RIDGEWOOD ELECTRIC POWER TRUST V
947 LINWOOD AVENUE
RIDGEWOOD, NEW JERSEY 07450-2939
TEL. (201) 447-9000


May 14, 2001


Securities and Exchange Commission
Washington, D.C. 20549

Dear Commission:

Pursuant to the  requirements  of the  Securities  Exchange Act of 1934,  we are
transmitting  herewith  a  Quarterly  Report on Form 10-Q for the  period  ended
March 31, 2001.

If you have any questions, please contact the undersigned or our counsel, Daniel
V. Gulino, at this office.

Sincerely,

RIDGEWOOD ELECTRIC POWER TRUST V

/s/Christopher I. Naunton
Christopher I. Naunton, Vice President
 and Chief Financial Officer


<PAGE>

                                    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, 2001

                         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, 2001



















<PAGE>


Ridgewood Electric Power Trust V
Consolidated Balance Sheet
--------------------------------------------------------------------------------

                                                  March 31, 2001   December 31,
Assets:                                              (unaudited)      2000
                                                   ------------    ------------
Cash and cash equivalents ......................   $  4,299,127    $  4,731,081
Accounts receivable ............................      1,879,831         538,183
Due from affiliates ............................        554,735         164,237
Other current assets ...........................        474,106         712,732
                                                   ------------    ------------
         Total current assets ..................      7,207,799       6,146,233
                                                   ------------    ------------

Plant and equipment ............................     15,826,921      12,928,899
Less - Accumulated depreciation ................     (1,411,812)     (1,022,536)
                                                   ------------    ------------
      Plant and equipment, net .................     14,415,109      11,906,363
                                                   ------------    ------------

Electric power sales contract ..................     10,462,055      10,956,161
Less - Accumulated amortization ................     (1,409,224)     (1,234,212)
                                                   ------------    ------------
       Electric power sales contract, net ......      9,052,831       9,721,949
                                                   ------------    ------------
Investments:
    Maine Hydro Projects .......................      5,366,068       5,346,948
    Maine Biomass Projects .....................      5,262,697       5,485,287
    Egypt Projects .............................      5,928,985       6,299,001
    Synergics, Inc. ............................      5,595,892       5,459,284
                                                   ------------    ------------
   Total assets ................................   $ 52,829,381    $ 50,365,065
                                                   ------------    ------------

Liabilities and shareholders' equity:
Liabilities:
Current portion of long-term debt ..............   $    590,423    $    622,386
Accounts payable and accrued expenses ..........      2,026,218         903,579
Due to affiliates ..............................         19,518         645,822
                                                   ------------    ------------
   Total current liabilities ...................      2,636,159       2,171,787
                                                   ------------    ------------

Long-term debt, less current portion ...........      9,117,821       9,215,778
Deferred income taxes ..........................        914,685         764,901
Minority interest ..............................      3,805,905         473,259

Commitments and contingencies

Shareholders' equity:
    Shareholders' equity (932.8875
     investor shares issued and
     outstanding) ..............................     36,783,458      38,154,142
    Managing shareholder's accumulated
     deficit (1 management share
     issued and outstanding) ...................       (428,647)       (414,802)
                                                   ------------    ------------
   Total shareholders' equity ..................     36,354,811      37,739,340
                                                   ------------    ------------
   Total liabilities and shareholders' equity ..   $ 52,829,381    $ 50,365,065
                                                   ------------    ------------

          See accompanying notes to consolidated financial statements.

<PAGE>
Ridgewood Electric Power Trust V
Consolidated Statement of Operations (unaudited)
--------------------------------------------------------------------------------

                                                       Three Months Ended
                                                     --------------------------
                                                   March 31, 2001 March 31, 2000
                                                     -----------    -----------

Revenues .........................................   $ 1,990,662    $      --

Cost of sales ....................................     1,354,971           --
                                                     -----------    -----------

Gross margin .....................................       635,691           --

General and administrative expenses ..............       165,055         49,010
Management fee paid to the
 managing shareholders ...........................       583,056        508,189
Research and development .........................       224,986        297,377
                                                     -----------    -----------
  Total other operating expenses .................       973,097        854,576

Loss from operation ..............................      (337,406)      (854,576)

Other income (expense):
   Interest income ...............................        43,209         95,216
   Interest expense ..............................      (192,072)          --
   Interest income from Synergics Projects .......       136,608           --
   Income from Maine Hydro Projects ..............        19,120        255,517
   Loss from Maine Biomass Projects ..............      (222,590)       (69,816)
   Loss from MetaSound Systems ...................          --         (381,563)
   Income from Quantum Conveyor ..................          --            2,011
   Loss from Santee River Rubber Project .........          --         (163,696)
   Income (loss) from Egypt Projects .............         7,637        (49,440)
   Loss from Mediterranean Fiber Optic Project/GFG          --          (49,924)
   Income from United Kingdom Landfill Projects ..          --          391,165
   Writedown of investment in GFG ................          --       (1,447,746)
                                                     -----------    -----------
           Other income (expense) net ............      (208,088)    (1,418,276)
                                                     -----------    -----------

           Loss from operations ..................      (545,494)    (2,272,852)

Income taxes .....................................       194,532           --
                                                     -----------    -----------

Loss before minority interest in net loss of
      consolidated subsidiaries ..................      (740,026)    (2,272,852)

Minority interest in net loss of consolidated
      subsidiaries ...............................        59,743        118,023
                                                     -----------    -----------

           Net loss ..............................   $  (680,283)   $(2,154,829)
                                                     -----------    -----------



          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, 2000 ..............  $ 38,154,142    $   (414,802)   $ 37,739,340

Net loss ........................      (673,480)         (6,803)       (680,283)

Cumulative translation adjustment      (697,204)         (7,042)       (704,246)
                                   ------------    ------------    ------------

Shareholders' equity,
 March 31, 2001 .................  $ 36,783,458    $   (428,647)   $ 36,354,811
                                   ------------    ------------    ------------





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

                                   Three Months Ended March 31,
                                    --------------------------
                                       2001           2000
                                    -----------    -----------
Net loss ........................      (680,283)   $(2,154,829)

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

Comprehensive loss ..............   $(1,384,529)   $(2,154,829)
                                    -----------    -----------














          See accompanying notes to consolidated financial statements.


<PAGE>


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


                                                    Three Months Ended
                                                -----------------------------
                                                 March 31,         March 31,
                                                    2001             2000
                                                ------------    ------------
Cash flows from operating activities:
Net loss ....................................   $   (680,283)   $ (2,154,829)
                                                ------------    ------------
Adjustments to  reconcile  net  income to net
 cash  flows  from  operating activities:
Depreciation and amortization ...............        564,288            --
Minority interest in income (loss) of
 consolidated subsidiaries ..................         59,743        (118,023)
 Income from Maine Hydro Projects ...........        (19,120)       (255,517)
 Loss from Maine Biomass Projects ...........        222,590          69,816
 Loss from MetaSound Systems ................           --           381,563
 (Income) loss from Quantum Conveyor ........           --            (2,011)
 Loss from Santee River Rubber Project ......           --           163,696
 Interest income from Synergics Projects ....       (136,608)           --
 (Income) loss from Egypt Projects ..........         (7,637)         49,440
 Loss from Mediterranean Fiber Optic
  Project/GFG ...............................           --            49,924
 Income from United Kingdom Landfill Projects           --          (391,165)
 Writedown of investment in GFG .............           --         1,447,746
 Changes in assets and liabilities:
  Decrease in accounts receivable ...........     (1,410,991)           --
  Increase in due from affiliates ...........       (390,498)           --
  Decrease in other current assets ..........        238,626          33,089
  Decrease in accounts payable and accrued
   expenses .................................      1,366,209        (101,727)
  Decrease in deferred income taxes .........        149,784            --
  Decrease in due to affiliates .............       (626,304)        (71,918)
                                                ------------    ------------
Total adjustments ...........................         10,082       1,254,913
                                                ------------    ------------
Net cash used in operating activities .......       (670,201)       (899,916)
                                                ------------    ------------
Cash flows from investing activities:
 Capital expenditures .......................     (3,598,867)           --
 Investment in Egypt Projects ...............           --          (865,887)
 Distributions from Egypt Projects ..........        399,983            --
 Deferred due diligence costs ...............           --           (10,951)
                                                ------------    ------------
Net cash used in investing activities .......     (3,198,884)       (876,838)
                                                ------------    ------------
Cash flows from financing activities:
Contributions to United Kingdom Landfill
 Projects by minority interest ..............      3,437,131            --
Cash distributions to shareholders ..........           --          (988,370)
                                                ------------    ------------
Net cash provided by (used in)
  financing activities ......................      3,437,131        (988,370)
                                                ------------    ------------

Net decrease in cash and cash equivalents ...       (431,954)     (2,765,124)

Cash and cash equivalents, beginning of year       4,731,081      14,759,184
                                                ------------    ------------
Cash and cash equivalents, end of period ....   $  4,299,127    $ 11,994,060
                                                ------------    ------------

          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 2000 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,
                                   2001         2000
                                ----------   ----------
Total revenue ...............   $  812,000   $1,346,000
Depreciation and amortization      277,000      280,000
Net income ..................       38,000      511,000

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,
                                  2001          2000
                                ---------    ---------
Total revenue ...............   $ 538,000    $ 582,000
Depreciation and amortization      13,000       13,000
Net loss ....................    (445,000)    (140,000)


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

                 Three Months Ended March 31,
                       2001      2000
                    --------   --------
Total revenue ...   $916,000   $   --
Net income (loss)     27,000    (97,000)

Summary  results of  operations  for the UK Landfill  Gas  projects,  which were
accounted for under the equity method in 2000, were as follows:

                        Three Months Ended March 31,
                                   2000
                                 ---------
Total revenue ...............   $1,531,000
Depreciation and amortization      387,000
Net income ..................      391,000


<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, Santee River Rubber Project, Quantum Conveyor,  MetaSound Systems, the
Egypt Projects and the Mediterranean Fiber Optic Project/GFG.

Through  December 31, 2000,  the Trust used the equity method of accounting  for
its investment in the United Kingdom  Landfill  Projects  because its ability to
exercise  control over these  projects  was expected to be temporary  due to the
anticipated  investment in these  projects by the Growth Fund.  Due to delays in
construction of the additional  landfill gas plants,  the Growth Fund elected to
invest some of its funds in unrelated  projects.  As a result, the Trust expects
to maintain  control over the projects.  As a result,  effective on December 31,
2000,  the Trust began to account  for these  projects  using the  consolidation
method of accounting.

Results of Operations

Project                                           2001        2000
---------------------------------               --------     -------

Maine Hydro Projects ............         (2)     19,000     256,000
Maine Biomass Projects ..........         (2)   (223,000)    (70,000)
Mediterranean Fiber Optic Project         (2)       --       (50,000)
Synergics Projects ..............         (3)    137,000        --
Egypt Projects ..................         (2)      8,000     (49,000)
Quantum Conveyor ................         (2)       --         2,000
Santee River Rubber Project .....         (2)       --      (164,000)
MetaSound Sytems ................         (2)       --      (382,000)
United Kingdom Landfill Projects          (1)    154,000     391,000

(1) Earnings, net of minority interest, in 2001. Equity interest in loss of the
     project in 2000.
(2) Equity interest in the project.
(3) Interest income

Equity income from the Maine Hydro Projects  decreased $237,000 from $256,000 in
the first  quarter of 2000 to $19,000 in the same  period in 2001,  due to lower
production  because of  significantly  below-average  river  flows in 2001.  The
equity loss from the shut-down Maine Biomass Projects  increased from $70,000 in
the first  quarter  of 2000 to  $223,000  in the same  period in 2001 due to the
expenses  of  staffing  and  preparing  the West  Enfield  plant  for full  time
operation beginning in the second quarter of 2001.

The Trust  recorded  interest  income  from the note  related  to the  Synergics
Projects of $137,000. The Trust acquired the note in April 2000.

The Trust  recorded  $7,000 of net income  related to the Egypt projects in 2001
compared  to $49,000 of losses in 2000.  In 2000,  the  majority  of projects in
Egypt were in the  development  stage  whereas in 2001,  the  majority  of these
projects were in operation.

The Trust recorded losses of $50,000 in 2000,  related to its investment in GFG.
GFG was not able to develop the planned  Mediterranean  Fiber Optic  Project and
subsequently  ceased  operations  in  2000.  The  Trust's  losses  from  Quantum
Conveyor,  the Santee River Rubber Project and MetaSound Systems recorded in the
first quarter of 2000 did not recur  because these  projects were written off by
the Trust in the second half of 2000.

The Trust  recorded  consolidated  income of  $154,000  from the United  Kingdom
Landfill  Projects in the first  quarter of 2001  compared  to equity  income of
$391,000 due to lower electric revenue caused by decreased gas production at the
projects.

Except for the $1,447,746  writedown of its investment in GFG, other Trust-level
expenses in 2001 were comparable to 2000.

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,  a decrease of $73,000 from the $297,000  incurred in
the first quarter of 2000.

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  anticipates  that its cash flow  during 2001 will be adequate to fund
its obligations.

Forward-looking statement advisory

This Quarterly  Report on Form 10-Q, as with some other  statements  made by the
Trust  from  time to time,  has  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 14, 2001                     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)