FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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

                For the quarterly period ended September 30, 2003

                         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.)

   1314 King Street, Wilmington, Delaware                19801
   ----------------------------------------------------------------
   (Address of principal executive offices)             (Zip Code)

(302) 888-7444 Registrant's telephone number, including area code:

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. YES [X] NO [ ]




<PAGE>


                         PART I. - FINANCIAL INFORMATION

Item 1. Financial Statements















                        Ridgewood Electric Power Trust V

                        Consolidated Financial Statements

                               September 30, 2003



<PAGE>


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

Assets:                                            September 30,    December 31,
                                                       2003            2002
                                                   ------------    ------------
Cash and cash equivalents ......................   $ 20,265,445    $  2,930,224
Accounts receivable, trade .....................      4,734,217       3,615,902
Due from affiliates ............................        639,196       1,796,530
Other current assets ...........................        500,798         461,019
                                                   ------------    ------------
         Total current assets ..................     26,139,656       8,803,675
                                                   ------------    ------------

Plant and equipment ............................     26,371,077      25,420,611
Construction in progress .......................      5,750,296            --
                                                   ------------    ------------
Total plant and equipment ......................     32,121,373      25,420,611
Less - Accumulated depreciation ................     (5,713,844)     (4,204,739)
                                                   ------------    ------------
      Plant and equipment, net .................     26,407,529      21,215,872
                                                   ------------    ------------

Electric power sales contracts and
 other intangibles .............................     22,173,464      21,865,668
Less - Accumulated amortization ................     (5,081,190)     (3,716,837)
                                                   ------------    ------------
       Electric power sales contracts
         and other intangibles, net ............     17,092,274      18,148,831
                                                   ------------    ------------

Investments:
    Maine Hydro Projects .......................      4,296,139       4,405,278
    Maine Biomass Projects .....................      4,100,701       3,896,576
    Egypt Projects .............................      2,474,453       3,502,819
    Synergics Projects .........................      6,511,352       5,887,389
    CLP Spanish Landfill Projects ..............           --         1,370,564
                                                   ------------    ------------
     Total assets ..............................   $ 87,022,104    $ 67,231,004
                                                   ------------    ------------

Liabilities and shareholders' equity:
Liabilities:
Current portion of long-term debt ..............   $    803,566    $  1,118,497
Accounts payable and accrued expenses ..........      4,614,968       3,263,091
Due to affiliates ..............................      3,341,418       3,182,056
                                                   ------------    ------------
      Total current liabilities ................      8,759,852       7,563,644
                                                   ------------    ------------

Long-term debt, less current portion ...........     19,780,148      19,842,782
Construction advances ..........................     26,356,869            --
Deferred income taxes ..........................        647,062         918,249
Other non-current liabilities ..................        570,242          77,699
Minority interest ..............................      6,609,691      10,584,899

Commitments and contingencies

Shareholders' equity:
    Shareholders' equity (932.8875 investor
     shares issued and outstanding) ............     24,847,354      28,753,490
    Managing shareholder's accumulated deficit
     (1 management share issued and outstanding)       (549,214)       (509,759)
                                                   ------------    ------------
      Total shareholders' equity ...............     24,298,140      28,243,731
                                                   ------------    ------------
      Total liabilities and shareholders' equity   $ 87,022,104    $ 67,231,004
                                                   ------------    ------------





          See accompanying notes to the consolidated financial statements.


<PAGE>



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

                          Nine Months Ended              Three Months Ended
                    ---------------------------   ----------------------------
                    September 30,  September 30,  September 30,   September 30,
                         2003           2002           2003           2002
                     -----------    -----------    -----------    ------------
Revenues .........   $ 9,394,723    $ 5,809,962    $ 3,379,169    $ 2,046,043

Cost of sales ....     9,718,934      6,853,145      3,538,280      2,523,731
                     -----------    -----------    -----------    -----------

Gross profit(loss)      (324,211)    (1,043,183)      (159,111)      (477,688)

General and
 administrative
 expenses ........       450,893        496,560        186,540        239,549
Management fee
 paid to managing
 shareholder .....     1,166,112      1,166,112           --             --
                     -----------    -----------    -----------    -----------
  Total other
   operating
   expenses ......     1,617,005      1,662,672        186,540        239,549

Loss from
 operations ......    (1,941,216)    (2,705,855)      (345,651)      (717,237)

Other income
  (expense):
   Interest income       260,779         57,194        161,249         22,750
   Interest
    expense ......    (2,014,574)    (1,162,922)      (837,286)      (377,826)
   Equity interest
    in:
   Income(loss)
    from
    Synergics
    Projects .....       618,860           --          (20,480)          --
   (Loss)income
    from Maine
    Hydro
    Projects .....      (109,139)        43,723       (319,515)      (354,607)
   (Loss)income
    from Maine
    Biomass
    Projects .....       (95,875)      (324,274)      (343,037)       587,538
   (Loss)income
    from Egypt
    Projects .....      (215,513)      (104,756)         6,652        (74,574)
   Loss from CLP
    Spanish
    Landfill
    Projects .....          --          (32,309)          --          (23,998)
   Other income
   (expense) .....       (59,184)       147,158        (25,075)        (6,733)
                     -----------    -----------    -----------    -----------
     Other income
     (expense) net    (1,614,646)    (1,376,186)    (1,377,492)      (227,450)
                     -----------    -----------    -----------    -----------

Loss before
 income
 taxes and
 minority
 interest ........    (3,555,862)    (4,082,041)    (1,723,143)      (944,687)

Income tax benefit      (296,823)      (331,414)      (132,558)      (498,759)
                     -----------    -----------    -----------    -----------
Loss before
 minority
 interest
 in net loss
 of consolidated
 subsidiaries ....    (3,259,039)    (3,750,627)    (1,590,585)      (445,928)

Minority interest
 in loss(earnings)
 of consolidated
 subsidiaries ....       868,716        916,105        293,970        176,758
                     -----------    -----------    -----------    -----------
Net loss .........   $(2,390,323)   $(2,834,522)   $(1,296,615)   $  (269,170)
                     ===========    ===========    ===========    ===========








        See accompanying notes to the consolidated financial statements.


<PAGE>




Ridgewood Electric Power Trust V
Consolidated Statement of Changes in Shareholders' Equity (unaudited)
------------------------------------------------------------------------------

                                           Managing
                         Shareholders     Shareholder        Total
                         ------------    ------------    ------------

Shareholders' equity,
 December 31, 2002 ...   $ 28,753,490    $   (509,759)   $ 28,243,731

Cash distributions ...       (934,789)         (9,442)       (944,231)

Cumulative translation
 adjustment ..........       (604,927)         (6,110)       (611,037)

Net loss for the year      (2,366,420)        (23,903)     (2,390,323)
                         ------------    ------------    ------------

Shareholders' equity,
 September 30, 2003 ..   $ 24,847,354    $   (549,214)   $ 24,298,140
                         ------------    ------------    ------------






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


                           Nine Months Ended           Three Months Ended
                     ---------------------------  ---------------------------
                     September 30,  September 30, September 30,  September 30,
                         2003          2002           2003            2002
                     -----------    -----------    -----------    ------------
Net loss .........   $(2,390,323)   $(2,834,522)   $(1,296,615)   $  (269,170)

Cumulative
 translation
 adjustment ......      (611,037)       816,646       (178,101)       188,078
                     -----------    -----------    -----------    -----------

Comprehensive loss   $(3,001,360)   $(2,017,876)   $(1,474,716)   $   (81,092)
                     -----------    -----------    -----------    -----------













       See accompanying notes to the consolidated financial statements.
<PAGE>


Ridgewood Electric Power Trust V
Consolidated Statement of Cash Flows (unaudited)
----------------------------------------------------------------------------
                                                        Nine Months Ended
                                                 ------------------------------
                                                 September 30,    September 30,
                                                     2003             2002
                                                 ------------    --------------
Cash flows from operating activities:
     Net loss ................................   $ (2,390,323)   $ (2,834,522)
                                                 ------------    ------------
     Adjustments to reconcile net loss to
       net cash flows from operating
         activities:
       Depreciation and amortization .........      2,515,707       2,189,639
       Minority interest in loss of
        consolidated subsidiaries ............       (868,716)       (916,105)
       Loss (income) from Maine Hydro
        Projects .............................        109,139         (43,723)
       Loss from Maine Biomass Projects ......         95,875         324,274
       Loss from CLP Spanish Landfill
        Projects .............................           --            32,309
       Loss from Egypt Projects ..............        215,513         104,756
       Income from Synergics Projects ........       (618,860)           --
       Decrease in deferred income
        taxes ................................       (296,823)       (331,414)
       Changes in assets and liabilities:
         (Increase) decrease in accounts
           receivable ........................       (944,392)        672,579
         Decrease in due from affiliates .....      1,157,334         182,674
         Increase in other current assets ....        (39,779)       (125,484)
         Increase (decrease) in accounts
          payable and accrued
          expenses ...........................      1,511,144        (211,164)
         Increase in due to affiliates .......        159,362       1,106,301
                                                 ------------    ------------
         Total adjustments ...................      2,995,504       2,984,642
                                                 ------------    ------------
            Net cash (used in) provided
             by operating activities .........        605,181         150,120
                                                 ------------    ------------

Cash flows from investing activities:
     Capital expenditures ....................     (6,307,660)     (3,619,870)
      Investment in Synergic Projects ........         (5,103)           --
      Investment in CLP Spanish Landfill
       Projects ..............................           --          (255,608)
     Loans to Maine Biomass Projects .........       (300,000)       (325,000)
                                                 ------------    ------------
      Net cash used in investing activities ..     (6,612,763)     (4,200,478)
                                                 ------------    ------------

Cash flows from financing activities:
     Construction advances ...................     25,477,042            --
     Cash distributions to shareholders ......       (944,231)           --
       Distribution to minority interest .....       (620,643)           --
     Contributions to United Kingdom
      Landfill Projects by
      minority interest ......................           --             4,491
     Repayments under bank loan ..............     (1,256,902)           --
     Borrowings under bank loan ..............           --         4,022,063
                                                 ------------    ------------
     Net cash provided by financing activities     22,655,266       4,026,554
                                                 ------------    ------------

Effect of exchange rate on cash
 and cash equivalents ........................        687,537         186,846
Net increase in cash and cash equivalents ....     17,335,221         163,042

Cash and cash equivalents, beginning of year .      2,930,224       2,519,330
                                                 ------------    ------------

Cash and cash equivalents, end of period .....   $ 20,265,445    $  2,682,372
                                                 ------------    ------------


 See accompanying notes to the consolidated financial statements.


<PAGE>




Ridgewood Electric Power Trust V
Notes to Consolidated Financial Statements (unaudited)
-----------------------------------------------------------------------------
1. General

In the opinion of management,  the accompanying unaudited consolidated financial
statements   contain  all   adjustments   which  consist  of  normal   recurring
adjustments,  necessary for the fair presentation of the results for the interim
periods. Additional footnote disclosure concerning accounting policies and other
matters are  disclosed  in  Ridgewood  Electric  Power  Trust V's (the  "Trust")
consolidated  financial  statements  included in the 2002 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.

The  consolidated  financial  statements  include the  accounts of the Trust and
United Kingdom Landfill Projects ("UK Projects").  The Trust's investment in the
Synergics Hydro projects was accounted for as a note receivable through November
22, 2002, at which time, the Trust and The Ridgewood Power Growth Fund completed
its acquisition of the Synergics Hydro projects. Accordingly, the Trust now uses
the equity  method of  accounting  for its  investment.  The Trust also uses the
equity method of accounting  for its  investments  in the Maine Hydro  Projects,
Maine Biomass Projects, and the Egypt Projects.

2. Summary Results of Operations for Selected Investments

Summarized  financial  information  for the  Maine  Hydro  Projects,  which  are
accounted for under the equity method, are as follows:

Balance Sheet
                                   September 30,                December 31,
                                        2003                        2002
                              ---------------------       ----------------------

Total assets                  $         9,767,466         $         9,475,640
                              ---------------------       ----------------------

Stockholders' equity          $         8,592,277         $         8,810,554
                              ---------------------       ----------------------


Statement of Operations

                          Nine Months Ended          Three Months Ended
                          September 30, 2003           September 30,
                       2003            2002         2003           2002
                    -----------    -----------   -----------    -----------
Revenue .........   $ 2,305,000    $ 2,538,000   $   171,000    $   154,000
Operating expense     2,523,000      2,451,000       810,000        864,000
Net income (loss)      (218,000)        87,000      (639,000)      (710,000)

Summarized financial information for the Maine Biomass Projects, which are
accounted for under the equity method, are as follows:

Balance Sheet
                                   September 30,                December 31,
                                       2003                        2002
                              --------------------       ----------------------

Total assets                       $   4,589,414           $    4,815,288
                              --------------------       ----------------------

Members' deficit                   $  (5,963,123)          $   (5,771,374)
                              --------------------       ----------------------


Statement of Operations

                         Nine Months Ended            Three Months Ended
                           September 30,                 September 30,
                        2003           2002          2003           2002
                    -----------    -----------    -----------    -----------
Revenue .........   $ 7,820,000    $ 5,938,000    $ 2,042,000    $ 3,405,000
Cost of sales ...     7,151,000      5,739,000      2,447,000      1,905,000
Other expense ...       861,000        848,000        281,000        325,000
Net income (loss)      (192,000)      (649,000)      (686,000)     1,175,000


Summarized financial information for the Egypt Projects, which are accounted for
under the equity method, are as follows:

Balance Sheet
                                     September 30,                December 31,
                                          2003                        2002
                                 ---------------------       ------------------

Total assets                         $ 24,619,864                $ 33,532,553
                                 ---------------------       ------------------

Members' equity                      $ 17,559,994                $ 24,857,806
                                 ---------------------       ------------------


Statement of Operations

                      Nine Months Ended          Three Months Ended
                        September 30,               September 30,
                    2003           2002          2003           2002
                -----------    -----------    ----------    -----------
Revenue .....   $ 3,267,000    $ 2,294,000    $ 1,475,000   $ 1,398,000
Cost of sales     2,841,000      1,774,000        988,000     1,110,000
Other expense     1,955,000        736,000        439,000       380,000
Net loss ....    (1,529,000)      (216,000)        48,000       (92,000)



Summarized financial information for the Synergics Projects, which are accounted
for under the equity method, are as follows:

Balance Sheet
                                     September 30,                December 31,
                                          2003                        2002
                                ---------------------       --------------------

Total assets                         $ 28,345,643                $ 28,733,768
                                ---------------------       --------------------

Members' equity                      $ 22,299,468                $ 20,180,083
                                --------------------        --------------------


Statement of Operations

                   Nine Months Ended  Three Months Ended
                     September 30,      September 30,
                       2003                  2003
                    ----------            ----------
Revenue .........   $4,757,000          $  860,000
Operating expense    2,638,000             931,000
Net income ......    2,119,000             (71,000)


3.  Summary of Significant Accounting Policies

New Accounting Standards and Disclosures

SFAS 143
In June  2001,  the FASB  issued  SFAS  143,  Accounting  for  Asset  Retirement
Obligations, on the accounting for obligations associated with the retirement of
long-lived  assets.  SFAS 143  requires  a  liability  to be  recognized  in the
consolidated  financial  statements for retirement  obligations meeting specific
criteria.  Measurement of the initial  obligation is to approximate  fair value,
with  an  equivalent  amount  recorded  as an  increase  in  the  value  of  the
capitalized  asset.  The asset will be  depreciated  in  accordance  with normal
depreciation  policy and the  liability  will be increased for the time value of
money, with a charge to the income  statement,  until the obligation is settled.
SFAS 143 is effective for fiscal years  beginning after June 15, 2002. The Trust
adopted  SFAS 143  effective  January 1, 2003,  with no  material  impact on the
consolidated financial statements.

SFAS 145
In April 2002, the FASB issued SFAS No. 145,  Rescission of FASB  Statements No.
4, 44, and 64,  Amendment of FASB  Statement No. 13, and  Technical  Correction.
SFAS No. 145 eliminates extraordinary accounting treatment for reporting gain or
loss  on  debt   extinguishment,   and  amends  other   existing   authoritative
pronouncements  to make various  technical  corrections,  clarify  meanings,  or
describe their applicability  under changed  conditions.  The Trust adopted SFAS
145  effective  January 1, 2003,  with no  material  impact on the  consolidated
financial statements.

SFAS 146
In June 2002, the FASB issued SFAS No. 146, Accounting for Costs Associated with
Exit or Disposal  Activities.  SFAS No. 146 requires  recording costs associated
with exit or disposal  activities at their fair values when a liability has been
incurred. The Trust adopted SFAS 146 effective January 1, 2003, with no material
impact on the consolidated financial statements.

FIN 45
In  November  2002,  the FASB  issued  FASB  Interpretation  No. 45 ("FIN  45"),
"Guarantor's  Accounting and Disclosure  Requirements for Guarantees,  Including
Indirect  Guarantees  and  Indebtedness  of Others."  FIN 45  elaborates  on the
disclosures  to be made by the  guarantor  in its interim  and annual  financial
statements about its obligations under certain guarantees that it has issued. It
also requires  that a guarantor  recognize,  at the inception of a guarantee,  a
liability  for the fair  value  of the  obligation  undertaken  in  issuing  the
guarantee.   The  initial   recognition  and  measurement   provisions  of  this
interpretation  are  applicable on a prospective  basis to guarantees  issued or
modified  after  December  31,  2002;  while the  provisions  of the  disclosure
requirements are effective for financial statements of interim or annual reports
ending after December 15, 2002.  The Trust adopted the disclosure  provisions of
FIN 45  during  the  fourth  quarter  of 2002  with no  material  impact  to the
consolidated financial statements.

FIN 46
In January 2003, the FASB issued FASB  Interpretation No. 46,  "Consolidation of
Variable  Interest  Entities" ("FIN 46") which changes the criteria by which one
company includes another entity in its consolidated financial statements. FIN 46
requires  a variable  interest  entity to be  consolidated  by a company if that
company is subject to a majority of the risk of loss from the variable  interest
entity's  activities or entitled to receive a majority of the entity's  residual
returns or both. The  consolidation  requirements of FIN 46 apply immediately to
variable  interest  entities  created after  January 31, 2003,  and apply in the
first fiscal period ending after March 15, 2004, for variable  interest entities
created prior to February 1, 2003. The Trust adopted the  disclosure  provisions
of  FIN  46  effective  December  31,  2002,  with  no  material  impact  to the
consolidated financial statements.  The Trust will implement the full provisions
of FIN 46 effective December 15, 2003.

SFAS 149
In April 2003,  the FASB issued SFAS No. 149,  "Amendment  of  Statement  133 on
Derivative  Instruments  and  Hedging  Activities."  SFAS  No.  149  amends  and
clarifies  the  accounting  for  derivative   instruments,   including   certain
derivative  instruments embedded in other contracts,  and for hedging activities
under  SFAS  No.  133,  "Accounting  for  Derivative   Instruments  and  Hedging
Activities."  SFAS No. 149 is generally  effective for contracts entered into or
modified after June 30, 2003 and for hedging relationships designated after June
30, 2003.  The Trust adopted SFAS 149 effective  July 1, 2003,  with no material
impact on the consolidated financial statements.

SFAS 150
In May 2003,  the FASB  issued SFAS No. 150,  Accounting  for Certain  Financial
Instruments with  Characteristics  of both Liabilities and Equity.  SFAS No. 150
establishes   standards  for   classifying  and  measuring   certain   financial
instruments  with  characteristics  of both  liabilities  and equity.  The Trust
adopted  SFAS  150  effective  July 1,  2003,  with no  material  impact  on the
consolidated financial statements.

4. Transfer of Assets

In March 2003 the Trusts subsidiary, Ridgewood UK, LLC ("Ridgewood UK"), entered
into an agreement with one of its minority shareholders.  Under the terms of the
agreement, Ridgewood UK transferred its 50% interest in the CLP Spanish Landfill
Projects  in return  for a portion of the  minority  shareholder's  interest  in
Ridgewood  UK.  As a result  of the  transaction,  Ridgewood  UK  increased  its
ownership in Ridgewood UK Ltd. from 76.3% to 88.3%.

The minority interest was created through the issuance of shares of Ridgewood UK
in connection with the October 2001 acquisition of certain UK landfill projects,
the equity interest in the Spanish landfill projects and related companies.  The
equity  interest  in the  Spanish  landfill  projects  had a  carrying  value of
$1,345,363 as of March 2003, which management believes  approximated fair value.
The excess of the carrying value of the minority interest over the fair value of
the Spanish  landfill  equity  investment  has been credited on a pro-rata basis
against  the value of other  non-monetary  assets  acquired  in the  acquisition
(reduction  of  $676,929  and  $558,412 to  property,  plant and  equipment  and
electric power sales contracts and other intangibles, respectively).

5. Cost of Sales

Included in cost of sales is depreciation and amortization expense of $2,515,707
and  $2,189,639  for  the  nine  months  ended  September  30,  2003  and  2002,
respectively.  The Trust  recorded  depreciation  and  amortization  expense  of
$837,951 and $804,780  for the three months ended  September  30, 2003 and 2002,
respectively,  and  has  included  these  expenses  in  cost  of  sales  on  the
consolidated statement of operations.

6. Construction Advances

In the fourth quarter of 2002, the Trust's Managing Shareholder formed Ridgewood
Renewable  PowerBank LLC  ("PowerBank")  and began  offering  shares.  PowerBank
raised  approximately  $12 million and closed its offering in April 2003. During
the second quarter of 2003, the Trust's  Managing  Shareholder  formed Ridgewood
Renewable PowerBank II LLC ("PowerBank II") and began offering shares. PowerBank
II raised  approximately  $20.6 million and closed its offering in June 2003. In
the third quarter of 2003, the Trust's  Managing  Shareholder  formed  Ridgewood
Renewable  PowerBank  III LLC  ("PowerBank  III")  and  began  offering  shares.
PowerBank III has raised  approximately  $9.4 million through September 30, 2003
and is  expected to close its $25 million  offering in the fourth  quarter.  The
proceeds  from these funds will  finance  the  expansion  of the United  Kingdom
Landfill Gas Projects.  As stated in the agreed upon terms,  the United  Kingdom
Landfill Gas Projects will borrow  proceeds from the various  PowerBank funds to
develop and  construct  expansion  of certain  existing  facilities.  During the
construction phase the United Kingdom Landfill Gas Projects will pay interest at
a rate of 10%. Upon completion of  construction,  and commencement of operation,
interest  charges  will cease and the  outstanding  borrowings  will  convert to
capital  leases.  The term of the leases will run for 15 years.  As of September
30, 2003,  the United  Kingdom  Landfill  Gas Projects has received  advances of
$25,477,042 from PowerBank and PowerBank II.

7. Foreign Currency

On January 30, 2003, the Egyptian government  discontinued the regulation of its
monetary  currency  rate and decided to allow the currency  rate to float.  As a
result of this change in policy, the Egyptian pound decreased 15% against the US
dollar on January 30, 2003. At September 30, 2003, the Trust's investment in the
Egyptian projects  decreased by approximately  $813,000,  or 25%, as a result of
the decrease in exchange rate.


8. Related Party Transactions

At September 30, 2003 and December 31, 2002, the Trust had outstanding payables
and receivables, with the following affiliates:


                                       Due To                   Due From
                             -------------------------  ------------------------
                             September 30,December 31, September 30,December 31,
                                  2003         2002         2003          2002
                               ----------   ----------   ----------   ----------
Ridgewood Management .......   $     --     $     --     $  101,633   $   80,973
Ridgewood Renewable
 Power .....................    1,366,622    1,265,862         --           --
Growth Fund ................      234,885      387,100         --           --
Synergics ..................    1,651,050    1,510,000         --           --
Maine Hydro ................       69,766         --           --        610,878
Maine Biomass ..............         --           --        370,244      950,244
Other affiliates ...........       19,095       19,094      167,319      154,435

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
United Kingdom Landfill Projects ("UK Projects").  The Trust's investment in the
Synergics Hydro projects was accounted for as a note receivable through November
22, 2002, at which time, the Trust and The Ridgewood Power Growth Fund completed
its acquisition of the Synergics Hydro projects. Accordingly, the Trust now uses
the equity  method of  accounting  for its  investment.  The Trust also uses the
equity method of accounting  for its  investments  in the Maine Hydro  Projects,
Maine Biomass Projects, and the Egypt Projects.

Critical Accounting Policies and Estimates

For a complete discussion of critical accounting policies, refer to "Significant
Accounting Policies" in Item 7 of the Trust's 2002 Form 10-K. There have been no
substantive changes to those policies and estimates.

Results of Operations

Three  Months  Ended  September  30,  2003,  Compared to the Three  Months Ended
September 30, 2002

Revenues increased by $1,333,000, to $3,379,000 in the third quarter of 2003, as
compared to the third  quarter of 2002.  The  increase is due to the UK Projects
increased  capacity of $501,000,  the transfer of  renewable  energy  credits of
$733,000 and the increase in currency translation of $99,000.

Gross loss  decreased  $319,000 to $159,000  in the third  quarter of 2003.  The
decrease  is a result  of the  increase  in  revenues  partially  offset  by the
increase in royalty expense related to the increased capacity.

The Trust recorded an equity loss from the Synergics  Projects of $20,000 in the
third  quarter of 2003.  Prior to November  2002,  the Trust  accounted  for its
investment in the Synergics Projects as a note receivable.

The equity loss from the Egypt  projects  decreased  $82,000 from $75,000 in the
third quarter of 2002 to a profit of $7,000 in 2003. The decrease in loss can be
attributed  to the  increase  in demand  as a result  of the pick up in  tourism
experienced in the summer of 2003.

Equity loss from the Maine Hydro Projects was comparable to the third quarter of
2002.

The equity  income from the Maine  Biomass  Projects  decreased  $931,000,  from
$588,000  in the third  quarter of 2002 to a loss of $343,000 in the same period
in 2003.  The decrease is primarily  attributable  to the $2,042,000 in revenues
received from the transfer of renewable  energy credits during the third quarter
of  2002.   Because  the  Trust  received   notification  of  the  approval  for
qualification  of the Maine Biomass  Projects,  as well as transferred  title in
July 2002,  the Trust  recognized  its share of the renewable  energy  attribute
revenues,  which amounted to $1,113,000 for the first half of 2002, in the third
quarter as well.

Interest income  increased by $138,000 from $23,000 in the third quarter of 2002
to  $161,000  in the  third  quarter  of 2003  due to the  higher  average  cash
balances.  Interest  expense  increased by $459,000  from  $378,000 in the third
quarter  of 2002 to  $837,000  in the  third  quarter  of 2003 due to the  funds
received under the UK Projects construction advances.


Nine  Months  Ended  September  30,  2003,  Compared  to the Nine  Months  Ended
September 30, 2002

Revenues  increased by  $3,585,000  to  $9,395,000  for the first nine months of
2003,  as  compared to the same  period of 2002.  The  increase is due to the UK
Projects  increased  capacity of  $1,555,000,  the transfer of renewable  energy
credits of  $1,378,000  and the  increase  in currency  translation  of $652,000
during the first nine months of 2003.

Gross loss decreased  $719,000 to $324,000 in the first nine months of 2003. The
decrease  is a result  of the  increase  in  revenues  partially  offset  by the
increase in royalty expense related to the increased capacity.

The Trust recorded equity income from the Synergics  Projects of $619,000 in the
first nine months of 2003.  Prior to November 2002, the Trust  accounted for its
investment in the Synergics Projects as a note receivable.

The equity loss from the Egypt projects  increased $111,000 from $105,000 in the
first  nine  months  of  2002 to  $216,000  in  2003.  The  increase  in loss is
attributed  to the  increase  in  interest  expense  as a result  of the  higher
outstanding  debt balances  under the credit line executed by the Egypt projects
in the third quarter of 2002 and the debt assumed in the acquisition of Sinai in
February  2002,  as well as the loss recorded on the sale of one of the Egyptian
facilities.

Equity income from the Maine Hydro Projects decreased by $153,000, to a loss of
$109,000 for the first nine months of 2003. The decrease is due to the lower
rainfall totals, than that experienced in 2002.

The equity loss from the Maine Biomass Projects decreased $228,000,  from a loss
of  $324,000  for the first nine months of 2002 to $96,000 in the same period in
2003.  The decrease in equity loss from the Maine Biomass  Projects is primarily
attributable  to the  $3,716,000  in  revenues  received  from the  transfer  of
renewable  energy  credits,   compared  to  $2,181,000  in  2002.  Unlike  power
generation  revenue,  which is invoiced and recognized in the period  generated,
renewable  attribute  revenue  is  recognized  upon  delivery  of title  and not
generation,  thus resulting in differences in the timing of revenue  recognition
of up to several months.

Interest  income  increased by $204,000 from $57,000 in the first nine months of
2002 to $261,000 in the first nine months of 2003 due to the higher average cash
balances.  Interest expense  increased by $852,000 from $1,163,000 for the first
nine months of 2002 to  $2,015,000  for the first nine months of 2003 due to the
funds received under the UK Projects construction advances.

Other income  decreased  by $206,000 in the first nine months of 2003  primarily
due to the proceeds  received in 2002 from the  liquidation  of the Santee River
Rubber Company, which was valued at zero after it filed for bankruptcy in 2000.

Liquidity and Capital Resources

Cash provided by operating  activities  for the nine months ended  September 30,
2003 was $605,000  compared to $150,000 for the nine months ended  September 30,
2002.  The increase in cash flow from  operating  activities is primarily due to
the decrease in net loss.

Cash used in investing  activities increased to $6,613,000 during the first nine
months of 2003 as compared to $4,200,000  for the first nine months of 2002. The
increase in 2003  investing  activities  is primarily  due to the  $6,308,000 UK
Projects expansion.

Cash provided by financing  activities  for the nine months ended  September 30,
2003 was  $22,655,000  as  compared  to  $4,027,000  for the nine  months  ended
September 30, 2002. The increase in cash flow from  financing  activities is due
to the increase in borrowings of the UK Projects to finance expansion of certain
projects.

On June 26, 2003, Ridgewood Renewable Power LLC, the Managing Shareholder of the
Trust,  entered into a $5,000,0000  Revolving Credit and Security Agreement with
Wachovia  Bank,  National   Association.   The  agreement  allows  the  Managing
Shareholder  to obtain loans and letters of credit for the benefit of the trusts
and funds that it manages.  The  agreement  expires on June 30, 2004. As part of
the  agreement,  the  Trust  agreed  to  limitations  on its  ability  to  incur
indebtedness and liens and make guarantees.

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 but resumed making  distributions  in the third quarter of
2003.

The Trust expects that its cash flows from operations will be sufficient to fund
its obligations for the next twelve months,  and the UK Projects access to funds
from  PowerBank,  PowerBank II, and PowerBank III will be sufficient to continue
expansion in the United Kingdom.

Item 4. Controls and Procedures

Based on their  evaluation,  as of a date  within 90 days of the filing  date of
this Form 10-Q, the Trust's Chief Executive  Officer and Chief Financial Officer
have concluded that the Trust's  disclosure  controls and procedures (as defined
in Rules 13a-14(c) and 15d-14(c)  under the Securities  Exchange Act of 1934, as
amended)  are  effective.  There have been no  significant  changes in  internal
controls or in other  factors that could  significantly  affect  these  controls
subsequent to the date of their  evaluation,  including any  corrective  actions
with regard to significant deficiencies and material weaknesses.

Management has  identified  deficiencies  in the Trust's  ability to process and
summarize  financial  information  of  certain  individual  projects  and equity
investees  on a timely  basis.  Management  is  establishing  a project  plan to
address this deficiency.

Forward-looking statement advisory

This Quarterly  Report on Form 10-Q, as with some other  statements  made by the
Trust from time to time, contains forward-looking  statements.  These statements
discuss business trends and other matters relating to the Trust's future results
and the  business  climate and are found,  among other  places,  in the notes to
financial  statements  and at  Part  I,  Item  2,  Management's  Discussion  and
Analysis.  In  order  to  make  these  statements,  the  Trust  has  had to make
assumptions  as to the future.  It has also had to make  estimates in some cases
about events that have already  happened,  and to rely on data that may be found
to be inaccurate at a later time. Because these  forward-looking  statements are
based on assumptions,  estimates and changeable data, and because any attempt to
predict the future is subject to other errors,  what happens to the Trust in the
future may be materially different from the Trust's statements here.

The Trust  therefore warns readers of this document that they should not rely on
these  forward-looking  statements  without  considering  all of the things that
could make them  inaccurate.  The Trust's other filings with the  Securities and
Exchange  Commission and its Confidential  Memorandum discuss many (but not all)
of  the  risks  and  uncertainties  that  might  affect  these   forward-looking
statements.

Some of these are changes in political and economic conditions, federal or state
regulatory  structures,  government  taxation,  spending and budgetary policies,
government  mandates,  demand for electricity and thermal energy, the ability of
customers  to pay for  energy  received,  supplies  of fuel and prices of fuels,
operational status of plant,  mechanical  breakdowns,  availability of labor and
the  willingness  of  electric  utilities  to perform  existing  power  purchase
agreements in good faith.  Some of the  cautionary  factors that readers  should
consider are described in the Trust's most recent Annual Report on Form 10-K.

By making these statements now, the Trust is not making any commitment to revise
these forward-looking statements to reflect events that happen after the date of
this document or to reflect unanticipated future events.


<PAGE>



                           PART II - OTHER INFORMATION

     Item 1. Legal Proceedings

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


January 19, 2004                By /s/ Christopher I. Naunton
Date                            Christopher I. Naunton
                                Vice President and
                                Chief Financial Officer
                                (signing on behalf of the
                                Registrant and as
                                principal financial
                                officer)




<PAGE>


                                  CERTIFICATION



I, Robert E. Swanson,  Chief Executive Officer of Ridgewood Electric Power Trust
V ("registrant"), certify that:

1. I have reviewed this quarterly report on Form 10-Q of the registrant;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:
    a)   designed such disclosure controls and procedures, or caused such
         disclosure control and procedures to be designed under our supervision,
         to ensure that material information relating to the registrant,
         including its consolidated subsidiaries, is made known to us by others
         within those entities, particularly during the period in which this
         quarterly report is being prepared;

    b)   evaluated the effectiveness of the registrant's disclosure controls and
         procedures and presented in this quarterly report our conclusions about
         the effectiveness of the disclosure controls and procedures, as of the
         end of the period covered by this quarterly report based on such
         evaluation; and

    c)   disclosed in this quarterly report any change in the registrant's
         internal control over financial reporting that occurred during the
         period covered by the report that has materially affected, or is
         reasonably likely to materially affect, the issuer's internal control
         over financial reporting; and


5. The registrant's other certifying officer and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and senior management:
    a) all significant deficiencies in the design or operation of internal
       controls which could adversely affect the registrant's ability to record,
       process, summarize and report financial data and have identified for the
       registrant's auditors any material weaknesses in internal controls; and

    b) any fraud, whether or not material, that involves management or other
       employees who have a significant role in the registrant's internal
       controls; and

6. The registrant's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: January 19, 2004

/s/   Robert E. Swanson
-----------------------
Robert E. Swanson
Chief Executive Officer


<PAGE>


                                  CERTIFICATION



I, Christopher I. Naunton,  Chief Financial Officer of Ridgewood  Electric Power
Trust V ("registrant"), certify that:

1. I have reviewed this quarterly report on Form 10-Q of the registrant;

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:
    a)   designed such disclosure controls and procedures, or caused such
         disclosure control and procedures to be designed under our supervision,
         to ensure that material information relating to the registrant,
         including its consolidated subsidiaries, is made known to us by others
         within those entities, particularly during the period in which this
         quarterly report is being prepared;

    b)   evaluated the effectiveness of the registrant's disclosure controls and
         procedures and presented in this quarterly report our conclusions about
         the effectiveness of the disclosure controls and procedures, as of the
         end of the period covered by this quarterly report based on such
         evaluation; and

    c)   disclosed in this quarterly report any change in the registrant's
         internal control over financial reporting that occurred during the
         period covered by the report that has materially affected, or is
         reasonably likely to materially affect, the issuer's internal control
         over financial reporting; and


5. The registrant's other certifying officer and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and senior management:
    a) all significant deficiencies in the design or operation of internal
       controls which could adversely affect the registrant's ability to record,
       process, summarize and report financial data and have identified for the
       registrant's auditors any material weaknesses in internal controls; and

    b) any fraud, whether or not material, that involves management or other
       employees who have a significant role in the registrant's internal
       controls; and

6. The registrant's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: January 19, 2004

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