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 March 31, 1999

Commission File No. 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

                                 March 31, 1999
<PAGE>
Ridgewood Electric Power Trust V
Consolidated Balance Sheet
--------------------------------------------------------------------------------


                                               March 31,     December 31,
                                                 1999            1998
                                             ------------    -----------
                                              (unaudited)
Assets:
Cash and cash equivalents ................   $ 40,812,203    $ 42,832,241
Due from affiliates ......................      1,406,496       1,165,140
Interest receivable ......................        184,410          96,806
Other current assets .....................        167,563         165,683
                                             ------------    ------------

    Total current assets .................     42,570,672      44,259,870

Investments:
Maine Hydro Projects .....................      6,754,424       6,217,289
Maine Biomass Projects ...................      6,238,664       6,306,817
MetaSound Systems ........................      2,204,925       2,447,413
Quantum Conveyor .........................      3,085,461       3,096,170
Santee River Rubber ......................      8,797,748       9,007,968

Deferred due diligence costs .............        662,151         399,498
                                             ------------    ------------

    Total assets .........................   $ 70,314,045    $ 71,735,025
                                             ------------    ------------

Liabilities and shareholders' equity:

Accounts payable and accrued expenses ....   $    196,813    $    194,531
Due to affiliates ........................        227,582         593,582
                                             ------------    ------------

    Total current liabilities ............        424,395         788,113
                                             ------------    ------------

Minority interest ........................      1,731,878       1,730,174

Commitments and contingencies

Shareholders' equity:
Shareholders' equity (950 shares issued
  and outstanding) .......................     68,268,458      69,315,887
Managing shareholder's accumulated deficit       (110,686)        (99,149)
                                             ------------    ------------
    Total shareholders' equity ...........     68,157,772      69,216,738
                                             ------------    ------------

    Total liabilities and shareholders'
      equity .............................   $ 70,314,045    $ 71,735,025
                                             ------------    ------------



                 See accompanying notes to financial statements.
<PAGE>
Ridgewood Electric Power Trust V
Consolidated Statement of Operations (unaudited)
--------------------------------------------------------------------------------


                                                  Three Months Ended
                                           --------------------------------
                                           March 31, 1999    March 31, 1998
Revenue:
                                                ---------    ---------

   Interest income ..........................   $ 614,026    $ 825,129
   Income from Maine Hydro Projects .........     537,135      326,530
   Loss from Maine Biomass Projects .........    (168,403)    (267,857)
   Loss from MetaSound Systems ..............    (248,639)        --
   Loss from Quantum Conveyor ...............     (10,709)        --
   Income from Santee River Rubber ..........       4,034         --
                                                ---------    ---------
           Total revenue ....................     727,444      883,802
                                                ---------    ---------

Expenses:
  Investment fee ............................       6,500      260,773
  Management fee ............................     601,202         --
  Allocated management costs ................        --        138,461
  Accounting and legal fees .................      20,039        9,505
  Research and development ..................     201,332         --
  Miscellaneous .............................      53,114        8,046
                                                ---------    ---------
          Total expenses ....................     882,187      416,785
                                                ---------    ---------

           (Loss) income from operations ....    (154,743)     467,017

  Minority interest in income of consolidated
      subsidiary ............................      (1,704)        --
                                                ---------    ---------

           Net (loss) income ................   $(156,447)   $ 467,017
                                                ---------    ---------


                 See accompanying notes to financial statements.
<PAGE>
Ridgewood Electric Power Trust V
Consolidated Statement of Changes in Shareholders' Equity (unaudited)
--------------------------------------------------------------------------------


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


Shareholders' equity, December
   31, 1998 ..................   $ 69,315,887    $    (99,149)   $ 69,216,738

Capital contributions ........         94,800            --            94,800

Cash distributions ...........       (987,346)         (9,973)       (997,319)

Net income for the ...........       (154,883)         (1,564)       (156,447)
period
                                 ------------    ------------    ------------

Shareholders' equity, March
  31, 1999 ...................   $ 68,268,458    $   (110,686)   $ 68,157,772
                                 ------------    ------------    ------------

                 See accompanying notes to financial statements.

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


                                                     ree Months Ended
                                                ----------------------------
                                                  March 31,       March 31,
                                                    1999            1998
                                                ------------    ------------

Cash flows from operating activities:
  Net (loss) income .........................   $   (156,447)   $    467,017
                                                ------------    ------------

  Adjustments to reconcile net income to net
   cash flows from operating activities:
    Income from unconsolidated Maine Hydro
      Projects ..............................       (537,135)       (326,530)
    Loss from unconsolidated Maine Biomass
      Projects ..............................        168,403         267,857
    Loss from unconsolidated MetaSound
      Systems ...............................        248,639            --
    Loss from unconsolidated Quantum Conveyor         10,709            --
    Income from unconsolidated Santee River
      Rubber ................................         (4,034)           --
    Minority interest in income of
      consolidated subsidiary ...............          1,704            --
    Changes in assets and liabilities:
      Increase in interest receivable .......        (87,604)       (114,560)
      Increase in other current assets ......         (1,880)           --
      (Decrease) increase in accounts payable
        and accrued expenses ................          2,282      (1,064,862)
      Decrease in due to affiliate, net .....       (607,356)       (134,081)
                                                ------------    ------------
        Total adjustments ...................       (806,272)     (1,372,176)
                                                ------------    ------------
  Net cash (used in) provided by operating
    activities ..............................       (962,719)       (905,159)
                                                ------------    ------------

Cash flows from investing activities:
  Loans to Maine Biomass Projects ...........       (100,250)       (250,000)
  Investment in MetaSound Systems ...........         (6,151)           --
  Distributions from Santee River Rubber ....        214,254            --
  Deferred due diligence costs ..............       (262,653)       (179,268)
                                                ------------    ------------
  Net cash used in investing activities .....       (154,800)       (429,268)
                                                ------------    ------------

Cash flows from financing activities:
  Proceeds from shareholders' contributions .        130,500      21,641,833
  Selling commissions and offering costs paid        (35,700)     (2,446,278)
  Cash distributions to shareholders ........       (997,319)     (1,246,739)
                                                ------------    ------------
  Net cash provided by financing activities .       (902,519)     17,948,816
                                                ------------    ------------

Net increase in cash and cash equivalents ...     (2,020,038)     16,614,389

Cash and cash equivalents, beginning of year      42,832,241      40,821,582
                                                ------------    ------------

Cash and cash equivalents, end of period ....   $ 40,812,203    $ 57,435,971
                                                ------------    ------------


                 See accompanying notes to financial statements.


<PAGE>
Ridgewood Electric Power Trust V
Notes to Consolidated Financial Statements (unaudited)

1. General

In the opinion of management,  the accompanying  unaudited financial  statements
contain all adjustments which consist of normal recurring adjustments, necessary
for the pair  presentation  of the results for the interim  periods.  Additional
footnote  disclosure  concerning  accounting  policies  and  other  matters  are
disclosed in Ridgewood Electric Power Trust V's financial statements included in
the 1998 Annual Report on Form 10-K,  which should be read in  conjunction  with
these financial statements.

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

2.  Maine Biomass Projects

In the first  quarter of 1999 and April  1999,  the Trust  loaned  $100,250  and
$62,250,   respectively,   to  Indeck  Maine  Energy,   L.L.C.  ("Maine  Biomass
Projects"). The loan is in the form of two demand notes that bear interest at 5%
per annum.  Ridgewood Electric Power Trust IV, which owns an identical preferred
membership interest in the Maine Biomass Projects,  also made identical loans to
the Maine Biomass Projects.  The other Maine Biomass Project members also loaned
$150,000  in the first  quarter of 1999 and  $177,000 in April 1999 to the Maine
Biomass Projects with the same terms.

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

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

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

Introduction

The consolidated financial statements include only the accounts of the Trust and
its majority owned subsidiary,  Ridgewood WaterPure Corporation.  The Trust uses
the equity method of accounting for its investments in the Maine Hydro Projects,
the Maine Biomass Projects,  the Santee River Rubber Project,  Quantum Conveyors
and MetaSound Systems, which are owned 50% or less by the Trust.

Results of Operations

         Quarter ended March 31, 1999 compared to quarter ended March 31, 1998.

In the first quarter of 1999, the Trust had total revenue of $727,000, a decline
of $157,000 from total revenue of $884,000 in the same period in 1998.  Interest
income  declined  by  $211,000  from  $825,000  in the first  quarter of 1998 to
$614,000 in the first quarter of 1999 due to lower average cash balances. Equity
income from the Maine Hydro  Projects  increased  $210,000  from $327,000 in the
first  quarter  of 1998 to  $537,000  in the same  period  in 1999 due to higher
production  because of  above-average  river  flows.  The  equity  loss from the
shut-down Maine Biomass Projects decreased from $268,000 in the first quarter of
1998 to $168,000 in the same period in 1999 due to cost reductions and installed
electric  capacity at the plants.  The Trust  recorded a loss of $249,000 in the
first  quarter  of 1999  equal to its  share of  losses  incurred  at  MetaSound
Systems.  The Trust  acquired a minority  interest  in that  company in December
1998.

The investment fee declined from $261,000 in the first quarter of 1998 to $7,000
in the first quarter of 1999 as a result of the closing of the Trust's  offering
in April 1998. In the first quarter of 1999,  the most  significant  expense was
the management fee of $601,202 (2.5% annually of capital  contributions),  which
began to be charged at the  termination of the offering in April 1998.  This fee
supersedes  reimbursements for project management  services (computed at cost or
the  allocable  amount of certain  overhead  expenses)  provided by the Managing
Shareholder, which totalled $138,000 in the first quarter of 1998.

In the  first  quarter  of 1999,  the  Trust's  Ridgewood  WaterPure  subsidiary
incurred  $201,000  of  research  and  development  costs  related  to its water
distillation technology.

         Quarter ended March 31, 1998 compared to quarter ended March 31, 1997.

In the first three  months of 1998,  the Trust had total  revenues of  $884,000,
which were $552,000 higher than the total revenue of $332,000 in the same period
in 1997. The increase was a result of higher interest income  resulting from the
Trust's greater cash balances.  In addition,  the Trust recorded  greater equity
income from the Maine Hydro  Projects and recorded an equity loss from the Maine
Biomass Projects. The increase in income from the Maine Hydro Projects is due to
higher revenues from the hydroelectric  dams. The Maine Biomass Projects,  which
were acquired in July 1997,  recorded losses because the plants were temporarily
shut-down.

Expenses  were  $417,000 in the first quarter of 1998 compared to $93,000 in the
same period in 1997.  The primary cause of the increase was a $182,000  increase
in the investment  fee resulting  from a higher level of capital  contributions.
The 1998 expense also included $138,000 of reimbursements for project management
services (computed at cost or the allocable amount of certain overhead expenses)
provided by the Managing Shareholder.

Liquidity and Capital Resources

In 1997,  the Trust and Fleet Bank,  N.A. (the "Bank")  entered into a revolving
line of credit agreement,  whereby the Bank provides a three year committed line
of credit  facility of $1,150,000.  Outstanding  borrowings bear interest at the
Bank's  prime rate or, at the  Trust's  choice,  at LIBOR plus 2.5%.  The credit
agreement  requires  the Trust to maintain a ratio of total debt to tangible net
worth of no more than 1 to 1 and a minimum debt service  coverage  ratio of 2 to
1. The credit facility was obtained in order to allow the Trust to operate using
a minimum amount of cash,  maximize the amount invested in Projects and maximize
cash distributions to shareholders. There have been no borrowings under the line
of credit in 1999.

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

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

Year 2000 remediation

Please refer to the Trust's disclosures at Item 7 - Management's  Discussion and
Analysis  of its Annual  Report on Form 10-K for 1998 for a  discussion  of year
2000 issues affecting the Trust.  Since that report was filed, the only material
change in the Trust's year 2000  compliance  is that the changes to the Managing
Shareholder's investor distribution system have been completed. Testing of those
changes has been  rescheduled to late May 1999 in  conjunction  with a regularly
scheduled  set of  distributions.  No  other  material  changes  in the  Trust's
remediation efforts or its plans for year 2000 compliance have occurred.


<PAGE>

                          PART II - OTHER INFORMATION

Item 5. Other Information

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

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

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

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

Item 6. Exhibits and Reports on Form 8-K

     a.  Exhibits
         Exhibit 27.  Financial Data Schedule

<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

May 17, 1999               By /s/ Martin V. Quinn
Date                              Martin V. Quinn
                                  Senior Vice President and
                                   Chief Financial Officer
                                  (signing on behalf of the
                                   Registrant and as
                                   principal financial
                                   officer)