----

----

**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      DC 20549**

**FORM      10-K**

| x | ANNUAL                REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|---|------------------------------------------------------------------------------------------------------------------------------------|

| o | TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE                ACT OF                1934 |
|---|----------------------------------------------------------------------------------------------------------------------------------------|

|   | For                the transition period from ________ to                _______ |
|--------|----------------------------------------------------------------------------------|

**RIDGEWOOD      ELECTRIC POWER TRUST I**

** **

| Delaware                                                                                    |   | 22-3105824                                          |
|---------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| (State                or Other Jurisdiction ofIncorporation                or Organization) |   | (IRS                Employer Identification Number) |

|   | 1314                King Street, Wilmington, DE 19801                       |   |
|--------|-----------------------------------------------------------------------------|--------|
|   | (Address                of Principal Executive Offices, including Zip Code) |   |

|   | (302)                888-7444                                             |   |
|--------|---------------------------------------------------------------------------|--------|
|   | (Registrant’s                telephone number, including area code) |   |

|   | None  |   |
|--------|------------|--------|

|   | Investor                    Shares of Beneficial Interest |   |
|--------|-----------------------------------------------------------|--------|
|   | (Title                    of Class)                  |   |

| Large                accelerated filer  o |  Accelerated                filer  o |  Non-accelerated                filer x |
|------------------------------------------------|------------------------------------------------|----------------------------------------------|

----

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**EXPLANATORY      NOTE**

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**FORM      10-K**

**TABLE      OF CONTENTS**

**PART      I**

| Item                    1.                  | Business                                                                                                                          |    1 |
|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|---------------------|
| Item                    1A.                 | Risk                    Factors                                                                                                   |    7 |
| Item                    1B.                 | Unresolved                    Staff Comments                                                                                      |  11            |
| Item                    2.                  | Properties                                                                                                                        |  11            |
| Item                    3.                  | Legal                    Proceedings                                                                                              |  11            |
| Item                    4.                  | Submission                    of Matters to a Vote of Security                    Holders                                         |  11            |
|                                        |                                                                                                                              |                |
| **PART                    II**         |
|                                        |                                                                                                                              |                |
| Item                    5.                  | Market                    for Registrant’s Common Equity, Related Security                    Holder Matters and            |                |
|                    | Issuer                    Purchases of Equity Securities                                                                          |  11            |
| Item                    6.                  | Selected                    Financial Data                                                                                        |  12            |
| Item                    7.                  | Management’s                    Discussion and Analysis of Financial Condition                    and Results of Operations |  14            |
| Item                    7A.                 | Quantitative                    and Qualitative Disclosures About Market                    Risk                                  |  27            |
| Item                    8.                  | Financial                    Statements and Supplementary                    Data                                                 |  27            |
| Item                    9.                  | Changes                    in and Disagreements with Accountants on Accounting                    and Financial Disclosure        |  27            |
| Item                    9A.                 | Controls                    and Procedures                                                                                        |  28            |
| Item                    9B.                 | Other                    Information; Unregistered Sales of Equity Securities                    and Use of Proceeds;             |                |
|                                        | Defaults                    Upon Senior Securities                                                                                |  29            |
|                                        |                                                                                                                              |                |
| **PART                    III**   |
|                                        |                                                                                                                              |                |
| Item                    10.                 | Directors                    and Executive Officers of the                    Registrant                                          |  29            |
| Item                    11.                 | Executive                    Compensation                                                                                         |  31            |
| Item                    12.                 | Security                    Ownership of Certain Beneficial Owners and                    Management and                          |                |
|                                        | Related                    Security Holder Matters                                                                                |  32            |
| Item                    13.                 | Certain                    Relationships and Related                    Transactions                                              |  32            |
| Item                    14.                 | Principal                    Accountant Fees and Services                                                                         |  33            |
|                                        |                                                                                                                              |                |
| **PART                    IV**    |
|                                        |                                                                                                                              |                |
| Item                    15.       | Exhibits                    and Financial Statement                    Schedules                                                  |  34            |
|                                        |                                                                                                                              |                |
| SIGNATURES                                  |  36                                                                                                                          |

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Table          of Contents

**Forward-Looking        Statements**

**PART      I**

**ITEM      1.  BUSINESS**

**Overview**

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Table          of Contents

**Managing      Shareholder**

**Business      Strategy**

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**Projects      and Properties**

| Company              |   | TrustInterest |       | Leased/Owned1 |   | Purpose |                    | Structure2 |
|----------------------|--------|---------------|------------|---------------|--------|---------|-------------------------|------------|
|                 |   |          |       |          |   |    |                    |       |
| Brea                 |   |          | 100%  |          | Leased |    | Electricitygeneration   |       | Slab/steel                  frame |
|                 |   |          |       |          |   |    |                    |       |   |
| ProvidenceExpansion3 |   |          | 15%        |          | Leased |    | Electricitygeneration   |       | Containerized |
|                 |   |          |       |          |   |    |                    |       |   |
| Stillwater4          |   |          | 32.5%      |          | Owned  |    | Hydroelectricgeneration |       | Integral                  to riverdams |
|                 |   |          |       |          |   |    |                    |       |   |

| 1 | Refers                to the locations on which the Trust’s projects are located and not the                projects themselves. |
|---|----------------------------------------------------------------------------------------------------------------------------------------|

| 2 | Describes                the type of structure in which the projects of the Trust are                housed. |
|---|--------------------------------------------------------------------------------------------------------------|

| 3 | Co-owned                with Ridgewood Power B Fund/Providence Expansion (85%) (“B                Fund”). |
|---|-----------------------------------------------------------------------------------------------------------------------|

| 4 | Co-owned                with investors unaffiliated with the                Trust. |
|---|------------------------------------------------------------------------------------|

**Brea**

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Table          of Contents

**Providence      Expansion**

**Stillwater**

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Table          of Contents

**Mobile      Power Units**

**Significant      Customer and Supplier**

**Business      Segments**

**Project      Feedstock/Raw Materials**

**Competition**

**Seasonality/Weather      Effects**

**Government      Incentives and Regulation**

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**Financing      Arrangements**

**Insurance**

**Employees**

**Offices**

**Available      Information**

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Table          of Contents

**Where      You Can Get More Information**

**Reports      to Shareholders**

**ITEM      1A. RISK FACTORS**

**RISKS      INHERENT IN THE BUSINESSES OF THE TRUST**

**The      Trust has material weaknesses and significant deficiencies in its internal      controls over financial reporting.**

**The      operations of the Trust have limited capital, limited access to new capital      and      have obligations to third parties for borrowed money.**

**The      operations of the Trust may experience competitive price pressure and      competition for project development opportunities.**

**The      projects of the Trust depend on the near-continuous operation of their      equipment.  Should the productivity of some or all of this equipment      be compromised or should the equipment fail altogether, the Trust would be      adversely affected.  The Trust may also experience difficulty in      hiring qualified operating personnel.**

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**The      projects of the Trust are subject to regulatory changes (including changes      in      environmental regulations) that could significantly reduce revenues or increase      expenses of the Trust.**

**The      Trust’s hydroelectric business can be affected by adverse weather      conditions.**

**The      Trust or the Managing Shareholder may become involved in      litigation.**

**RISKS      RELATED TO THE NATURE OF THE TRUST’S SHARES**

**The      Trust’s shares have severe restrictions on transferability and liquidity and      shareholders are required to hold the shares indefinitely.**

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Table          of Contents

**Shareholders      are not permitted to participate in the Trust’s management or operations and      must rely exclusively on the Managing Shareholder.**

**The      Trust’s assets are generally illiquid and any disposition of Trust assets is at      the discretion of the Managing Shareholder.**

**The      Trust indemnifies its officers, as well as the Managing Shareholder and its      employees, for certain actions taken on its behalf. Therefore, the Trust has      limited recourse relative to these actions.**

**The      Managing Shareholder is entitled to receive a management fee regardless of      the      Trust’s profitability and also receives cash      distributions.**

**Cash      distributions are not guaranteed and may be less than anticipated or      estimated.**

**Because      the Managing Shareholder manages other electricity generation and infrastructure      Trusts, it may have conflicts of interest in its management of the Trust’s      operations.**

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Table          of Contents

**TAX      RISKS ASSOCIATED WITH AN INVESTMENT IN SHARES**

|   | · | The                Trust may recognize income taxable to the shareholders but may not                distribute enough cash to cover the income taxes owed by shareholders                on                the Trust’s taxable income. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The                allocation of Trust items of income, gain, loss, and deduction may                not be                recognized for federal income tax                purposes. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | All                or a portion of the Trust’s expenses could be considered either investment                expenses (which would be deductible by a shareholder only to the                extent                the aggregate of such expenses exceeded 2% of such shareholder’s adjusted                gross income) or as nondeductible items that must be                capitalized. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | All                or a substantial portion of the Trust’s income could be deemed to                constitute unrelated business taxable income, such that tax-exempt                shareholders could be subject to tax on their respective portions                of such                income. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | If                any Trust income is deemed to be unrelated business taxable income,                a                shareholder that is a charitable remainder trust could have all of                its                income from any source deemed to be                taxable. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | All                or a portion of the losses, if any, allocated to the shareholders                will be                passive losses and thus deductible by the shareholder only to the                extent                of passive income. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The                shareholders could have capital losses in excess of the amount that                is                allowable as a deduction in a particular                year. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**If      the IRS audits the Trust, it could require investors to amend or adjust their      tax returns or result in an audit of their tax.**

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**ITEM      1B.  UNRESOLVED STAFF      COMMENTS**

**ITEM      2.  PROPERTIES**

**ITEM      3.  LEGAL PROCEEDINGS**

**ITEM      4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY      HOLDERS**

**PART      II**

**ITEM      5.  MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED      SECURITY HOLDER MATTERS AND ISSUER PURCHASES OF EQUITY      SECURITIES**

**Market      Information**

**Holders**

**Dividends**

|                                                 |   | 2005   |   |   | 2004   |   |   | 2003   |   |
|------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Distributions                to Investors            |   | $      | 210    |   |   | $      | 1,076  |   |   | $ | 1,690 |   |
| Distributions                per Investor Share      |   |   | 1,991  |   |   |   | 10,199 |   |   |   | 16,009 |   |
| Distributions                to Managing Shareholder |   |   | 53     |   |   |   | 269    |   |   |   | 17 |   |

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Table          of Contents

**ITEM      6.  SELECTED FINANCIAL DATA**

|                                                                |   | **December                  31,** |   |
|---------------------------------------------------------------------|--------|-----------------------------------|--------|
| *(in                  thousands, except per share amounts)*         |   | **2005**                          |   |   | **2004** |   |   | **2003** |   |   | **2002** |   |   | **2001** |   |
|                                                                |   |                              |   |   | (Restated) |   |   | (Restated) |   |   |   |   |   |   |   |
| **Consolidated                  Statement of Operations Data (1):** |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                                            |   | $                                 | 2,155  |   |   | $ | 3,346 |   |   | $ | 3,211 |   |   | $ | 3,263 |   |   | $ | 4,141 |   |
| Net                  income (loss)                                  |   |                              | 296    |   |   |   | (211 | ) |   |   | (1,388 | ) |   |   | 102 |   |   |   | 1,455 |   |
| Net                  income (loss) per Investor Share               |   |                              | 2,249  |   |   |   | (1,597 | ) |   |   | (13,019 | ) |   |   | 956 |   |   |   | 13,652 |   |
|                                                                |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Consolidated                  Balance Sheet Data (2):**           |   |                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Plant                  and equipment, net                           |   | $                                 | 585    |   |   | $ | 1,000 |   |   | $ | 2,513 |   |   | $ | 4,672 |   |   | $ | 4,922 |   |
| Total                  assets                                       |   |                              | 3,299  |   |   |   | 2,840 |   |   |   | 4,752 |   |   |   | 8,292 |   |   |   | 9,369 |   |
| Long-term                  debt (less current portion)              |   |                              | -      |   |   |   | 315 |   |   |   | 653 |   |   |   | 953 |   |   |   | 1,228 |   |
| Shareholders'                  equity                               |   |                              | 2,047  |   |   |   | 2,014 |   |   |   | 3,570 |   |   |   | 6,812 |   |   |   | 7,773 |   |

| (1) | Revenue                decrease beginning in 2005 was due to plant outages associated with                project modifications required by new air emissions standards set                by the                South Coast Air Quality Management                District. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Plant                and equipment and total assets decrease beginning in 2003 was due                to the                impairment of Brea and Ridgewood Olinda plant and                equipment. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                            |   | **Nine                  Months Ended September 30,** |   |   | **Three                  Months Ended September 30,** |   |
|-----------------------------------------------------------------|--------|------------------------------------------------------|--------|--------|-------------------------------------------------------|--------|
| *(in                  thousands, except per share amounts)*     |   | **2005**                                             |   |   | **2004**                                              |   |   | **2003** |   |   | **2005** |   |   | **2004** |   |   | **2003** |   |
|                                                            |   |                                                 |   |   | (Restated)                                            |   |   | (Restated) |   |   |   |   |   | (Restated) |   |   | (Restated) |   |
| **Consolidated                  Statement of Operations Data:** |   |                                                 |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                                        |   | $                                                    | 1,188  |   |                                                  | $      | 2,555 |   |   | $ | 2,508 |   |   | $ | 467 |   |   | $ | 1,129 |   |   | $ | 1,071 |   |
| Net                  (loss) income                              |   |                                                 | (285   | )      |                                                  |   | (194 | ) |   |   | (1,446 | ) |   |   | (10 | ) |   |   | 319 |   |   |   | (1,379 | ) |
| Net                  (loss) income per Investor Share           |   |                                                 | (2,157 | )      |                                                  |   | (1,474 | ) |   |   | (13,568 | ) |   |   | (162 | ) |   |   | 2,414 |   |   |   | (12,941 | ) |

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| *(in                    thousands)*                     |                                                     |   |   |   |   |   |   | **September                    30,** |
|---------------------------------------------------------|----------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------------------------------------|
|                                                    |                                                     |   |   |   |   |   |   |                                 | **2005** |   | **2004** |   | **2003** |
| **Consolidated                    Balance Sheet Data:** |                                                     |   |   |   |   |   |   |                                 |   | (Restated) |   | (Restated) |
|                                                    | Plant                    and equipment, net              |   |   |   |   |   |   | $                                    | 615 |   | $      1,378 |   |  $      2,559 |
|                                                    | Total                    assets                          |   |   |   |   |   |   |                                 | 2,736 |   |          2,986 |   |          5,047 |
|                                                    | Long-term                    debt (less current portion) |   |   |   |   |   |   |                                 | 49 |   |             409 |   |             730 |
|                                                    | Shareholders'                    equity                  |   |   |   |   |   |   |                                 | 1,466 |   |          2,109 |   |          3,942 |

|                                                            |   | **Six                  Months Ended June 30,** |   |   | **Three                  Months Ended June 30,** |   |
|-----------------------------------------------------------------|--------|------------------------------------------------|--------|--------|--------------------------------------------------|--------|
| *(in                  thousands, except per share amounts)*     |   | **2005**                                       |   |   | **2004**                                         |   |   | **2003** |   |   | **2005** |   |   | **2004** |   |   | **2003** |   |
|                                                            |   |                                           |   |   | (Restated)                                       |   |   | (Restated) |   |   |   |   |   | (Restated) |   |   | (Restated) |   |
| **Consolidated                  Statement of Operations Data:** |   |                                           |   |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                                        |   | $                                              | 721    |   |                                             | $      | 1,426 |   |   | $ | 1,437 |   |   | $ | 136 |   |   | $ | 779 |   |   | $ | 707 |   |
| Net                  loss                                       |   |                                           | (275   | )      |                                             |   | (513 | ) |   |   | (67 | ) |   |   | (306 | ) |   |   | (180 | ) |   |   | (117 | ) |
| Net                  loss per Investor Share                    |   |                                           | (2,089 | )      |                                             |   | (3,888 | ) |   |   | (627 | ) |   |   | (2,319 | ) |   |   | (1,365 | ) |   |   | (1,093 | ) |
|                                                            |   |                                           |   |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                            |   |                                           |   |   |                                             |   |   |   |   |   |   |   |   |   |   |
| *(in                  thousands)*                               |   |                                           |   |   |                                             |   |   |   |   |   |   |   |   | **June                  30,** |   |
|                                                            |   |                                           |   |   |                                             |   |   |   |   |   |   |   |   | **2005** |   |   | **2004** |   |   | **2003** |   |
| **Consolidated                  Balance Sheet Data:**           |   |                                           |   |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   | (Restated) |   |   | (Restated) |   |
| Plant                  and equipment, net                       |   |                                           |   |   |                                             |   |   |   |   |   |   |   |   | $ | 367 |   |   | $ | 1,756 |   |   | $ | 4,487 |   |
| Total                  assets                                   |   |                                           |   |   |                                             |   |   |   |   |   |   |   |   |   | 2,223 |   |   |   | 3,163 |   |   |   | 6,914 |   |
| Long-term                  debt (less current portion)          |   |                                           |   |   |                                             |   |   |   |   |   |   |   |   |   | 140 |   |   |   | 492 |   |   |   | 806 |   |
| Shareholders'                  equity                           |   |                                           |   |   |                                             |   |   |   |   |   |   |   |   |   | 1,475 |   |   |   | 2,213 |   |   |   | 5,746 |   |

|                                                            |   | **Three                  Months Ended March 31,** |   |
|-----------------------------------------------------------------|--------|---------------------------------------------------|--------|
| *(in                  thousands, except per share amounts)*     |   | **2005**                                          |   |   | **2004** |   |   | **2003** |   |
|                                                            |   | (Restated)                                        |   |   | (Restated) |   |   | (Restated) |   |
| **Consolidated                  Statement of Operations Data:** |   |                                              |   |   |   |   |   |   |   |
| Revenues                                                        |   | $                                                 | 585    |   |   | $ | 647 |   |   | $ | 730 |   |
| Net                  income (loss)                              |   |                                              | 31     |   |   |   | (333 | ) |   |   | 50 |   |
| Net                  income (loss) per Investor Share           |   |                                              | 230    |   |   |   | (2,523 | ) |   |   | 466 |   |

| *(in                  thousands)*                      |   | **March                  31,** |   |
|--------------------------------------------------------|--------|--------------------------------|--------|
|                                                   |   | **2005**                       |   |   | **2004** |   |   | **2003** |   |
| **Consolidated                  Balance Sheet Data:**  |   | (Restated)                     |   |   | (Restated) |   |   | (Restated) |   |
| Plant                  and equipment, net              |   | $                              | -      |   |   | $ | 2,135 |   |   | $ | 4,579 |   |
| Total                  assets                          |   |                           | 2,695  |   |   |   | 3,826 |   |   |   | 7,551 |   |
| Long-term                  debt (less current portion) |   |                           | 228    |   |   |   | 573 |   |   |   | 880 |   |
| Shareholders'                  equity                  |   |                           | 1,913  |   |   |   | 2,816 |   |   |   | 6,290 |   |

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Table          of Contents

**ITEM      7.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL      CONDITION AND RESULTS OF OPERATIONS**

*The        following discussion and analysis should be read in conjunction with the        *
*Trust*
*’s Consolidated Financial Statements and Notes which        appear elsewhere in this Annual Report on Form 10-K. This discussion        contains forward-looking statements that involve risks, uncertainties and        assumptions. The *
*Trust*
*’s actual results could differ        materially from those anticipated in these forward-looking statements as        a        result of various factors, including those set forth in Part I,        Item 1A. “Risk Factors” and elsewhere in this Annual Report on        Form 10-K.*

**Restatement      of Financial Statements**

**Overview**

**Critical      Accounting Policies and Estimates**

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*Change      in Accounting Estimate*

*Revenue      Recognition*

*Accounts      Receivable*

*Plant      and Equipment*

*Impairment      of Intangibles and Long-Lived Assets*

*Income      taxes*

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**Results      of Operations**

*Year      ended December 31, 2005 compared to the year ended December 31,      2004*

*Year      ended December 31, 2004 compared to the year ended December 31,      2003*

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*Nine      months ended September 30, 2005 compared to the nine months ended September      30,      2004*

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*Nine      months ended September 30, 2004 compared to the nine months ended September      30,      2003*

*Three      months ended September 30, 2005 compared to the three months ended September      30,      2004*

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*Three      months ended September 30, 2004 compared to the three months ended September      30,      2003*

*Six      months ended June 30, 2005 compared to the six months ended June 30,      2004*

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*Six      months ended June 30, 2004 compared to the six months ended June 30,      2003*

*Three      months ended June 30, 2005 compared to the three months ended June 30,      2004*

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*Three      months ended June 30, 2004 compared to the three months ended June 30,      2003*

*Three      months ended March 31, 2005 compared to the three months ended March 31,      2004*

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*Three      months ended March 31, 2004 compared to the three months ended March 31,      2003*

**Liquidity      and Capital Resources**

*Year      ended December 31, 2005 compared to the year ended December 31,      2004*

*Year      ended December 31, 2004 compared to the year ended December 31,      2003*

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*Nine      months ended September 30, 2005 compared to the nine months ended September      30,      2004*

*Nine      months ended September 30, 2004 compared to the nine months ended September      30,      2003*

*Six      months ended June 30, 2005 compared to the six months ended June 30,      2004*

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*Six      months ended June 30, 2004 compared to the six months ended June 30,      2003*

*Three      months ended March 31, 2005 compared to the three months ended March 31,      2004*

*Three      months ended March 31, 2004 compared to the three months ended March 31,      2003*

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Table          of Contents

**Off-Balance      Sheet Arrangements**

**Contractual      Obligations and Commitments**

**Recent      Accounting Pronouncements**

*      SFAS 143 and FIN 47*

*Accounting for Asset Retirement Obligations*
*Accounting for Conditional Asset      Retirement Obligations, an interpretation of FASB Statement No. 143*

*SFAS      145*

*Rescission of FASB Statements      No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical      Corrections*

*SFAS      146*

*Accounting for Costs Associated      with Exit or Disposal Activities*

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*FIN      45*

*Guarantor's Accounting and Disclosure Requirements for Guarantees, Including      Indirect Guarantees and Indebtedness of Others*

*FIN      46R*

*Consolidation of      Variable Interest Entities*

*SFAS      149*

*Amendment of Statement 133 on Derivative      Instruments and Hedging Activities*

*SFAS      150*

*Accounting for Certain Financial      Instruments with Characteristics of both Liabilities and Equity*

*SFAS      153*

*Exchanges of Nonmonetary      Assets—an amendment of APB Opinion No. 29. *
*Accounting for Nonmonetary Transactions *
*,*

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*SFAS      154*

*Accounting Changes and Error      Corrections*
*Accounting Changes*
*Reporting Accounting Changes in      Interim Financial Statements*

**ITEM      7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET      RISK**

The      disclosure required by this Item is omitted pursuant to Item 305(e) of      Regulation S-K.

**ITEM      8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY      DATA**

**ITEM      9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON      ACCOUNTING AND FINANCIAL DISCLOSURE**

|   | A. | Disagreements |
|--------|----|---------------|

|   | B. | Reportable                Events |
|--------|----|----------------------------------|

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**ITEM      9A.  CONTROLS AND PROCEDURES**

|   | (i) | a                lack of sufficient personnel with relevant experience to develop,                administer and monitor disclosure controls and procedures to enable                the                Trust to comply efficiently, or on a timely basis, with its financial                reporting obligations, |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | inadequate                disclosure controls and procedures, including inadequate record retention                and review policies that would enable the Trust to meet its financial                reporting and disclosure obligations in an efficient and timely                manner. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Increased                the number of degreed accountants. Additional staff expansion is                underway. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------|

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|   | · | Engaged                a national accounting firm to review procedures and controls over                financial reporting. The firm made a report to the Managing Shareholder                in                May 2006, which has implemented some of the firm’s recommendations, and is                in the process of evaluating the remaining                recommendations. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In                August 2006, engaged a national accounting firm to supply accounting                personnel to assist while personnel hiring is underway. The work                performed                by the firm is under the direct supervision of the Trust’s Chief Financial                Officer and Controller. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In                May 2007, the Trust appointed a new Chief Financial Officer who is                a                Certified Public Accountant with approximately 29 years of professional                accounting experience, including prior experiences as a financial                officer                of publicly traded companies. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ITEM      9B.  OTHER INFORMATION; UNREGISTERED SALES OF EQUITY      SECURITIES AND USE OF PROCEEDS; DEFAULTS UPON SENIOR      SECURITIES**

**PART      III**

**ITEM      10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE      REGISTRANT**

| **Name,                Age and Position with Registrant**                                                                           |   | **Officer                Since** |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|
| Randall                D. Holmes, 60                                                                                                |   |                             |
| President                and Chief Executive Officer                                                                                |   | 2004                             |
| Robert                E. Swanson, 60                                                                                                |   |                             |
| Chairman                                                                                                                            |   | 1997                             |
| Jeffrey                H. Strasberg, 50                                                                                             |   |                             |
| Executive                Vice President and Chief Financial Officer (1)                                                             |   | 2007                             |
| Daniel                V. Gulino, 46                                                                                                 |   |                             |
| Senior                Vice President, General Counsel and Secretary                                                                 |   | 2000                             |
| Douglas                R. Wilson, 47                                                                                                |   |                             |
|           Executive                Vice President and Chief Financial Officer (1) |   | 2005                             |

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Table          of Contents

**Randall      D. Holmes**

**Robert      E. Swanson**

**Jeffrey      H. Strasberg**

**Daniel      V. Gulino**

**Douglas      R. Wilson**

**Board      of Directors and Board Committees**

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Table          of Contents

**Managing      Shareholder**

**Section      16(a) Beneficial Ownership Reporting Compliance**

**Code      of Ethics**

**ITEM      11.  EXECUTIVE COMPENSATION**

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Table          of Contents

**ITEM      12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND      MANAGEMENT AND RELATED SECURITY HOLDER MATTERS**

|   | · | each                executive officer (there are no directors) of the Trust;                and |
|--------|--------|-------------------------------------------------------------------------------------------------|

|   | · | all                of the executive officers of the Trust as a                group. |
|--------|--------|--------------------------------------------------------------------------------------|

| **Name                  of beneficial owner**                                                                                                                                    | **Number****of                  shares (1)** |   | **Percent** |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|--------|-------------|
| Ridgewood                  Renewable Power LLC (Managing Shareholder)       Robert                  E. Swanson,  controlling member | 1                                            |   | *           |
| Robert                  E. Swanson, Chairman (2)                                                                                                                                 | 2                                            |   | 1.8%        |
| Executive                  officers as a group                                                                                                                                   | 3                                            |   | 2.8%        |
|                                                                                                                                                                             |                                         |   |        |   |

| (1) | Does                not include a Management Share in the Trust representing the beneficial                interests and management rights of the Managing Shareholder in its                capacity as the Managing Shareholder.  The management share                owned by the Managing Shareholder is the only issued and outstanding                management share of the Trust.  The management rights of the                Managing Shareholder are described in further detail in Item 1.                “Business”. Its beneficial interest in cash distributions of the Trust and                its allocable share of the Trust’s net profits and net losses and other                items attributable to the Management Share are described in further                detail                below at Item 13. “Certain Relationships and Related                Transactions”. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Represents                shares owned by the spouse of Mr. Swanson, for which he claims beneficial                interest. |
|-----|------------------------------------------------------------------------------------------------------------------------------|

**ITEM      13.  CERTAIN RELATIONSHIPS AND RELATED      TRANSACTIONS**

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Table          of Contents

**ITEM      14.  PRINCIPAL ACCOUNTANT FEES AND      SERVICES**

|                              |   | 2005   |   |   | 2004   |   |   | 2003   |   |
|-----------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Audit                Fees*        |   | $      | 101    |   |   | $      | 101    |   |   | $ | 124 |   |
| Audit-Related                Fees |   |   | -      |   |   |   | -      |   |   |   | - |   |
| Tax                Fees           |   |   | -      |   |   |   | -      |   |   |   | - |   |
| All                Other Fees     |   |   | -      |   |   |   | -      |   |   |   | - |   |
| Total                             |   | $      | 101    |   |   | $      | 101    |   |   | $ | 124 |   |

**Audit      Committee Pre-Approval Policy**

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Table          of Contents

**PART      IV**

**ITEM      15. EXHIBITS AND FINANCIAL STATEMENT      SCHEDULES**

**Financial      Statements**

**Exhibits**

| Exhibit                No. |   | Description |
|----------------------------|--------|-------------|
|                       |   |        |   |
| 3                          | (i)(A) |        | Certificate                of Trust of the Registrant (incorporated by reference to the Registrant’s                Registration Statement filed with the SEC on May 26,                1994). |
|                       |   |        |   |
| 3                          | (i)(B) |        | Declaration                of Trust of the Registrant (incorporated by reference to the Registrant’s                Registration Statement filed with the SEC on May 26,                1994). |
|                       |   |        |   |
| 3                          | (i)(C) |        | Amendment                of the Declaration of Trust by Consent of the Registrant (incorporated                by                reference to the Registrant’s Registration Statement on Proxy Statement                filed with the SEC on November 5, 2001). |
|                       |   |        |   |
| 3                          | (i)(D) | *           | January                1999 Amendment to Declaration of Trust of the                Registrant. |
|                       |   |        |   |
| 3                          | (i)(E) | *           | January                2000 Amendment to Declaration of Trust of the                Registrant. |
|                       |   |        |   |
| 3                          | (i)(F) | *           | Certificate                of Amendment to the Certificate of Trust of the Registrant filed                with the                Delaware Secretary of State on December 18, 2003. |
|                       |   |        |   |
| 10.1                       |   | #           | Management                Agreement between the Trust and Ridgewood Power Corporation (incorporated                by reference to the Registrant’s Registration Statement filed with the SEC                on May 26, 1994). |
|                       |   |        |   |
| 10.2                       |   | *           | Contribution                Assignment Agreement dated January 1, 2005 between Ridgewood Olinda,                LLC,                Ridgewood Power B Fund/Providence Expansion and Ridgewood Rhode Island                Generation LLC. |
|                       |   |        |   |
| 10.3                       |   |        | Asset                purchase agreement, dated as of June 1, 2006, by and between Stillwater                Hydro Partners L.P. and Boralex Stillwater LLC (incorporated by reference                to Exhibit 10.1 to the Registrant’s Item 1.01 Current Report on Form 8-K                filed with the SEC on June 14, 2006). |
|                       |   |        |   |
| 14                         |   |        | Code                of Ethics, adopted on March 1, 2004 (incorporated by reference Exhibit                14                of the Annual Report on Form 10-K filed by the Ridgewood Power Growth                Fund                with the SEC on March 1, 2006). |
|                       |   |        |   |
| 21                         |   | *           | Subsidiaries                of the Registrant. |
|                       |   |        |   |
| 31.1                       |   | *           | Certification                of Randall D. Holmes, Chief Executive Officer of the Registrant,                pursuant                to Securities Exchange Act Rule 13a-14(a). |
|                       |   |        |   |
| 31.2                       |   | *           | Certification                of Jeffrey H. Strasberg, Chief Financial Officer of the Registrant,                pursuant to Securities Exchange Act Rule                13a-14(a). |

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| Exhibit                No. |   | Description  |
|----------------------------|--------|-------------------|
|                       |   |              |   |
| 32                    |   | *                 | Certifications                pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section                906 of                The Sarbanes-Oxley Act of 2002, signed by Randall D. Holmes, Chief                Executive Officer of the Registrant, and Jeffrey H. Strasberg, Chief                Financial Officer of the Registrant. |
|                       |   |              |   |
| 99.1                       |   | *                 | Financial                statements of Stillwater Hydro Partners, LP. |
|                       |   |              |   |
| 99.2                       |   | *                 | Financial                statements of Ridgewood Rhode Island Generation                LLC. |

|   | * | Filed                herewith. |
|--------|---|--------------------------------|

|   | # | A                management contract or compensatory plan or arrangement required                to be                filed as an exhibit pursuant to Item 15(a)(3) of Form                10-K. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Financial      Statement Schedules**

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Table          of Contents

**SIGNATURES**

|                                       | **RIDGEWOOD                ELECTRIC POWER TRUST I** |                                                             |
|--------------------------------------------|-----------------------------------------------------|------------------------------------------------------------------|
|                                       |                                                |                                                             |   |
|                                       |                                                |                                                             |   |
| Date:                 October 4, 2007 | By:                                                 | /s/ Randall              D.              Holmes   |   |
|                                       |                                                | Randall              D. Holmes                                   |   |
|                                       |                                                | Chief              Executive Officer                             |   |
|                                       |                                                | (Principal              Executive Officer)                       |   |

| **Signature**                                                                                                       |   | **Capacity**                                                              | **Date**                             |
|---------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|--------------------------------------|
| /s/                Randall D. Holmes                                                                                |   |   Chief                Executive Officer                        | October                4, 2007       |
| Randall                D. Holmes                                                                                    |   | (Principal                Executive Officer)                              |                                 |
|  /s/                Jeffrey H. Strasberg                                                                       |   |  Executive                Vice President and Chief Financial Officer |  October                4, 2007 |
| Jeffrey                H. Strasberg                                                                                 |   | (Principal                Financial and Accounting Officer)               |                                 |
|  **RIDGEWOOD                RENEWABLE****POWER                LLC**(Managing                Shareholder)  |   |                                                                           |                                 |
|  By:              /s/ Randall D. Holmes                                                                        |   | Chief                Executive Officer of Managing Shareholder            | October                4, 2007       |
|  Randall              D. Holmes                                                                                |   |                                                                      |                                 |

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Table          of Contents

**RIDGEWOOD      ELECTRIC POWER TRUST I**

**INDEX      TO CONSOLIDATED FINANCIAL STATEMENTS**

| Report                  of Independent Registered Public Accounting Firm                                                                                                                                                                                                                                                                                                                                                                                 | F-2                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------|
| Consolidated                  Balance Sheets at December 31, 2005, 2004 and 2003                                                                                                                                                                                                                                                                                                                                                                         | F-3                        |
| Consolidated                  Statements of Operations for the three years ended December 31,                  2005                                                                                                                                                                                                                                                                                                                                      | F-4                        |
| Consolidated                  Statements of Changes in Shareholders’ Equityfor                    the three years ended December 31, 2005                                                                                                                                                                                                                                                                                                          | F-5                        |
| Consolidated                  Statements of Cash Flows for the three years ended December 31,                  2005                                                                                                                                                                                                                                                                                                                                      | F-6                        |
| Consolidated                  Balance Sheets (unaudited) at September 30, 2005, June 30,                  2005,March                    31, 2005                                                                                                                                                                                                                                                                                                         | F-7                        |
| Consolidated                  Balance Sheets (unaudited) at September 30, 2004, June 30, 2004,                  March 31,                  2004                                                                                                                                                                                                                                                                                                          | F-8                        |
| Consolidated                  Balance Sheets (unaudited) at September 30, 2003, June 30, 2003,                  March 31,                  2003                                                                                                                                                                                                                                                                                                          | F-9                        |
| Consolidated                  Statements of Operations (unaudited) for the nine and three months                  endedSeptember                    30, 2005, 2004 and 2003                                                                                                                                                                                                                                                                              |                  F-10 |
| Consolidated                  Statements of Operations (unaudited) for the six and three months                  endedJune                    30, 2005, 2004 and 2003                                                                                                                                                                                                                                                                                    |                  F-11 |
| Consolidated                  Statements of Operations (unaudited) for the three months endedMarch                    31, 2005, 2004 and 2003                                                                                                                                                                                                                                                                                                            | F-12                       |
| Consolidated                  Statements of Changes in Shareholders’ Equity (unaudited) for                    the three months, six months and nine months ended March 31,                    2003, June                    30, 2003, September 30, 2003,                    March 31, 2004, June 30, 2004, September 30, 2004, March 31,                    2005, and                    June 30, 2005 and                    September 30, 2005 | F-13                       |
| Consolidated                  Statements of Cash Flows (unaudited) for the nine months ended                  September                  30, 2005, 2004                    and 2003                                                                                                                                                                                                                                                                      | F-14                       |
| Consolidated                  Statements of Cash Flows (unaudited) for the six months ended June                  30,                  2005, 2004                    and 2003                                                                                                                                                                                                                                                                            | F-15                       |
| Consolidated                  Statements of Cash Flows (unaudited) for the three months ended                  March 31,                  2005, 2004                    and 2003                                                                                                                                                                                                                                                                         | F-16                       |
| Notes                  to Consolidated Financial Statements                                                                                                                                                                                                                                                                                                                                                                                              | F-17                       |

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Table          of Contents

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**Ridgewood      Electric Power Trust I**

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Table          of Contents

| **Ridgewood                  Electric Power Trust I**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |     |   |   |       |   |   |       |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|--------|--------|------------|--------|--------|------------|--------|
| **Consolidated                  Balance                  Sheets                                                                                                    ** |   |     |   |   |       |   |   |       |   |
| **December                  31,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |     |   |   |       |   |   |       |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |     |   |   |       |   |   |       |   |
| *(in                  thousands, except share amounts)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | **2005** |   |   | **2004**   |   |   | **2003**   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |     |   |   | (Restated) |   |   | (Restated) |   |
| **ASSETS**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |     |   |   |       |   |   |       |   |
| Current                  assets:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |     |   |   |       |   |   |       |   |
|     Cash                  and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $        | 138    |   |       | $      | 734    |       |   | $ | 836 |   |
|     Accounts                  receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |     | 671    |   |       |   | 533    |       |   |   | 447 |   |
|     Due                  from affiliates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |     | 52     |   |       |   | 6      |       |   |   | 45 |   |
|     Assets                  held for sale                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |     | -      |   |       |   | -      |       |   |   | 243 |   |
|     Other                  current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |     | 35     |   |       |   | 35     |       |   |   | 37 |   |
|        Total                  current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |     | 896    |   |       |   | 1,308  |       |   |   | 1,608 |   |
| Investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |     | 1,818  |   |       |   | 531    |       |   |   | 450 |   |
| Plant                  and equipment, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |     | 585    |   |       |   | 1,000  |       |   |   | 2,513 |   |
| Intangibles,                  net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |     | -      |   |       |   | -      |       |   |   | 158 |   |
| Other                  assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |     | -      |   |       |   | 1      |       |   |   | 23 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |     |   |   |       |   |   |       |   |   |   |   |
| **        Total                  assets**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $        | 3,299  |   |       | $      | 2,840  |       |   | $ | 4,752 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |     |   |   |       |   |   |       |   |   |   |   |
| **LIABILITIES                  AND SHAREHOLDERS' EQUITY**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |     |   |   |       |   |   |       |   |   |   |   |
| Current                  liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |     |   |   |       |   |   |       |   |   |   |   |
|    Accounts                  payable and accrued expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $        | 430    |   |       | $      | 183    |       |   | $ | 229 |   |
|    Due                  to affiliates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |     | 507    |   |       |   | -      |       |   |   | - |   |
|    Loan                  payable - current portion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |     | 315    |   |       |   | 328    |       |   |   | 300 |   |
|          Total                  current liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |     | 1,252  |   |       |   | 511    |       |   |   | 529 |   |
| Loan                  payable - noncurrent portion                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |     | -      |   |       |   | 315    |       |   |   | 653 |   |
|        Total                  liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |     | 1,252  |   |       |   | 826    |       |   |   | 1,182 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |     |   |   |       |   |   |       |   |   |   |   |
| Commitments                  and contingencies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |     |   |   |       |   |   |       |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |     |   |   |       |   |   |       |   |   |   |   |
| Shareholders’                  equity:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |     |   |   |       |   |   |       |   |   |   |   |
|    Shareholders’                  equity (105.5 Investor Shares issued and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |     |   |   |       |   |   |       |   |   |   |   |
|           outstanding)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |     | 2,406  |   |       |   | 2,380  |       |   |   | 3,624 |   |
|    Managing                  shareholder’s accumulated deficit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |     |   |   |       |   |   |       |   |   |   |   |
|        (1                  management share issued and outstanding)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |     | (359   | )      |       |   | (366   | )          |   |   | (54 | ) |
|          Total                  shareholders’ equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |     | 2,047  |   |       |   | 2,014  |       |   |   | 3,570 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |     |   |   |       |   |   |       |   |   |   |   |
|          **Total                  liabilities and shareholders’ equity**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | $        | 3,299  |   |       | $      | 2,840  |       |   | $ | 4,752 |   |

*The      accompanying notes are an integral part of these financial      statements.*

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Table          of Contents

| **Ridgewood                    Electric Power Trust I**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |     |   |   |       |   |   |       |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|--------|--------|------------|--------|--------|------------|--------|
| **Consolidated                    Statements of                    Operations                                                                              ** |   |     |   |   |       |   |   |       |   |
| **Years                    Ended December 31,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |     |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |     |   |   |       |   |   |       |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | **2005** |   |   | **2004**   |   |   | **2003**   |   |
| *(in                    thousands, except per share amounts)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |     |   |   | (Restated) |   |   | (Restated) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |     |   |   |       |   |   |       |   |
| Revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $        | 2,155  |   |       | $      | 3,346  |       |   | $ | 3,211 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |     |   |   |       |   |   |       |   |   |   |   |
| Cost                    of revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |     | 1,731  |   |       |   | 3,066  |       |   |   | 2,269 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |     |   |   |       |   |   |       |   |   |   |   |
| Gross                    profit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |     | 424    |   |       |   | 280    |       |   |   | 942 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |     |   |   |       |   |   |       |   |   |   |   |
| Operating                    expenses:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |     |   |   |       |   |   |       |   |   |   |   |
|     General                    and administrative expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |     | 346    |   |       |   | 427    |       |   |   | 440 |   |
|     Impairment                    of equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |     | -      |   |       |   | 38     |       |   |   | 1,780 |   |
|     Management                    fee to the Managing Shareholder                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |     | 24     |   |       |   | 37     |       |   |   | 68 |   |
|         Total                    operating expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |     | 370    |   |       |   | 502    |       |   |   | 2,288 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |     |   |   |       |   |   |       |   |   |   |   |
| Income                    (loss) from operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |     | 54     |   |       |   | (222   | )          |   |   | (1,346 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |     |   |   |       |   |   |       |   |   |   |   |
| Other                    income (expense):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |     |   |   |       |   |   |       |   |   |   |   |
|     Interest                    income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |     | -      |   |       |   | 2      |       |   |   | 9 |   |
|     Interest                    expense                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |     | (47    | )      |       |   | (70    | )          |   |   | (96 | ) |
|     Equity                    in income from investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |     | 288    |   |       |   | 79     |       |   |   | 45 |   |
|     Other                    income, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |     | 1      |   |       |   | -      |       |   |   | - |   |
|           Total                    other income (expense), net                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |     | 242    |   |       |   | 11     |       |   |   | (42 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |     |   |   |       |   |   |       |   |   |   |   |
| Net                    income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $        | 296    |   |       | $      | (211   | )          |   | $ | (1,388 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |     |   |   |       |   |   |       |   |   |   |   |
| Managing                    Shareholder - Net income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $        | 60     |   |       | $      | (43    | )          |   | $ | (13 | ) |
| Shareholders                    - Net income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $        | 236    |   |       | $      | (168   | )          |   | $ | (1,375 | ) |
| Net                    income (loss) per Investor Share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | $        | 2,249  |   |       | $      | (1,597 | )          |   | $ | (13,019 | ) |

*The      accompanying notes are an integral part of these financial      statements.*

----

Table          of Contents

| **Ridgewood                  Electric Power Trust I**                           |   |             |   |   |            |   |   |                                     |   |
|---------------------------------------------------------------------------------|--------|------------------|--------|--------|-----------------|--------|--------|------------------------------------------|--------|
| **Consolidated                  Statements of Changes in Shareholders' Equity** |   |
| **Years                  Ended December 31,**                                   |   |             |   |   |            |   |   |                                     |   |
|                                                                            |   |             |   |   |            |   |   |                                     |   |
|                                                                            |   |             |   |   |            |   |   |                                     |   |
| *(in                  thousands)*                                               |   |             |   |   | **Managing**    |   |   | **Total                  Shareholders'** |   |
|                                                                            |   | **Shareholders** |   |   | **Shareholder** |   |   | **Equity**                               |   |
|                                                                            |   |             |   |   |            |   |   |                                     |   |
| Shareholders'                  balance January 1, 2003,  restated     |   | $                | 6,688  |   |            | $      | (24    | )                                        |   | $ | 6,664 |   |
| Net                  loss, restated                                             |   |             | (1,375 | )      |            |   | (13    | )                                        |   |   | (1,388 | ) |
| Distributions                                                                   |   |             | (1,689 | )      |            |   | (17    | )                                        |   |   | (1,706 | ) |
| Shareholders'                  balance December 31, 2003, restated              |   |             | 3,624  |   |            |   | (54    | )                                        |   |   | 3,570 |   |
| Net                  loss, restated                                             |   |             | (168   | )      |            |   | (43    | )                                        |   |   | (211 | ) |
| Distributions                                                                   |   |             | (1,076 | )      |            |   | (269   | )                                        |   |   | (1,345 | ) |
| Shareholders'                  balance December 31, 2004, restated              |   |             | 2,380  |   |            |   | (366   | )                                        |   |   | 2,014 |   |
| Net                  income                                                     |   |             | 236    |   |            |   | 60     |                                     |   |   | 296 |   |
| Distributions                                                                   |   |             | (210   | )      |            |   | (53    | )                                        |   |   | (263 | ) |
| Shareholders'                  balance December 31, 2005                        |   | $                | 2,406  |   |            | $      | (359   | )                                        |   | $ | 2,047 |   |

*The      accompanying notes are an integral part of these financial      statements.*

----

Table          of Contents

| **Ridgewood                  Electric Power Trust                  I**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |     |   |   |       |   |   |       |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|--------|--------|------------|--------|--------|------------|--------|
| **Consolidated                  Statements of Cash                  Flows                                                                                          ** |   |     |   |   |       |   |   |       |   |
| **Years                  Ended December 31,**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |     |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |     |   |   |       |   |   |       |   |
| *(in                  thousands)*                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | **2005** |   |   | **2004**   |   |   | **2003**   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |     |   |   | (Restated) |   |   | (Restated) |   |
| Cash                  flows from operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |     |   |   |       |   |   |       |   |
| Net                  income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | $        | 296    |   |       | $      | (211   | )          |   | $ | (1,388 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |     |   |   |       |   |   |       |   |   |   |   |
| Adjustments                  to reconcile net income (loss) to net cash                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |     |   |   |       |   |   |       |   |   |   |   |
|    flows                  provided by operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |     |   |   |       |   |   |       |   |   |   |   |
|        Depreciation                  and amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |     | 31     |   |       |   | 1,670  |       |   |   | 650 |   |
|        Impairment                  of equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |     | -      |   |       |   | 38     |       |   |   | 1,780 |   |
|        Equity                  in income from investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |     | (288   | )      |       |   | (79    | )          |   |   | (45 | ) |
|        Change                  in assets and liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |     |   |   |       |   |   |       |   |   |   |   |
| Accounts                  receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |     | (138   | )      |       |   | (86    | )          |   |   | (7 | ) |
| Due                  to/from affiliates, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |     | 461    |   |       |   | 39     |       |   |   | 3 |   |
| Other                  current assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |     | -      |   |       |   | 2      |       |   |   | 9 |   |
| Other                  assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |     | -      |   |       |   | 22     |       |   |   | 1 |   |
| Accounts                  payable and accrued expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |     | 248    |   |       |   | (47    | )          |   |   | 25 |   |
|                Total                  adjustments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |     | 314    |   |       |   | 1,559  |       |   |   | 2,416 |   |
|                Net                  cash provided by operating activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |     | 610    |   |       |   | 1,348  |       |   |   | 1,028 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |     |   |   |       |   |   |       |   |   |   |   |
| Cash                  flows from investing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |     |   |   |       |   |   |       |   |   |   |   |
|        Proceeds                  from the sale of equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |     | -      |   |       |   | 205    |       |   |   | - |   |
|        Capital                  expenditures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |     | (615   | )      |       |   | -      |       |   |   | (200 | ) |
|                Net                  cash (used in) provided by investing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |     | (615   | )      |       |   | 205    |       |   |   | (200 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |     |   |   |       |   |   |       |   |   |   |   |
| Cash                  flows from financing activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |     |   |   |       |   |   |       |   |   |   |   |
|        Repayments                  of loans payable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |     | (328   | )      |       |   | (310   | )          |   |   | (275 | ) |
|        Cash                  distributions to shareholders                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |     | (263   | )      |       |   | (1,345 | )          |   |   | (1,706 | ) |
|                Net                  cash used in financing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |     | (591   | )      |       |   | (1,655 | )          |   |   | (1,981 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |     |   |   |       |   |   |       |   |   |   |   |
| Net                  decrease in cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |     | (596   | )      |       |   | (102   | )          |   |   | (1,153 | ) |
| Cash                  and cash equivalents, beginning of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |     | 734    |   |       |   | 836    |       |   |   | 1,989 |   |
| Cash                  and cash equivalents, end of year                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $        | 138    |   |       | $      | 734    |       |   | $ | 836 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |     |   |   |       |   |   |       |   |   |   |   |
| Supplemental                  disclosure of cash flow information:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |     |   |   |       |   |   |       |   |   |   |   |
|      Interest                  paid                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | $        | 47     |   |       | $      | 70     |       |   | $ | 96 |   |

*The      accompanying notes are an integral part of these financial      statements.*

----

Table          of Contents

| **Ridgewood                  Electric Power Trust I**                                                                       |   |                              |   |   |                         |   |   |                           |   |
|-----------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|--------|--------|------------------------------|--------|--------|--------------------------------|--------|
| **Consolidated                  Balance Sheets (unaudited)**                                                                |   |                              |   |   |                         |   |   |                           |   |
|                                                                                                                        |   |                              |   |   |                         |   |   |                           |   |
| *(in                  thousands, except share amounts)*                                                                     |   |   **2005**              |   |
|                                                                                                                        |   | **September                  30** |   |   | **June                  30** |   |   | **March                  31,** |   |
|                                                                                                                        |   |                              |   |   |                         |   |   | (Restated)                     |   |
| **ASSETS**                                                                                                                  |   |                              |   |   |                         |   |   |                           |   |
| Current                  assets:                                                                                            |   |                              |   |   |                         |   |   |                           |   |
|    Cash                  and cash equivalents                                                                |   | $                                 | 14     |   |                         | $      | 103    |                           |   | $ | 744 |   |
|    Accounts                  receivable                                                                      |   |                              | 345    |   |                         |   | 78     |                           |   |   | 341 |   |
|    Due                  from affiliates                                                                      |   |                              | 1      |   |                         |   | 46     |                           |   |   | 34 |   |
|    Other                  current assets                                                                     |   |                              | 44     |   |                         |   | 12     |                           |   |   | 34 |   |
|        Total                  current assets                                             |   |                              | 404    |   |                         |   | 239    |                           |   |   | 1,153 |   |
| Investments                                                                                                                 |   |                              | 1,716  |   |                         |   | 1,616  |                           |   |   | 1,541 |   |
| Plant                  and equipment, net                                                                                   |   |                              | 615    |   |                         |   | 367    |                           |   |   | - |   |
| Other                  assets                                                                                               |   |                              | 1      |   |                         |   | 1      |                           |   |   | 1 |   |
|                                                                                                                        |   |                              |   |   |                         |   |   |                           |   |   |   |   |
| **        Total                  assets**                                           |   | $                                 | 2,736  |   |                         | $      | 2,223  |                           |   | $ | 2,695 |   |
|                                                                                                                        |   |                              |   |   |                         |   |   |                           |   | ` |   |
| **LIABILITIES                  AND SHAREHOLDERS' EQUITY**                                                                   |   |                              |   |   |                         |   |   |                           |   |   |   |   |
| Current                  liabilities:                                                                                       |   |                              |   |   |                         |   |   |                           |   |   |   |   |
|    Accounts                  payable and accrued expenses                                                    |   | $                                 | 422    |   |                         | $      | 266    |                           |   | $ | 219 |   |
|    Due                  to affiliates                                                                        |   |                              | 449    |   |                         |   | -      |                           |   |   | - |   |
|    Loan                  payable - current portion                                                           |   |                              | 350    |   |                         |   | 342    |                           |   |   | 335 |   |
|          Total                  current liabilities                            |   |                              | 1,221  |   |                         |   | 608    |                           |   |   | 554 |   |
| Loan                  payable - noncurrent portion                                                                          |   |                              | 49     |   |                         |   | 140    |                           |   |   | 228 |   |
|        Total                  liabilities                                                |   |                              | 1,270  |   |                         |   | 748    |                           |   |   | 782 |   |
|                                                                                                                        |   |                              |   |   |                         |   |   |                           |   |   |   |   |
| Commitments                  and contingencies                                                                              |   |                              |   |   |                         |   |   |                           |   |   |   |   |
|                                                                                                                        |   |                              |   |   |                         |   |   |                           |   |   |   |   |
| Shareholders’                  equity:                                                                                |   |                              |   |   |                         |   |   |                           |   |   |   |   |
|     Shareholders’                  equity (105.5 Investor Shares issued and                       |   |                              |   |   |                         |   |   |                           |   |   |   |   |
|         outstanding)                                                                |   |                              | 1,941  |   |                         |   | 1,948  |                           |   |   | 2,299 |   |
| Managing                  shareholder’s accumulated deficit                                                           |   |                              |   |   |                         |   |   |                           |   |   |   |   |
|     (1                  management share issued and outstanding)                                        |   |                              | (475   | )      |                         |   | (473   | )                              |   |   | (386 | ) |
| Total                  shareholders’ equity                                                                           |   |                              | 1,466  |   |                         |   | 1,475  |                           |   |   | 1,913 |   |
|                                                                                                                        |   |                              |   |   |                         |   |   |                           |   |   |   |   |
|          **Total                  liabilities and shareholders’ equity** |   | $                                 | 2,736  |   |                         | $      | 2,223  |                           |   | $ | 2,695 |   |

*The      accompanying notes are an integral part of these financial      statements.*

----

Table          of Contents

| **Ridgewood                    Electric Power Trust I**                                                 |   |                                |   |   |                           |   |   |                            |   |
|---------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|--------|--------------------------------|--------|--------|---------------------------------|--------|
| **Consolidated                    Balance Sheets (unaudited)**                                          |   |
|                                                                                                    |   |                                |   |   |                           |   |   |                            |   |
| *(in                    thousands, except share amounts)*                                               |   |                                |   |   | **2004**                       |   |   |                            |   |
|                                                                                                    |   | **September                    30** |   |   | **June                    30** |   |   | **March                    31** |   |
|                                                                                                    |   | (Restated)                          |   |   | (Restated)                     |   |   | (Restated)                      |   |
| **ASSETS**                                                                                              |   |                                |   |   |                           |   |   |                            |   |
| Current                    assets:                                                                      |   |                                |   |   |                           |   |   |                            |   |
|      Cash                    and cash equivalents                              |   | $                                   | 359    |   |                           | $      | 352    |                            |   | $ | 494 |   |
|      Accounts                    receivable                                    |   |                                | 691    |   |                           |   | 562    |                            |   |   | 423 |   |
|      Due                    from affiliates                                    |   |                                | 4      |   |                           |   | 3      |                            |   |   | - |   |
|      Assets                    held for sale                                   |   |                                | -      |   |                           |   | -      |                            |   |   | 205 |   |
|      Other                    current assets                                   |   |                                | 49     |   |                           |   | 25     |                            |   |   | 53 |   |
| Total                    current assets                                                                 |   |                                | 1,103  |   |                           |   | 942    |                            |   |   | 1,175 |   |
| Investments                                                                                             |   |                                | 504    |   |                           |   | 464    |                            |   |   | 436 |   |
| Plant                    and equipment, net                                                             |   |                                | 1,378  |   |                           |   | 1,756  |                            |   |   | 2,135 |   |
| Intangibles,                    net                                                                     |   |                                | -      |   |                           |   | -      |                            |   |   | 79 |   |
| Other                    assets                                                                         |   |                                | 1      |   |                           |   | 1      |                            |   |   | 1 |   |
|                                                                                                    |   |                                |   |   |                           |   |   |                            |   |   |   |   |
| **Total                    assets**                                                                     |   | $                                   | 2,986  |   |                           | $      | 3,163  |                            |   | $ | 3,826 |   |
|                                                                                                    |   |                                |   |   |                           |   |   |                            |   |   |   |   |
| **LIABILITIES                    AND SHAREHOLDERS' EQUITY**                                             |   |                                |   |   |                           |   |   |                            |   |   |   |   |
| Current                    liabilities:                                                                 |   |                                |   |   |                           |   |   |                            |   |   |   |   |
|     Accounts                    payable and accrued expenses                        |   | $                                   | 147    |   |                           | $      | 134    |                            |   | $ | 130 |   |
|     Due                    to affiliates                                            |   |                                | 1      |   |                           |   | 11     |                            |   |   | 1 |   |
|     Loan                    payable - current portion                               |   |                                | 320    |   |                           |   | 313    |                            |   |   | 306 |   |
| Total                    current liabilities                                                            |   |                                | 468    |   |                           |   | 458    |                            |   |   | 437 |   |
| Loan                    payable - noncurrent portion                                                    |   |                                | 409    |   |                           |   | 492    |                            |   |   | 573 |   |
| Total                    liabilities                                                                    |   |                                | 877    |   |                           |   | 950    |                            |   |   | 1,010 |   |
|                                                                                                    |   |                                |   |   |                           |   |   |                            |   |   |   |   |
| Commitments                    and contingencies                                                        |   |                                |   |   |                           |   |   |                            |   |   |   |   |
|                                                                                                    |   |                                |   |   |                           |   |   |                            |   |   |   |   |
| Shareholders’                    equity:                                                          |   |                                |   |   |                           |   |   |                            |   |   |   |   |
|     Shareholders’                    equity (105.5 Investor Shares issued and |   |                                |   |   |                           |   |   |                            |   |   |   |   |
|         outstanding)                                            |   |                                | 2,456  |   |                           |   | 2,539  |                            |   |   | 3,021 |   |
| Managing                    shareholder’s accumulated deficit                                     |   |                                |   |   |                           |   |   |                            |   |   |   |   |
|     (1                    management share issued and outstanding)                  |   |                                | (347   | )      |                           |   | (326   | )                               |   |   | (205 | ) |
| Total                    shareholders’ equity                                                     |   |                                | 2,109  |   |                           |   | 2,213  |                            |   |   | 2,816 |   |
|                                                                                                    |   |                                |   |   |                           |   |   |                            |   |   |   |   |
| **Total                    liabilities and                    shareholders’ equity**              |   | $                                   | 2,986  |   |                           | $      | 3,163  |                            |   | $ | 3,826 |   |

*The      accompanying notes are an integral part of these financial      statements.*

----

Table          of Contents

| **Ridgewood                  Electric Power Trust I**                         |   |                              |   |   |                         |   |   |                          |   |
|-------------------------------------------------------------------------------|--------|-----------------------------------|--------|--------|------------------------------|--------|--------|-------------------------------|--------|
| **Consolidated                  Balance Sheets (unaudited)**                  |   |                              |   |   |                         |   |   |                          |   |
|                                                                          |   |                              |   |   |                         |   |   |                          |   |
|                                                                          |   |                              |   |   |                         |   |   |                          |   |
| *(in                  thousands, except share amounts)*                       |   |   **2003**              |   |
|                                                                          |   | **September                  30** |   |   | **June                  30** |   |   | **March                  31** |   |
|                                                                          |   | (Restated)                        |   |   | (Restated)                   |   |   | (Restated)                    |   |
| **ASSETS**                                                                    |   |                              |   |   |                         |   |   |                          |   |
| Current                  assets:                                              |   |                              |   |   |                         |   |   |                          |   |
| Cash                  and cash equivalents                                    |   | $                                 | 733    |   |                         | $      | 1,021  |                          |   | $ | 1,562 |   |
| Accounts                  receivable                                          |   |                              | 699    |   |                         |   | 559    |                          |   |   | 511 |   |
| Due                  from affiliates                                          |   |                              | 38     |   |                         |   | 14     |                          |   |   | 46 |   |
| Assets                  held for sale                                         |   |                              | 256    |   |                         |   | -      |                          |   |   | - |   |
| Other                  current assets                                         |   |                              | 56     |   |                         |   | 60     |                          |   |   | 37 |   |
| Total                  current assets                                         |   |                              | 1,782  |   |                         |   | 1,654  |                          |   |   | 2,156 |   |
| Investments                                                                   |   |                              | 443    |   |                         |   | 433    |                          |   |   | 397 |   |
| Plant                  and equipment, net                                     |   |                              | 2,559  |   |                         |   | 4,487  |                          |   |   | 4,579 |   |
| Intangibles,                  net                                             |   |                              | 237    |   |                         |   | 315    |                          |   |   | 394 |   |
| Other                  assets                                                 |   |                              | 26     |   |                         |   | 25     |                          |   |   | 25 |   |
|                                                                          |   |                              |   |   |                         |   |   |                          |   |   |   |   |
| **Total                  assets**                                             |   | $                                 | 5,047  |   |                         | $      | 6,914  |                          |   | $ | 7,551 |   |
|                                                                          |   |                              |   |   |                         |   |   |                          |   |   |   |   |
| **LIABILITIES                  AND SHAREHOLDERS' EQUITY**                     |   |                              |   |   |                         |   |   |                          |   |   |   |   |
| Current                  liabilities:                                         |   |                              |   |   |                         |   |   |                          |   |   |   |   |
| Accounts                  payable and accrued expenses                        |   | $                                 | 82     |   |                         | $      | 75     |                          |   | $ | 101 |   |
| Loan                  payable - current portion                               |   |                              | 293    |   |                         |   | 287    |                          |   |   | 280 |   |
| Total                  current liabilities                                    |   |                              | 375    |   |                         |   | 362    |                          |   |   | 381 |   |
| Loan                  payable - noncurrent portion                            |   |                              | 730    |   |                         |   | 806    |                          |   |   | 880 |   |
| Total                  liabilities                                            |   |                              | 1,105  |   |                         |   | 1,168  |                          |   |   | 1,261 |   |
|                                                                          |   |                              |   |   |                         |   |   |                          |   |   |   |   |
| Commitments                  and contingencies                                |   |                              |   |   |                         |   |   |                          |   |   |   |   |
|                                                                          |   |                              |   |   |                         |   |   |                          |   |   |   |   |
| Shareholders’                  equity:                                  |   |                              |   |   |                         |   |   |                          |   |   |   |   |
| Shareholders’                  equity (105.5 Investor Shares issued and |   |                              |   |   |                         |   |   |                          |   |
|    outstanding)                                                |   |                              | 3,993  |   |                         |   | 5,780  |                          |   |   | 6,317 |   |
| Managing                  shareholder’s accumulated deficit             |   |                              |   |   |                         |   |   |                          |   |   |   |   |
| (1                  management share issued and outstanding)                  |   |                              | (51    | )      |                         |   | (34    | )                             |   |   | (27 | ) |
| Total                  shareholders’ equity                             |   |                              | 3,942  |   |                         |   | 5,746  |                          |   |   | 6,290 |   |
|                                                                          |   |                              |   |   |                         |   |   |                          |   |   |   |   |
| **Total                  liabilities and shareholders’ equity**         |   | $                                 | 5,047  |   |                         | $      | 6,914  |                          |   | $ | 7,551 |   |

*The      accompanying notes are an integral part of these financial      statements.*

----

Table          of Contents

| **Ridgewood                  Electric Power Trust I**                                                                             |   |                                                 |   |   |                                                  |   |   |       |   |   |     |   |   |       |   |   |       |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|--------|--------|-------------------------------------------------------|--------|--------|------------|--------|--------|----------|--------|--------|------------|--------|--------|------------|--------|
| **Consolidated                  Statements of Operations (unaudited)**                                                            |   |                                                 |   |   |                                                  |   |   |       |   |   |     |   |   |       |   |   |       |   |
|                                                                                                                              |   |                                                 |   |   |                                                  |   |   |       |   |   |     |   |   |       |   |   |       |   |
| *(in                  thousands, except per share amounts)*                                                                       |   | **Nine                  Months Ended September 30,** |   |   | **Three                  Months Ended September 30,** |   |
|                                                                                                                              |   | **2005**                                             |   |   | **2004**                                              |   |   | **2003**   |   |   | **2005** |   |   | **2004**   |   |   | **2003**   |   |
|                                                                                                                              |   |                                                 |   |   | (Restated)                                            |   |   | (Restated) |   |   |     |   |   | (Restated) |   |   | (Restated) |   |
|                                                                                                                              |   |                                                 |   |   |                                                  |   |   |       |   |   |     |   |   |       |   |   |       |   |
| Revenues                                                                                                                          |   | $                                                    | 1,188  |   |                                                  | $      | 2,555  |       |   | $      | 2,508    |   |   | $          | 467    |   |       | $      | 1,129 |   |   | $ | 1,071 |   |
|                                                                                                                              |   |                                                 |   |   |                                                  |   |   |       |   |   |     |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Cost                  of revenues                                                                                                 |   |                                                 | 1,288  |   |                                                  |   | 2,324  |       |   |   | 1,771    |   |   |       | 492    |   |       |   | 736 |   |   |   | 569 |   |
|                                                                                                                              |   |                                                 |   |   |                                                  |   |   |       |   |   |     |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Gross                  (loss) profit                                                                                              |   |                                                 | (100   | )      |                                                  |   | 231    |       |   |   | 737      |   |   |       | (25    | )      |       |   | 393 |   |   |   | 502 |   |
|                                                                                                                              |   |                                                 |   |   |                                                  |   |   |       |   |   |     |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Operating                  expenses:                                                                                              |   |                                                 |   |   |                                                  |   |   |       |   |   |     |   |   |       |   |   |       |   |   |   |   |   |   |   |
|     General                  and administrative expenses                                                      |   |                                                 | 319    |   |                                                  |   | 359    |       |   |   | 323      |   |   |       | 70     |   |       |   | 89 |   |   |   | 73 |   |
|     Impairment                  of equipment                                                                  |   |                                                 | -      |   |                                                  |   | 38     |       |   |   | 1,780    |   |   |       | -      |   |       |   | - |   |   |   | 1,780 |   |
|     Management                  fee to the Managing Shareholder                                               |   |                                                 | 18     |   |                                                  |   | 28     |       |   |   | 51       |   |   |       | 6      |   |       |   | 10 |   |   |   | 17 |   |
|             Total                  operating expenses                 |   |                                                 | 337    |   |                                                  |   | 425    |       |   |   | 2,154    |   |   |       | 76     |   |       |   | 99 |   |   |   | 1,870 |   |
|                                                                                                                              |   |                                                 |   |   |                                                  |   |   |       |   |   |     |   |   |       |   |   |       |   |   |   |   |   |   |   |
| (Loss)                  income from operations                                                                                    |   |                                                 | (437   | )      |                                                  |   | (194   | )          |   |   | (1,417   | )      |   |       | (101   | )      |       |   | 294 |   |   |   | (1,368 | ) |
|                                                                                                                              |   |                                                 |   |   |                                                  |   |   |       |   |   |     |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Other                  income (expense):                                                                                          |   |                                                 |   |   |                                                  |   |   |       |   |   |     |   |   |       |   |   |       |   |   |   |   |   |   |   |
|      Interest                  income                                                                    |   |                                                 | -      |   |                                                  |   | 2      |       |   |   | 8        |   |   |       | -      |   |       |   | 1 |   |   |   | 2 |   |
|      Interest                  expense                                                                   |   |                                                 | (35    | )      |                                                  |   | (55    | )          |   |   | (74      | )      |   |       | (10    | )      |       |   | (17 | ) |   |   | (23 | ) |
|      Equity                  in income from investments                                                  |   |                                                 | 186    |   |                                                  |   | 53     |       |   |   | 37       |   |   |       | 101    |   |       |   | 41 |   |   |   | 10 |   |
|      Other                  income                                                                       |   |                                                 | 1      |   |                                                  |   | -      |       |   |   | -        |   |   |       | -      |   |       |   | - |   |   |   | - |   |
|              Total                  other income (expense) , net |   |                                                 | 152    |   |                                                  |   | -      |       |   |   | (29      | )      |   |       | 91     |   |       |   | 25 |   |   |   | (11 | ) |
|                                                                                                                              |   |                                                 |   |   |                                                  |   |   |       |   |   |     |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Net                  (loss) income                                                                                                |   | $                                                    | (285   | )      |                                                  | $      | (194   | )          |   | $      | (1,446   | )      |   | $          | (10    | )      |       | $      | 319 |   |   | $ | (1,379 | ) |
|                                                                                                                              |   |                                                 |   |   |                                                  |   |   |       |   |   |     |   |   |       |   |   |       |   |   |   |   |   |   |   |
| Managing                  Shareholder - Net (loss) income                                                                         |   | $                                                    | (57    | )      |                                                  | $      | (39    | )          |   | $      | (15      | )      |   | $          | (2     | )      |       | $      | 64 |   |   | $ | (14 | ) |
| Shareholders                  - Net (loss) income                                                                                 |   | $                                                    | (228   | )      |                                                  | $      | (155   | )          |   | $      | (1,431   | )      |   | $          | (8     | )      |       | $      | 255 |   |   | $ | (1,365 | ) |
| Net                  (loss) income per Investor Share                                                                             |   | $                                                    | (2,157 | )      |                                                  | $      | (1,474 | )          |   | $      | (13,568  | )      |   | $          | (68    | )      |       | $      | 2,414 |   |   | $ | (12,941 | ) |

*The      accompanying notes are an integral part of these financial      statements.*

----

Table          of Contents

| **Ridgewood                    Electric Power Trust I**                                                                                  |   |                                                   |   |   |                                               |    |   |       |   |    |     |   |   |       |   |   |       |    |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------|--------|--------|----------------------------------------------------|---------|--------|------------|--------|---------|----------|--------|--------|------------|--------|--------|------------|---------|
| **Consolidated                    Statements of Operations (unaudited)**                                                                 |   |                                                   |   |   |                                               |    |   |       |   |    |     |   |   |       |   |   |       |    |
|                                                                                                                                     |   |                                                   |   |   |                                               |    |   |       |   |    |     |   |   |       |   |   |       |    |
| *(in                    thousands, per share amounts)*                                                                                   |   | **Six                    Months Ended June 30,**  |   |   | **Three                    Months Ended June 30,** |    |
|                                                                                                                                     |   | **2005**                                               |   |   | **2004**                                           |    |   | **2003**   |   |    | **2005** |   |   | **2004**   |   |   | **2003**   |    |
|                                                                                                                                     |   |                                                   |   |   | (Restated)                                         |    |   | (Restated) |   |    |     |   |   | (Restated) |   |   | (Restated) |    |
|                                                                                                                                     |   |                                                   |   |   |                                               |    |   |       |   |    |     |   |   |       |   |   |       |    |
| Revenues                                                                                                                                 |   | $                                                      | 721    |   |                                               | $       | 1,426  |       |   | $       | 1,437    |   |   | $          | 136    |   |       | $       | 779 |   |   | $ | 707 |   |
|                                                                                                                                     |   |                                                   |   |   |                                               |    |   |       |   |    |     |   |   |       |   |   |       |    |   |   |   |   |   |   |
| Cost                    of revenues                                                                                                      |   |                                                   | 796    |   |                                               |    | 1,588  |       |   |    | 1,202    |   |   |       | 363    |   |       |    | 789 |   |   |   | 669 |   |
|                                                                                                                                     |   |                                                   |   |   |                                               |    |   |       |   |    |     |   |   |       |   |   |       |    |   |   |   |   |   |   |
| Gross                    (loss) profit                                                                                                   |   |                                                   | (75    | )      |                                               |    | (162   | )          |   |    | 235      |   |   |       | (227   | )      |       |    | (10 | ) |   |   | 38 |   |
|                                                                                                                                     |   |                                                   |   |   |                                               |    |   |       |   |    |     |   |   |       |   |   |       |    |   |   |   |   |   |   |
| Operating                    expenses:                                                                                                   |   |                                                   |   |   |                                               |    |   |       |   |    |     |   |   |       |   |   |       |    |   |   |   |   |   |   |
|      General                    and administrative expenses                                                     |   |                                                   | 249    |   |                                               |    | 270    |       |   |    | 250      |   |   |       | 136    |   |       |    | 170 |   |   |   | 151 |   |
|      Impairment                    of equipment                                                                 |   |                                                   | -      |   |                                               |    | 38     |       |   |    | -        |   |   |       | -      |   |       |    | - |   |   |   | - |   |
|      Management                    fee to the Managing Shareholder                                              |   |                                                   | 12     |   |                                               |    | 18     |       |   |    | 34       |   |   |       | 6      |   |       |    | 9 |   |   |   | 17 |   |
|               Total                    operating expenses          |   |                                                   | 261    |   |                                               |    | 326    |       |   |    | 284      |   |   |       | 142    |   |       |    | 179 |   |   |   | 168 |   |
|                                                                                                                                     |   |                                                   |   |   |                                               |    |   |       |   |    |     |   |   |       |   |   |       |    |   |   |   |   |   |   |
| Loss                    from operations                                                                                                  |   |                                                   | (336   | )      |                                               |    | (488   | )          |   |    | (49      | )      |   |       | (369   | )      |       |    | (189 | ) |   |   | (130 | ) |
|                                                                                                                                     |   |                                                   |   |   |                                               |    |   |       |   |    |     |   |   |       |   |   |       |    |   |   |   |   |   |   |
| Other                    income (expense):                                                                                               |   |                                                   |   |   |                                               |    |   |       |   |    |     |   |   |       |   |   |       |    |   |   |   |   |   |   |
|      Interest                    income                                                                         |   |                                                   | -      |   |                                               |    | 1      |       |   |    | 6        |   |   |       | -      |   |       |    | - |   |   |   | 2 |   |
|      Interest                    expense                                                                        |   |                                                   | (25    | )      |                                               |    | (38    | )          |   |    | (51      | )      |   |       | (11    | )      |       |    | (18 | ) |   |   | (25 | ) |
|      Equity                    in income from investments                                                       |   |                                                   | 85     |   |                                               |    | 12     |       |   |    | 27       |   |   |       | 74     |   |       |    | 27 |   |   |   | 36 |   |
|      Other                    income                                                                            |   |                                                   | 1      |   |                                               |    | -      |       |   |    | -        |   |   |       | -      |   |       |    | - |   |   |   | - |   |
|               Total                    other income (expense), net |   |                                                   | 61     |   |                                               |    | (25    | )          |   |    | (18      | )      |   |       | 63     |   |       |    | 9 |   |   |   | 13 |   |
|                                                                                                                                     |   |                                                   |   |   |                                               |    |   |       |   |    |     |   |   |       |   |   |       |    |   |   |   |   |   |   |
| Net                    loss                                                                                                              |   | $                                                      | (275   | )      |                                               | $  | (513   | )          |   | $  | (67      | )      |   | $     | (306   | )      |       | $  | (180 | ) |   | $  | (117 | ) |
|                                                                                                                                     |   |                                                   |   |   |                                               |    |   |       |   |    |     |   |   |       |   |   |       |    |   |   |   |   |   |   |
| Managing                    Shareholder - Net loss                                                                                       |   | $                                                      | (55    | )      |                                               | $       | (103   | )          |   | $       | (1       | )      |   | $          | (61    | )      |       | $       | (36 | ) |   | $ | (1 | ) |
| Shareholders                    - Net loss                                                                                               |   | $                                                      | (220   | )      |                                               | $       | (410   | )          |   | $       | (66      | )      |   | $          | (245   | )      |       | $       | (144 | ) |   | $ | (116 | ) |
| Net                    loss per Investor Share                                                                                           |   | $                                                      | (2,089 | )      |                                               | $       | (3,888 | )          |   | $       | (627     | )      |   | $          | (2,319 | )      |       | $       | (1,365 | ) |   | $ | (1,093 | ) |

*The      accompanying notes are an integral part of these financial      statements.*

----

Table          of Contents

| **Ridgewood                    Electric Power Trust I**                                                                           |   |                                                |   |   |       |   |   |       |   |
|-----------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|
| **Consolidated                    Statements of Operations (unaudited)**                                                          |   |                                                |   |   |       |   |   |       |   |
|                                                                                                                              |   |                                                |   |   |       |   |   |       |   |
| *(in                    thousands, except per share amounts)*                                                                     |   | **Three                    Months Ended March 31,** |   |
|                                                                                                                              |   | **2005**                                            |   |   | **2004**   |   |   | **2003**   |   |
|                                                                                                                              |   | (Restated)                                          |   |   | (Restated) |   |   | (Restated) |   |
|                                                                                                                              |   |                                                |   |   |       |   |   |       |   |
| Revenues                                                                                                                          |   | $                                                   | 585    |   |       | $      | 647    |       |   | $ | 730 |   |
|                                                                                                                              |   |                                                |   |   |       |   |   |       |   |   |   |   |
| Cost                    of revenues                                                                                               |   |                                                | 433    |   |       |   | 799    |       |   |   | 533 |   |
|                                                                                                                              |   |                                                |   |   |       |   |   |       |   |   |   |   |
| Gross                    profit (loss)                                                                                            |   |                                                | 152    |   |       |   | (152   | )          |   |   | 197 |   |
|                                                                                                                              |   |                                                |   |   |       |   |   |       |   |   |   |   |
| Operating                    expenses:                                                                                            |   |                                                |   |   |       |   |   |       |   |   |   |   |
|        General                    and administrative expenses                                  |   |                                                | 113    |   |       |   | 100    |       |   |   | 99 |   |
|        Impairment                    of equipment                                              |   |                                                | -      |   |       |   | 38     |       |   |   | - |   |
|        Management                    fee to the Managing Shareholder                           |   |                                                | 6      |   |       |   | 9      |       |   |   | 17 |   |
|            Total                    operating expenses                     |   |                                                | 119    |   |       |   | 147    |       |   |   | 116 |   |
|                                                                                                                              |   |                                                |   |   |       |   |   |       |   |   |   |   |
| Income                    (loss) from operations                                                                                  |   |                                                | 33     |   |       |   | (299   | )          |   |   | 81 |   |
|                                                                                                                              |   |                                                |   |   |       |   |   |       |   |   |   |   |
| Other                    income (expense):                                                                                        |   |                                                |   |   |       |   |   |       |   |   |   |   |
|      Interest                    income                                                                  |   |                                                | -      |   |       |   | 1      |       |   |   | 4 |   |
|      Interest                    expense                                                                 |   |                                                | (14    | )      |       |   | (20    | )          |   |   | (26 | ) |
|      Equity                    in income from investments                                                |   |                                                | 11     |   |       |   | (15    | )          |   |   | (9 | ) |
|      Other                    income                                                                     |   |                                                | 1      |   |       |   | -      |       |   |   | - |   |
|               Total                    other (expense), net |   |                                                | (2     | )      |       |   | (34    | )          |   |   | (31 | ) |
|                                                                                                                              |   |                                                |   |   |       |   |   |       |   |   |   |   |
|            Net                    income (loss)                            |   | $                                                   | 31     |   |       | $      | (333   | )          |   | $ | 50 |   |
|                                                                                                                              |   |                                                |   |   |       |   |   |       |   |   |   |   |
| Managing                    Shareholder - Net income (loss)                                                                       |   | $                                                   | 6      |   |       | $      | (67    | )          |   | $ | 1 |   |
| Shareholders                    - Net income (loss)                                                                               |   | $                                                   | 25     |   |       | $      | (266   | )          |   | $ | 49 |   |
| Net                    income (loss) per Investor Share                                                                           |   | $                                                   | 230    |   |       | $      | (2,523 | )          |   | $ | 466 |   |

*The      accompanying notes are an integral part of these financial      statements.*

----

Table          of Contents

| **Ridgewood                    Electric Power Trust I**                                                       |   |             |   |   |            |   |   |                                       |   |
|---------------------------------------------------------------------------------------------------------------|--------|------------------|--------|--------|-----------------|--------|--------|--------------------------------------------|--------|
| **Consolidated                    Statement of Changes in Shareholders' Equity**                              |   |             |   |   |
| **Three                    Months, Six Months and Nine Months**                                               |   |             |   |   |            |   |   |                                       |   |
| **Ended                    March, June and September for 2003, 2004 and 2005                    (unaudited)** |   |
|                                                                                                          |   |             |   |   |            |   |   |                                       |   |
|                                                                                                          |   |             |   |   | **Managing**    |   |   | **Total                    Shareholders'** |   |
| *(in                    thousands)*                                                                           |   | **Shareholders** |   |   | **Shareholder** |   |   | **Equity**                                 |   |
| **Three                    months ended 03/31/03:**                                                           |   |             |   |   |            |   |   |                                       |   |
| Shareholders'                    balance January 1, 2003,  restated                                 |   | $                | 6,688  |   |            | $      | (24    | )                                          |   | $ | 6,664 |   |
| Net                    income, restated                                                                       |   |             | 49     |   |            |   | 1      |                                       |   |   | 50 |   |
| Distributions                                                                                                 |   |             | (420   | )      |            |   | (4     | )                                          |   |   | (424 | ) |
| Shareholders'                    balance March 31, 2003, restated                                             |   | $                | 6,317  |   |            | $      | (27    | )                                          |   | $ | 6,290 |   |
|                                                                                                          |   |             |   |   |            |   |   |                                       |   |   |   |   |
| **Six                    months ended 06/30/03:**                                                             |   |             |   |   |            |   |   |                                       |   |   |   |   |
| Shareholders'                    balance January 1, 2003,  restated                                 |   | $                | 6,688  |   |            | $      | (24    | )                                          |   | $ | 6,664 |   |
| Net                    loss, restated                                                                         |   |             | (66    | )      |            |   | (1     | )                                          |   |   | (67 | ) |
| Distributions                                                                                                 |   |             | (842   | )      |            |   | (9     | )                                          |   |   | (851 | ) |
| Shareholders'                    balance June 30, 2003, restated                                              |   | $                | 5,780  |   |            | $      | (34    | )                                          |   | $ | 5,746 |   |
|                                                                                                          |   |             |   |   |            |   |   |                                       |   |   |   |   |
| **Nine                    months ended 09/30/03:**                                                            |   |             |   |   |            |   |   |                                       |   |   |   |   |
| Shareholders'                    balance January 1, 2003,  restated                                 |   | $                | 6,688  |   |            | $      | (24    | )                                          |   | $ | 6,664 |   |
| Net                    loss, restated                                                                         |   |             | (1,431 | )      |            |   | (15    | )                                          |   |   | (1,446 | ) |
| Distributions                                                                                                 |   |             | (1,264 | )      |            |   | (12    | )                                          |   |   | (1,276 | ) |
| Shareholders'                    balance September 30, 2003, restated                                         |   | $                | 3,993  |   |            | $      | (51    | )                                          |   | $ | 3,942 |   |
|                                                                                                          |   |             |   |   |            |   |   |                                       |   |   |   |   |
| **Three                    months ended 03/31/04:**                                                           |   |             |   |   |            |   |   |                                       |   |   |   |   |
| Shareholders'                    balance January 1, 2004,  restated                                 |   | $                | 3,624  |   |            | $      | (54    | )                                          |   | $ | 3,570 |   |
| Net                    loss, restated                                                                         |   |             | (266   | )      |            |   | (67    | )                                          |   |   | (333 | ) |
| Distributions                                                                                                 |   |             | (337   | )      |            |   | (84    | )                                          |   |   | (421 | ) |
| Shareholders'                    balance March 31, 2004, restated                                             |   | $                | 3,021  |   |            | $      | (205   | )                                          |   | $ | 2,816 |   |
|                                                                                                          |   |             |   |   |            |   |   |                                       |   |   |   |   |
| **Six                    months ended 06/30/04:**                                                             |   |             |   |   |            |   |   |                                       |   |   |   |   |
| Shareholders'                    balance January 1, 2004,  restated                                 |   | $                | 3,624  |   |            | $      | (54    | )                                          |   | $ | 3,570 |   |
| Net                    loss, restated                                                                         |   |             | (410   | )      |            |   | (103   | )                                          |   |   | (513 | ) |
| Distributions                                                                                                 |   |             | (675   | )      |            |   | (169   | )                                          |   |   | (844 | ) |
| Shareholders'                    balance June 30, 2004, restated                                              |   | $                | 2,539  |   |            | $      | (326   | )                                          |   | $ | 2,213 |   |
|                                                                                                          |   |             |   |   |            |   |   |                                       |   |   |   |   |
| **Nine                    months ended 09/30/04:**                                                            |   |             |   |   |            |   |   |                                       |   |   |   |   |
| Shareholders'                    balance January 1, 2004,  restated                                 |   | $                | 3,624  |   |            | $      | (54    | )                                          |   | $ | 3,570 |   |
| Net                    loss, restated                                                                         |   |             | (155   | )      |            |   | (39    | )                                          |   |   | (194 | ) |
| Distributions                                                                                                 |   |             | (1,013 | )      |            |   | (254   | )                                          |   |   | (1,267 | ) |
| Shareholders'                    balance September 30, 2004, restated                                         |   | $                | 2,456  |   |            | $      | (347   | )                                          |   | $ | 2,109 |   |
|                                                                                                          |   |             |   |   |            |   |   |                                       |   |   |   |   |
| **Three                    months ended 03/31/05:**                                                           |   |             |   |   |            |   |   |                                       |   |   |   |   |
| Shareholders'                    balance January 1, 2005,  restated                                 |   | $                | 2,380  |   |            | $      | (366   | )                                          |   | $ | 2,014 |   |
| Net                    income, restated                                                                       |   |             | 25     |   |            |   | 6      |                                       |   |   | 31 |   |
| Distributions                                                                                                 |   |             | (106   | )      |            |   | (26    | )                                          |   |   | (132 | ) |
| Shareholders'                    balance March 31, 2005, restated                                             |   | $                | 2,299  |   |            | $      | (386   | )                                          |   | $ | 1,913 |   |
|                                                                                                          |   |             |   |   |            |   |   |                                       |   |   |   |   |
| **Six                    months ended 06/30/05:**                                                             |   |             |   |   |            |   |   |                                       |   |   |   |   |
| Shareholders'                    balance January 1, 2005,  restated                                 |   | $                | 2,380  |   |            | $      | (366   | )                                          |   | $ | 2,014 |   |
| Net                    loss                                                                                   |   |             | (220   | )      |            |   | (55    | )                                          |   |   | (275 | ) |
| Distributions                                                                                                 |   |             | (212   | )      |            |   | (52    | )                                          |   |   | (264 | ) |
| Shareholders'                    balance June 30, 2005                                                        |   | $                | 1,948  |   |            | $      | (473   | )                                          |   | $ | 1,475 |   |
|                                                                                                          |   |             |   |   |            |   |   |                                       |   |   |   |   |
| **Nine                    months ended 09/30/05:**                                                            |   |             |   |   |            |   |   |                                       |   |   |   |   |
| Shareholders'                    balance January 1, 2005,  restated                                 |   | $                | 2,380  |   |            | $      | (366   | )                                          |   | $ | 2,014 |   |
| Net                    loss                                                                                   |   |             | (228   | )      |            |   | (57    | )                                          |   |   | (285 | ) |
| Distributions                                                                                                 |   |             | (211   | )      |            |   | (52    | )                                          |   |   | (263 | ) |
| Shareholders'                    balance September 30, 2005                                                   |   | $                | 1,941  |   |            | $      | (475   | )                                          |   | $ | 1,466 |   |

*The      accompanying notes are an integral part of these financial      statements.*

----

Table          of Contents

|                                                                                                               |   |                                               |   |    |       |   |      |       |   |
|--------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|--------|---------|------------|--------|-----------|------------|--------|
| **Ridgewood                Electric Power Trust I**                                                                |   |                                               |   |    |       |   |      |       |   |
| **Consolidated                Statements of Cash Flows (unaudited)**                                               |   |                                               |   |    |       |   |      |       |   |
|                                                                                                               |   |                                               |   |    |       |   |      |       |   |
| *(in                thousands)*                                                                                    |   | **Nine                Months Ended September 30,** |   |
|                                                                                                               |   | **2005**                                           |   |    | **2004**   |   |      | **2003**   |   |
|                                                                                                               |   |                                               |   |    | (Restated) |   |      | (Restated) |   |
| Cash                flows from operating activities:                                                               |   |                                               |   |    |       |   |      |       |   |
| Net                loss                                                                                            |   | $                                                  | (285   | )       |       | $      | (194      | )          |   | $ | (1,446 | ) |
| Adjustments                to reconcile net loss to net cash flows provided byoperating                activities: |   |                                               |   |    |       |
| Depreciation                and amortization                                                                       |   |                                               | -      |    |       |   | 1,292     |       |   |   | 513 |   |
|         Impairment                of equipment                             |   |                                               | -      |    |       |   | 38        |       |   |   | 1,780 |   |
|         Equity                in income from investments                   |   |                                               | (186   | )       |       |   | (53       | )          |   |   | (37 | ) |
| Changes                in assets and liabilities:                                                                  |   |                                               |   |    |       |   |      |       |   |   |   |   |
| Accounts                receivable                                                                                 |   |                                               | 189    |    |       |   | (244      | )          |   |   | (259 | ) |
| Due                to/from affiliates, net                                                                         |   |                                               | 454    |    |       |   | 41        |       |   |   | 8 |   |
| Other                current assets                                                                           |   |                                               | (9     | )  |       |   |  (12 | )          |   |   | (10 | ) |
| Other                assets                                                                                        |   |                                               | -      |    |       |   | 23        |       |   |   | (1 | ) |
| Accounts                payable and accrued expenses                                                               |   |                                               | 239    |    |       |   | (82       | )          |   |   | (124 | ) |
| Total                adjustments                                                                                   |   |                                               | 687    |    |       |   | 1,003     |       |   |   | 1,870 |   |
| Net                cash provided by operating activities                                                           |   |                                               | 403    |    |       |   | 809       |       |   |   | 424 |   |
|                                                                                                               |   |                                               |   |    |       |   |      |       |   |   |   |   |
| Cash                flows from investing activities:                                                               |   |                                               |   |    |       |   |      |       |   |   |   |   |
| Capital                expenditures                                                                                |   |                                               | (615   | )       |       |   | -         |       |   |   | (200 | ) |
| Proceeds                from sale of equipment                                                                     |   |                                               | -      |    |       |   | 205       |       |   |   | - |   |
| Net                cash (used in) provided by investing activities                                                 |   |                                               | (615   | )       |       |   | 205       |       |   |   | (200 | ) |
|                                                                                                               |   |                                               |   |    |       |   |      |       |   |   |   |   |
| Cash                flows from financing activities:                                                               |   |                                               |   |    |       |   |      |       |   |   |   |   |
| Distribution                to shareholders                                                                        |   |                                               | (263   | )       |       |   | (1,267    | )          |   |   | (1,276 | ) |
| Repayments                of loans payable                                                                         |   |                                               | (244   | )       |       |   | (224      | )          |   |   | (204 | ) |
| Net                cash used in financing activities                                                               |   |                                               | (507   | )       |       |   | (1,491    | )          |   |   | (1,480 | ) |
|                                                                                                               |   |                                               |   |    |       |   |      |       |   |   |   |   |
| Net                decrease in cash and cash equivalents                                                           |   |                                               | (720   | )       |       |   | (477      | )          |   |   | (1,256 | ) |
| Cash                and cash equivalents, beginning of period                                                      |   |                                               | 734    |    |       |   | 836       |       |   |   | 1,989 |   |
|                                                                                                               |   |                                               |   |    |       |   |      |       |   |   |   |   |
| Cash                and cash equivalents, end of period                                                            |   | $                                                  | 14     |    |       | $      | 359       |       |   | $ | 733 |   |
|                                                                                                               |   |                                               |   |    |       |   |      |       |   |   |   |   |
| Supplemental                disclosure of cash flow information:                                                   |   |                                               |   |    |       |   |      |       |   |   |   |   |
| Interest                paid                                                                                       |   | $                                                  | 35     |    |       | $      | 55        |       |   | $ | 74 |   |

*The      accompanying notes are an integral part of these financial      statements.*

----

Table          of Contents

| **Ridgewood                    Electric Power Trust I**                                                                    |   |                                             |   |   |       |   |   |       |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|
| **Consolidated                    Statements of Cash Flows (unaudited)**                                                   |   |
|                                                                                                                       |   |                                             |   |   |       |   |   |       |   |
| *(in                    thousands)*                                                                                        |   | **Six                    Months Ended June 30,** |   |
|                                                                                                                       |   | **2005**                                         |   |   | **2004**   |   |   | **2003**   |   |
|                                                                                                                       |   |                                             |   |   | (Restated) |   |   | (Restated) |   |
| Cash                    flows from operating activities:                                                                   |   |                                             |   |   |       |   |   |       |   |
| Net                    loss                                                                                                |   | $                                                | (275   | )      |       | $      | (513   | )          |   | $ | (67 | ) |
| Adjustments                    to reconcile net loss to net cash flows provided by                    operatingactivities: |   |                                             |   |   |       |
| Depreciation                    and amortization                                                                           |   |                                             | -      |   |       |   | 914    |       |   |   | 343 |   |
|         Impairment                    of equipment                                 |   |                                             | -      |   |       |   | 38     |       |   |   | - |   |
|         Equity                    in income from investments                       |   |                                             | (85    | )      |       |   | (12    | )          |   |   | (27 | ) |
| Changes                    in assets and liabilities:                                                                      |   |                                             |   |   |       |   |   |       |   |   |   |   |
|        Accounts                    receivable                                           |   |                                             | 456    |   |       |   | (115   | )          |   |   | (119 | ) |
|        Due                    to/from affiliates, net                                   |   |                                             | (40    | )      |       |   | 52     |       |   |   | 32 |   |
|        Other                    current assets                                          |   |                                             | 23     |   |       |   | 12     |       |   |   | (14 | ) |
|        Other                    assets                                                  |   |                                             | -      |   |       |   | 23     |       |   |   | - |   |
|        Accounts                    payable and accrued expenses                         |   |                                             | 82     |   |       |   | (96    | )          |   |   | (130 | ) |
| Total                    adjustments                                                                                       |   |                                             | 436    |   |       |   | 816    |       |   |   | 85 |   |
| Net                    cash provided by operating activities                                                               |   |                                             | 161    |   |       |   | 303    |       |   |   | 18 |   |
|                                                                                                                       |   |                                             |   |   |       |   |   |       |   |   |   |   |
| Cash                    flows from investing activities:                                                                   |   |                                             |   |   |       |   |   |       |   |   |   |   |
| Capital                    expenditures                                                                                    |   |                                             | (367   | )      |       |   | -      |       |   |   | - |   |
| Proceeds                    from sale of equipment                                                                         |   |                                             | -      |   |       |   | 205    |       |   |   | - |   |
| Net                    cash  (used in) provided by investing activities                                          |   |                                             | (367   | )      |       |   | 205    |       |   |   | - |   |
|                                                                                                                       |   |                                             |   |   |       |   |   |       |   |   |   |   |
| Cash                    flows from financing activities:                                                                   |   |                                             |   |   |       |   |   |       |   |   |   |   |
| Distribution                    to shareholders                                                                            |   |                                             | (264   | )      |       |   | (844   | )          |   |   | (851 | ) |
| Repayments                    of loans payable                                                                             |   |                                             | (161   | )      |       |   | (148   | )          |   |   | (135 | ) |
| Net                    cash used in financing activities                                                                   |   |                                             | (425   | )      |       |   | (992   | )          |   |   | (986 | ) |
|                                                                                                                       |   |                                             |   |   |       |   |   |       |   |   |   |   |
| Net                    decrease in cash and cash equivalents                                                               |   |                                             | (631   | )      |       |   | (484   | )          |   |   | (968 | ) |
| Cash                    and cash equivalents, beginning of period                                                          |   |                                             | 734    |   |       |   | 836    |       |   |   | 1,989 |   |
|                                                                                                                       |   |                                             |   |   |       |   |   |       |   |   |   |   |
| Cash                    and cash equivalents, end of period                                                                |   | $                                                | 103    |   |       | $      | 352    |       |   | $ | 1,021 |   |
|                                                                                                                       |   |                                             |   |   |       |   |   |       |   |   |   |   |
|                                                                                                                       |   |                                             |   |   |       |   |   |       |   |   |   |   |
| Supplemental                    disclosure of cash flow information:                                                       |   |                                             |   |   |       |   |   |       |   |   |   |   |
| Interest                    paid                                                                                           |   | $                                                | 25     |   |       | $      | 38     |       |   | $ | 51 |   |

*The      accompanying notes are an integral part of these financial      statements.*

----

Table          of Contents

| **Ridgewood                    Electric Power Trust I**                                                                                                                 |   |                                                |   |   |       |   |   |       |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|--------|--------|------------|--------|--------|------------|--------|
| **Consolidated                    Statements of Cash Flows (unaudited)**                                                                                                |   |
|                                                                                                                                                                    |   |                                                |   |   |       |   |   |       |   |
| *(in                    thousands)*                                                                                                                                     |   | **Three                    Months Ended March 31,** |   |
|                                                                                                                                                                    |   | **2005**                                            |   |   | **2004**   |   |   | **2003**   |   |
|                                                                                                                                                                    |   | (Restated)                                          |   |   | (Restated) |   |   | (Restated) |   |
| Cash                    flows from operating activities:                                                                                                                |   |                                                |   |   |       |   |   |       |   |
| Net                    income (loss)                                                                                                                                    |   | $                                                   | 31     |   |       | $      | (333   | )          |   | $ | 50 |   |
| Adjustments                    to reconcile net income (loss) to net cash flows providedby                    operating activities:                                     |   |                                                |   |   |       |
|     Depreciation                    and amortization                                                                                                |   |                                                | -      |   |       |   | 457    |       |   |   | 171 |   |
|         Impairment                    of equipment                                                                              |   |                                                | -      |   |       |   | 38     |       |   |   | - |   |
|         Equity                    in (income) loss from investments                                                             |   |                                                | (11    | )      |       |   | 15     |       |   |   | 9 |   |
|  Changes                    in assets and liabilities:                                                                                                             |   |                                                |   |   |       |   |   |       |   |   |   |   |
|         Accounts                    receivable                                                                                  |   |                                                | 193    |   |       |   | 24     |       |   |   | (71 | ) |
|         Due                    to/from affiliates, net                                                                          |   |                                                | (28    | )      |       |   | 44     |       |   |   | 1 |   |
|         Other                    current assets                                                                                 |   |                                                | 1      |   |       |   | (15    | )          |   |   | 9 |   |
|         Other                    assets                                                                                         |   |                                                | -      |   |       |   | 23     |       |   |   | - |   |
|         Accounts                    payable and accrued expenses                                                                |   |                                                | 36     |   |       |   | (100   | )          |   |   | (105 | ) |
|                 Total                    adjustments                                    |   |                                                | 191    |   |       |   | 486    |       |   |   | 14 |   |
|                 Net                    cash  provided by operating activities |   |                                                | 222    |   |       |   | 153    |       |   |   | 64 |   |
|                                                                                                                                                                    |   |                                                |   |   |       |   |   |       |   |   |   |   |
| Cash                    flows from financing activities:                                                                                                                |   |                                                |   |   |       |   |   |       |   |   |   |   |
|        Distribution                    to shareholders                                                                               |   |                                                | (132   | )      |       |   | (421   | )          |   |   | (424 | ) |
|        Repayments                    of loans payable                                                                                |   |                                                | (80    | )      |       |   | (74    | )          |   |   | (67 | ) |
|               Net                    cash used in financing activities                            |   |                                                | (212   | )      |       |   | (495   | )          |   |   | (491 | ) |
|                                                                                                                                                                    |   |                                                |   |   |       |   |   |       |   |   |   |   |
| Net                    increase (decrease) in cash and cash equivalents                                                                                                 |   |                                                | 10     |   |       |   | (342   | )          |   |   | (427 | ) |
| Cash                    and cash equivalents, beginning of period                                                                                                       |   |                                                | 734    |   |       |   | 836    |       |   |   | 1,989 |   |
|                                                                                                                                                                    |   |                                                |   |   |       |   |   |       |   |   |   |   |
| Cash                    and cash equivalents, end of period                                                                                                             |   | $                                                   | 744    |   |       | $      | 494    |       |   | $ | 1,562 |   |
|                                                                                                                                                                    |   |                                                |   |   |       |   |   |       |   |   |   |   |
| Supplemental                    disclosure of cash flow information:                                                                                                    |   |                                                |   |   |       |   |   |       |   |   |   |   |
|    Interest                    paid                                                                                                                      |   | $                                                   | 14     |   |       | $      | 20     |       |   | $ | 26 |   |

----

Table          of Contents

**RIDGEWOOD      ELECTRIC POWER TRUST I**

**NOTES      TO CONSOLIDATED FINANCIAL STATEMENTS**

| **1.** | **DESCRIPTION                OF BUSINESS** |
|--------|--------------------------------------------|

| **2.** | **RESTATEMENT                OF FINANCIAL STATEMENTS** |
|--------|--------------------------------------------------------|

----

Table          of Contents

| **Balance                  Sheets**                    |   |                              |   |    |     |   |   |
|-------------------------------------------------------------|--------|-----------------------------------|--------|---------|----------|--------|--------|
|                                                   |   |                              |   |    |     |   |   |
|                                                   |   | **December                  31,** |   |    |
| ASSETS                                                 |   | **2004**                          |   |    | **2003** |   |   |
| Investments                                            |   | $                                 | (175   | )       |     | $      | (185   | ) | **(A)** |
| Plant                  and equipment, net                   |   |                              | (227   | )  |     |   | -      |   | **(C)** |
| Total                  assets                               |   | $                                 | (402   | )  |     | $      | (185   | ) |   |
|                                                   |   |                              |   |    |     |   |   |   |   |
| LIABILITIES                  AND SHAREHOLDERS' EQUITY       |   |                              |   |    |     |   |   |   |   |
| Accounts                  payable and accrued expenses      |   | $                                 | (54    | )       |     | $      | (60    | ) | **(B)** |
| Due                  to affiliates                     |   |                              | -      |    |     |   | (1     | ) | **(D)** |
| Loan                  payable - noncurrent portion          |   |                              | 1      |    |     |   | 1      |   | **(D)** |
| Shareholders'                  equity                  |   |                              | (349   | )  |     |   | (125   | ) | **(A)                  (B) (C) (D)** |
| Total                  liabilities and shareholders' equity |   | $                                 | (402   | )  |     | $      | (185   | ) |   |

| **Statement                    of Operations**                                                            |   |                                            |   |   |     |   |   |
|-----------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|--------|--------|----------|--------|--------|
|                                                                                                      |   |                                            |   |   |     |   |   |
|                                                                                                      |   | **Years                    ended December 31,** |   |   |
|                                                                                                      |   | **2004**                                        |   |   | **2003** |   |   |
| Cost                    of revenues, increase                                                             |   | $                                               | (1,327 | )      |     | $      | (2     | ) | **(C)** |
| General                    and administrative expenses, (increase) decrease                               |   |                                            | (6     | )      |     |   | 23     |   | **(B)** |
| Impairment                    of equipment, decrease                                                      |   |                                            | 1,100  |   |     |   | (8     | ) | **(C)** |
|       (Loss)                    income from operations, (increase) decrease |   |                                            | (233   | )      |     |   | 13     |   |   |
|                                                                                                      |   |                                            |   |   |     |   |   |   |   |
| Equity                    in income from investments, increase                                            |   |                                            | 8      |   |     |   | 8      |   | **(A)** |
|                                                                                                      |   |                                            |   |   |     |   |   |   |   |
|      Net                    loss, (increase) decrease                            |   | $                                               | (225   | )      |     | $      | 21     |   |   |
|                                                                                                      |   |                                            |   |   |     |   |   |   |   |
| Managing                    Shareholder - Net loss, (increase) decrease                                   |   | $                                               | (45    | )      |     | $      | 1      |   |   |
| Shareholders                    - Net loss, (increase) decrease                                           |   | $                                               | (180   | )      |     | $      | 20     |   |   |
| Net                    loss per Investor Share, (increase) decrease                                       |   | $                                               | (1,701 | )      |     | $      | 207    |   |   |

|   | **(A)**Originally, the Stillwater project did not properly account                for                certain pre-development costs as they were capitalized rather then                expensed in accordance with generally accepted accounting principles                (“GAAP”). The Trust recorded an adjustment to decrease its investment in                the Stillwater project and shareholders’ equity by $193 at the beginning                of 2003. As a result of the write-off of these pre-development costs,                the                Stillwater projects’ amortization expense in subsequent years was also                reduced. Therefore, the Trust recorded additional adjustments to                increase                its investment in the Stillwater project and equity income by $8                for each                of the years ended December 31, 2003 and                2004. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **(B)**In the previously issued financial statements, the Trust                accrued                professional service fees in the period to be audited or reviewed                rather                than during the period in which the services were performed. The                Trust has                concluded that such treatment is not in accordance with GAAP. As                a result,                the Trust overaccrued $54 and $59 of professional fees for the years                ended                December 31, 2004 and 2003, respectively. The 2004 overaccrual was                adjusted by recording a decrease to accrued expenses of $54, and                increases                to general and administrative expenses and beginning shareholders’ equity                of $5 and $59, respectively. The 2003 overaccrual was adjusted by                recording a decrease to accrued expenses and general and administrative                expenses of $59 and $13, respectively, and an increase to beginning                shareholders’ equity of $46. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **(C)**** **In                the previously issued financial statements, the Trust incorrectly                applied                GAAP by impairing the Brea project during 2004. The Trust corrected                this                error by recording a change in estimate to the useful life of the                Brea                project assets. The effect is that impairment expense and plant and                equipment, net, decreased by $1,100 and $227, respectively, with                cost of                sales increasing by $1,327 as a result of the accelerated depreciation                on                the assets. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table          of Contents

|   | **(D)**Certain items in the previously issued financial statements                for                the years ended December 31, 2004 and 2003 have been reclassified to                conform to the current year presentation. These reclassifications                had no                effect on net income (loss). |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Quarterly                    Balance Sheets (unaudited)** |                                                          | **March                    31,** |     |   |
|-------------------------------------------------------------|---------------------------------------------------------------|----------------------------------|----------|--------|
|                                                        |                                                          |                             | **2005** |   |   |
|                                                        | ASSETS                                                        |                             |     |   |   |
| Other                    current assets                     |                                                          | $                                | 1        |   | **(D)** |
| Investments                                                 |                                                          |                             |     | (167   | ) | **(A)** |
| Plant                    and equipment, net                 |                                                          |                             | (202     | )      | **(C)** |
| Other                    assets                             |                                                          |                             |     | 1      |   | **(D)** |
|                                                        | Total                    assets                               |                             | $        | (367   | ) |   |
|                                                        |                                                          |                             |     |   |   |   |
| LIABILITIES                    AND SHAREHOLDERS' EQUITY     |                                                          |                             |
| Accounts                    payable and accrued expenses    |                                                          | $                                | (29      | )      | **(B)** |
| Shareholders'                    equity                     |                                                          |                             | (338     | )      | **(A)                    (B) (C) (D)** |
|                                                        | Total                    liabilities and shareholders' equity |                             | $        | (367   | ) |   |

| **Quarterly                  Balance Sheets (unaudited)**  |                                                        | **2004** |                              |   |
|------------------------------------------------------------|-------------------------------------------------------------|----------|-----------------------------------|--------|
|                                                       |                                                        |     | **September                  30** |   |   | **June                  30** |   |   | **March                  31** |   |   |
|                                                       | ASSETS                                                      |     |                              |   |   |   |   |   |   |   |   |
| Due                  from affiliates                       |                                                        | $        | (1                                | )      |   | $ | - |   |   | $ | - |   | **(D)** |
| Investments                                                |                                                        |     |                              | (131   | ) |   |   | (169 | ) |   |   | (166 | ) | **(A)** |
| Plant                  and equipment, net                  |                                                        |     | 103                               |   |   |   | 435 |   |   |   | 768 |   | **(C)** |
| Other                  assets                              |                                                        |     |                              | 1      |   |   |   | 1 |   |   |   | 1 |   | **(D)** |
|                                                       | Total                  assets                               |     | $                                 | (28    | ) |   | $ | 267 |   |   | $ | 603 |   |   |
|                                                       |                                                        |     |                              |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES                  AND SHAREHOLDERS' EQUITY      |                                                        |     |                              |   |   |   |   |   |   |   |   |   |   |
| Accounts                  payable and accrued expenses     |                                                        | $        | (18                               | )      |   | $ | (9 | ) |   | $ | (17 | ) | ** (B)** |
| Due                  to affiliates                         |                                                        |     |                              | (1     | ) |   |   | - |   |   |   | - |   | **(D)** |
| Shareholders'                  equity                      |                                                        |     | (9                                | )      |   |   | 276 |   |   |   | 620 |   | **(A)                  (B) (C) (D)** |
|                                                       | Total                  liabilities and shareholders' equity |     | $                                 | (28    | ) |   | $ | 267 |   |   | $ | 603 |   |   |
|                                                       |                                                        |     |                              |   |   |   |   |   |   |   |   |   |   |   |
| **Quarterly                  Balance Sheets (unaudited)**  |                                                        | **2003** |                              |   |
|                                                       |                                                        |     | **September                  30** |   |   | **June                  30** |   |   | **March                  31** |   |   |
|                                                       | ASSETS                                                      |     |                              |   |   |   |   |   |   |   |   |   |   |   |
| Due                  from affiliates                       |                                                        | $        | (2                                | )      |   | $ | (2 | ) |   | $ | (1 | ) | **(D)** |
| Investments                                                |                                                        |     |                              | (210   | ) |   |   | (210 | ) |   |   | (213 | ) | **(A)** |
| Intangibles,                  net                          |                                                        |     |                              | -      |   |   |   | - |   |   |   | (1 | ) | **(D)** |
| Other                  assets                              |                                                        |     |                              | 1      |   |   |   | - |   |   |   | - |   | **(D)** |
|                                                       | Total                  assets                               |     | $                                 | (211   | ) |   | $ | (212 | ) |   | $ | (215 | ) |   |
|                                                       |                                                        |     |                              |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES                  AND SHAREHOLDERS' EQUITY      |                                                        |     |                              |   |   |   |   |   |   |   |   |   |   |
| Accounts                  payable and accrued expenses     |                                                        | $        | (28                               | )      |   | $ | (21 | ) |   | $ | (15 | ) | **(B)** |
| Due                  to affiliates                         |                                                        |     |                              | (2     | ) |   |   | (2 | ) |   |   | (2 | ) | **(D)** |
| Loan                  payable -  current portion |                                                        |     | (1                                | )      |   |   | - |   |   |   | (1 | ) | **(D)** |
| Shareholders'                  equity                      |                                                        |     | (180                              | )      |   |   | (189 | ) |   |   | (197 | ) | **(A)                  (B) (C) (D)** |
|                                                       | Total                  liabilities and shareholders' equity |     | $                                 | (211   | ) |   | $ | (212 | ) |   | $ | (215 | ) |   |

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Table          of Contents

| **Quarterly                  Statement of Operations (Unaudited)**                       |   |                                                 |   |   |                                                  |   |   |     |   |   |     |   |   |
|------------------------------------------------------------------------------------------|--------|------------------------------------------------------|--------|--------|-------------------------------------------------------|--------|--------|----------|--------|--------|----------|--------|--------|
|                                                                                     |   | **Nine                  Months Ended September 30,** |   |   | **Three                  Months Ended September 30,** |   |   |
|                                                                                     |   | **2004**                                             |   |   | **2003**                                              |   |   | **2004** |   |   | **2003** |   |   |
|                                                                                     |   |                                                 |   |   |                                                  |   |   |     |   |   |     |   |   |
| Cost                  of revenues, increase                                              |   | $                                                    | (1,017 | )      |                                                  | $      | (2     | )        |   | $      | (341     | )      |   | $ | - |   | **(C)** |
| General                  and administrative expenses, (increase) decrease                |   |                                                 | (45    | )      |                                                  |   | (34    | )        |   |   | 11       |   |   |   | (1 | ) | **(B)** |
| Impairment                  of equipment, decrease                                       |   |                                                 | 1,100  |   |                                                  |   | -      |     |   |   | -        |   |   |   | - |   | **(C)** |
|      Loss                  from operations, decrease (increase) |   |                                                 | 38     |   |                                                  |   | (36    | )        |   |   | (330     | )      |   |   | (1 | ) |   |
|                                                                                     |   |                                                 |   |   |                                                  |   |   |     |   |   |     |   |   |   |   |   |   |
| Interest                  expense                                                        |   |                                                 | -      |   |                                                  |   | -      |     |   |   | (1       | )      |   |   | - |   | **(D)** |
| Equity                  in income from investments, decrease (increase)                  |   |                                                 | 53     |   |                                                  |   | (17    | )        |   |   | 39       |   |   |   | - |   | **(A)** |
| Other                  income, increase                                                  |   |                                                 | 27     |   |                                                  |   | 19     |     |   |   | 8        |   |   |   | 9 |   | **(D)** |
|                                                                                     |   |                                                 |   |   |                                                  |   |   |     |   |   |     |   |   |   |   |   |   |
|      Net                  loss, (increase) decrease             |   | $                                                    | 118    |   |                                                  | $      | (34    | )        |   | $      | (284     | )      |   | $ | 8 |   |   |
|                                                                                     |   |                                                 |   |   |                                                  |   |   |     |   |   |     |   |   |   |   |   |   |
| Managing                  Shareholder - Net loss, (increase) decrease                    |   | $                                                    | 24     |   |                                                  | $      | -      |     |   | $      | (57      | )      |   | $ | - |   |   |
| Shareholders                  - Net loss, (increase) decrease                            |   | $                                                    | 94     |   |                                                  | $      | (34    | )        |   | $      | (227     | )      |   | $ | 8 |   |   |
| Net                  loss per Investor Share, (increase) decrease                        |   | $                                                    | 884    |   |                                                  | $      | (312   | )        |   | $      | (2,151   | )      |   | $ | 68 |   |   |
|                                                                                     |   |                                                 |   |   |                                                  |   |   |     |   |   |     |   |   |   |   |   |   |
| **Quarterly                  Statement of Operations (Unaudited)**                       |   |                                                 |   |   |                                                  |   |   |     |   |   |     |   |   |   |   |   |   |
|                                                                                     |   | **Six                  Months Ended June 30,**       |   |   | **Three                  Months Ended June 30,**      |   |   |
|                                                                                     |   | **2004**                                             |   |   | **2003**                                              |   |   | **2004** |   |   | **2003** |   |   |
|                                                                                     |   |                                                 |   |   |                                                  |   |   |     |   |   |     |   |   |   |   |   |   |
| Cost                  of revenues, increase                                              |   | $                                                    | (677   | )      |                                                  | $      | (2     | )        |   | $      | (338     | )      |   | $ | - |   | **(C)** |
| General                  and administrative expenses, (increase) decrease                |   |                                                 | (56    | )      |                                                  |   | (32    | )        |   |   | (16      | )      |   |   | 1 |   | **(B)** |
| Impairment                  of equipment, decrease                                       |   |                                                 | 1,100  |   |                                                  |   | -      |     |   |   | -        |   |   |   | - |   | **(C)** |
|      Loss                  from operations, decrease (increase) |   |                                                 | 367    |   |                                                  |   | (34    | )        |   |   | (354     | )      |   |   | 1 |   |   |
|                                                                                     |   |                                                 |   |   |                                                  |   |   |     |   |   |     |   |   |   |   |   |   |
| Interest                  income, (increase)decrease                                     |   |                                                 | -      |   |                                                  |   | -      |     |   |   | -        |   |   |   | 2 |   | **(D)** |
| Interest                  expense, (increase) decrease                                   |   |                                                 | -      |   |                                                  |   | -      |     |   |   | 1        |   |   |   | - |   | **(D)** |
| Equity                  in income from investments, decrease (increase)                  |   |                                                 | 14     |   |                                                  |   | (17    | )        |   |   | (4       | )      |   |   | 4 |   | **(A)** |
| Other                  income, increase                                                  |   |                                                 | 18     |   |                                                  |   | 10     |     |   |   | 13       |   |   |   | 5 |   | **(D)** |
|                                                                                     |   |                                                 |   |   |                                                  |   |   |     |   |   |     |   |   |   |   |   |   |
|      Net                  loss, (increase) decrease             |   | $                                                    | 399    |   |                                                  | $      | (41    | )        |   | $      | (344     | )      |   | $ | 12 |   |   |
|                                                                                     |   |                                                 |   |   |                                                  |   |   |     |   |   |     |   |   |   |   |   |   |
| Managing                  Shareholder - Net loss, (increase) decrease                    |   | $                                                    | 80     |   |                                                  | $      | -      |     |   | $      | (69      | )      |   | $ | - |   |   |
| Shareholders                  - Net loss, (increase) decrease                            |   | $                                                    | 319    |   |                                                  | $      | (41    | )        |   | $      | (275     | )      |   | $ | 12 |   |   |
| Net                  loss per Investor Share, (increase) decrease                        |   | $                                                    | 3,035  |   |                                                  | $      | (380   | )        |   | $      | (2,609   | )      |   | $ | 96 |   |   |

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Table            of Contents

| **Quarterly                  Statement of Operations (Unaudited)**                       |   |                                                    |   |   |     |   |   |     |   |   |
|------------------------------------------------------------------------------------------|--------|---------------------------------------------------------|--------|--------|----------|--------|--------|----------|--------|--------|
|                                                                                     |   | **Three                  Months Ended March 31,**  |   |   |
|                                                                                     |   | **2005**                                                |   |   | **2004** |   |   | **2003** |   |   |
|                                                                                     |   |                                                    |   |   |     |   |   |     |   |   |
| Cost                  of revenues, increase                                              |   | $                                                       | 27     |   |     | $      | (338   | )        |   | $      | (1 | ) | **(C)** |
| General                  and administrative expenses, (increase) decrease                |   |                                                    | (24    | )      |     |   | (41    | )        |   |   | (33 | ) | **(B)** |
| Impairment                  of equipment, decrease                                       |   |                                                    | -      |   |     |   | 1,100  |     |   |   | - |   | **(C)** |
|      Loss                  from operations, decrease (increase) |   |                                                    | 3      |   |     |   | 721    |     |   |   | (34 | ) |   |
|                                                                                     |   |                                                    |   |   |     |   |   |     |   |   |   |   |   |
| Equity                  in income from investments, decrease (increase)                  |   |                                                    | 9      |   |     |   | 18     |     |   |   | (21 | ) | **(A)** |
| Other                  income, increase                                                  |   |                                                    | (1     | )      |     |   | 5      |     |   |   | 5 |   | **(D)** |
|                                                                                     |   |                                                    |   |   |     |   |   |     |   |   |   |   |   |
|      Net                  loss, (increase) decrease             |   | $                                                       | 11     |   |     | $      | 744    |     |   | $      | (50 | ) |   |
|                                                                                     |   |                                                    |   |   |     |   |   |     |   |   |   |   |   |
| Managing                  Shareholder - Net loss, (increase) decrease                    |   | $                                                       | 2      |   |     | $      | 149    |     |   | $      | - |   |   |
| Shareholders                  - Net loss, (increase) decrease                            |   | $                                                       | 9      |   |     | $      | 595    |     |   | $      | (50 | ) |   |
| Net                  loss per Investor Share, (increase) decrease                        |   | $                                                       | 88     |   |     | $      | 5,644  |     |   | $      | 476 |   |   |

| **(A)** | Originally,                the Stillwater project did not properly account for certain                pre-development costs. Additionally, Stillwater did not properly                accrue                expenses during interim periods of 2003 and 2004 as required under                GAAP.                As a result, the Trust recorded the following adjustments                (unaudited): |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                        |   | 2005       |   |   | 2004   |   |   | 2003   |   |
|---------------------------------------------------------------------------------------------|--------|------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                        |   |  3/31 |   |   |   | 9/30   |   |   |   | 6/30 |   |   |   | 3/31 |   |   |   | 9/30 |   |   |   | 6/30 |   |   |   | 3/31 |   |
|                                                                                        |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                  in income from investments(Depreciation                  effect)    |   | $          | 2      |   |   | $      | 6      |   |   | $ | 4 |   |   | $ | 2 |   |   | $ | 6 |   |   | $ | 4 |   |   | $ | 2 |   |
| Equity                  in income from investments(Expense                  accrual effect) |   |       | 7      |   |   |   | 47     |   |   |   | 10 |   |   |   | 16 |   |   |   | (23 | ) |   |   | (21 | ) |   |   | (22 | ) |
| Beginning                  Shareholders' equity - (decrease) increase                       |   |       | (179   | )      |   |   | (184   | )      |   |   | (184 | ) |   |   | (184 | ) |   |   | (193 | ) |   |   | (193 | ) |   |   | (193 | ) |
| Investments                                                                                 |   |       | (170   | )      |   |   | (131   | )      |   |   | (170 | ) |   |   | (166 | ) |   |   | (210 | ) |   |   | (210 | ) |   |   | (213 | ) |

| **(B)** | In                the previously issued financial statements, the Trust accrued professional                service fees in the period to be audited or reviewed rather than                during                the period in which the services were performed. The Trust has concluded                that such treatment is not in accordance with GAAP. As a result,                the Trust                recorded the following adjustments                (unaudited): |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                  |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|-----------------------------------------------------------------------|--------|------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                                  |   | 2005       |   |   | 2004   |   |   | 2003   |   |
|                                                                  |   |  3/31 |   |   |   | 9/30   |   |   |   | 6/30   |   |   |   | 3/31   |   |   |   | 9/30   |   |   |   | 6/30 |   |   |   | 3/31 |   |
|                                                                  |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                  payable and accrued expenses                |   | $          | (30    | )      |   | $      | (18    | )      |   | $      | (9     | )      |   | $      | (17    | )      |   | $      | (29    | )      |   | $ | (22 | ) |   | $ | (16 | ) |
| Beginning                  Shareholders' equity - (decrease) increase |   |       | 53     |   |   |   | 59     |   |   |   | 59     |   |   |   | 59     |   |   |   | 46     |   |   |   | 46 |   |   |   | 46 |   |
| General                  and administrative expenses                  |   |       | (23    | )      |   |   | (41    | )      |   |   | (50    | )      |   |   | (42    | )      |   |   | (17    | )      |   |   | (24 | ) |   |   | (30 | ) |
|                                                                  |   |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| **(C) ** | In                the previously issued financial statements, the Trust incorrectly                impaired                the Brea project during 2004. The Trust corrected this error by recording                a change in estimate to the useful life of the Brea project assets.                The                effect is that impairment expense and plant and equipment, net, decreased                by $1,100 and $227 respectively, with cost of sales increasing by                $1,327                as a result of the accelerated depreciation on the assets. The Trust                recorded the following adjustments                (unaudited): |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table          of Contents

|                                                                |   | 2005   |   |   | 2004  |   |
|---------------------------------------------------------------------|--------|--------|--------|--------|------------|--------|
|                                                                |   |   | 3/31   |   |       |   | 9/30 |   |   |   | 6/30 |   |   |   | 3/31 |   |
|                                                                |   |   |   |   |       |   |   |   |   |   |   |   |   |   |   |   |
| Plant                and equipment, net                             |   | $      | (200   | )      |       | $      | 104 |   |   | $ | 436 |   |   | $ | 768 |   |
| Beginning                Shareholders' equity - (decrease) increase |   |   | (227   | )      |       |   | - |   |   |   | - |   |   |   | - |   |
| Impairment                                                          |   |   | -      |   |       |   | 1,100 |   |   |   | 1,100 |   |   |   | 1,100 |   |
| Cost                of revenues                                     |   |   | 27     |   |       |   | (996 | ) |   |   | (664 | ) |   |   | (332 | ) |

| **(D)** | Certain                items in the previously issued statements have been reclassified                to                conform to the current year presentation as follows                (unaudited): |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                               |   | 2004    |   |   | 2003   |    |
|----------------------------------------------------|--------|---------|--------|--------|--------|---------|
|                                               |   |    | 9/30   |   |   |    | 6/30 |   |   |   | 3/31 |   |   |   | 9/30 |   |   |   | 6/30 |   |   |   | 3/31 |   |
|                                               |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Due                from affiliates                 |   | $  | -      |   |   | $  | - |   |   | $  | - |   |   | $  | (2 | ) |   | $  | (2 | ) |   | $  | (2 | ) |
| Due                to affiliates                   |   |    | -      |   |   |    | - |   |   |   | - |   |   |   | (2 | ) |   |   | (2 | ) |   |   | (2 | ) |
| Other                income                        |   |    | 27     |   |   |    | 18 |   |   |   | 5 |   |   |   | 19 |   |   |   | 10 |   |   |   | 5 |   |
| General                and administrative expenses |   |    | (4     | )      |   |    | (5 | ) |   |   | - |   |   |   | (17 | ) |   |   | (8 | ) |   |   | (5 | ) |
| Cost                of revenues                    |   |    | (23    | )      |   |    | (13 | ) |   |   | (5 | ) |   |   | (2 | ) |   |   | (2 | ) |   |   | - |   |

| **3.** | **SUMMARY                OF SIGNIFICANT ACCOUNTING                POLICIES** |
|--------|------------------------------------------------------------------------------|

*a)      Principles of Consolidation*

*b)      Use of Estimates*

*c)      Revenue Recognition*

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Table          of Contents

*d)      Cash and Cash Equivalents*

*e)      Accounts Receivable*

*f)      Assets held for sale*

*g)      Plant and Equipment*

|  Power                generation facility | 20                years            |
|------------------------------------------------|------------------------------------|
|  Office                equipment     |   5                years |

*h)      Impairment of Long-Lived Assets and Intangibles*

*i)      Income Taxes*

*j)      Significant Customer and Supplier*

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Table          of Contents

*k)      Fair Value of Financial Instruments*

*l)      Unaudited Interim Results*

*m)      Recent Accounting Pronouncements*

* SFAS      143 and FIN 47*

*Accounting for Asset Retirement Obligations*
*Accounting for Conditional Asset      Retirement Obligations, an interpretation of FASB Statement No. 143*

*SFAS      145*

*Rescission of FASB Statements      No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical      Corrections*

*SFAS      146*

*Accounting for Costs Associated      with Exit or Disposal Activities*

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Table          of Contents

*FIN      45*

*Guarantor's Accounting and Disclosure Requirements for Guarantees, Including      Indirect Guarantees and Indebtedness of Others*

*FIN      46R*

*Consolidation of      Variable Interest Entities*

*SFAS      149*

*Amendment of Statement 133 on Derivative      Instruments and Hedging Activities*

*SFAS      150*

*Accounting for Certain Financial      Instruments with Characteristics of both Liabilities and Equity*

*SFAS      153*

*Exchanges of Nonmonetary      Assets—an amendment of APB Opinion No. 29. *
*Accounting for Nonmonetary Transactions *
*,*

*SFAS      154*

*Accounting Changes and Error      Corrections*
*Accounting Changes*
*Reporting      Accounting Changes in Interim Financial Statements*

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Table          of Contents

**4.      IMPAIRMENT OF LONG-LIVED ASSETS AND CHANGE IN ACCOUNTING      ESTIMATE**

**Brea      Power Partners, L.P.**

**Ridgewood      Olinda, LLC / Ridgewood Rhode Island Generation LLC**

----

Table          of Contents

**Mobile      Power Units**

**5.   INVESTMENTS**

**Stillwater      Hydro Partners, L.P.**

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Table          of Contents

|                                                                      |   | **2005** |   |   | **2004**   |   |   | **2003**   |   |
|---------------------------------------------------------------------------|--------|----------|--------|--------|------------|--------|--------|------------|--------|
|                                                                      |   |     |   |   | (Restated) |   |   | (Restated) |   |
| Current                assets                                             |   | $        | 285    |   |       | $      | 321    |       |   | $ | 270 |   |
| Non-current                assets                                         |   |     | 6,993  |   |       |   | 7,333  |       |   |   | 7,620 |   |
|      Total                assets                 |   | $        | 7,278  |   |       | $      | 7,654  |       |   | $ | 7,890 |   |
|                                                                      |   |     |   |   |       |   |   |       |   |   |   |   |
| Current                liabilities                                        |   | $        | 1,906  |   |       | $      | 1,760  |       |   | $ | 1,586 |   |
| Long-term                debt                                             |   |     | 3,424  |   |       |   | 4,021  |       |   |   | 4,555 |   |
| Other                noncurrent liabilities                               |   |     | 1,395  |   |       |   | 1,353  |       |   |   | 1,353 |   |
| Equity                                                                    |   |     | 553    |   |       |   | 520    |       |   |   | 396 |   |
|      Total                liabilities and equity |   | $        | 7,278  |   |       | $      | 7,654  |       |   | $ | 7,890 |   |
|                                                                      |   |     |   |   |       |   |   |       |   |   |   |   |
| Trust                share of equity                                      |   | $        | 127    |   |       | $      | 116    |       |   | $ | 76 |   |

|                                     |   | **2005** |   |   | **2004**   |   |   | **2003**   |   |
|------------------------------------------|--------|----------|--------|--------|------------|--------|--------|------------|--------|
|                                     |   |     |   |   | (Restated) |   |   | (Restated) |   |
| Revenues                                 |   | $        | 1,290  |   |       | $      | 1,384  |       |   | $ | 1,311 |   |
|                                     |   |     |   |   |       |   |   |       |   |   |   |   |
| Operating                expenses        |   |     | 730    |   |       |   | 690    |       |   |   | 670 |   |
| Other                expenses            |   |     | 527    |   |       |   | 570    |       |   |   | 621 |   |
| Total                expenses            |   |     | 1,257  |   |       |   | 1,260  |       |   |   | 1,291 |   |
|                                     |   |     |   |   |       |   |   |       |   |   |   |   |
| Net                income                |   | $        | 33     |   |       | $      | 124    |       |   | $ | 20 |   |
|                                     |   |     |   |   |       |   |   |       |   |   |   |   |
| Trust                share of net income |   | $        | 11     |   |       | $      | 40     |       |   | $ | 7 |   |

|                                              |   | **Nine                  Months Ended September 30,** |   |   | **Three                  Months Ended September 30,** |   |
|---------------------------------------------------|--------|------------------------------------------------------|--------|--------|-------------------------------------------------------|--------|
|                                              |   | **2005**                                             |   |   | **2004**                                              |   |   | **2003** |   |   | **2005** |   |   | **2004** |   |   | **2003** |   |
|                                              |   |                                                 |   |   | (Restated)                                            |   |   | (Restated) |   |   |   |   |   | (Restated) |   |   | (Restated) |   |
| Revenues                                          |   | $                                                    | 953    |   |                                                  | $      | 1,049 |   |   | $ | 988 |   |   | $ | 260 |   |   | $ | 413 |   |   | $ | 317 |   |
|                                              |   |                                                 |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                  expenses               |   |                                                 | 547    |   |                                                  |   | 543 |   |   |   | 493 |   |   |   | 170 |   |   |   | 171 |   |   |   | 162 |   |
| Other                  expenses                   |   |                                                 | 399    |   |                                                  |   | 432 |   |   |   | 471 |   |   |   | 131 |   |   |   | 145 |   |   |   | 154 |   |
| Total                  expenses                   |   |                                                 | 946    |   |                                                  |   | 975 |   |   |   | 964 |   |   |   | 301 |   |   |   | 316 |   |   |   | 316 |   |
|                                              |   |                                                 |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  income (loss)                |   | $                                                    | 7      |   |                                                  | $      | 74 |   |   | $ | 24 |   |   | $ | (41 | ) |   | $ | 97 |   |   | $ | 1 |   |
|                                              |   |                                                 |   |   |                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trust                  share of net income (loss) |   | $                                                    | 2      |   |                                                  | $      | 24 |   |   | $ | 8 |   |   | $ | (13 | ) |   | $ | 32 |   |   | $ | - |   |

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|                                            |   | **Six                Months Ended June 30,** |   |   | **Three                Months Ended June 30,** |   |
|-------------------------------------------------|--------|----------------------------------------------|--------|--------|------------------------------------------------|--------|
|                                            |   | **2005**                                     |   |   | **2004**                                       |   |   | **2003** |   |   | **2005** |   |   | **2004** |   |   | **2003** |   |
|                                            |   |                                         |   |   | (Restated)                                     |   |   | (Restated) |   |   |   |   |   | (Restated) |   |   | (Restated) |   |
| Revenues                                        |   | $                                            | 693    |   |                                           | $      | 636 |   |   | $ | 671 |   |   | $ | 384 |   |   | $ | 381 |   |   | $ | 412 |   |
|                                            |   |                                         |   |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                expenses               |   |                                         | 377    |   |                                           |   | 372 |   |   |   | 331 |   |   |   | 189 |   |   |   | 187 |   |   |   | 172 |   |
| Other                expenses                   |   |                                         | 268    |   |                                           |   | 287 |   |   |   | 317 |   |   |   | 137 |   |   |   | 142 |   |   |   | 158 |   |
| Total                expenses                   |   |                                         | 645    |   |                                           |   | 659 |   |   |   | 648 |   |   |   | 326 |   |   |   | 329 |   |   |   | 330 |   |
|                                            |   |                                         |   |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                income (loss)                |   | $                                            | 48     |   |                                           | $      | (23 | ) |   | $ | 23 |   |   | $ | 58 |   |   | $ | 52 |   |   | $ | 82 |   |
|                                            |   |                                         |   |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Trust                share of net income (loss) |   | $                                            | 16     |   |                                           | $      | (7 | ) |   | $ | 7 |   |   | $ | 19 |   |   | $ | 17 |   |   | $ | 27 |   |

|                                       |   | **Three                  Months Ended March 31,** |   |
|--------------------------------------------|--------|---------------------------------------------------|--------|
|                                       |   | **2005**                                          |   |   | **2004** |   |   | **2003** |   |
|                                       |   | (Restated)                                        |   |   | (Restated) |   |   | (Restated) |   |
| Revenues                                   |   | $                                                 | 309    |   |   | $ | 255 |   |   | $ | 259 |   |
|                                       |   |                                              |   |   |   |   |   |   |   |   |   |   |
| Operating                  expenses        |   |                                              | 188    |   |   |   | 185 |   |   |   | 159 |   |
| Other                  expenses            |   |                                              | 131    |   |   |   | 145 |   |   |   | 159 |   |
| Total                  expenses            |   |                                              | 319    |   |   |   | 330 |   |   |   | 318 |   |
|                                       |   |                                              |   |   |   |   |   |   |   |   |   |   |
| Net                  (loss)                |   | $                                                 | (10    | ) |   | $ | (75 | ) |   | $ | (59 | ) |
|                                       |   |                                              |   |   |   |   |   |   |   |   |   |   |
| Trust                  share of net (loss) |   | $                                                 | (3     | ) |   | $ | (24 | ) |   | $ | (19 | ) |

**Ridgewood      Rhode Island Generation LLC (a subsidiary of the Ridgewood Power B Fund/      Providence Expansion)**

| Current                  assets                                             |   | $      | 1,397  |   |
|-----------------------------------------------------------------------------|--------|--------|--------|--------|
| Non-current                  assets                                         |   |   | 8,885  |   |
|      Total                  assets                 |   | $      | 10,282 |   |
|                                                                        |   |   |   |   |
| Current                  liabilities                                        |   | $      | 1,067  |   |
| Long-term                  debt                                             |   |   | 1,117  |   |
| Equity                                                                      |   |   | 8,098  |   |
|      Total                  liabilities and equity |   | $      | 10,282 |   |
|                                                                        |   |   |   |   |
| Trust                  share of equity                                      |   | $      | 1,215  |   |

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| Revenues                                   |   | $      | 3,819  |   |
|--------------------------------------------|--------|--------|--------|--------|
|                                       |   |   |   |   |
| Operating                  expenses        |   |   | 2,211  |   |
| Other                  expenses            |   |   | 22     |   |
| Total                  expenses            |   |   | 2,233  |   |
|                                       |   |   |   |   |
| Net                  income                |   | $      | 1,586  |   |
|                                       |   |   |   |   |
| Trust                  share of net income |   | $      | 238    |   |

|                                       |   | **Nine                  Months Ended** |   |   | **Six                  Months Ended** |   |   | **Three                  Months Ended** |   |
|--------------------------------------------|--------|----------------------------------------|--------|--------|---------------------------------------|--------|--------|-----------------------------------------|--------|
|                                       |   | **September                  30,**     |   |   | **June                  30,**         |   |   | **September                  30,**      |   |   | **June                  30,** |   |   | **March                  31,** |   |
|                                       |   | **2005**                               |   |   | **2005**                              |   |   | **2005**                                |   |   | **2005** |   |   | **2005** |   |
|                                       |   |                                   |   |   |                                  |   |   |                                    |   |   |   |   |   |   |   |
| Revenues                                   |   | $                                      | 1,896  |   |                                  | $      | 726    |                                    |   | $ | 1,170 |   |   | $ | 365 |   |   | $ | 361 |   |
|                                       |   |                                   |   |   |                                  |   |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                  expenses        |   |                                   | 757    |   |                                  |   | 324    |                                    |   |   | 433 |   |   |   | 263 |   |   |   | 311 |   |
| Other                  expenses            |   |                                   | 155    |   |                                  |   | 97     |                                    |   |   | 58 |   |   |   | 58 |   |   |   | 39 |   |
| Total                  expenses            |   |                                   | 912    |   |                                  |   | 421    |                                    |   |   | 491 |   |   |   | 321 |   |   |   | 350 |   |
|                                       |   |                                   |   |   |                                  |   |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  income                |   | $                                      | 984    |   |                                  | $      | 305    |                                    |   | $ | 679 |   |   | $ | 44 |   |   | $ | 11 |   |
|                                       |   |                                   |   |   |                                  |   |   |                                    |   |   |   |   |   |   |   |   |   |   |   |   |
| Trust                  share of net income |   | $                                      | 148    |   |                                  | $      | 46     |                                    |   | $ | 102 |   |   | $ | 7 |   |   | $ | 2 |   |

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**6.  PLANT      AND EQUIPMENT**

|                                            |   | **2005** |   |   | **2004**   |   |   | **2003**   |   |
|-------------------------------------------------|--------|----------|--------|--------|------------|--------|--------|------------|--------|
|                                            |   |     |   |   | (Restated) |   |   | (Restated) |   |
| Building                                        |   | $        | 190    |   |       | $      | 190    |       |   | $ | 190 |   |
| Machinery                  and equipment        |   |     | 3,120  |   |       |   | 3,520  |       |   |   | 3,520 |   |
|                                            |   |     | 3,310  |   |       |   | 3,710  |       |   |   | 3,710 |   |
| Less:                  accumulated depreciation |   |     | (2,725 | )      |       |   | (2,710 | )          |   |   | (1,197 | ) |
|                                            |   | $        | 585    |   |       | $      | 1,000  |       |   | $ | 2,513 |

|                                               |   | **2005**                        |   |
|-----------------------------------------------|--------|---------------------------------|--------|
|                                          |   | **September                30** |   |   | **June                30** |   |   | **March                31** |   |
|                                          |   |                            |   |   |   |   |   |   |   | (Restated) |   |
| Building                                      |   | $                               | 190    |   |   | $ | 190 |   |   | $ | 190 |   |
| Machinery                and equipment        |   |                            | 3,120  |   |   |   | 2,505 |   |   |   | 2,505 |   |
| Construction                in progress       |   |                            | -      |   |   |   | 367 |   |   |   | - |   |
|                                          |   |                            | 3,310  |   |   |   | 3,062 |   |   |   | 2,695 |   |
| Less:                accumulated depreciation |   |                            | (2,695 | ) |   |   | (2,695 | ) |   |   | (2,695 | ) |
|                                          |   | $                               | 615    |   |   | $ | 367 |   |   | $ | - |   |

|                                               |   | **2004**                        |   |
|-----------------------------------------------|--------|---------------------------------|--------|
|                                          |   | **September                30** |   |   | **June                30** |   |   | **March                31** |   |
|                                          |   | (Restated)                      |   |   | (Restated) |   |   | (Restated) |   |
| Building                                      |   | $                               | 190    |   |   | $ | 190 |   |   | $ | 190 |   |
| Machinery                and equipment        |   |                            | 3,520  |   |   |   | 3,520 |   |   |   | 3,520 |   |
|                                          |   |                            | 3,710  |   |   |   | 3,710 |   |   |   | 3,710 |   |
| Less:                accumulated depreciation |   |                            | (2,332 | ) |   |   | (1,954 | ) |   |   | (1,575 | ) |
|                                          |   | $                               | 1,378  |   |   | $ | 1,756 |   |   | $ | 2,135 |   |

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Table          of Contents

|                                               |   | **2003**                        |   |
|-----------------------------------------------|--------|---------------------------------|--------|
|                                          |   | **September                30** |   |   | **June                30** |   |   | **March                31** |   |
|                                          |   | (Restated)                      |   |   | (Restated) |   |   | (Restated) |   |
| Building                                      |   | $                               | 190    |   |   | $ | 190 |   |   | $ | 190 |   |
| Machinery                and equipment        |   |                            | 3,520  |   |   |   | 5,727 |   |   |   | 5,727 |   |
|                                          |   |                            | 3,710  |   |   |   | 5,917 |   |   |   | 5,917 |   |
| Less:                accumulated depreciation |   |                            | (1,151 | ) |   |   | (1,430 | ) |   |   | (1,338 | ) |
|                                          |   | $                               | 2,559  |   |   | $ | 4,487 |   |   | $ | 4,579 |   |

**7.         **INTANGIBLE        ASSETS****

**8.         **LOAN        PAYABLE****

|                                        |   | **2005** |   |   | **2004** |   |   | **2003** |   |
|---------------------------------------------|--------|----------|--------|--------|----------|--------|--------|----------|--------|
| Collateralized                notes payable |   | $        | 315    |   |     | $      | 643    |     |   | $ | 953 |   |
| Less                - current maturity      |   |     | (315   | )      |     |   | (328   | )        |   |   | (300 | ) |
| Total                long-term debt         |   | $        | -      |   |     | $      | 315    |     |   | $ | 653 |   |

**9.   COMMITMENTS      AND CONTINGENCIES**

**10.          **TRANSACTIONS        WITH MANAGING SHAREHOLDER AND        AFFILIATES****

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Table          of Contents

**11.  SELECTED      UNAUDITED QUARTERLY FINANCIAL DATA**

|                                                  |   | 2005                  Quarters |   |
|-------------------------------------------------------|--------|--------------------------------|--------|
|                                                  |   | 1st                            |   |   | 2nd |   |   | 3rd |   |   | 4th |   |
|                                                  |   | (Restated)                     |   |   |   |   |   |   |   |   |   |   |
| Revenues                                              |   | $                              | 585    |   |   | $ | 136 |   |   | $ | 467 |   |   | $ | 967 |   |
| Gross                  profit (loss)                  |   |                           | 152    |   |   |   | (227 | ) |   |   | (25 | ) |   |   | 524 |   |
| Income                  (loss) from operations        |   |                           | 33     |   |   |   | (369 | ) |   |   | (101 | ) |   |   | 491 |   |
| Net                  income (loss)                    |   |                           | 31     |   |   |   | (306 | ) |   |   | (10 | ) |   |   | 581 |   |
| Net                  income (loss) per Investor Share |   |                           | 230    |   |   |   | (2,319 | ) |   |   | (162 | ) |   |   | 4,500 |   |
|                                                  |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   | 2004                  Quarters |   |
|                                                  |   | 1st                            |   |   | 2nd |   |   | 3rd |   |   | 4th |   |
|                                                  |   | (Restated)                     |   |   | (Restated) |   |   | (Restated) |   |   |   |   |
| Revenues                                              |   | $                              | 647    |   |   | $ | 779 |   |   | $ | 1,129 |   |   | $ | 791 |   |
| Gross                  (loss) profit                  |   |                           | (152   | ) |   |   | (10 | ) |   |   | 393 |   |   |   | 49 |   |
| (Loss)                  income from operations        |   |                           | (299   | ) |   |   | (189 | ) |   |   | 294 |   |   |   | (28 | ) |
| Net                  (loss) income                    |   |                           | (333   | ) |   |   | (180 | ) |   |   | 319 |   |   |   | (17 | ) |
| Net                  (loss) income per Investor Share |   |                           | (2,523 | ) |   |   | (1,365 | ) |   |   | 2,414 |   |   |   | (123 | ) |

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|                                                |   |                         |   |
|-----------------------------------------------------|--------|------------------------------|--------|
|                                                |   | 2003                Quarters |   |
|                                                |   | 1st                          |   |   | 2nd |   |   | 3rd |   |   | 4th |   |
|                                                |   | (Restated)                   |   |   | (Restated) |   |   | (Restated) |   |   |   |   |
| Revenues                                            |   | $                            | 730    |   |   | $ | 707 |   |   | $ | 1,071 |   |   | $ | 703 |   |
| Gross                profit                         |   |                         | 197    |   |   |   | 38 |   |   |   | 502 |   |   |   | 205 |   |
| Income                (loss) from operations        |   |                         | 81     |   |   |   | (130 | ) |   |   | (1,368 | ) |   |   | 71 |   |
| Net                income (loss)                    |   |                         | 50     |   |   |   | (117 | ) |   |   | (1,379 | ) |   |   | 58 |   |
| Net                income (loss) per Investor Share |   |                         | 466    |   |   |   | (1,093 | ) |   |   | (12,941 | ) |   |   | 549 |   |

**12.   SUBSEQUENT      EVENTS**

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