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, 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

                                 March 31, 2002



















<PAGE>



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


Assets:                                             March 31,      December 31,
                                                      2002             2001
                                                  ------------    ------------
Cash and cash equivalents .....................   $  2,601,152    $  2,519,330
Accounts receivable, trade ....................      1,596,142       2,464,557
Due from affiliates ...........................        224,579         435,823
Other current assets ..........................        236,038         334,859
                                                  ------------    ------------

         Total current assets .................      4,657,911       5,754,569
                                                  ------------    ------------


Plant and equipment ...........................     19,737,851      20,040,217
Construction in progress ......................      2,083,324            --
                                                  ------------    ------------
Total plant and equipment .....................     21,821,175      20,040,217
Less - Accumulated depreciation ...............     (2,566,340)     (2,287,288)
                                                  ------------    ------------
      Plant and equipment, net ................     19,254,835      17,752,929
                                                  ------------    ------------

Electric power sales contracts and
 other intangibles ............................     19,560,244      19,891,901
Less - Accumulated amortization ...............     (2,234,947)     (1,976,152)
                                                  ------------    ------------
       Electric power sales contracts and other
        intangibles, net ......................     17,325,297      17,915,749
                                                  ------------    ------------

Investments:
    Maine Hydro Projects ......................      4,897,258       4,879,015
    Maine Biomass Projects ....................      4,775,106       4,830,991
    Egypt Projects ............................      3,783,824       3,836,912
    Synergics Projects ........................      6,004,109       5,869,109
    CLP Spanish Landfill Projects .............        744,777         766,335
                                                  ------------    ------------

         Total assets .........................   $ 61,443,117    $ 61,605,609
                                                  ------------    ------------

Liabilities and shareholders' equity:
Liabilities:
Current portion of long-term debt .............   $    598,926    $    609,550
Accounts payable and accrued expenses .........      3,619,717       3,234,486
Due to affiliates .............................        780,414         343,057
                                                  ------------    ------------
         Total current liabilities ............      4,999,057       4,187,093
                                                  ------------    ------------

Long-term debt, less current portion ..........     15,308,109      13,878,183
Deferred income taxes .........................      1,144,934       1,081,202
Minority interest .............................      9,786,015      10,408,841

Commitments and contingencies

Shareholders' equity:
    Shareholders' equity (932.8875 investor
      shares issued and outstanding) ..........     30,656,990      32,483,826
    Managing shareholder's accumulated deficit
     (1 management share issued and
       outstanding) ...........................       (451,988)       (433,536)
                                                  ------------    ------------

         Total shareholders' equity ...........     30,205,002      32,050,290
                                                  ------------    ------------
         Total liabilities and
          shareholders' equity ................   $ 61,443,117    $ 61,605,609
                                                  ------------    ------------







     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,
                                                       2002           2001
                                                   -----------    -----------

Revenues .......................................   $ 1,683,170    $ 1,990,662

Cost of sales, including depreciation and
 amortization of $537,847 and $564,288
  in 2002 and 2001 .............................     1,585,595      1,354,971
                                                   -----------    -----------

Gross profit ...................................        97,575        635,691

General and administrative expenses ............       210,224        165,055
Management fee paid to the managing shareholders       583,056        583,056
Research and development .......................       420,488        224,986
                                                   -----------    -----------

  Total other operating expenses ...............     1,213,768        973,097

Loss from operation ............................    (1,116,193)      (337,406)

Other income (expense):
   Interest income .............................        16,163         43,209
   Interest expense ............................      (412,324)      (192,072)
   Interest income from Synergics Projects .....          --          136,608
   Income from Maine Hydro Projects ............        18,243         19,120
   Loss from Maine Biomass Projects ............      (380,885)      (222,590)
   Income (loss) from Egypt Projects ...........       (17,411)         7,637
   Other expense ...............................       (50,521)          --
                                                   -----------    -----------
           Other income (expense), net .........      (826,735)      (208,088)
                                                   -----------    -----------

           Loss from operations ................    (1,942,928)      (545,494)

Income taxes ...................................        82,661        194,532
                                                   -----------    -----------

Loss before minority interest in net loss of
      consolidated subsidiaries ................    (2,025,589)      (740,026)

Minority interest in net loss of consolidated
      subsidiaries .............................       438,045         59,743
                                                   -----------    -----------

           Net loss ............................   $(1,587,544)   $  (680,283)
                                                   -----------    -----------



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

Net loss ........................    (1,571,669)        (15,875)     (1,587,544)

Cumulative translation adjustment      (255,167)         (2,577)       (257,744)
                                   ------------    ------------    ------------

Shareholders' equity,
 March 31, 2002 .................  $ 30,656,990    $   (451,988)   $ 30,205,002
                                   ------------    ------------    ------------





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

                                    Three Months Ended March 31,
                                    ---------------------------
                                       2002            2001
                                    -----------    -----------
Net loss ........................   $(1,587,544)   $  (680,283)

Cumulative translation adjustment      (257,744)      (704,246)
                                    -----------    -----------

Comprehensive loss ..............   $(1,845,288)   $(1,384,529)
                                    -----------    -----------























   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,
                                                         2002           2001
                                                     -----------    -----------
Cash flows from operating activities:
     Net loss ....................................   $(1,587,544)   $  (680,283)
                                                     -----------    -----------
     Adjustments to reconcile net loss to net cash
      flows from operating activities:
           Depreciation and amortization .........       537,847        564,288
           Minority interest in loss of
            consolidated subsidiaries ............      (438,045)        59,743
           Income from Maine Hydro Projects ......       (18,243)       (19,120)
           Loss from Maine Biomass Projects ......       380,885        222,590
          Loss from CLP Spanish Landfill Projects          8,207           --
          Interest income from Synergics Projects           --         (136,608)
          Loss (income) from Egypt Projects ......        17,411         (7,637)
          Changes in assets and liabilities:
             Decrease (increase) in accounts
              receivable .........................       826,285     (1,410,991)
             Decrease (increase) in due from
              affiliates .........................       211,245       (390,498)
             Decrease in other current assets ....        98,821        238,626
             Increase in accounts payable and
              accrued expenses ...................       455,974      1,366,209
             Increase in deferred income taxes ...        82,661        149,784
             Increase in due to affiliates .......       437,357       (626,304)
                                                     -----------    -----------
             Total adjustments ...................     2,600,405         10,082
                                                     -----------    -----------
         Net cash provided by (used in) operating
          activities .............................     1,012,861       (670,201)
                                                     -----------    -----------

Cash flows from investing activities:
     Capital expenditures ........................    (2,144,541)    (3,598,867)
     Investment in Synergics Projects ............      (135,000)          --
     Investment in Maine Biomass Projects ........      (325,000)          --
     Distributions from Egypt Projects ...........          --          399,983
                                                     -----------    -----------
         Net cash used in investing activities ...    (2,604,541)    (3,198,884)
                                                     -----------    -----------

Cash flows from financing activities:
     Borrowings under line of credit .............     1,673,502           --
     Contributions to United Kingdom Landfill
      Projects by minority interest ..............          --        3,437,131
                                                     -----------    -----------
         Net cash provided by financing
          activities .............................     1,673,502      3,437,131
                                                     -----------    -----------

Net increase (decrease) in cash and cash
  equivalents ....................................        81,822       (431,954)

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

Cash and cash equivalents, end of period .........   $ 2,601,152    $ 4,299,127
                                                     -----------    -----------

     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 2001 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.

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:

                           Three Months Ended
                                 March 31,
                              2002       2001
                           --------   --------
   Revenue .............   $790,000   $812,000
   Operating expense ...    754,000    774,000
   Net income ..........     36,000     38,000

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

                          Three Months Ended
                               March 31,
                          2002           2001
                      -----------    -----------
   Revenue ........   $ 1,766,000    $   538,000
   Cost of sales...     2,289,000        733,000
   Other expense...       239,000        250,000
   Net loss .......      (762,000)      (445,000)


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

                         Three Months Ended
                              March 31,
                          2002         2001
                       ---------    ---------
   Net Sales .......   $ 896,000    $ 916,000
   Cost of sales ...     664,000      619,000
   Other expense ...     356,000      270,000
   Net income (loss)    (124,000)      27,000


3. Related Party Transactions

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

                                       Due To                Due From
                                --------------------   ----------------------

                                March 31, December 31,  March 31, December 31,
                                  2002       2001         2002       2001
                                --------   --------     --------   --------

  Ridgewood Management ......   $ 28,800   $141,707     $     --   $    --
  Growth Fund ...............    197,917    181,832           --        --
  Trust IV ..................         --         --      135,823    135,823
  Maine Hydro ...............         --         --       71,479    100,000
  Maine Biomass .............    505,000         --         --      200,000
  Other affiliates ..........     48,697     19,518       17,277         --

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
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

Revenues decreased by $308,000, from $1,991,000 in the first quarter of 2001 to
$1,683,000 in the first quarter of 2002. The decrease is due from the United
Kingdom Landfill Projects generating less energy due to system problems
experienced in the first quarter of 2002.

Gross profit decreased $538,000 to $98,000 in the first quarter of 2002. The
decrease is a result of the decrease in revenues and an increase in maintenance
costs used to repair and return the facilities to normal operating performance.

Research and development costs increased $195,000 to $420,000 in 2002. In the
first quarter of 2001, the Trust's Ridgewood WaterPure subsidiary incurred
$224,000 of research and development costs related to its water distillation
technology. 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. In the first
quarter of 2002, the United Kingdom Landfill Projects incurred $420,000 of
developmental fees as a result of the construction and development of new
plants.

Equity income from the Maine Hydro Projects remained consistent with the first
quarter of 2001.

The equity loss from the Maine Biomass Projects increased from $223,000 in the
first quarter of 2001 to $381,000 in the same period in 2002. The increase in
the equity loss in the Maine Biomass Projects is primarily attributable to lower
capacity revenues in the first quarter of 2002 as compared to the same period in
2001. During the first quarter of 2002, the West Enfield plant was in operation,
while the Jonesboro plant was not. During the first quarter of 2001, both plants
were not in operation. 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 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.

If the West Enfield and Jonesboro plants qualify under the RPS, then, pursuant
to the power sales contract, Select Energy will also purchase and pay an
additional amount for the RPS Attributes associated with the electric energy it
purchased from the West Enfield plant. While the agreement with Select Energy is
only for a term of possibly five months, given the market and proposed supply of
renewable resources that can qualify for the RPS Attributes, the Trust believes
that the Maine Biomass Plants will be able to sell their RPS Attributes pursuant
to longer-term contracts. However, no negotiations regarding such contracts have
taken place.

The Trust recorded interest income from the note related to the Synergics
Projects of $137,000 in the first 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 $8,000 of net income related to the Egypt projects in 2001
compared to $17,000 of losses in 2002. The loss in 2002 is attributed to the
acquisition of Sinai Environmental Services ("Sinai"), which was completed in
the first quarter of 2002. Sinai's operating loss for the first quarter is due
to the high management fees charged by Sinai's previous managing shareholder.
The Trust's Egyptian subsidiary became the managing shareholder effective
February 16, 2002, when it increased its equity holdings by 25% for a total
ownership of 53%. As a result of the change in managing shareholders, Sinai's
net loss for the second half of the first quarter was approximately 38% lower
than the first half.

Interest income decreased by $27,000 from $43,000 in the first quarter of 2001
to $16,000 in the first quarter of 2002 due to lower average cash balances.
Interest expense increased by $220,000 from $192,000 in the first quarter of
2001 to $412,000 in the first quarter of 2002 due to the increase in borrowings
under the United Kingdom Landfill Projects's credit line.


Liquidity and Capital Resources

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.

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 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

May 20, 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)