UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 1998

Commission File No. --

               RIDGEWOOD ELECTRIC POWER TRUST V
(Exact Name of Registrant as Specified in Its Charter)

        Delaware                           22-3437351
(State or Other Jurisdiction             (I.R.S. Employer Identification No.)
of Incorporation or Organization)

  c/o Ridgewood Power Corporation, 947 Linwood Avenue, Ridgewood, New Jersey
07450
  (Address of Principal Executive Offices)                        (Zip Code)

Registrant's Telephone Number, including Area Code:  (201) 447-9000


     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 [  ]      NO [X]

Exhibit Index is located on page .

<PAGE>

PART I

Item #1.  Financial Statements

<PAGE>


PART I. - FINANCIAL INFORMATION


                    RIDGEWOOD ELECTRIC POWER TRUST V
                       CONSOLIDATED BALANCE SHEETS
                            (Unaudited)

                            September 30,    December 31,
                                1998            1997
                              (unaudited)
Assets:
Cash and cash equivalents   $ 45,665,398  $ 40,821,582
Due from affiliates              111,078        14,467
Other assets                     197,695       167,170

Total current assets          45,974,171    41,003,219

Investment in Maine
  Hydro Projects               7,278,561     6,694,826
Investment in and
  loans to Maine
  Biomass Projects             6,433,360     6,617,862
Investment in
  Santee River
   Project                     8,939,301          ---
Investment in and
  loans to Quantum
  Conveyor, LLC                3,019,999          ---
Deferred due
  diligence costs              1,048,596       154,018

Total assets                 $72,693,988   $54,469,925


Liabilities and Shareholders' Equity:

Accounts payable and
  accrued expenses            $  34,500     $1,101,285
Due to affiliates               357,724        322,522
Total current
  liabilities                   392,224      1,423,807

Commitments and
  contingencies

Shareholders' equity:

Shareholders' equity
  (950 and 762.8
  shares issued and
  outstanding at Sep-
  tember 30, 1998 and
  December 31, 1997)        72,364,956      53,077,526
Managing shareholder's
  accumulated deficit          (63,192)        (31,408)
Total shareholders'
  equity                    72,301,764      53,046,118

Total liabilities and
  shareholders' equity     $72,693,988     $54,469,925


                 See Accompanying Notes to Financial Statements
<PAGE>
<TABLE>
                   RIDGEWOOD ELECTRIC POWER TRUST V
                      STATEMENTS OF OPERATIONS
                   FOR THE NINE MONTHS AND QUARTERS
            ENDED SEPTEMBER 30, 1998 AND SEPTEMBER 30, 1997
                            (Unaudited)
<CAPTION>


                                    Nine months ended                Quarter ended
                              September 30,    September 30,  September 30,  September 30,
                                   1998             1997          1998        1997

<S>                          <C>            <C>            <C>           <C>
Revenue:

Interest income                $2,251,014        $589,815     $  649,941   $   257,316
 Income from Maine
  Hydro Projects                  583,735         595,928       (103,805)     (177,771)
 Income from Quantum
  Conveyor LLC                     18,899           ---           18,899           ---
 Loss from Maine
  Biomass Projects               (434,502)       (214,213)      (123,469)     (214,213)
          Total revenue         2,419,146         971,530        441,566        58,124

Expenses:

  Due diligence costs            633,790           8,159         614,621           763
  Investment fee                 318,488         520,786          15,120       209,280
  Management fee               1,039,351           ---           566,919          ---
  Allocated management
   costs                         356,221         234,409         117,232       234,409
  Accounting and legal fees       39,320          33,503          11,655        17,501
  Miscellaneous                   34,244          15,270          14,409         7,052
          Total expenses       2,421,414         812,127       1,339,956       469,005

  Net income (loss)          $    (2,268)       $159,403       $(898,390)    $(410,881)

</TABLE>
See Accompanying Notes to Financial Statements

<PAGE>

<TABLE>
                 RIDGEWOOD ELECTRIC POWER TRUST V
           STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
              FOR THE PERIOD ENDED SEPTEMBER 30, 1998
                            (unaudited)
<CAPTION>
                                       Managing
                       Shareholders   Shareholder      Total
<S>                    <C>            <C>          <C>
Shareholders'
  equity, December 31,
  1997 (762.8 shares)  $ 53,077,526    $ (31,408)   $  53,046,118
Capital contributions,
  net (187.2 shares)     22,434,032        ---         22,434,032
Cash distributions       (3,144,357)     (31,761)      (3,176,118)

Net loss
  for the period             (2,245)         (23)          (2,268)


Shareholders'
  equity,
  September 30,
  1998 (950 shares)    $ 72,364,956      (63,192)    $ 72,301,764


See Accompanying Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
                   RIDGEWOOD ELECTRIC POWER TRUST V
                       STATEMENTS OF CASH FLOWS
               FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND
                         SEPTEMBER 30, 1997
                              (Unaudited)

<CAPTION>
                                             Nine Months Ended
                                   September 30, 1998    September 30, 1997

<S>                                  <C>                    <C>

Cash flows from operating activities:

Net income (loss)                     $          (2,268)          $  159,403

Adjustments to reconcile net income
  to net cash flows from
  operating activities:
Income from unconsolidated Maine
  Hydro Projects                               (583,735)            (595,928)
Income from unconsolidated
  Quantum Conveyor LLC                          (18,899)                 ---
Loss from unconsolidated Maine
  Biomass Projects                              434,502              214,213
Changes in assets and liabilities:
  Increase in other assets                      (30,525)             (67,628)
  Increase (decrease) in accounts
   payable and accrued expenses                   3,996             (342,082)
  Increase (decrease) in due to
   affiliate, net                               (61,409)             311,988
Total adjustments                              (256,070)            (479,437)
Net cash (used in) provided by
  operating activities                         (258,338)            (320,034)

Cash flows from investing activities:

Investment in Maine Hydro Projects                ---               (102,762)
Loans to Maine Biomass Projects                (250,000)          (7,311,327)
Investment in and loans to
  Quantum Conveyor LLC                       (3,001,100)                ---
Investment in Santee River Project           (8,939,301)                ---
Deferred due diligence costs                   (894,578)            (214,321)
Net cash used in
  investing activities                      (13,084,979)          (7,628,410)

Cash flows from financing activities:

Proceeds from
  shareholders' contributions                25,945,198           24,195,182
Selling commissions
  and offering costs paid                    (4,581,947)          (1,650,929)
Cash distributions
  to shareholders                            (3,176,118)            (582,854)
Net cash provided
  by financing activities                    18,187,133           21,961,399

Net increase in cash
  and cash equivalents                        4,843,816           15,458,592

Cash and cash equivalents,
  beginning of period                        40,821,582            7,654,619
Cash and cash equivalents,
  end of period                        $     45,665,398       $   23,113,211

</TABLE>
See accompanying notes to financial statements.

<PAGE>
Item #2.  Management's Discussion and Analysis of Financial Condition
and Results of Operations

This Quarterly Report on Form 10-Q, like some other statements made by the Trust
from time to time, has  forward-looking  statements.  These  statements  discuss
business trends and other matters relating to the Trust's future results and the
business climate.  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  forward-looking  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.

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.


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

Introduction

The financial  statements include only the accounts of the Trust. The Trust uses
the equity method of accounting for its investments in the Maine Hydro Projects,
the Maine Biomass Projects and Quantum Conveyor.

Results of Operations

In the first nine months of 1998,  the Trust had total  revenues of  $2,419,000,
which were  $1,037,000  (75%) higher than the total revenue of $1,382,000 in the
same  period in 1997.  Revenues in the third  quarter of 1998 of  $442,000  were
$166,000 (60%) higher than the 1997 third quarter revenues of $276,000.  In both
periods,  these increases were the results of higher  interest income  resulting
from the Trust's greater cash balances.

The  Trust's  equity in income  from the Maine  Hydro  Projects  decreased  from
$596,000 in the first nine months of 1997 to $584,000 in the same period in 1998
but improved  from a loss of $178,000 in the third  quarter of 1997 to a loss of
$104,000 in the same period in 1998.  These variations were caused by changes in
project revenues resulting from precipitation fluctuations affecting the flow of
water and were within the expected  range of  variations.  The Trust  recorded a
loss of  $435,000 in the first nine months of 1998 and a loss of $123,000 in the
third quarter of 1998 with respect to its equity in Maine Biomass  Projects that
was acquired in July 1997.  The projects are not operating  (except for required
testing) but in April 1998 they began selling "installed  capability" (a measure
of their  capability to provide  electricity)  under contract to participants in
the  New  England  Power  Pool.  Revenues  from  those  sales  caused  the  loss
attributable  to the Trust from the Maine Biomass  Projects to be  significantly
reduced in the second and third quarters of 1998.

In the 1997 periods,  the investment fee of 2% of Capital  Contributions was the
major component of the Trust's  expenses.  The Trust's  offering of shares wound
down in early 1998,  causing the investment fee charge to fall to $15,000 in the
third quarter of 1998 as opposed to $209,000 in the  comparable  period of 1997.
The  investment  fee will not be charged in the future  unless the Trust were to
make a new offering of shares, which is not contemplated.

In the 1998  period,  the major  components  of Trust  expenses  were the annual
management fee (2.5% of assets), which began to be charged at the termination of
the  offering  in April,  and  reimbursements  for project  management  services
(computed at cost or the allocable amount of certain overhead expenses) provided
by the Managing  Shareholder in 1998. In addition,  in the third quarter of 1998
the Trust recorded  $615,000 of project due diligence  expense  primarily due to
the write off of costs  associated  with a rejected  potential  investment  in a
series of landfill gas fueled generation plants

Other expenses in the first nine months of 1997 and 1998 were comparable.

Liquidity and Capital Resources

In 1997,  the Trust and Fleet Bank,  N.A. (the "Bank")  entered into a revolving
line of credit agreement,  whereby the Bank provides a three year committed line
of credit  facility of $750,000.  Outstanding  borrowings  bear  interest at the
Bank's  prime rate or, at the  Trust's  choice,  at LIBOR plus 2.5%.  The credit
agreement  requires  the Trust to maintain a ratio of total debt to tangible net
worth of no more than 1 to 1 and a minimum debt service  coverage  ratio of 2 to
1. The credit facility was obtained in order to allow the Trust to operate using
a minimum amount of cash,  maximize the amount invested in Projects and maximize
cash distributions to shareholders. There have been no borrowings under the line
of credit in 1998.

In September 1998, the Trust and an affiliate, Ridgewood Electric Power Trust IV
("Trust IV"),  purchased a preferred  membership interest in Santee River Rubber
Company,  LLC,  ("Santee River LLC").  Santee River LLC is building a waste tire
and rubber  processing  facility  located near Charleston,  South Carolina.  The
Trust's share of the net purchase price was $8,939,301 and Trust IV provided the
remaining $4,469,650 of the price.

In September  1998,  the Trust through a subsidiary  purchased a 15%  membership
interest in Quantum Conveyor  Systems,  LLC,  ("Quantum  Conveyor") for $15,000.
Quantum Conveyor  designs,  manufactures and sells modular conveyor systems used
by post offices,  distribution centers, warehouses, and other facilities. At the
same time as it purchased its membership interest, the Trust's subsidiary made a
secured loan of $2,985,000 to Quantum Conveyor. In addition,  the subsidiary has
an option that expires on March 2, 1999 to purchase an additional 10% membership
interest for $10,000 and loan an addition  $1,990,000 to Quantum  Conveyor.  The
Trust   intends  to  allow   Ridgewood   Capital   Venture   Partners,   LLC,  a
recently-organized  investment  program  that is an  affiliate  of the  Managing
Shareholder,  to invest up to $2 million in the  subsidiary on the same terms as
the Trust in order to fund exercise of the option.

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

Item #6 - Exhibits and Reports on Form 8-K

     a. Exhibits Exhibit 27. Financial Data Schedule c. Reports on Form 8-K. The
     Trust filed a Current  Report on Form 8-K, dated , reporting its investment
     in Santee River Rubber Company, LLC.





<PAGE>

             RIDGEWOOD ELECTRIC POWER TRUST V

                        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

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