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, 2002

                       Commission file Number 0-24143

                      RIDGEWOOD ELECTRIC POWER TRUST V
             (Exact name of registrant as specified in its charter.)

     Delaware                                          22-3437351
  (State or other jurisdiction of                    (I.R.S. Employer
    incorporation or organization)                    Identification No.)

   947 Linwood Avenue, Ridgewood, New Jersey                07450-2939
   ------------------------------------------------------------------------
   (Address of principal executive offices)                 (Zip Code)

               (201) 447-9000
               ----------------
Registrant's telephone number, including area code:

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





<PAGE>


                         PART I. - FINANCIAL INFORMATION

Item 1. Financial Statements















                        Ridgewood Electric Power Trust V

                        Consolidated Financial Statements

                                  June 30, 2002



<PAGE>


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

Assets:                                           June 30,      December 31,
                                                    2002            2001
                                                ------------    ------------
Cash and cash equivalents ...................   $  2,462,864    $  2,519,330
Accounts receivable, trade ..................      2,225,661       2,464,557
Due from affiliates .........................        301,035         435,823
Other current assets ........................        350,955         334,859
                                                ------------    ------------

    Total current assets ....................      5,340,515       5,754,569
                                                ------------    ------------


Plant and equipment .........................     23,157,130      20,040,217
Construction in progress ....................      1,294,481            --
                                                ------------    ------------
Total plant and equipment ...................     24,264,784      20,040,217
Less - Accumulated depreciation .............     (3,129,985)     (2,287,288)
                                                ------------    ------------
     Plant and equipment, net ...............     21,321,626      17,752,929
                                                ------------    ------------

Electric power sales contracts
 and other intangibles ......................     21,012,636      19,891,901
Less - Accumulated amortization .............     (2,857,182)     (1,976,152)
                                                ------------    ------------

      Electric power sales contracts
        and other intangibles, net ..........     18,155,454      17,915,749
                                                ------------    ------------

Investments:
    Maine Hydro Projects ....................      5,277,345       4,879,015
    Maine Biomass Projects ..................      4,244,180       4,830,991
    Egypt Projects ..........................      3,769,739       3,836,912
    Synergics Projects ......................      6,004,109       5,869,109
    CLP Spanish Landfill Projects ...........        800,443         766,335
                                                ------------    ------------
    Total assets ............................   $ 64,913,411    $ 61,605,609
                                                ------------    ------------

Liabilities and shareholders' equity:
Liabilities:
Current portion of long-term debt ...........   $  1,039,336    $    609,550
Accounts payable and accrued expenses .......      4,246,552       3,234,486
Due to affiliates ...........................      1,259,834         343,057
                                                ------------    ------------
    Total current liabilities ...............      6,545,722       4,187,093
                                                ------------    ------------

Long-term debt, less current portion ........     16,722,473      13,878,183
Deferred income taxes .......................      1,319,262       1,081,202
Minority interest ...........................     10,212,446      10,408,841

Commitments and contingencies

Shareholders' equity:
  Shareholders' equity
   (932.8875 investor shares issued
     and outstanding) .......................     30,566,412      32,483,826
  Managing shareholder's accumulated deficit
  (1 management share issued and outstanding)       (452,904)       (433,536)
                                                ------------    ------------
    Total shareholders' equity ..............     30,113,508      32,050,290
                                                ------------    ------------
    Total liabilities and
     shareholders' equity ...................   $ 64,913,411    $ 61,605,609
                                                ------------    ------------







       See accompanying notes to the consolidated financial statements.


<PAGE>



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


                            Six Months Ended             Three Months Ended
                        -------------------------    --------------------------
                         June 30,       June 30,       June 30,       June 30,
                           2002           2001           2002           2001
                        ----------    -----------    -----------    -----------
Revenues ...........   $ 3,763,919    $ 2,901,742    $ 2,080,749    $   911,080

Cost of sales ......     3,452,488      2,043,348      1,866,893        688,377
                        -----------    -----------    -----------    -----------

Gross profit .......       311,431        858,394        213,856        222,703


General and
 administrative
  expenses .........       436,714        275,291        226,490        110,236
Management fee
 paid to managing
  shareholder ......     1,166,112      1,250,662        583,056        667,606
Research and
 development .......       697,223        556,835        276,735        331,849
                       -----------    -----------    -----------    -----------
  Total other
   operating
    expenses .......     2,300,049      2,082,788      1,086,281      1,109,691

Loss from
 operations ........    (1,988,618)    (1,224,394)      (872,425)      (886,988)

Other income(expense):
  Interest income ..        34,444        100,156         18,281         56,947
  Interest expense .      (785,096)      (495,263)      (372,772)      (303,191)
  Interest income
   from Synergics
    Projects .......          --          273,216           --          136,608
  Equity interest in:
   Income from Maine
    Hydro Projects .       398,329        271,106        380,086        251,986
   Loss from Maine
    Biomass Projects .    (911,811)      (413,862)      (530,926)      (191,272)
   Income(loss)from
    Egypt Projects .       (30,182)        69,224        (12,771)        61,587
  Other income
   (expense) .......       145,581           --          196,102           --
                       -----------    -----------    -----------    -----------

    Other income
     (expense),net .    (1,148,735)      (195,423)      (322,000)        12,665
                       -----------    -----------    -----------    -----------


Loss before taxes ..    (3,137,353)    (1,419,817)    (1,194,425)      (874,323)

Income taxes .......       167,345        205,955         84,684         11,423
                       -----------    -----------    -----------    -----------


Loss before minority
 interest in net
  loss of
   consolidated
    subsidiaries ...    (3,304,698)    (1,625,772)    (1,279,109)      (885,746)

Minority interest
 in loss of
  consolidated
   subsidiaries ....       739,347        231,346        301,302        171,603
                       -----------    -----------    -----------    -----------


Net loss ...........   $(2,565,351)   $(1,394,426)   $  (977,807)   $  (714,143)
                        ===========    ===========    ===========    ===========










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

Cumulative translation adjustment       622,283           6,286         628,569

Net loss for the year ...........    (2,539,697)        (25,654)     (2,565,351)
                                   ------------    ------------    ------------

Shareholders' equity,
 June 30, 2002 ..................  $ 30,566,412        (452,904)   $ 30,113,508
                                   ------------    ------------    ------------






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


                         Six Months Ended              Three Months Ended
                     --------------------------    --------------------------
                       June 30,       June 30,       June 30,       June 30,
                         2002           2001           2002           2001
                     -----------    -----------    -----------    -----------

Net loss .........   $(2,565,351)   $(1,394,426)   $  (977,807)   $  (714,143)

Cumulative
 translation
  adjustment .....       628,568       (535,210)       886,312        169,036
                     -----------    -----------    -----------    -----------

Comprehensive loss   $(1,936,783)   $(1,929,636)   $   (91,495)   $ (545,107)
                     -----------    -----------    -----------    -----------
















    See accompanying notes to the consolidated financial statements.


<PAGE>


Ridgewood Electric Power Trust V
Consolidated Statement of Cash Flows (unaudited)
-------------------------------------------------------------------------------
                                                       Six Months Ended
                                                 --------------------------
                                                   June 30,       June 30,
                                                     2002           2001
                                                 -----------    -----------
Cash flows from operating activities:
     Net loss ................................   $(2,565,351)   $(1,394,426)
                                                 -----------    -----------
     Adjustments to reconcile net loss
      to net cash flows from operating
        activities:
       Depreciation and amortization .........     1,384,859      1,119,833
       Minority interest in loss of
        consolidated subsidiaries
                                                    (739,347)      (231,346)
       Income from Maine Hydro Projects ......      (398,329)      (271,106)
       Loss from Maine Biomass Projects ......       911,811        413,862
       Loss from CLP Spanish Landfill Projects         8,311           --
       (Income) loss from Egypt Projects .....        30,182        (69,224)
       Interest income from Synergics Projects          --         (273,216)
       Changes in assets and liabilities:
         Decrease (increase) in accounts
          receivable .........................       355,272     (1,048,763)
         Decrease (increase) in due from
          affiliates .........................       134,788       (189,907)
         (Increase) decrease in other
           current assets ....................       (16,096)       561,173
         Increase in accounts payable and
          accrued expenses ...................       881,902        956,812
         Increase in deferred income taxes ...       167,345        162,410
         Increase in due to affiliates .......       916,777         10,765
                                                 -----------    -----------
         Total adjustments ...................     3,637,475      1,141,293
                                                 -----------    -----------
         Net cash provided by (used in)
          operating activities ...............     1,072,124       (253,133)
                                                 -----------    -----------

Cash flows from investing activities:
     Capital expenditures ....................    (3,125,014)    (3,547,405)
     Purchase of power contract ..............          --       (2,762,270)
     Investment in Synergics Projects ........      (135,000)          --
     Loans to Maine Biomass Projects .........      (325,000)      (450,000)
     Distributions from Egypt Projects .......          --          399,983
                                                 -----------    -----------
         Net cash used in
          investing activities ...............    (3,585,014)    (6,359,692)
                                                 -----------    -----------

Cash flows from financing activities:
     Contributions to United Kingdom
      Landfill Projects by minority
       interest ..............................         4,491      3,466,950
     Borrowings under bank loan ..............     2,321,703      2,473,769
                                                 -----------    -----------
         Net cash provided by
          financing activities ...............     2,326,194      5,940,719
                                                 -----------    -----------

Effect of exchange rate on cash
  and cash equivalents .......................       130,230       (122,546)
Net decrease in cash and cash equivalents ....       (56,466)      (794,652)

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

Cash and cash equivalents, end of period .....   $ 2,462,864    $ 3,936,429
                                                 -----------    -----------


     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 2001 Annual Report on Form
10-K, which should be read in conjunction with these financial statements.

The results of operations for an interim period should not necessarily be taken
as indicative of the results of operations that may be expected for a twelve
month period.

2. Summary Results of Operations for Selected Investments

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

                       Six Months Ended         Three Months Ended
                    -----------------------   -----------------------
                        2002         2001         2002          2001
                    ----------   ----------   ----------   ----------
Revenue .........   $2,384,000   $2,069,000   $1,594,000   $1,257,000
Operating expense    1,587,000    1,527,000      833,000      753,000
Net income ......      797,000      542,000      761,000      504,000


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

                   Six Months Ended                Three Months Ended
                --------------------------    --------------------------
                    2002           2001           2002          2001
                -----------    -----------    -----------    -----------
Revenue .....   $ 2,533,000    $ 1,345,000    $   767,000    $   730,000
Cost of sales     3,834,000      1,710,000      1,545,000        872,000
Other expense       523,000        463,000        284,000        241,000
Net loss ....    (1,824,000)      (828,000)    (1,062,000)      (383,000)

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

                         Six Months Ended            Three Months Ended
                    --------------------------  ---------------------------
                        2002           2001          2002           2001
                    -----------    -----------   -----------    -----------
Revenue .........   $ 2,294,000    $ 2,081,000   $ 1,398,000    $ 1,165,000
Cost of sales ...     1,774,000      1,292,000     1,110,000        673,000
Other expense ...       736,000        487,000       380,000        217,000
Net income (loss)      (216,000)       302,000       (92,000)       275,000


3.  Summary of Significant Accounting Policies

New Accounting Standards and Disclosures
SFAS 141
In June 2001, the Financial Accounting Standards Board ("FASB") issued Statement
of Financial Accounting Standards ("SFAS") 141, Business Combinations, which
eliminates the pooling-of-interest method of accounting for business
combinations and requires the use of the purchase method. In addition, SFAS 141
requires the reassessment of intangible assets to determine if they are
appropriately classified either separately or within goodwill. SFAS 141 is
effective for business combinations initiated after June 30, 2001. The Trust
adopted SFAS 141 on July 1, 2001, with no material impact on the consolidated
financial statements.

SFAS 142
In June 2001, the FASB issued SFAS 142, Goodwill and Other Intangible Assets,
which eliminates the amortization of goodwill and other acquired intangible
assets with indefinite economic useful lives. SFAS 142 requires an annual
impairment test of goodwill and other intangible assets that are not subject to
amortization. Other intangible assets with definite economic lives will continue
to be amortized over their useful lives. The Trust adopted SFAS 142 on January
1, 2002, with no material impact on the consolidated financial statements.

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
will adopt SFAS 143 effective January 1, 2003 and is currently assessing the
impact that this standard may have on the Trust.

SFAS 144
In August 2001, the FASB issued SFAS 144, Accounting for the Impairment or
Disposal of Long-Lived Assets, which replaces SFAS 121, Accounting for the
Impairment of Long-lived Assets and for Long-Lived Assets to Be Disposed Of. For
long-lived assets to be held and used, SFAS 144 retains the requirements of SFAS
121 to (a) recognize an impairment loss only if the carrying amount is not
recoverable from undiscounted cash flows and (b) measure an impairment loss as
the difference between the carrying amount and fair value of the asset. For
long-lived assets to be disposed of, SFAS 144 establishes a single accounting
model based on the framework established in SFAS 121. The accounting model for
long-lived assets to be disposed of by sale applies to all long-lived assets,
including discontinued operations and replaces the provisions of APB Opinion No.
30, Reporting the Results of Operations - Reporting the Effects of Disposal of a
Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring
Events and Transactions, for the disposal of segments of a business. SFAS 144
also broadens the reporting of discontinued operations. The Trust adopted SFAS
144 on January 1, 2002, with no material impact on the consolidated financial
statements.

4.  Long-Term Debt

Following is a summary of United Kingdom Landfill Gas Projects long-term debt at
June 30, 2002 and December 31,2001:

                          June 30,2002   December 31,2001
                          ------------    ------------
Bank loan payable .....   $ 17,761,809    $ 14,487,733
Less - Current maturity     (1,039,336)       (609,550)
                          ------------    ------------
Total long-term debt ..   $ 16,722,473    $ 13,878,183
                          ------------    ------------

The bank loan is repayable in semi annual installments each March 31st and
September 30th through September 30, 2010. The loan bears interest at LIBOR plus
2.25% (4.086% and 4.126% at June 30, 2002 and December 31, 2001, respectively).
The notes are collateralized by substantially all of the assets of the projects.
The increase in the loan balance is due to the borrowings used for the
development of new projects in the United Kingdom as well as the effect on the
change in the foreign currency translation rate.

During the fourth quarter of 1997, the Trust and its principal bank executed a
revolving line of credit agreement, whereby the bank will provide a three year
committed line of credit facility of $750,000 for borrowings or letters of
credit. The credit facility was extended until July 31, 2002. Outstanding
borrowings, which will be repaid prior to the expiration of the credit facility,
bear interest at the bank's prime rate or, at the Trust's choice, at LIBOR plus
2.5% (4.336% and 4.376% at June 30, 2002 and December 31, 2001, respectively).
During the third quarter of 2002, the Trust extended its revolving line of
credit agreement with its principal bank through August 31, 2002 and is in the
process of finalizing a further extension until July 31, 2003. The extension
expiring on August 31, 2002 provides the Trust with a committed line of credit
of $700,000, while the credit facility through July 31, 2003 will provide a
committed line of $593,000. The credit agreement will require 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.

5. Related Party Transactions

At June 30, 2002 and December 31, 2001, the Trust had outstanding payables and
receivables, with the following affiliates:

                                       Due To                  Due From
                              ------------------------  ------------------------
                                June 30,   December 31,   June 30,  December 31,
                                 2002         2001          2002         2001
                              ----------   ----------   ----------   ----------
Ridgewood Power
 Management L.L.C .........   $     --     $  141,707   $  126,817   $     --
Ridgewood Power Corp. .....       47,750         --           --           --
Ridgewood Power Growth Fund      204,624      181,832         --           --
Egypt projects ............         --           --        128,551         --
Ridgewood Electric
 Power Trust IV ...........         --           --         45,667      135,823
Maine Hydro ...............      483,365         --           --        100,000
Maine Biomass .............      505,000         --           --        200,000
Other affiliates ..........       19,095       19,518         --           --
                              ----------   ----------   ----------   ----------
         Total ............   $1,259,834   $  343,057   $  301,035   $  435,823
                              ----------   ----------   ----------   ----------

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.

6. Income taxes

The Trust  recorded a provision for United  Kingdom income taxes of $167,345 for
the six  months  ended  June  30,  2002 on a  foreign  loss of  $1,273,182.  The
provision  recorded  is 30%,  the  effective  corporate  tax rate of the  United
Kingdom, of the net increase in the current years temporary  differences between
the carrying amounts of assets and liabilities for financial  reporting purposes
and amounts  used for income tax  purposes.  At June 30, 2002 and  December  31,
2001,  the Trust had a deferred tax  liability  of  $1,319,262  and  $1,081,202,
respectively. The significant component of the Trust's deferred tax liability is
attributable to the accelerated depreciation on its plant and equipment.



<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, United
Kingdom Landfill Projects ("UK Projects") and Ridgewood Waterpure Corporation.
The Trust's investment in the Synergics Hydro projects is in the form of a note
receivable and, accordingly, the Trust's earnings are in the form of interest
income. The Trust uses the equity method of accounting for its investments in
the Maine Hydro Projects, Maine Biomass Projects, and the Egypt Projects.

Results of Operations

Three Months Ended June 30,2002, Compared to the Three Months Ended June 30,2001

Revenues increased by $1,170,000, to $2,081,000 in the second quarter of 2002,
as compared to the second quarter of 2001. The increase in revenues is due to
the increase in the number of power producing facilities owned and operated by
the UK Projects as a result of the merger that was completed in the fourth
quarter of 2001.

Gross profit decreased from $223,000 for the three months ended June 30, 2001,
to $214,000 for the corresponding period of 2002. The decrease is attributed to
the increase in maintenance costs incurred to repair some of the UK Projects.

General and administrative expenses increased $116,000 in the second quarter of
2002 to $226,000. The increase in general and administrative expenses is a
result of the merger of operations of the UK projects in the fourth quarter of
2001. Prior to the merger, the Trust paid a third party non-affiliate to manage
and operate the UK Projects. As a result of the merger, the Trust now manages,
develops and operates the UK projects internally.

Research and development costs decreased $55,000 to $277,000 in the second
quarter of 2002. In the second quarter of 2001, the Trust's Ridgewood WaterPure
subsidiary incurred $332,000 of research and development costs related to its
water distillation technology. In the third quarter of 2001 Ridgewood
WaterPure's available cash ran out, therefore, in October 2001, Ridgewood
WaterPure filed under Chapter 7 of the United States Bankruptcy Code to
liquidate its assets. In the second quarter of 2002, the UK Projects incurred
$277,000 of developmental costs as a result of the construction and development
of new plants.

Interest income decreased by $39,000 from $57,000 in the second quarter of 2001
to $18,000 in the second quarter of 2002 due to lower average cash balances.
Interest expense increased by $128,000 from $252,000 in the second quarter of
2001 to $380,000 in the second quarter of 2002 due to the increase in borrowings
under the UK Projects credit line.

The Trust recorded interest income from the note related to the Synergics
Projects of $137,000 in the second quarter of 2001. During the second half of
2001, drought conditions affected many of the Synergics Projects, reducing
revenues and cash flows recorded by Synergics. As a result of these reduced cash
flows experienced by Synergics, the Trust ceased accruing interest effective as
of October 1, 2001.

The Trust recorded $62,000 of net income related to the Egypt projects in the
second quarter of 2001 compared to $13,000 of losses in the second quarter of
2002. The loss in 2002 is attributed to the acquisition of Sinai Environmental
Services ("Sinai"), which was completed in the first quarter of 2002. Sinai's
operating loss of $241,000 for the second quarter is primarily due to the change
in estimate of the useful life of fixed assets. The Trust's Egyptian subsidiary
became the managing shareholder effective February 16, 2002, when it increased
its equity holdings by 25% for a total ownership of 53%.

Equity income from the Maine Hydro Projects increased by $128,000, to $380,000
in the second quarter of 2002. The increase is due to the heavier rainfall
experienced in the second quarter of 2002.

The equity loss from the Maine Biomass Projects increased from $191,000 in the
second quarter of 2001 to $531,000 in the same period in 2002. The increase in
the equity loss in the Maine Biomass Projects is primarily attributable to lower
capacity revenues in the second quarter of 2002 as compared to the same period
in 2001. In addition to the lower capacity revenues, the West Enfield plant
operated under a normal full time schedule without being able to record
renewable energy attributes revenue (see below for further detail). During the
second quarter of 2002, the West Enfield plant was in operation, while the
Jonesboro plant was not. During the second quarter of 2001, the West Enfield
plant resumed operations while the Jonesboro plant remained idle. On May 9,
2002, the West Enfield plant and the Jonesboro plant each filed an "Application
for Statement of Qualification" with the Massachusetts Division of Energy
Resources (the "Division") to qualify as new renewable electric generation
facilities under the Massachusetts Renewable Portfolio Standard Regulations
("RPS"). Pursuant to these regulations, qualified renewable electric generation
facilities produce renewable portfolio standard attributes ("RPS Attributes")
when they generate electricity. RPS Attributes are then sold to and used by
entities that are providing electricity to end-use customers in Massachusetts.
The RPS regulations, and the statute under which they were promulgated, are
intended to spur use and development of new renewable generation facilities.

On July 8, 2002, the Trust received official notice from the Division that the
Application for Statement of Qualification filed pursuant to the Massachusetts
Renewable Energy Portfolio Standard Regulations ("Regulations") by both the
Jonesboro and West Enfield plants had been approved as of July 3, 2002. Pursuant
to such approval, the Division found that the Plants meet the eligibility
requirements of the Regulations and therefore may market and sell renewable
attributes associated with the electric generation of the Plants. Because the
West Enfield plant qualifies under the RPS, pursuant to the power sales
contract, Select Energy will pay an additional amount for the RPS Attributes
associated with the electric energy it purchased from the West Enfield plant,
which amounted to approximately $630,000 for the second quarter of 2002. Because
the Trust received notification of its approval for qualification by the
Division in July 2002, the Trust will recognize its share of the additional
revenues in the third quarter of 2002.

Other income increased by $196,000 in the second quarter of 2002 primarily due
to the proceeds received from the liquidation of the Santee River Rubber
Company, which filed for bankruptcy in 2000.

 Six Months Ended June 30, 2002, Compared to the Six Months Ended June 30, 2001

Revenues increased by $862,000 to $3,764,000 for the first six months of 2002,
as compared to the same period of 2001. The increase in revenues is due to the
increase in the number of power producing facilities owned and operated by the
UK Projects as a result of the merger that was completed in the fourth quarter
of 2001.

Gross profit decreased from $858,000 for the six months ended June 30, 2001, to
$311,000 for the corresponding period of 2002. The decrease is attributed to the
increase in maintenance costs incurred to repair some of the UK Projects.

General and administrative expenses increased $162,000 in the first half of 2002
to $437,000. The increase in general and administrative expenses is a result of
the merger of operations of the UK Projects in the fourth quarter of 2001. Prior
to the merger, the Trust paid a third party non-affiliate to manage and operate
the UK Projects. As a result of the merger, the Trust now manages, develops and
operates the UK Projects internally.

Research and development costs increased $140,000 to $697,000 for the first half
of 2002. In the first six months of 2001, the Trust's Ridgewood WaterPure
subsidiary incurred $557,000 of research and development costs related to its
water distillation technology. As a result of Ridgewood WaterPure's bankruptcy
filing in the fourth quarter of 2001, no research and development costs were
incurred in 2002. In the first half of 2002, the UK Projects incurred $697,000
of developmental fees as a result of the construction and development of new
plants. In 2001, the UK Projects did not incur development costs since it did
not develop and construct its plants but rather purchased completed and operable
facilities.

Interest income decreased by $66,000 from $100,000 in the first six months of
2001 to $34,000 for the corresponding period of 2002, due to lower average cash
balances. Interest expense increased by $290,000 from $495,000 for the six
months ended June 2001 to $785,000 for the six months ended June 2002, due to
the increase in borrowings under the UK project's credit line.

The Trust recorded interest income from the note related to the Synergics
Projects of $273,000 in the first half of 2001. During the second half of 2001,
drought conditions affected many of the Synergics Projects, reducing revenues
and cash flows recorded by Synergics. As a result of these reduced cash flows
experienced by Synergics, the Trust ceased accruing interest effective as of
October 1, 2001.

The Trust recorded $69,000 of net income related to the Egypt projects for the
first six months of 2001 compared to $30,000 of losses for the same period of
2002. The loss in 2002 is attributed to the acquisition of Sinai Environmental
Services ("Sinai"), which was completed in the first quarter of 2002. Sinai's
$324,000 operating loss for the six months ended June 30, 2002 is primarily due
to the high management fees charged by Sinai's previous managing shareholder and
to the change in estimate of the useful life of fixed assets. The Trust's
Egyptian subsidiary became the managing shareholder effective February 16, 2002,
when it increased its equity holdings by 25% for a total ownership of 53%. As a
result of the new managing shareholders review and inspection of the current
condition of Sinai's machinery and equipment, the managing shareholder reduced
the useful life of Sinai's fixed assets accordingly.

Equity income from the Maine Hydro Projects increased by $127,000, to $398,000
in the first half of 2002. The increase is due to the heavier rainfall
experienced in 2002.

The equity loss from the Maine Biomass Projects increased from $414,000 for the
six months ended June 30, 2001 to $912,000 in the same period in 2002. The
increase in the equity loss in the Maine Biomass Projects is primarily
attributable to lower capacity revenues received in 2002 as compared to the same
period in 2001, as well as the West Enfield plant operating under a normal full
time schedule without being able to record renewable energy attributes revenue.
During the first six months of 2002, the West Enfield plant was in operation,
while the Jonesboro plant was not. The West Enfield plant was idle for the
majority of the first half of 2001, while the Jonesboro plant did not operate at
all.

On July 8, 2002, the Trust received  official  notice from the Division that the
Application for Statement of Qualification  filed pursuant to the  Massachusetts
Renewable  Energy Portfolio  Standard  Regulations  ("Regulations")  by both the
Jonesboro and West Enfield plants had been approved as of July 3, 2002. Pursuant
to such  approval,  the  Division  found  that the Plants  meet the  eligibility
requirements  of the  Regulations  and therefore  may market and sell  renewable
attributes  associated with the electric  generation of the Plants.  Because the
West  Enfield  plant  qualifies  under  the RPS,  pursuant  to the  power  sales
contract,  Select  Energy will pay an additional  amount for the RPS  Attributes
associated  with the electric  energy it purchased  from the West Enfield plant,
which amounted to approximately $1.1 million for the first half of 2002. Because
the  Trust  received  notification  of its  approval  for  qualification  by the
Division  in July 2002,  the Trust will  recognize  its share of the  additional
revenues in the third quarter of 2002.

Other income increased by $146,000 in the first six months of 2002 primarily due
to the proceeds received from the liquidation of the Santee River Rubber
Company, which filed for bankruptcy in 2000.

Liquidity and Capital Resources

Dollar amounts in this discussion are rounded to the nearest $1,000.

Cash provided by operating activities for the six months ended June 30, 2002 was
$1,072,000 as compared to a usage of $253,000 for the six months ended June 30,
2001. The increase in cash flow from operating activities is primarily the
result of the reduction of outstanding accounts receivable and an increase in
short term payables due to affiliates.

Cash used in investing activities decreased to $3,585,000 during the first half
of 2002 as compared to $6,360,000 in the first half of 2001. The decrease is
primarily due to the Trust purchasing more power plants in the United Kingdom in
2001, $6,310,000, as compared to 2002, $3,125,000. The Trust also made a lesser
investment in the Maine Biomass Projects in 2002, $325,000, as compared to
$450,000 in 2001. As opposed to the $400,000 cash distribution received from the
Egypt Projects in 2001, there were no distributions received in the first half
of 2002. During the first six months of 2002 the Trust made a $135,000
investment in the Synergics Projects.

Cash provided by financing activities for the first six months of 2002 was
$2,326,000 compared to a $5,941,000 in the first six months of 2001. The
decrease in 2002 cash flow from financing activities is due to the $3,467,000
investment in the UK projects by the Ridgewood Power Growth Fund in 2001.

During the fourth quarter of 1997, the Trust and its principal bank executed a
revolving line of credit agreement, whereby the bank will provide a three year
committed line of credit facility of $750,000 for borrowings or letters of
credit. The credit facility was extended until July 31, 2002. Outstanding
borrowings, which will be repaid prior to the expiration of the credit facility,
bear interest at the bank's prime rate or, at the Trust's choice, at LIBOR plus
2.5% (4.336% and 4.376% at June 30, 2002 and December 31, 2001, respectively).
During the third quarter of 2002, the Trust extended its revolving line of
credit agreement with its principal bank through August 31, 2002 and is in the
process of finalizing a further extension until July 31, 2003. The extension
expiring on August 31, 2002 provides the Trust with a committed line of credit
of $700,000, while the credit facility through July 31, 2003 will provide a
committed line of $593,000. The credit agreement will require 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.

Obligations of the Trust are generally limited to payment of the management fee
to the Managing Shareholder and payment of certain accounting and legal services
to third parties. The Trust ceased making distributions to shareholders in the
first quarter of 2001.

The Trust expects that its cash flows from operations, cash on hand and line of
credit will be sufficient to fund its obligations for the next twelve months.

Forward-looking statement advisory

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

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

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

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



<PAGE>


                           PART II - OTHER INFORMATION

     None.


<PAGE>


                                   SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                           RIDGEWOOD ELECTRIC POWER TRUST V
                                    Registrant

August 15, 2002                  By /s/ Christopher I. Naunton
Date                                Christopher I. Naunton
                                    Vice President and
                                    Chief Financial Officer
                                    (signing on behalf of the
                                    Registrant and as
                                    principal financial
                                    officer)



<PAGE>





                            CERTIFICATION PURSUANT TO
                             18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                  SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of Ridgewood Electric Power Trust V (the
Trust) on Form 10-Q for the period ending June 30, 2002 as filed with the
Securities and Exchange Commission on the date hereof (the Report), I, Robert E.
Swanson, Chief Executive Officer of the Trust, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and
(2) The  information  contained in the Report fairly  presents,  in all material
respects, the financial condition and result of operations of the Trust.



  /s/ Robert E. Swanson

  Robert E. Swanson
  Chief Executive Officer
  August 15, 2002



<PAGE>




                            CERTIFICATION PURSUANT TO
                              18 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                    SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of Ridgewood Electric Power Trust V (the
Trust) on Form 10-Q for the period ending June 30, 2002 as filed with the
Securities and Exchange Commission on the date hereof (the Report), I,
Christopher I. Naunton, Chief Financial Officer of the Trust, certify, pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and
(2) The  information  contained in the Report fairly  presents,  in all material
respects, the financial condition and result of operations of the Trust.


  /s/ Christopher I. Naunton

  Christopher I. Naunton
  Chief Financial Officer
  August 15, 2002