Table of
Contents


UNITED
STATES
 SECURITIES
AND EXCHANGE COMMISSION
 Washington,
D.C. 20549
 
 FORM
10-Q
  (Mark
One)
  x
              QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
      1934
  For the
quarterly period ended March 31, 2009
 or
  o
              TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
      1934
  For
      the transition period from _____ to
_____
 
 Commission
file number:   0-25430
 
 RIDGEWOOD ELECTRICPOWER TRUST
IV
 (Exact
Name of Registrant as Specified in Its Charter)
 
 Delaware
              
              22-3324608(State
      of Other Jurisdiction
                of
      Incorporation or Organization)
              
              (I.R.S.
      Employer Identification No.)
 
 1314
      King Street, Wilmington, DE
              
              19801(Address
      of Principal Executive Offices)
              
              (Zip
      Code)
 
 (302)
      888-7444(Issuer’s
      Telephone Number, Including Area Code)
  Not
      Applicable(Former
      name, former address and former fiscal year, if changed since last
      report)
 
 Indicate
by check mark whether the registrant: (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.  Yes x  No o
 
 Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding
12 months (or for such shorter period that the registrant was required to submit
and post such files). Yes o  No o
 
 Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
definition of “large accelerated filer”, “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
 
 Large
      accelerated filer  o
              Accelerated
      filer  o
              Non-accelerated
      filer   o
              Smaller
      reporting company   x(Do
      not check if a smaller reporting
company)
 
 Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). Yes o    No x
 
 As of
April 30, 2009, there were 476.8 Investor Shares outstanding.
  
 Table of Contents
  FORM 10-Q
 
 TABLE
OF CONTENTS
 
 PART
      I.
                      FINANCIAL
      INFORMATION
                      PageItem 1.
                      Financial Statements
                      1Item 2.
                      Management’s Discussion and Analysis of Financial Condition
      and Results of Operations
                      8Item 3.
                      Quantitative and Qualitative Disclosures About Market
      Risk
                      9Item 4.
                      Controls and Procedures
                      9PART
      II.
                      OTHER
      INFORMATIONItem 1.
                      Legal Proceedings
                      10Item 1A.
                      Risk Factors
                      10Item 2.
                      Unregistered Sales of Equity Securities and Use of
      Proceeds
                      10Item 3.
                      Defaults Upon Senior Securities
                      10Item 4.
                      Submission of Matters to a Vote of Security
      Holders
                      10Item 5.
                      Other Information
                      10Item 6.
                      Exhibits
                      10SIGNATURES
                      
                      11
  Table of Contents
 
 PART
I.   FINANCIAL INFORMATION
 
 ITEM 1. FINANCIAL
STATEMENTS
 
 RIDGEWOOD
      ELECTRIC POWER TRUST IVCONDENSED
      CONSOLIDATED BALANCE SHEETS(in
      thousands, except share data)March
      31,
                    
                    
                    December
      31,2009
                    
                    
                    2008(unaudited)ASSETSCurrent
      assets:Cash
      and cash equivalents
                    
                    $
                    6,678
                    
                    
                    $
                    11,683Unbilled
      receivables
                    
                    
                    3,278
                    
                    
                    
                    6,572Other
      receivable
                    
                    
                    740
                    
                    
                    
                    6,461Security
      deposits
                    
                    
                    450
                    
                    
                    
                    2,345Due
      from affiliates
                    
                    
                    74
                    
                    
                    
                    -Prepaid
      expenses and other current assets
                    
                    
                    88
                    
                    
                    
                    108Total
      current assets
                    
                    
                    11,308
                    
                    
                    
                    27,169Investments
                    
                    
                    5,817
                    
                    
                    
                    6,458Total
      assets
                    
                    $
                    17,125
                    
                    
                    $
                    33,627LIABILITIES
      AND SHAREHOLDERS’ EQUITYCurrent
      liabilities:Accounts
      payable and accrued expenses
                    
                    $
                    162
                    
                    
                    $
                    1,194Due
      to Indeck Energy Services
                    
                    
                    2,213
                    
                    
                    
                    7,828Due
      to affiliates
                    
                    
                    953
                    
                    
                    
                    2,771Total
      liabilities
                    
                    
                    3,328
                    
                    
                    
                    11,793Commitments
      and contingenciesShareholders’
      equity (deficit):Shareholders’
      equity (476.8 Investor Shares
                      issued
      and outstanding)
                    
                    
                    13,927
                    
                    
                    
                    21,884Managing
      Shareholder’s accumulated deficit
                      (1
      management share issued and outstanding)
                    
                    
                    (130
                    )
                    
                    
                    (50
                    )Total
      shareholders’ equity
                    
                    
                    13,797
                    
                    
                    
                    21,834Total
      liabilities and shareholders’ equity
                    
                    $
                    17,125
                    
                    
                    $
                    33,627
 The
accompanying notes are an integral part of these condensed consolidated
financial statements.
  1
 Table of Contents
  RIDGEWOOD
      ELECTRIC POWER TRUST IVCONDENSED
      CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited,
      in thousands, except per share data)Three
      Months Ended March 31,2009
                        
                        
                        2008Power
      generation revenue
                        
                        $
                        -
                        
                        
                        $
                        2,014Renewable
      attribute revenue
                        
                        
                        
                        
                        
                        
                        1,268Total
      revenues
                        
                        
                        -
                        
                        
                        
                        3,282Cost
      of revenues
                        
                        
                        -
                        
                        
                        
                        2,490Gross
      profit
                        
                        
                        -
                        
                        
                        
                        792Operating
      expenses:General
      and administrative expenses
                        
                        
                        285
                        
                        
                        
                        759Management
      fee to Managing Shareholder
                        
                        
                        164
                        
                        
                        
                        134Total
      operating expenses
                        
                        
                        449
                        
                        
                        
                        893Loss
      from operations
                        
                        
                        (449
                        )
                        
                        
                        (101
                        )Other
      (expense) income:Equity
      in loss of RILG
                        
                        
                        (533
                        )
                        
                        
                        -Equity
      in (loss) income of Maine Hydro
                        
                        
                        (107
                        )
                        
                        
                        537Equity
      in loss of Indeck Maine
                        
                        
                        -
                        
                        
                        
                        (92
                        )Interest
      income
                        
                        
                        -
                        
                        
                        
                        105Other
      income, net
                        
                        
                        276
                        
                        
                        
                        4Total
      other (expense) income, net
                        
                        
                        (364
                        )
                        
                        
                        554Net
      (loss) income
                        
                        
                        (813
                        )
                        
                        
                        453Net
      earnings attributable to noncontrolling interest
                        
                        
                        -
                        
                        
                        
                        (159
                        )Net
      (loss) income attributable to Trust
                        
                        $
                        (813
                        )
                        
                        $
                        294Managing
      Shareholder – Net (loss) income
                        
                        $
                        (8
                        )
                        
                        $
                        3Shareholders
      – Net (loss) income
                        
                        
                        (805
                        )
                        
                        
                        291Net
      (loss) income per Investor Share
                        
                        
                        (1,688
                        )
                        
                        
                        610Distributions
      per Investor Share
                        
                        
                        15,000
                        
                        
                        
                        -
 The
accompanying notes are an integral part of these condensed consolidated
financial statements.
  2
 Table of Contents
  RIDGEWOOD
      ELECTRIC POWER TRUST IVCONDENSED
      CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited,
      in thousands)Three
      Months Ended March 31,2009
                              
                              
                              2008Cash
      flows from operating activities:Net
      (loss) income attributable to Trust
                              
                              $
                              (813
                              )
                              
                              $
                              294Adjustments
      to reconcile net (loss) income to net cash provided by (used in) operating
      activities:Depreciation
      and amortization
                              
                              
                              -
                              
                              
                              
                              349Interest
      income on notes receivable
                              
                              
                              -
                              
                              
                              
                              (101
                              )Net
      earnings attributable to noncontrolling interest
                              
                              
                              -
                              
                              
                              
                              159Equity
      interest in loss (income) of:RILG
                              
                              
                              533
                              
                              
                              
                              -Maine
      Hydro
                              
                              
                              107
                              
                              
                              
                              (537
                              )Indeck
      Maine
                              
                              
                              -
                              
                              
                              
                              92Changes
      in operating assets and liabilities:Accounts
      receivable
                              
                              
                              -
                              
                              
                              
                              (82
                              )Unbilled
      receivables
                              
                              
                              3,294
                              
                              
                              
                              -Other
      receivable
                              
                              
                              5,721
                              
                              
                              
                              -Security
      deposits
                              
                              
                              1,895
                              
                              
                              
                              -Prepaid
      expenses and other current assets
                              
                              
                              20
                              
                              
                              
                              (80
                              )Accounts
      payable and accrued expenses
                              
                              
                              (1,032
                              )
                              
                              
                              52Due
      to Indeck Energy Services
                              
                              
                              (5,615
                              )
                              
                              
                              -Due
      to/from affiliates, net
                              
                              
                              (1,891
                              )
                              
                              
                              (276
                              )Total
      adjustments
                              
                              
                              3,032
                              
                              
                              
                              (424
                              )Net
      cash provided by (used in) operating activities
                              
                              
                              2,219
                              
                              
                              
                              (130
                              )Cash
      flows from financing activities:Cash
      distributions to noncontrolling interest
                              
                              
                              -
                              
                              
                              
                              (393
                              )Cash
      distributions to shareholders
                              
                              
                              (7,224
                              )
                              
                              
                              -Net
      cash used in financing activities
                              
                              
                              (7,224
                              )
                              
                              
                              (393
                              )Net
      decrease in cash and cash equivalents
                              
                              
                              (5,005
                              )
                              
                              
                              (523
                              )Cash
      and cash equivalents, beginning of period
                              
                              
                              11,683
                              
                              
                              
                              781Cash
      and cash equivalents, end of period
                              
                              $
                              6,678
                              
                              
                              $
                              258
 The
accompanying notes are an integral part of these condensed consolidated
financial statements.
  3
 Table of Contents
  RIDGEWOOD
ELECTRIC POWER TRUST IV
 NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (unaudited,
dollar amounts in thousands)
  1.       
     BASIS OF PRESENTATION
 
 The
accompanying unaudited condensed consolidated financial statements have been
prepared pursuant to the rules of the United States Securities and Exchange
Commission (the “SEC”). Certain information and footnote disclosures normally
included in consolidated financial statements prepared in accordance with
accounting principles generally accepted in the United States of
America (“GAAP”) have been condensed or omitted pursuant to SEC rules.
These condensed consolidated financial statements should be read in conjunction
with the Ridgewood Electric Power Trust IV (the “Trust”) Annual Report on Form
10-K for the year ended December 31, 2008 filed with the SEC on April 3,
2009 (the “2008 Form 10-K”). No significant changes have been made to the
Trust’s accounting policies and estimates disclosed in its 2008 Form
10-K.
 
 In the
opinion of management, the condensed consolidated financial statements as of
March 31, 2009, and for the three months ended March 31, 2009 and 2008,
include all adjustments (consisting of normal recurring accruals) necessary for
a fair presentation of the consolidated financial position, results of
operations and cash flows for the periods presented. The results of operations
for the three months ended March 31, 2009 and 2008, are not necessarily
indicative of the results to be expected for the full year or any other
period.
 
 2.         
   DESCRIPTION OF BUSINESS
 
 The Trust
is a Delaware trust formed in September 1994. The Trust began offering shares in
February 1995 and concluded its offering in September 1996. The objective of the
Trust is to provide benefits to its shareholders through a combination of
distributions of operating cash flow and capital appreciation. The Managing
Shareholder of the Trust is Ridgewood Renewable Power LLC (the “Managing
Shareholder”). The Trust has been organized to invest primarily in power
generation facilities located in the US. The projects owned by the Trust
have characteristics that qualify the projects for government
incentives.
 
 The
Trust’s accompanying condensed consolidated financial statements include the
accounts of the Trust and its majority-owned subsidiary. The Trust’s condensed
consolidated financial statements also include the Trust’s 35.24% interest in
Rhode Island LFG Genco, LLC (“RILG”), effective November 17, 2008, and its 50%
interest in Ridgewood Maine Hydro Partners, L.P. (“Maine Hydro”), which are
accounted for under the equity method of accounting, as the Trust has the
ability to exercise significant influence but does not control the operating and
financial policies of these investments. The Trust owned a 25% interest in
Indeck Maine Energy, LLC (“Indeck Maine”), accounted for under the equity method
of accounting, which was sold in December 2008 as further discussed in Note
5.
 
 Prior to
November 17, 2008, the Trust owned a 64.3% interest in Ridgewood Providence
Power Partners, L.P. (“Ridgewood Providence”) and the remaining
35.7% interest was owned by Ridgewood Electric Power Trust III (“Trust
III”). On November 17, 2008, the Trust and Trust III entered directly
or indirectly, through one or more subsidiaries, into a series of agreements
relating to Ridgewood Providence’s operations. The principal purpose of
these agreements was to consolidate the Rhode Island landfill activities owned
by the Trust, Ridgewood Electric Power Trust I (“Trust I”), Trust III and
Ridgewood Power B Fund/Providence Expansion (“B Fund”) under one entity,
RILG.  As a result of the completion of the transaction, the Trust,
Trust I, Trust III and B Fund own all of the equity interests in RILG. The Trust
contributed its 64.3% interest in Ridgewood Providence in exchange for its
35.24% interest in RILG. Effective November 17, 2008, the Trust’s interest
in RILG is accounted for under the equity method of accounting, which eliminates
the need to consolidate assets, liabilities, revenues and expenses of Ridgewood
Providence.
 
 In 2008,
the Managing Shareholder announced its intention to market for sale RILG and
Maine Hydro, which represent the only remaining investments of the Trust. The
Managing Shareholder cannot predict the timing of the sale process or
whether any sales will occur.
 
 3.           
 RECENT ACCOUNTING PRONOUNCEMENTS
 
 SFAS 157
 
 In
September 2006, the Financial Accounting Standards Board (“FASB”) issued
Statement of Financial Accounting Standards (“SFAS”) No. 157, Fair Value Measurements
(“SFAS 157”), to define fair value, establish a framework for measuring fair
value in accordance with GAAP and expand disclosures about fair value
measurements. SFAS 157 requires quantitative disclosures using a tabular format
in all periods (interim and annual) and qualitative disclosures about the
valuation techniques used to measure fair value in all annual periods. In
February 2008, FASB issued Staff Position 157-2, Effective Date of FASB Statement
No. 157, which delayed the effective date of SFAS 157 for
non-financial assets and non-financial liabilities for the Trust until January
1, 2009, except for items that are recognized or disclosed at fair value in the
financial statements on a recurring basis.
  4
 Table of Contents
  RIDGEWOOD
ELECTRIC POWER TRUST IV
 NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (unaudited,
dollar amounts in thousands)
  In
October 2008, the FASB issued Staff Position 157-3, Determining the Fair Value of a
Financial Asset When the Market for That Asset Is Not Active(“FSP 157-
3”),which
clarifies the application of SFAS 157 in a market that is not active and to
determine the fair value of a financial asset when the market for that financial
asset is not active. FSP 157-3 was effective upon issuance, including with
respect to prior periods for which financial statements had not been
issued.
 
 In April
2009, the FASB issued Staff Position 157-4, Determining Fair Value When the
Volume and Level of Activity for the Assets or Liabilities Have Significantly
Decreased and Identifying Transactions That Are Not Orderly(“FSP
157-4”),which
provides additional guidance on factors to consider in estimating fair
value when there has been a significant decrease in market activity for a
financial asset. FSP 157-4 is effective for interim and annual periods ending
after June 15, 2009. The Trust is currently evaluating the impact of
adopting FSP 157-4 on its condensed consolidated financial
statements.
 
 The Trust
adopted SFAS 157 for financial assets and financial liabilities and Staff
Position 157-3 in 2008, with no material impact on the Trust’s condensed
consolidated financial statements. The Trust adopted SFAS 157 for
non-financial assets and non-financial liabilities effective January 1, 2009,
with no material impact on the Trust’s condensed consolidated financial
statements.
 
 SFAS
160
 
 In
December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in
Consolidated Financial Statements — an amendment of ARB No. 51
(“SFAS 160”). SFAS 160 requires that ownership interests in subsidiaries
held by parties other than the parent, and the amount of consolidated net income
attributable to noncontrolling interests, be clearly identified, labeled, and
presented in the consolidated financial statements within equity, but
separate from the parent’s equity. It also requires that once a subsidiary is
deconsolidated, any retained noncontrolling equity investment in the former
subsidiary be initially measured at fair value. Sufficient disclosures are
required to clearly identify and distinguish between the interests of the parent
and the interests of the noncontrolling owners. SFAS 160 became effective for
the Trust beginning January 1, 2009. Except for the presentation and
disclosure requirements, which are applied retrospectively for all periods
presented subsequent to the adoption, the adoption of SFAS 160 has no material
impact on the Trust’s condensed consolidated financial statements.
 
 4.         
   CASH AND CASH EQUIVALENTS
 
 The Trust
considers all highly liquid investments with maturities, when purchased, of
three months or less as cash and cash equivalents. At March 31, 2009, cash and
cash equivalents did not exceed insured limits.
 
 5.          
  INVESTMENTS
 
 RILG
 
 Summarized
statement of operations data for RILG for the three months ended March 31, 2009
was as follows:
 
 Revenues
                    
                    $
                    3,715Gross
      loss
                    
                    
                    (341)Loss
      from operations
                    
                    
                    (1,512)Net
      loss
                    
                    
                    (1,513)Trust
      share of loss in RILG
                    
                    
                    (533)
 
 Operating
performance of Ridgewood Providence for the three months ended March 31, 2008 is
consolidated into the operating results of the Trust with $159 attributed to the
noncontrolling interest held by Trust III.
  5
 Table of Contents
 
 RIDGEWOOD
ELECTRIC POWER TRUST IV
 NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (unaudited,
dollar amounts in thousands)
  Maine
Hydro
 
 Maine
Hydro is owned equally by the Trust and Ridgewood Electric Power Trust V (“Trust
V”). Summarized statements of operations data for Maine Hydro for the three
months ended March 31, 2009 and 2008 were as follows:
  March
      31,2009
                    
                    
                    2008Revenues
                    
                    $
                    803
                    
                    
                    $
                    1,819Gross
      profit
                    
                    
                    331
                    
                    
                    
                    1,161(Loss)
      income from operations
                    
                    
                    (215)
                    
                    
                    
                    1,073Net
      (loss) income
                    
                    
                    (215)
                    
                    
                    
                    1,073Trust
      share of (loss) income in Maine Hydro
                    
                    
                    (107)
                    
                    
                    
                    537
  Indeck
Maine
 
 On
December 22, 2008, the owners of Indeck Maine sold their interests to Covanta
Energy Corporation. Immediately prior to the sale, Indeck Maine transferred to a
wholly-owned subsidiary of the Trust specific accounts receivable, deposits and
rights to future cash flows. As these amounts are collected, in accordance with
an agreement between the Trust, Trust V and Indeck Energy Services, Inc.
(“IES”), 45% will be distributed to IES, 27.5% will be distributed to Trust V
and the Trust will retain the other 27.5%. As of March 31, 2009, the remaining
amount due under these arrangements is estimated at $1,300.
 
 Summarized
statement of operations data for Indeck Maine for three months ended March 31,
2008 was as follows:
 
 Revenues
                      
                      $
                      9,458Gross
      profit
                      
                      
                      522Income
      from operations
                      
                      
                      326Net
      loss
                      
                      
                      (37)Trust
      share of loss in Indeck Maine
                      
                      
                      (92)
 
 The Trust
assigned the excess purchase price over the net assets acquired to fixed assets.
The Trust depreciated the fixed assets over their remaining useful lives using
the unit of production method. Depreciation expense of $73 for the
three months ended March 31, 2008, was included in the equity loss from Indeck
Maine in the condensed consolidated statement of operations.
 
 6.        
    TRANSACTIONS WITH AFFILIATES
 
 The Trust
records short-term payables to and receivables from other affiliates in the
ordinary course of business. The amounts payable to and receivables from the
other affiliates do not bear interest. At March 31, 2009 and December 31, 2008,
the Trust had outstanding receivables and payables as follows:
 
 Due
      From
                                          
                                          
                                          Due
      ToMarch
      31,
                                            2009
                                          
                                          
                                          March
      31,
                                            2009
                                          
                                          
                                          December
      31,
                                            2008Ridgewood
      Power Management LLC
                                          
                                          $
                                          -
                                          
                                          
                                          $
                                          29
                                          
                                          
                                          $
                                          20Ridgewood
      Renewable Power LLC
                                          
                                          
                                          -
                                          
                                          
                                          
                                          -
                                          
                                          
                                          
                                          8Trust
      V
                                          
                                          
                                          -
                                          
                                          
                                          
                                          924
                                          
                                          
                                          
                                          2,570RILG
                                          
                                          
                                          71
                                          
                                          
                                          
                                          -
                                          
                                          
                                          
                                          171Other
                                          
                                          
                                          3
                                          
                                          
                                          
                                          -
                                          
                                          
                                          
                                          2$
                                          74
                                          
                                          
                                          $
                                          953
                                          
                                          
                                          $
                                          2,771
   6
 Table of Contents
 RIDGEWOOD
ELECTRIC POWER TRUST IV
 NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 (unaudited,
dollar amounts in thousands)
  7.        
    COMMITMENTS AND CONTINGENCIES
 
 As part
of the Ridgewood Providence reorganization, RILG is obligated under the terms of
various agreements with Rhode Island Resource Recovery Corporation (“RIRRC”),
the owner and operator of the Central Landfill in Johnston, Rhode Island (the
“Landfill”), to assume primary responsibility for costs associated with the
landfill gas collection system at the Landfill as of the first to occur of the
commencement of operation of the redeveloped facility or June 1, 2013. If RILG
fails to comply with these obligations, RILG could be subject to monetary
damages and also forfeit its contracted gas rights and its sales agreements.
RILG is responsible for the development and construction of a sulfur treatment
facility on the Landfill and the construction of new pipes and headers. The
cost of building and operating the sulfur treatment facility and the pipes and
headers is estimated to be approximately $5,000. The cost of the sulfur
treatment facility will be split equally between RILG and RIRRC and the entire
cost associated with the construction of pipes and headers will be paid by
RILG.  In addition, the cost of new flares on the Landfill will be
borne by RIRRC, but in certain circumstances, the costs may be shared with RILG.
RILG may need to obtain third-party financing to perform its duties under the
various agreements. While the Managing Shareholder believes a portion of such
financing will be available, there can be no assurance whether or when RILG can
obtain sufficient financing or obtain it on satisfactory
terms.
  RILG and
several of its affiliates have an agreement with a power marketer for which they
were committed to sell Renewable Portfolio Standards Attributes (“RPS
Attributes”) derived from their electric generation. The agreement provides such
power marketer with six separate annual options to purchase such attributes from
2004 through 2009 at fixed prices, as defined in the agreement. If RILG and the
affiliates failed to supply the required number of RPS Attributes, liquidated
damages could be assessed. In accordance with the terms of the agreement, if the
power marketer elects to exercise an annual option and RILG and the
affiliates produce insufficient RPS Attributes for such option year, RILG and
the affiliates face maximum liquidated damages of up to approximately
$3,800, measured using factors in effect at December 31, 2007, for that option
year and any other year in which an option has been exercised and insufficient
RPS Attributes have been produced. Pursuant to the agreement, RILG may be
liable for up to 100% of the liquidated damages in the event of a
default by RILG and any of the affiliates. In addition, the Trust (together with
several other trusts and entities managed by the Managing Shareholder) is a
guarantor of the obligations of RILG and the affiliates under the agreement and
as such, could be liable for the maximum liquidated damages under the agreement.
RILG and the affiliates have deposits with the power marketer as partial
collateral of their obligations. In August 2008, the agreement with the power
marketer was amended and the security deposit with the power marketer was
increased by $6,121 ($3,000 of which was directly provided by the Trust) in
exchange for the release of, among other things, certain underlying assets that
have been sold, or were being marketed for sale, as collateral for the
obligations of RILG and the affiliates under the agreement. In the agreement
with the power marketer, RILG and a wholly-owned subsidiary of the Trust agreed
with the power marketer that if the amount on deposit with the power marketer is
less than 1.5 times the liquidated damages or a default or potential default
under the agreement has occurred, they would not make distributions to their
members other than to pay federal and state income taxes and to undertake other
permitted transactions under that agreement. As the power marketer did not
exercise its option to purchase 2009 RPS Attributes, the deposit was returned
by April 2009. All required RPS Attributes were supplied in April 2009 and
the contract terminates June 15, 2009.
 
 In
connection with the sale of Indeck Maine, a subsidiary of the Trust is acting as
agent to collect outstanding receivables distributed to the sellers of Indeck
Maine. Upon collection of these amounts, 45% is to be distributed to IES and
27.5% distributed to Trust V.
 
 On
August 16, 2006, the Trust and several affiliated entities, including the
Managing Shareholder, filed lawsuits against the former independent registered
public accounting firm for the Trust and several affiliated entities, Perelson
Weiner LLP (“Perelson Weiner”), in New Jersey Superior Court. The suit alleged
professional malpractice and breach of contract in connection with audit and
accounting services performed for the Trust and other plaintiffs by Perelson
Weiner. On October 20, 2006, Perelson Weiner filed a counterclaim against
the Trust and other plaintiffs, alleging breach of contract due to unpaid
invoices with a combined total of approximately $1,200. Discovery is ongoing and
no trial date has been set. The costs and expenses of this litigation, including
adverse judgments, if any, are being paid for by the Managing Shareholder and
affiliated management companies and not the underlying investment
funds.
 
 The Trust
is also subject to legal proceedings involving ordinary and routine claims
related to its business. The ultimate legal and financial liability with
respect to such matters cannot be estimated with certainty and requires the use
of estimates in recording liabilities for potential litigation settlements.
Estimates for losses from litigation are disclosed if considered reasonably
possible and accrued if considered probable after consultation with outside
counsel. If estimates of potential losses increase or the related facts and
circumstances change in the future, the Trust may be required to record
additional litigation expense. While it is not possible to predict the
outcome of the litigation discussed above with certainty and some lawsuits,
claims or proceedings may be disposed of unfavorably to the Trust, based on its
evaluation of matters which are pending or asserted, the Trust’s management
believes the disposition of such matters will not have a material adverse effect
on the Trust’s business or its financial statements.
  7
 Table of Contents
  ITEM 2.   MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
  The
purpose of this discussion and analysis of the operating results and financial
condition as of March 31, 2009 is intended to help readers analyze the
accompanying condensed consolidated financial statements, notes and other
supplemental information contained in this document.  Results of
operations for the three months ended March 31, 2009 are not necessarily
indicative of results to be attained for any other period. This discussion
and analysis should be read in conjunction with the accompanying condensed
consolidated financial statements, notes and other supplemental information
included elsewhere in this report and Item 7. “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” of the
Trust’s 2008 Form 10-K.
 
 Forward-Looking
Statements
  Certain
statements discussed in this item and elsewhere in this Quarterly Report on Form
10-Q constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
generally relate to the Trust’s plans, objectives and expectations for future
events and include statements about the Trust’s expectations, beliefs, plans,
objectives, intentions, assumptions and other statements that are not historical
facts. These statements are based upon management’s opinions and estimates
as of the date they are made. Although management believes that the expectations
reflected in these forward-looking statements are reasonable, such
forward-looking statements are subject to known and unknown risks and
uncertainties that may be beyond the Trust’s control, which could cause actual
results, performance and achievements to differ materially from the results,
performance and achievements projected, expected, expressed or implied by the
forward-looking statements. Examples of events that could cause actual results
to differ materially from historical results or those anticipated include the
sale of the Trust’s assets, the outcome of the contingencies described in Part
I, Item 1, Note 7. “Commitments and Contingencies” of this report, changes
in political and economic conditions, federal or state regulatory structures,
government mandates, the ability of customers to pay for energy received,
supplies and prices of fuels, operational status of generating plants,
mechanical breakdowns, and volatility in the price for electric energy, natural
gas or renewable energy. Additional information concerning the factors that
could cause actual results to differ materially from those in the
forward-looking statements is contained in Item 1A. “Risk
Factors”, Item 7. “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and elsewhere in the Trust’s 2008 Form
10-K. The Trust undertakes no obligation to publicly revise any forward-looking
statements or cautionary factors, as a result of new information, future events
or otherwise, except as required by law.
 
 Overview
 
 Based on
the Trust’s accounting for its investment, historical operating revenues and
cost of revenues of the Trust for the quarter ended March 31, 2008 have
been derived from Ridgewood Providence’s operations. As the Trust no longer
consolidates Ridgewood Providence and instead accounts for its investment in
RILG as an equity interest, the Trust does not anticipate having any future
reported revenues and expenses.
 
 Critical
Accounting Policies and Estimates
 
 The
following discussion and analysis of the Trust’s financial condition and results
of operations are based upon the Trust’s condensed consolidated financial
statements, which have been prepared in conformity with GAAP. In preparing these
financial statements, the Trust is required to make certain estimates and
assumptions that affect the reported amount of the Trust’s assets, liabilities,
revenues and expenses including the disclosure of contingent assets and
liabilities. The Trust evaluates these estimates and assumptions on an
ongoing basis. The Trust bases its estimates and assumptions on historical
experience and on various other factors that the Trust believes to be reasonable
at the time the estimates and assumptions are made. However, future events and
their effects cannot be predicted with absolute certainty. Therefore, the
determination of estimates requires the exercise of judgment. Actual results may
differ from these estimates and assumptions under different circumstances or
conditions, and such differences may be material to the condensed consolidated
financial statements. No material changes have been made to the Trust’s critical
accounting policies and estimates disclosed in its 2008 Form 10-K.
  Results
of Operations and Changes in Financial Condition
 
 Three
months ended March 31, 2009 compared to the three months ended March 31,
2008
 
 Revenues
and cost of revenues in the first quarter of 2008 are derived from Ridgewood
Providence’s operations. Due to the change in accounting for its investment in
Ridgewood Providence, effective November 17, 2008, the Trust recorded its
interest in the RILG investment using the equity method of accounting, which
eliminates the reporting of revenues and expenses in the 2009
period.
 
 General
and administrative expenses decreased $0.5 million from $0.8 million in the
first quarter of 2008 to $0.3 million for the same period in 2009. This decrease
was primarily due to the change in accounting for its investment in Ridgewood
Providence.
  8
 Table of Contents
 
 In the
first quarter of 2009, the Trust recorded equity loss of $0.5 million from its
investment in RILG. As a result of the Ridgewood Providence reorganization, the
Trust recorded its interest in RILG investment using the equity method of
accounting. RILG incurred a loss in the 2009 period primarily due to an increase
in depreciation expenses resulting from a change in estimated useful lives of
certain equipment and professional fees as compared to Ridgewood Providence’s
operating results in the first quarter of 2008.
 
 In the
first quarter of 2009, the Trust recorded equity loss of $0.1 million from its
investment in Maine Hydro compared to equity income of $0.5 million for the same
period in 2008. The decrease in equity income of $0.6 million was primarily
related to decreased energy revenues resulting from lower production in the 2009
period.
 
 In the
first quarter of 2009, the Trust recorded other income of $0.3 million, which
represents produced but unsold RPS Attributes that are associated with
electricity produced by Indeck Maine’s project prior to its sale.
 
 The Trust
recorded a noncontrolling interest in the earnings of subsidiary of $0.2 million
in the first quarter of 2008 relating to the portion of Ridgewood Providence
owned by affiliates of the Trust.
 
 Total
assets decreased $16.5 million from $33.6 million at December 31, 2008 to $17.1
million at March 31, 2009. This was due to decreases of $5 million in cash and
cash equivalents, $3.3 million in unbilled receivables, $5.7 million in other
receivable, $1.9 million in security deposits and $0.6 million in investments in
unconsolidated entities. Total liabilities decreased $8.5 million from $11.8
million at December 31, 2008 to $3.3 million at March 31, 2009. This was due to
decreases of $5.6 million in amounts due to IES, $1.8 million in due to
affiliates and approximately $1.1 million in accounts payable and accrued
expenses.
 
 Liquidity
and Capital Resources
 
 Three
months ended March 31, 2009 compared to the three months ended March 31,
2008
 
 At March
31, 2009, the Trust had cash and cash equivalents of $6.7 million,
a decrease of $5 million from $11.7 million at December 31, 2008. Cash
flows for the three months ended March 31, 2009 were $2.2 million provided by
operating activities and $7.2 million used in financing
activities.
  Cash
provided by operating activities for the three months ended March 31, 2009 was
$2.2 million compared to cash used of $0.1 million for the three months ended
March 31, 2008. This increase of $2.3 million in the 2009 period
was primarily due to decreases in unbilled receivables, other receivable and
security deposits, partially offset by decreases in accounts payable, accrued
expenses and amounts due to IES and affiliates.
 
 The Trust
used cash of $7.2 million and $0.4 million in financing activities for the three
months ended March 31, 2009 and 2008, respectively. Cash used in the 2009 period
included cash distributions to shareholders and cash used in the 2008 period
included cash distributions to noncontrolling shareholders of Ridgewood
Providence.
 
 Future
Liquidity and Capital Resource Requirements
 
 The Trust
expects cash flows from operating activities, along with existing cash, cash
equivalents and borrowing capabilities will be sufficient to provide working
capital and fund capital expenditures for the next 12 months.
 
 Off-Balance
Sheet Arrangements and Contractual Obligations and Commitments
 
 There
have been no material changes in the off-balance sheet arrangements and
contractual obligations and commitments disclosed in the Trust’s 2008 Form
10-K.
 
 ITEM
3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
  Not
required.
  ITEM
4.   CONTROLS AND PROCEDURES
  In
accordance with Rule 13a-15(b) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), the Trust’s Chief Executive Officer and Chief
Financial Officer have evaluated the effectiveness of the Trust’s disclosure
controls and procedures, as defined in Exchange Act Rule 13a-15(e). Based on
this evaluation, the Trust’s Chief Executive Officer and Chief Financial Officer
concluded that the Trust’s disclosure controls and procedures were effective as
of the end of the period covered by this report to ensure that information
required to be disclosed by a registrant in reports filed pursuant to the
Exchange Act are recorded, processed, summarized and reported within the time
periods specified in SEC rules and forms and that information required to be
disclosed by a registrant is accumulated and communicated to senior management
so as to allow timely decisions regarding required disclosure.
  9
 Table of Contents
  Changes
in Internal Control over Financial Reporting
  The
Trust’s Chief Executive Officer and Chief Financial Officer have concluded that
there was no change in the Trust's internal control over financial reporting (as
such term is defined in Rule 13a-15(f) under the Exchange Act) that occurred
during the quarter ended March 31, 2009 that has materially affected, or is
reasonably likely to materially affect, the Trust’s internal control over
financial reporting.
 
 PART
II.   OTHER INFORMATION
 
 ITEM 1.  LEGAL
PROCEEDINGS
  There
have been no material changes to the legal proceedings disclosed in the Trust’s
2008 Form 10-K.
  ITEM 1A.  RISK
FACTORS
  There
have been no material changes to the risk factors disclosed in the Trust’s 2008
Form 10-K.
  ITEM
2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS
  None.
  ITEM 3.  DEFAULTS UPON
SENIOR SECURITIES
  None.
  ITEM 4.  SUBMISSION OF
MATTERS TO A VOTE OF SECURITY HOLDERS
  None.
  ITEM 5.  OTHER
INFORMATION
  None.
  ITEM 6. 
EXHIBITS
 
 Exhibit No.
                  
                  Description31.1
                  *
                  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)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
 ______________________
 *           Filed
herewith.
   10
 Table of Contents
 
 SIGNATURES
 
 Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
   RIDGEWOOD ELECTRIC
      POWER TRUST IVDate:
      May 13, 2009
                  By:
                  /s/ 
      Randall D. HolmesRandall
      D. HolmesPresident
      and Chief Executive Officer(Principal
      Executive Officer)
   Date:
      May 13, 2009
                By:
                /s/ 
      Jeffrey H. StrasbergJeffrey
      H. StrasbergExecutive
      Vice President and Chief Financial Officer(Principal
      Financial and Accounting Officer)
    11