FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OFTHE SECURITIES EXCHANGE ACT OF 1934.

                  For the quarterly period ended June 30, 1999

                         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

                                  June 30, 1999

<PAGE>

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


                                                 June 30,      December 31,
                                                  1999             1998
                                               ------------    ------------
                                                (unaudited)
Assets:
Cash and cash equivalents ..................   $ 24,575,852    $ 42,832,241
Due from affiliates ........................          9,713       1,165,140
Other current assets .......................        338,563         262,489
                                               ------------    ------------
  Total current assets .....................     24,924,128      44,259,870

Investments:
Maine Hydro Projects .......................      6,331,943       6,217,289
Maine Biomass Projects .....................      6,121,321       6,306,817
MetaSound Systems ..........................      2,073,362       2,447,413
Quantum Conveyor ...........................      2,974,202       3,096,170
UK Landfill Projects .......................     16,104,987            --
Santee River Rubber ........................      8,764,484       9,007,968

Deferred due diligence costs ...............      1,197,109         399,498
Other assets ...............................         46,218            --
                                               ------------    ------------
  Total assets .............................   $ 68,537,754    $ 71,735,025
                                               ------------    ------------

Liabilities and shareholders' equity:
Accounts payable and accrued expenses ......   $    175,959    $    194,531
Due to affiliates ..........................        219,132         593,582
                                               ------------    ------------
  Total current liabilities ................        395,091         788,113
                                               ------------    ------------

Minority interest ..........................      1,607,753       1,730,174

Commitments and contingencies

Shareholders' equity:
Shareholders' equity (950 shares
 issued and outstanding) ...................     66,662,038      69,315,887
Managing shareholder's accumulated deficit .       (127,128)        (99,149)
                                               ------------    ------------
  Total shareholders' equity ...............     66,534,910      69,216,738
                                               ------------    ------------
  Total liabilities and shareholders' equity   $ 68,537,754    $ 71,735,025
                                               ------------    ------------


          See accompanying notes to consolidated financial statements.

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


                           Six Months Ended             Three Months Ended
                       --------------------------    --------------------------
                          June 30,       June 30,      June 30,       June 30,
                            1999          1998          1999            1998
                       -----------    -----------    -----------    -----------
Revenue:
Interest income ....   $ 1,092,329    $ 1,601,073    $   478,303    $   775,944
Income from Maine
 Hydro Projects ....       654,661        687,540        117,526        361,010
Loss from Maine
 Biomass Projects ..      (410,497)      (311,033)      (242,094)       (43,176)
Income  from Santee
 River Rubber ......       129,605           --          125,571           --
Loss from Quantum
 Conveyor ..........      (129,752)          --         (119,043)          --
Loss from MetaSound       (427,463)          --         (178,824)          --
                       -----------    -----------    -----------    -----------
  Total revenue ....       908,883      1,977,580        181,439      1,093,778
                       -----------    -----------    -----------    -----------
Expenses:
Investment fee .....         6,500        303,368           --           42,595
Due diligence costs        101,988         19,169        101,988         19,169
Accounting and legal
 fees ..............        64,869         27,665         44,830         18,160
Management fee .....     1,263,522        472,432        662,320        472,432
Allocated management
 costs .............          --          238,989           --          100,528
Research and
 development .......       350,284           --          118,952           --
Miscellaneous ......        74,774         19,835         21,660         11,789
                       -----------    -----------    -----------    -----------
  Total expenses ...     1,861,937      1,081,458        949,750        664,673
                       -----------    -----------    -----------    -----------
Income (loss) from
 operations ........      (953,054)       896,122       (768,311)       429,105

Minority interest in
 loss of subsidiary        122,421           --          124,125           --
                       -----------    -----------    -----------    -----------
Net income (loss) ..   $  (830,633)   $   896,122    $  (644,186)   $   429,105
                       -----------    -----------    -----------    -----------


          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, 1998 ..   $ 69,315,887    $    (99,149)   $ 69,216,738

Capital contributions        116,100            --           116,100

Cash distributions ..     (1,947,622)        (19,673)     (1,967,295)

Net loss for the
period ..............       (822,327)         (8,306)       (830,633)
                        ------------    ------------    ------------
Shareholders' equity,
 June 30, 1999 ......   $ 66,662,038    $   (127,128)   $ 66,534,910
                        ------------    ------------    ------------



          See accompanying notes to consolidated financial statements.

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

                                                        Six Months Ended
                                                  -----------------------------
                                                      June 30,       June 30,
                                                        1999           1998
                                                  -----------------------------
Cash flows from operating activities:
Net (loss) income ..............................   $   (830,633)   $    896,122
                                                   ------------    ------------
Adjustments to  reconcile  net  income to net
 cash  flows  from  operating activities:
 Income from unconsolidated Maine Hydro Projects       (654,661)       (687,540)
 Loss from unconsolidated Maine Biomass Projects        410,496         311,033
 Loss from unconsolidated MetaSound Systems ....        427,463            --
 Loss from unconsolidated Quantum Conveyor .....        129,752            --
 Income from unconsolidated Santee River Rubber        (129,605)           --
 Minority interest in loss of consolidated
  subsidiary ...................................       (122,421)           --
 Changes in assets and liabilities:
  Decrease (increase) in due from affiliates ...      1,155,427        (174,831)
  Increase in other current assets .............        (76,074)       (193,218)
  Increase in other assets .....................        (46,218)           --
  Decrease in accounts payable and accrued
   expenses                                             (18,572)        (12,435)
 (Decrease) increase in due to affiliates ......       (374,450)        283,891
                                                   ------------    ------------
 Total adjustments .............................        701,137        (473,100)
                                                   ------------    ------------
 Net cash provided by (used in) operating
  activities ...................................       (129,496)        423,022
                                                   ------------    ------------
 Cash flows from investing activities:
  Loans to Maine Biomass Projects ..............       (225,000)       (250,000)
  Investment in UK Landfill Projects ...........    (16,104,987)           --
  Investment in MetaSound Systems ..............        (53,412)           --
  Investment in Quantum Conveyor ...............         (7,784)           --
  Distributions from Maine Hydro Projects ......        540,007            --
  Distributions from Santee River Rubber .......        373,089            --
  Deferred due diligence costs .................       (797,611)       (903,637)
                                                   ------------    ------------
  Net cash used in investing activities ........    (16,275,698)     (1,153,637)
                                                   ------------    ------------

 Cash flows from financing activities:
  Proceeds from shareholders' contributions ....        128,250      24,177,311
  Selling commissions and offering costs paid ..        (12,150)     (3,847,767)
  Cash distributions to shareholders ...........     (1,967,295)     (2,203,641)
                                                   ------------    ------------
  Net cash (used in) provided by financing
   activities ..................................     (1,851,195)     18,125,903
                                                   ------------    ------------

 Net increase in cash and cash equivalents .....    (18,256,389)     17,395,288

 Cash and cash equivalents, beginning of year ..     42,832,241      40,821,582
                                                   ------------    ------------
 Cash and cash equivalents, end of period ......   $ 24,575,852    $ 58,216,870
                                                   ------------    ------------


          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 financial  statements
contain all adjustments which consist of normal recurring adjustments, necessary
for the pair  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 financial statements included in
the 1998 Annual Report on Form 10-K,  which should be read in  conjunction  with
these  financial  statements.  The year-end  balance sheet data was derived from
audited financial  statements,  but does not include all disclosures required by
generally accepted accounting principles.

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.  Maine Biomass Projects

In the first six  months of 1999,  the Trust  loaned  $225,000  to Indeck  Maine
Energy,  L.L.C.  ("Maine Biomass  Projects").  The loan is in the form of demand
notes that bear  interest at 5% per annum.  Ridgewood  Electric  Power Trust IV,
which owns an  identical  preferred  membership  interest  in the Maine  Biomass
Projects,  also made identical  loans to the Maine Biomass  Projects.  The other
Maine Biomass  Project  members also loaned  $450,000 in the first six months of
1999 to the Maine Biomass Projects with the same terms.

The Maine  Biomass  Projects  were  operated  by  Indeck  Operations,  Inc.,  an
affiliate of the members of the Maine Biomass  Projects.  The annual  operator's
fee is  $300,000,  of which  $200,00  is  payable  contingent  upon  the  Trusts
receiving their cumulative annual return. The management agreement had a term of
one year and  automatically  continued  for  successive  one year terms,  unless
canceled by either the Maine  Biomass  Projects or Indeck  Operations,  Inc. The
Maine Biomass Projects  exercised their right to terminate the contract of March
1, 1999 because certain  preferred  membership  interest  payments have not been
made.  Under an Operating  Agreement with the Trust,  Ridgewood Power Management
Corporation  ("Ridgewood  Management"),   an  entity  related  to  the  managing
shareholder  through  common  ownership,  will provide  management,  purchasing,
engineering, planning and administrative services to the Maine Biomass Projects.
Ridgewood Management charges the projects at its cost for these services and for
the allocable amount of certain overhead items.  Allocations of costs are on the
basis of  identifiable  direct  costs,  time records or in proportion to amounts
invested in projects.

3.  Combined Landfill Projects

On June 30, 1999, a newly-created  subsidiary of the Trust purchased 100% of the
equity in four  operating  landfill  gas  power  plant and one plant in the late
stages  of  development  located  in  Great  Britain.  The  purchase  price  was
$16,104,987.  The  Trust has the  right to  develop  and  construct  another  20
landfill  gas plants in Great  Britain.  The  estimated  cost of the  package of
completed plants and the 20 developmental sites, if all the developmental plants
are built and the Trust elects to acquire them, is $36 to $38 million. The Trust
expects to supply the first $19 million and The  Ridgewood  Power Growth Fund, a
similar  investment  program  managed by managing  shareholder,  will supply the
remainder of the  development  equity.  To the extent that The  Ridgewood  Power
Growth Fund  supplies  capital,  it will  receive an  undivided  interest in the
entire package of operating and developmental projects.

The first five plants have an installed  capacity of 14.5 megawatts and sell the
electricity  under a 17 year  contract  to a  quasi-autonomous  non-governmental
organization that purchases electricity generated by renewable sources on behalf
of all English utilities.  The first five projects have been or will be financed
with a total of $16.6 million of long-term  bank debt, in addition to the equity
interest purchased by the Trust.

4.       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:

                               Six months ended June 30,
                                     1999        1998
Total revenue ...............   $2,861,095    3,037,670
Depreciation and amortization      550,907      544,715
Income from operations ......    1,349,818    1,380,957
Net income ..................    1,309,321    1,396,401

Summary  results  of  operations  for the  Maine  Biomass  projects,  which  are
accounted for under the equity method, were as follows:
                               Six months ended June 30,
                                    1999        1998
Total revenue ...............   $ 575,230      646,167
Depreciation and amortization      90,415       90,415
Loss from operations ........    (774,807)    (617,015)
Net loss ....................    (820,995)    (626,815)


<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 only the accounts of the Trust and
its majority owned subsidiary,  Ridgewood WaterPure Corporation.  The Trust uses
the equity method of accounting for its investments in the Maine Hydro Projects,
the Maine Biomass  Projects,  the Santee River Rubber  Project,  the UK Landfill
Projects, Quantum Conveyors and MetaSound Systems, over which the Trust does not
exercise control.

Results of Operations

In the  second  quarter of 1999,  the Trust had total  revenue  of  $181,000,  a
decline of $913,000 from total revenue of $1,094,000 in the same period in 1998.
For the first six months of 1999,  the Trust had total  revenue of  $909,000,  a
decline of  $1,069,000  from total  revenue of  $1,978,000 in the same period in
1998.

Interest income declined by $298,000 from $776,000 in the second quarter of 1998
to $478,000 in the second  quarter of 1999 due to lower  average cash  balances.
Interest  income  also  declined by $509,000  from  $1,601,000  in the first six
months of 1998 to $1,092,000 in the same period of 1999 due to the lower average
cash balances.

Equity  income  from the Maine Hydro  Projects  decreased  from  $361,000 in the
second  quarter  of 1998 to  $118,000  in the same  period  in 1999 due to lower
production  because of  below-average  river  flows.  However,  river flows were
higher than  average in the first three months of 1999  resulting in  comparable
results  for the first six months of 1999 and 1998  ($655,000  for the first six
months of 1999 compared to $688,000 for the first six months of 1998).

The equity loss from the shut-down Maine Biomass Projects increased from $43,000
in the  second  quarter of 1998  ($311,000  for the first six months of 1998) to
$242,000  in the second  quarter of 1999  ($410,000  for the first six months of
1999) due to lower  revenues  from the sale of installed  capacity at the plants
and  additional  maintenance  costs  incurred  to prepare the plants for limited
summer operations.

The Trust  recorded  income from its equity  interest in the Santee River Rubber
project of $126,000 and  $130,000 in the second  quarter and first six months of
1999, respectively.  The Trust acquired its investment in Santee River Rubber in
the third quarter of 1998.

The Santee  River  Rubber  project is expected to begin  operations  in the last
quarter of 1999.

The Trust  recorded  losses of $179,000 and  $427,000 in the second  quarter and
first six months of 1999, respectively, equal to its share of losses incurred at
MetaSound Systems. The Trust acquired a minority interest in that company in the
fourth quarter of 1998.

The Trust  recorded  losses of $119,000 and  $129,000 in the second  quarter and
first six months of 1999, respectively, equal to its share of losses incurred at
Quantum Conveyors. The Trust acquired a minority interest in that company in the
third quarter of 1998.

The Trust  recorded  $7,000 of  investment  fees from  subscriptions  receivable
collected  in the first  quarter  of 1999 and none in the  second  quarter.  The
decline from the higher 1998 levels reflects the closing of the Trust's offering
in April  1998.  In the second  quarter  and first six months of 1999,  the most
significant   expense  was  the  management  fee  of  $662,000  and  $1,264,000,
respectively,  (2.5%  annually  of  capital  contributions),  which  began to be
charged at the  termination  of the offering in April 1998.  This fee supersedes
reimbursements  for  project  management  services  (computed  at  cost  or  the
allocable  amount  of  certain  overhead  expenses)  provided  by  the  Managing
Shareholder, which totaled $101,000 and $239,000 in the second quarter and first
six months of 1998, respectively.

In the  second  quarter  and first six  months of 1999,  the  Trust's  Ridgewood
WaterPure subsidiary incurred $350,000 and $119,000,  respectively,  of research
and development costs related to its water  distillation  technology.  The Trust
acquired approximately 54% of Ridgewood WaterPure's  outstanding common stock in
the fourth quarter of 1998.

Liquidity and Capital Resources

In 1997,  the Trust and Fleet Bank,  N.A. (the "Bank")  entered into a revolving
line of credit agreement,  whereby the Bank provides a three year committed line
of credit  facility of $1,150,000.  Outstanding  borrowings bear interest at the
Bank's  prime rate or, at the  Trust's  choice,  at LIBOR plus 2.5%.  The credit
agreement  requires  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. The credit facility was obtained in order to allow the Trust to operate using
a minimum amount of cash,  maximize the amount invested in Projects and maximize
cash distributions to shareholders. There have been no borrowings under the line
of credit in 1999.

On June 30, 1999, the Trust entered into  agreements  with the  stockholders  of
Combined  Landfill  Projects Limited ("CLP"),  of London,  England,  for a $16.1
million  purchase of 100% of the equity interest in four operating  landfill gas
power  plants and one plant in the late stages of  construction,  as well as the
rights to develop and construct another 20 landfill gas plants in Great Britain.
The estimated cost of the package of completed  plants and the 20  developmental
sites, if all the  developmental  plants are built,  is $36 to $38 million.  The
Trust will supply the first $19 million of the purchase price and  developmental
equity and The  Ridgewood  Power  Growth  Fund (the  "Growth  Fund'),  a similar
investment  program  sponsored  by the  Managing  Shareholder,  will  supply the
remainder  of the  developmental  equity.  To the extent  that the  Growth  Fund
supplies capital, it will receive an undivided interest in the entire package of
operating and developmental projects.

Other  than  investments  of  available  cash  in  power  generation   Projects,
obligations of the Trust are generally  limited to payment of Project  operating
expenses, payment of a management fee to the Managing Shareholder,  payments for
certain  accounting  and legal  services to third persons and  distributions  to
shareholders  of  available   operating  cash  flow  generated  by  the  Trust's
investments.  The Trust's  policy is to distribute as much cash as is prudent to
shareholders.  Accordingly,  the Trust has not  found it  necessary  to retain a
material amount of working  capital.  The amount of working capital  retained is
further reduced by the availability of the line of credit facility.

The  Trust  anticipates  that,  during  1999,  its cash  flow  from  operations,
unexpended  offering  proceeds and line of credit  facility  will be adequate to
fund its obligations.

Year 2000 remediation

Please refer to the Trust's disclosures at Item 7 - Management's  Discussion and
Analysis  of its Annual  Report on Form 10-K for 1998 for a  discussion  of year
2000 issues affecting the Trust.  Since that report was filed, the only material
change in the Trust's year 2000  compliance  is that the changes to the Managing
Shareholder's  investor  distribution  system have been  completed.  No material
changes in the Trust's remediation efforts or its plans for year 2000 compliance
have occurred.

<PAGE>
                           PART II - OTHER INFORMATION

Item 5. Other Information

Ridgewood Power  Corporation has been the managing  shareholder of the Trust. It
organized  the Trust and acted as managing  shareholder  until April 1999. On or
about  April 20,  1999 it was  merged  into  Ridgewood  Power  LLC, a New Jersey
limited  liability  company,  which thus became the Managing  Shareholder of the
Trust. Ridgewood Power LLC was organized in early April 1999 and has no business
other than acting as the successor to Ridgewood Power  Corporation.  No material
change in the Trust's operations or business will result from the merger.

Robert E. Swanson has been the President,  sole director and sole stockholder of
Ridgewood Power  Corporation since its inception in February 1991 and is now the
controlling member, sole manager and President of the Managing Shareholder.  Mr.
Swanson  currently is the sole equity owner of the Managing  Shareholder  but is
considering a transfer of 53% of the equity  ownership to two family trusts.  If
that  transfer is made, he will have the power on behalf of those trusts to vote
or dispose of the membership equity interests owned by them and accordingly will
continue to have sole control of the Managing Shareholder.  Further, Mr. Swanson
is designated as the sole manager of the Managing  Shareholder  in its operating
agreement.

Ridgewood Power LLC is also the managing  shareholder of the other five business
trusts   organized  by  Ridgewood  Power   Corporation  to  participate  in  the
independent electric power industry.

Similarly,  Ridgewood  Power  Management  Corporation,  which  operates  certain
Projects  on behalf of the Trust,  was merged on or about  April 20, 1999 into a
new New Jersey limited  liability  company,  Ridgewood Power Management LLC. The
ownership and control of Ridgewood Power Management LLC are the same as those of
Ridgewood  Power LLC and its only  business is to be the  successor to Ridgewood
Power  Management  Corporation.  No  material  change  in the  operation  of the
Projects is expected as a result of that merger.

<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





August 13, 1999                  By /s/ Martin V. Quinn
Date                                Martin V. Quinn
                                    Senior Vice  President  and Chief  Financial
                                    Officer (signing on behalf of the Registrant
                                    and as principal financial officer)