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


August 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
June 30, 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 June 30, 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

                                  June 30, 2001



<PAGE>


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

                                                     June 30,      December 31,
Assets:                                               2001            2000
                                                   ------------    ------------
Cash and cash equivalents ......................   $  3,936,429    $  4,731,081
Accounts receivable ............................      1,539,753         538,183
Due from affiliates ............................        354,144         164,237
Other current assets ...........................        151,558         712,732
                                                   ------------    ------------
 Total current assets ..........................      5,981,884       6,146,233
                                                   ------------    ------------

Plant and equipment ............................     15,806,205      12,928,899
Less - Accumulated depreciation ................     (1,700,598)     (1,022,536)
                                                   ------------    ------------
 Plant and equipment, net ......................     14,105,607      11,906,363
                                                   ------------    ------------

Electric power sales contract ..................     13,718,431      10,956,161
Less - Accumulated amortization ................     (1,675,983)     (1,234,212)
                                                   ------------    ------------
 Electric power sales contract, net ............     12,042,448       9,721,949
                                                   ------------    ------------

Investments:
    Maine Hydro Projects .......................      5,618,054       5,346,948
    Maine Biomass Projects .....................      5,521,425       5,485,287
    Egypt Projects .............................      5,932,511       6,299,001
    Synergics, Inc. ............................      5,732,500       5,459,284
                                                   ------------    ------------
 Total assets ..................................   $ 54,934,429    $ 50,365,065
                                                   ------------    ------------

Liabilities and shareholders' equity:
Liabilities:
Current portion of long-term debt ..............   $    620,230    $    622,386
Accounts payable and accrued expenses ..........      1,505,505         903,579
Due to affiliates ..............................        656,585         645,822
                                                   ------------    ------------
 Total current liabilities .....................      2,782,320       2,171,787
                                                   ------------    ------------

Long-term debt, less current portion ...........     11,691,703       9,215,778
Deferred income taxes ..........................        927,311         764,901
Minority interest ..............................      3,723,391         473,259

Commitments and contingencies

Shareholders' equity:
Shareholders' equity (932.8875 investor
 shares issued and outstanding) ................     36,243,802      38,154,142
Managing shareholder's accumulated deficit
 (1 management share issued and outstanding) ...       (434,098)       (414,802)
                                                   ------------    ------------
 Total shareholders' equity ....................     35,809,704      37,739,340
                                                   ------------    ------------
 Total liabilities and shareholders' equity ....   $ 54,934,429    $ 50,365,065
                                                   ------------    ------------



                 See accompanying notes to 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,
                                2001         2000         2001           2000
                             -----------  ----------    ---------    -----------
Revenues ................... $ 2,901,742            $    $ 911,080   $     --

Cost of sales ..............   2,043,348      688,377         --            --
                             -----------  -----------    ---------   ---------

Gross Margin ...............     222,703         --        858,394         --
General and administrative
 expenses ..................     275,291      174,069      110,236      125,059
Management fee paid to
 managing shareholders .....   1,250,662    1,091,245      667,606      583,056
Research and development ...     556,835      662,612      331,849      365,235
                             -----------  -----------    ---------  -----------
Total other operating
 expenses ..................   2,082,788    1,927,926    1,109,691    1,073,350

Loss from operations .......  (1,224,394)  (1,927,926)    (886,988)  (1,073,350)

Other income (expense):
Interest income ...........     100,156      322,521       56,947       227,305
Interest expense ..........    (495,263)         --      (303,191)         --
Interest income from
 Synergics Projects ........     273,216      125,000     136,608       125,000
Equity interest in:
Income from Maine
 Hydro Projects ............     271,106      661,732     251,986       406,215
Loss from Maine
 Biomass Projects ..........    (413,862)    (170,096)   (191,272)     (100,280)
Income from Egypt Projects .      69,224       61,612      61,587       111,052
(Loss) income from
 Santee River Rubber Project        --       (361,042)       --        (197,346)
Loss from Quantum
 Conveyor ..................        --        (94,553)       --         (96,564)
Loss from MetaSound ........        --       (566,442)       --        (184,879)
Loss from Mediterranean
 Fiber Optic Project/GFG ...        --        (49,924)       --            --
Income from United
 Kingdom Landfill Projects          --        819,985        --         428,820
Writedown of investment in
 Mediterranean Fiber Optic
 Project/GFG ...............        --     (1,447,746)       --            --
                             -----------  -----------   ---------   -----------
Other income (expense)
 net .......................    (195,423)    (698,953)     12,665       719,323
                             -----------  -----------   ---------   -----------
Loss from operations .......  (1,419,817)  (2,626,879)   (874,323)     (354,027)

Income taxes ...............     205,955       11,423        --
                             -----------  -----------   ---------   -----------
Loss before minority
 interest in net loss
 of consolidated
 subsidiaries ..............  (1,625,772)  (2,626,879)   (885,746)     (354,027)
Minority interest in
 loss of consolidated
 subsidiaries ..............     231,346      291,549     171,603       173,526
                             -----------  -----------   ---------   -----------
Net loss ................... $(1,394,426) $(2,335,330)  $(714,143)  $  (180,501)
                             ===========   ==========    ========   ===========


                 See accompanying notes to financial statements.



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

Cumulative translation adjustment       (529,858)         (5,352)      (535,210)

Net loss for the year ...........     (1,380,482)        (13,944)    (1,394,426)
                                    ------------    ------------   ------------
Shareholders' equity,
 June 30, 2001 ..................   $ 36,243,802        (434,098)  $ 35,809,704
                                    ------------    ------------   ------------






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


                            Six Months Ended             Three Months Ended
                         --------------------------    ------------------------
                          June 30,       June 30,       June 30,     June 30,
                            2001           2000           2001          2000
                         -----------    -----------    -----------  -----------
Net loss .............   $(1,394,426)   $(2,335,330)   $  (714,143) $  (180,501)

Cumulative translation
 adjustment ..........      (535,210)    (1,046,697)       169,036   (1,046,697)
                         -----------    -----------    -----------  -----------
Comprehensive loss ...   $(1,929,636)   $(3,382,027)   $  (545,107) $(1,227,198)
                         -----------    -----------    -----------  -----------









                 See accompanying notes to financial statements.


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

                                                   Six Months Ended
                                                ----------------------------
                                               June 30, 2001   June 30, 2000
                                                ------------    ------------
Cash flows from operating activities:
Net loss ....................................   $ (1,394,426)   $ (2,335,330)
                                                ------------    ------------
Adjustments to reconcile net income to
 net cash flows from operating
          activities:
Depreciation and amortization ...............      1,119,833            --
Income from Maine Hydro Projects ............       (271,106)       (661,732)
Loss from Maine Biomass Projects ............        413,862         170,096
Loss from MetaSound Systems .................           --           566,442
Loss from Quantum Conveyor ..................           --            94,553
Loss from Santee River Rubber Project .......           --           361,042
Income from Egypt Projects ..................        (69,224)        (61,612)
Loss from Mediterranean Fiber
 Optic Project/GFG ..........................           --            49,924
Income from United Kingdom Landfill Projects            --          (819,985)
Interest income from Synergics Hydro ........       (273,216)       (125,000)
Writedown of investment in
 Mediterranean Fiber Optic Project/GFG ......           --         1,447,746
Minority interest in income (loss)
 of consolidated subsidiaries ...............       (231,346)       (291,549)
Changes in assets and liabilities:
 Increase in accounts receivable ............     (1,048,763)           --
 (Increase) decrease in due from affiliates .       (189,907)        222,978
  Decrease (increase) in other current assets        561,173         (15,967)
  Increase (decrease) in accounts payable
   and accrued expenses .....................        834,266        (115,783)
  Increase in deferred income taxes .........        162,410            --
  Increase (decrease) in due to affiliates ..         10,765        (449,178)
                                                ------------    ------------
   Total adjustments ........................      1,018,747         371,975
                                                ------------    ------------
Net cash used in operating activities .......       (375,679)     (1,963,355)
                                                ------------    ------------
Cash flows from investing activities:
 Capital expenditures .......................     (3,547,405)           --
 Purchase of power contract .................     (2,762,270)           --
 Investments in Egypt Projects ..............           --        (2,200,256)
 Investments in Synergics Hydro .............           --        (5,057,494)
 (Loans to) distributions from
 Maine Biomass Projects .....................       (450,000)        500,000
 Distributions from Egypt Projects ..........        399,983            --
                                                ------------    ------------
Net cash used in investing activities .......     (6,359,692)     (6,757,750)
                                                ------------    ------------
Cash flows from financing activities:
 Contributions to United Kingdom
 Landfill Projects by minority interest .....      3,466,950            --
 Borrowings under bank loan .................      2,473,769            --
 Cash distributions to shareholders .........           --        (1,983,134)
                                                ------------    ------------
Net cash used in financing activities .......      5,940,719      (1,983,134)
                                                ------------    ------------

Net decrease in cash and cash equivalents ...       (794,652)    (10,704,239)
Cash and cash equivalents, beginning of year       4,731,081      14,759,184
                                                ------------    ------------
Cash and cash equivalents, end of period ....   $  3,936,429    $  4,054,945
                                                ------------    ------------

                 See accompanying notes to 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 representation of the results for the
interim periods. The December 31, 2000 financial information has been derived
from the audited consolidated financial statements for the year ended December
31, 2000. The consolidated financial statements should be read in conjunction
with the audited consolidated financial statements for the year ended December
31, 2000 which were included as part of Ridgewood Electric Power Trust V's
Annual Report on Form 10-K. Certain prior year amounts have been reclassified to
conform to the current year presentation


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:

                 Six Months Ended June 30,     Three Months Ended June 30,
                -------------------------     --------------------------
                   2001           2000           2001            2000
                -----------    -----------    -----------    -----------
Total revenue .. $2,069,000   $2,855,000      $1,257,000       $1,509,000
Depreciation
 and amortization   554,000      561,000         277,000          281,000
Net income .....    542,000    1,323,000         504,000          812,000

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,     Three Months Ended June 30,
                -------------------------     --------------------------
                   2001           2000           2001            2000
                -----------    -----------    -----------    -----------
Total revenue .. $ 1,345,000    $ 1,312,000     $807,000       $730,000
Depreciation and
 amortization ..      60,000        118,000       47,000        105,000
Net loss .......    (828,000)      (340,000)    (383,000)      (200,000)

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

                 Six Months Ended June 30,     Three Months Ended June 30,
                -------------------------     --------------------------
                   2001           2000           2001            2000
                -----------    -----------    -----------    -----------
Total revenue   $2,081,000   $  644,000       $1,165,000       $644,000
Net income ..      302,000      166,000          275,000        263,000


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

                 Six Months Ended June 30,     Three Months Ended June 30,
                -------------------------     --------------------------
                   2001           2000           2001            2000
                -----------    -----------    -----------    -----------
Total revenue   $2,902,000   $2,825,000      $  991,000    $1,294,000
Net income ..       72,000      820,000         (82,000)      429,000

<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 Ridgewood Power 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

                                     For the Six Months Ended June 30,
Project                                           2001       2000
                                               --------    --------
Maine Hydro Projects ............         (2)    271,000     662,000
Maine Biomass Projects ..........         (2)   (414,000)   (170,000)
Mediterranean Fiber Optic Project         (2)       --       (50,000)
Synergics Projects ..............         (3)    273,000     125,000
Egypt Projects ..................         (2)     69,000      62,000
Waterpure .......................         (3)     10,000      73,000
Quantum Conveyor ................         (2)       --       (95,000)
Santee River Rubber Project .....         (2)       --      (361,000)
MetaSound Sytems ................         (2)       --      (566,000)
United Kingdom Landfill Projects          (1)     72,000     820,000

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

Equity income from the Maine Hydro Projects for the first six months of 2001
decreased to $271,000 from $662,000 for the same period of 2000. Income for the
second quarter of 2001 was $252,000, a decrease of $154,000 as compared to
second quarter 2000 income of $406,000. The decrease in income is due to the
below average river flows for 2001.

The equity loss from the Maine Biomass Projects increased from $88,000 in the
second quarter of 2000 ($170,000 for the first six months of 2000) to $191,000
in the second quarter of 2001 ($414,000 for the first six months of 2001) due to
the expenses of staffing and preparing the West Enfield plant for full time
operation, which began during the second quarter..

The Trust recorded interest income from the note related to the Synergics
Projects of $137,000 for the second quarter and $273,000 for the first six
months of 2001. The Trust acquired the note in April 2000.

The Trust recorded $69,000 of net income related to the Egypt projects in the
first six months of 2001, which was comparable to the $62,000 of income recorded
in the same period in 2000. The equity loss in the Santee River Rubber project
of $361,000 for the first six months of 2000 did not recur due to the writedown
of the project in the third quarter of 2000.

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 half of 2000 did not recur because these projects were written off by the
Trust in the second half of 2000.

The Trust recorded income from its equity interest in the United Kingdom
Landfill Projects of $820,000 and $429,000 for the first six months and second
quarter, respectively, of 2000. Effective December 31, 2000, the Trust began to
account for these projects under the consolidation method of accounting. For the
first six months of 2001, revenues of $2,902,000 ($911,000 in the second
quarter) and cost of sales of $2,043,000 ($688,000 in the second quarter)
related to the consolidated United Kingdom Landfill Projects.

Interest income declined by $170,000 from $227,000 in the second quarter of 2000
to $57,000 in the second quarter of 2001 due to lower average cash balances.
Interest income also declined by $223,000 from $323,000 in the first six months
of 2000 to $100,000 in the same period of 2001 due to the lower average cash
balances. Interest expense of $495,000 and $303,000 in the first six months and
second quarter, respectively, of 2001 relate to the United Kingdom Landfill
Projects which were accounted for using the equity method in 2000 and
consolidation in 2001.

Except for the $1,448,000 writedown of its investment in GFG in 2000, other
Trust-level expenses in 2001 were comparable to 2000.

The Trust's Ridgewood WaterPure subsidiary incurred $557,000 of research and
development costs related to its water distillation technology for the first six
months of 2001, a decrease of $106,000 from $663,000 for the same period in
2000. Research and development costs incurred in the second quarter of 2001 were
comparable to that of the second quarter of 2000.

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 committed line of credit
facility of $1,150,000. The line of credit facility expires in July 2002.
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.

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, 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>


                                   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 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)