)        87,000      (101,000)      (710,000)      (643,000)

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

                          Nine Months Ended           Three Months Ended
                            September 30,                September 30,
                         2002           2001           2002          2001
                    -----------    -----------    -----------   -----------
Revenue .........   $ 5,938,000    $ 3,910,000    $ 3,405,000   $ 2,565,000
Cost of sales ...     5,739,000      3,567,000      1,905,000     1,857,000
Other expense ...       848,000        882,000        325,000       419,000
Net income (loss)      (649,000)      (539,000)     1,175,000       289,000

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

                         Nine Months Ended          Three Months Ended
                            September 30,             September 30,
                        2002           2001         2002            2001
                    -----------    -----------   -----------    -----------
Revenue .........   $ 4,352,000    $ 3,452,000   $ 2,058,000    $ 1,371,000
Cost of sales ...     3,838,000      2,163,000     2,064,000        870,000
Other expense ...     1,263,000        690,000       527,000        203,000
Net income (loss)      (749,000)       599,000      (533,000)       298,000


3.  Summary of Significant Accounting Policies

New Accounting Standards and Disclosures
SFAS 141
In June 2001, the Financial Accounting Standards Board ("FASB") issued Statement
of Financial  Accounting  Standards ("SFAS") 141, Business  Combinations,  which
eliminates   the   pooling-of-interest   method  of   accounting   for  business
combinations and requires the use of the purchase method. In addition,  SFAS 141
requires  the  reassessment  of  intangible  assets  to  determine  if they  are
appropriately  classified  either  separately  or within  goodwill.  SFAS 141 is
effective for business  combinations  initiated  after June 30, 2001.  The Trust
adopted  SFAS  141 on  July  1,  2001,  which  did not  have  an  impact  on the
consolidated financial statements.

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 on January
1, 2002, which did not have an 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
will  adopt  SFAS 143  effective  January  1,  2003 and has  assessed  that this
standard will not have a material impact on the Trust.

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 on  January  1,  2002,  which  did not have an  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 will adopt SFAS
145 effective  January 1, 2003 and has assessed that this standard will not have
a material impact on the Trust.

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  will  adopt  SFAS 146  effective  January  1, 2003 and has
assessed that this standard will not have a material impact on the Trust.


4.  Long-Term Debt

Following is a summary of United Kingdom Landfill Gas Projects long-term debt at
September 30, 2002 and December 31, 2001:

                          September 30,   December 31,
                              2002            2001
                          ------------    ------------
Bank loan payable .....   $ 19,826,512    $ 14,487,733
Less - Current maturity     (1,200,215)       (609,550)
                          ------------    ------------
Total long-term debt ..   $ 18,626,297    $ 13,878,183
                          ------------    ------------

The bank loan is  repayable  in semi  annual  installments  each  March 31st and
September 30th through September 30, 2010. The loan bears interest at LIBOR plus
2.25%  (4.069%  and  4.126%  at  September  30,  2002  and  December  31,  2001,
respectively).  The notes are  collateralized by substantially all of the assets
of the projects.  The increase in the loan balance is due to the borrowings used
for the  development of new projects in the United Kingdom as well as the effect
of the change in the foreign currency translation rate.

During the fourth  quarter of 1997,  the Trust and its principal bank executed a
revolving line of credit  agreement,  whereby the bank will provide a three year
committed  line of credit  facility of  $750,000  for  borrowings  or letters of
credit.  The credit  facility  was  extended  until July 31,  2002.  Outstanding
borrowings, which will be repaid prior to the expiration of the credit facility,
bear interest at the bank's prime rate or, at the Trust's choice,  at LIBOR plus
2.5%  (4.319%  and  4.376%  at  September   30,  2002  and  December  31,  2001,
respectively).  During  the  third  quarter  of 2002,  the  Trust  extended  its
revolving  line of credit  agreement  with its principal bank through August 31,
2002 and  subsequently  finalized a further  extension  until July 31, 2003. The
extension  expiring on August 31, 2002 provided the Trust with a committed  line
of credit of  $700,000,  while the credit  facility  through  July 31, 2003 will
provide a committed line of $593,000.  The credit agreement,  which will require
the Trust to  maintain  a ratio of total debt to  tangible  net worth of no more
than 1 to 1 and a minimum  debt service  coverage  ratio of 2 to 1, is currently
waived as long as the Trust  provides 100% cash  collateral  for any  borrowings
after December 31, 2002.  There were no outstanding  borrowings at September 30,
2002.  In October 2002,  the Trust  borrowed  $590,000  under the line of credit
facility.


5. Related Party Transactions

At September 30, 2002 and December 31, 2001, the Trust had outstanding payables
and receivables, with the following affiliates:

                              Due To                  Due From
                    ------------------------- --------------------------
                    September 30, December 31, September 30, December 31,
                         2002         2001         2002        2001
                      ----------   ----------   ----------   ----------
Ridgewood Power
 Management LLC ...   $     --     $  141,707   $   93,038   $     --
Ridgewood Power LLC         --           --          2,250         --
Ridgewood Power
 Growth Fund ......      362,143      181,832         --           --
Egypt Projects ....         --           --        152,863         --
Ridgewood Electric
 Power Trust IV ...         --           --           --        135,823
Maine Hydro .......      838,788         --           --        100,000
Maine Biomass .....      229,333         --           --        200,000
Other affiliates ..       19,094       19,518        4,999         --
                      ----------   ----------   ----------   ----------
         Total ....   $1,449,358   $  343,057   $  253,150   $  435,823
                      ----------   ----------   ----------   ----------

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.

 6. Income taxes

The Trust  recorded  a  provision  for United  Kingdom  ("UK")  income  taxes of
$167,345 for the six months ended June 30, 2002. Due to the net loss  recognized
through  September 30, 2002 and the capital  allowances  available  under UK tax
law,  the Trust  does not  expect  its UK  operations  to  record an income  tax
provision  for the year ended  December  31,  2002.  As a result of the  current
financial results,  the Trust recorded an income tax benefit of $331,414 and the
prior period  provision  was  accordingly  reversed.  At September  30, 2002 and
December  31,  2001,  the Trust had a deferred  tax  liability  of $813,542  and
$1,081,202, respectively.

7. Subsequent Event

Beginning in late 1999,  the Trust and The Ridgewood  Power Growth Fund ("Growth
Fund") (collectively "Ridgewood Power") began negotiations with Synergics,  Inc.
("Synergics")  to  buy  nine  existing  hydroelectric   generating  plants  (the
"Synergics  Projects").  In  the  course  of  negotiations  and  due  diligence,
Ridgewood  Power learned that one of  Synergics'  lenders had declared a payment
default  against  Synergics and that the lender had agreed to discharge the debt
at a  substantial  discount from the face amount if payment were made by the end
of April 2000.  In order to preserve  the benefit of the  lender's  offer and to
allow completion of the acquisition on favorable terms, the Trust and the Growth
Fund,  through a joint  venture,  acquired the debt from the lender on April 28,
2000 for a payment of $17 million to the lender.  The Trust  supplied $5 million
of the capital used by the joint venture to acquire the debt and the Growth Fund
supplied the remaining $12 million.  The Trust and the Growth Fund own the joint
venture in  proportion  to the capital each  supplied and neither has  preferred
rights over the other.

On November 22, 2002, through another joint venture owned in the same proportion
as the joint venture that  acquired the debt of Synergics,  the Trust and Growth
Fund  acquired  100%  of  the  outstanding   stock  of  Synergics.   The  former
shareholders  of Synergics  Inc.  received 100% of the  outstanding  shares of a
subsidiary  of  Synergics  in exchange for selling the stock of Synergics to the
Trust and Growth Fund.





<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, United
Kingdom Landfill Projects ("UK Projects") and Ridgewood Waterpure Corporation.
The Trust's investment in the Synergics Hydro projects is in the form of a note
receivable and, accordingly, the Trust's earnings are in the form of interest
income. The Trust uses the equity method of accounting for its investments in
the Maine Hydro Projects, Maine Biomass Projects, and the Egypt Projects.

Results of Operations

Three Months Ended September 30, 2002, Compared to the Three Months Ended
September 30, 2001

Revenues increased by $532,000, to $2,046,000 in the third quarter of 2002, as
compared to the third quarter of 2001. The increase in revenues is due to the
increase in the number of power producing facilities owned and operated by the
UK Projects as a result of the merger that was completed in the fourth quarter
of 2001.

Gross profit decreased from $382,000 for the three months ended September 30,
2001to $210,000 for the corresponding period of 2002. The decrease is attributed
to the increase in maintenance costs incurred to repair some of the UK Projects.

General and administrative expenses increased $183,000 in the third quarter of
2002 to $417,000. The increase in general and administrative expenses is a
result of the merger of operations of the UK projects in the fourth quarter of
2001. Prior to the merger, the Trust paid a third party non-affiliate to manage
and operate the UK Projects. As a result of the merger, the Trust now manages,
develops and operates the UK projects internally. The increase is also
attributable to bank fees incurred by the Trust in exploring possibilities of
obtaining a new credit line.

The management fee decreased $583,000 due to the managing shareholder waiving
the third quarter 2002 management fee.

In the third quarter of 2001 Ridgewood WaterPure's available cash ran out,
therefore, in October 2001, Ridgewood WaterPure filed under Chapter 7 of the
United States Bankruptcy Code to liquidate its assets. As a result of the
filing, the Trust reversed $318,000 of research and development costs it had
previously recognized. The reversal of these expenses brings the Trust's
valuation of its investment in Ridgewood WaterPure to zero. In the third quarter
of 2002, the UK Projects incurred $510,000 of developmental costs as a result of
the construction and development of new plants.

Interest income decreased by $17,000 from $40,000 in the third quarter of 2001
to $23,000 in the third quarter of 2002 due to lower average cash balances.
Interest expense increased by $85,000 from $293,000 in the third quarter of 2001
to $378,000 in the third quarter of 2002 due to the increase in borrowings under
the UK Projects credit line.

The Trust recorded interest income from the note related to the Synergics
Projects of $137,000 in the third quarter of 2001. During the second half of
2001, drought conditions affected many of the Synergics Projects, reducing
revenues and cash flows recorded by Synergics. As a result of these reduced cash
flows experienced by Synergics, the Trust ceased accruing interest effective as
of October 1, 2001.

The Trust recorded $62,000 of equity income related to the Egypt projects in the
third quarter of 2001 compared to $75,000 of losses in the third quarter of
2002. The loss in 2002 is attributed to the increase in maintenance and
depreciation expense as a result of the completion of facilities and their
operation, as compared to the prior year when some facilities were still under
construction.

The equity loss from the Maine Hydro Projects was comparable to the third
quarter of 2001. The loss is attributable to the low rainfall, normally
experienced during the summer months.

The equity income from the Maine Biomass Projects increased from $144,000 in the
third quarter of 2001 to $588,000 in the same period in 2002. The increase in
income from the Maine Biomass Projects is primarily attributable to the
renewable energy attributes revenue (discussed in more detail below) recognized
by the West Enfield plant. On May 9, 2002, the West Enfield plant and the
Jonesboro plant each filed an "Application for Statement of Qualification" with
the Massachusetts Division of Energy Resources (the "Division") to qualify as
new renewable electric generation facilities under the Massachusetts Renewable
Portfolio Standard Regulations ("RPS"). Pursuant to these regulations, qualified
renewable electric generation facilities produce renewable portfolio standard
attributes ("RPS Attributes") when they generate electricity. RPS Attributes are
then sold to and used by entities that are providing electricity to end-use
customers in Massachusetts. The RPS regulations, and the statute under which
they were promulgated, are intended to spur use and development of new renewable
generation facilities.

On July 8, 2002, the Trust received official notice from the Division that the
Application for Statement of Qualification filed pursuant to the Massachusetts
Renewable Energy Portfolio Standard Regulations ("Regulations") by both the
Jonesboro and West Enfield plants had been approved as of July 3, 2002. Pursuant
to such approval, the Division found that the Plants meet the eligibility
requirements of the Regulations and therefore may market and sell renewable
attributes associated with the electric generation of the Plants. Because the
West Enfield plant qualifies under the RPS, pursuant to the power sales
contract, Select Energy paid an additional amount for the RPS Attributes
associated with the electric energy it purchased from the West Enfield plant,
which amounted to approximately $929,000 for the third quarter of 2002. Because
the Trust received notification of its approval for qualification by the
Division in July 2002, the Trust recognized its share of the additional
revenues, which amounted to $1,113,000 for the first half of 2002, in the third
quarter as well.

In the third quarter of 2002 the Trust recorded an income tax benefit for its UK
projects of $446,000, compared to $131,000 for the third quarter of 2001. The
increase is due the larger net loss incurred in 2002 as well as the reversal of
the income tax provision recorded for the six months ended June 30, 2002.

Nine Months Ended September 30, 2002, Compared to the Nine Months Ended
September 30, 2001

Revenues increased by $1,394,000 to $5,810,000 for the first nine months of
2002, as compared to the same period of 2001. The increase in revenues is due to
the increase in the number of power producing facilities owned and operated by
the UK Projects as a result of the merger that was completed in the fourth
quarter of 2001.

Gross profit decreased from $1,240,000 for the nine months ended September 30,
2001 to $521,000 for the corresponding period of 2002. The decrease is
attributed to the increase in maintenance costs incurred to repair some of the
UK Projects.

General and administrative expenses increased $260,000 in the first nine months
of 2002 to $854,000. The increase in general and administrative expenses is a
result of the merger of operations of the UK Projects in the fourth quarter of
2001. Prior to the merger, the Trust paid a third party non-affiliate to manage
and operate the UK Projects. As a result of the merger, the Trust now manages,
develops and operates the UK Projects internally. The increase is also
attributable to bank fees incurred by the Trust in exploring possibilities of
obtaining a new credit line.

The management fee decreased $583,000, from $1,749,000 for the first nine months
of 2001 to $ 1,166,000 for the first nine months of 2002, due to the managing
shareholder waiving the third quarter 2002 management fee.

Research and development costs increased $968,000 to $1,207,000 for the first
nine months of 2002. In the first nine months of 2001, the Trust's Ridgewood
WaterPure subsidiary incurred $239,000 of research and development costs related
to its water distillation technology. As a result of Ridgewood WaterPure's
bankruptcy filing in the fourth quarter of 2001, no research and development
costs were incurred in 2002. In the first nine months of 2002, the UK Projects
incurred $1,207,000 of developmental fees as a result of the construction and
development of new plants. In 2001, the UK Projects did not incur development
costs since it did not develop and construct its plants but rather purchased
completed and operable facilities.

Interest income decreased by $83,000 from $140,000 in the first nine months of
2001 to $57,000 for the corresponding period of 2002, due to lower average cash
balances. Interest expense increased by $375,000 from $788,000 for the nine
months ended September 2001 to $1,163,000 for the nine months ended September
2002, due to the increase in borrowings under the UK Project's credit line.

The Trust recorded interest income from the note related to the Synergics
Projects of $410,000 in the first nine months of 2001. During the second half of
2001, drought conditions affected many of the Synergics Projects, reducing
revenues and cash flows recorded by Synergics. As a result of these reduced cash
flows experienced by Synergics, the Trust ceased accruing interest effective as
of October 1, 2001.

The Trust recorded $131,000 of equity income related to the Egypt projects for
the first nine months of 2001 compared to $105,000 of losses for the same period
of 2002. The loss in 2002 is attributed to the increase in maintenance and
depreciation expense as a result of the completion of facilities and their
operation, as compared to the prior year when some facilities were still under
construction.

Equity income from the Maine Hydro Projects increased by $94,000, to $44,000 in
the first nine months of 2002. The increase is due to the heavier rainfall
experienced in 2002.

The equity loss from the Maine Biomass Projects for the nine months ended
September 30, 2002 was $324,000 compared $270,000 for the corresponding period
of 2001. The equity loss recognized in 2002 is primarily due to the higher
maintenance fees incurred as a result of the West Enfield plant operating under
a normal full time schedule, as well as lower capacity revenues received by the
West Enfield and Jonesboro plants. As an offset to the higher maintenance fees
and lower capacity revenues, the West Enfield plant recorded $2,042,000 of
renewable energy attributes revenue based on its recent qualification.

On July 8, 2002, the Trust received official notice from the Division that the
Application for Statement of Qualification filed pursuant to the Massachusetts
Renewable Energy Portfolio Standard Regulations ("Regulations") by both the
Jonesboro and West Enfield plants had been approved as of July 3, 2002. Pursuant
to such approval, the Division found that the Plants meet the eligibility
requirements of the Regulations and therefore may market and sell renewable
attributes associated with the electric generation of the Plants. Because the
West Enfield plant qualifies under the RPS, pursuant to the power sales
contract, Select Energy paid an additional amount for the RPS Attributes
associated with the electric energy it purchased from the West Enfield plant,
which amounted to approximately $2,042,000 for the first nine months of 2002.

Other income increased by $147,000 in the first nine months of 2002 primarily
due to the proceeds received from the liquidation of the Santee River Rubber
Company, which filed for bankruptcy in 2000.

For the nine months ended September 30, 2002, the Trust recorded an income tax
benefit for its UK projects of $331,000, compared to income tax expense of
$75,000 for the corresponding period of the prior year. The income tax benefit
is due to the larger net loss incurred in 2002.

Liquidity and Capital Resources

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

Cash provided by operating activities for the nine months ended September 30,
2002 was comparable to the prior year, as a result of the increase in short-term
payables to affiliates and the decrease in accounts receivable, being offset by
the increase in net loss.

Cash used in investing activities decreased to $4,200,000 during the first nine
months of 2002 as compared to $6,283,000 for the first nine months of 2001. The
decrease is primarily due to the Trust purchasing more power plants in the
United Kingdom in 2001, $6,733,000, as compared to 2002, $3,620,000. The Trust
also made a lesser investment in the Maine Biomass Projects in 2002, $325,000,
as compared to $450,000 in 2001. As opposed to the $900,000 cash distribution
received from the Egypt Projects in 2001, there were no distributions received
in 2002. The Trust also made an additional investment of $256,000 in the CLP
Spanish Landfill Projects in 2002.

Cash provided by financing activities for the first nine months of 2002 was
$4,027,000 compared to a $6,148,000 in the first nine months of 2001. The
decrease in 2002 cash flow from financing activities is due to the $3,467,000
investment in the UK projects by the Ridgewood Power Growth Fund in 2001.

During the fourth quarter of 1997, the Trust and its principal bank executed a
revolving line of credit agreement, whereby the bank will provide a three year
committed line of credit facility of $750,000 for borrowings or letters of
credit. The credit facility was extended until July 31, 2002. Outstanding
borrowings, which will be repaid prior to the expiration of the credit facility,
bear interest at the bank's prime rate or, at the Trust's choice, at LIBOR plus
2.5% (4.319% and 4.376% at September 30, 2002 and December 31, 2001,
respectively). During the third quarter of 2002, the Trust extended its
revolving line of credit agreement with its principal bank through August 31,
2002 and subsequently finalized a further extension until July 31, 2003. The
extension expiring on August 31, 2002 provided the Trust with a committed line
of credit of $700,000, while the credit facility through July 31, 2003 will
provide a committed line of $593,000. The credit agreement, which will require
the Trust to maintain a ratio of total debt to tangible net worth of no more
than 1 to 1 and a minimum debt service coverage ratio of 2 to 1, is currently
waived as long as the Trust provides 100% cash collateral for any borrowings
after December 31, 2002. There were no outstanding borrowings at September 30,
2002. In October 2002, the Trust borrowed $590,000 under the line of credit
facility.

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, cash on hand and line of
credit will be sufficient to fund its obligations for the next twelve months.


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.

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 6. Exhibits and Reports on Form 8-K
(a)      Exhibits

                    None.

(b) Reports on Form 8-K

The following report on Form 8-K was filed in or for the three months ended
September 30, 2002:

In July 2002, the Trust filed a Current Report on Form 8-K to report that the
Trust received official notice that its Application for Statement of
Qualification filed pursuant to the Massachusetts Renewable Energy Portfolio
Standard Regulations for the Jonesboro and West Enfield plants (collectively the
Maine Biomass Projects) had been approved.



<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

December 4, 2002                 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: December 4, 2002


/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: December 4, 2002


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