FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF
THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2003
Commission file Number 0-24240
RIDGEWOOD ELECTRIC POWER TRUST I
(Exact name of registrant as specified in its charter.)
Delaware 22-3105824
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1314 King Street, Wilmington, Delaware 19801
----------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
(302) 888-7444
Registrant's telephone number, including area code:
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES [X] NO [ ]
PART I. - FINANCIAL INFORMATION
Item 1. Consolidated Financial Statements
Ridgewood Electric Power Trust I
Consolidated Financial Statements
September 30, 2003
Ridgewood Electric Power Trust I
Consolidated Balance Sheets (unaudited)
- ------------------------------ -------------------------------------------------
September 30, December 31,
2003 2002
------------- -----------
Assets:
Cash and cash equivalents ................... $ 733,222 $ 1,988,812
Trade receivables ........................... 699,000 440,199
Due from affiliates ......................... 40,125 48,354
Assets held for sale ........................ 255,712 --
Other current assets ........................ 57,332 45,911
----------- -----------
Total current assets ................. 1,785,391 2,523,276
Investment in Stillwater Hydro Partners, L.P. 652,727 598,867
Plant and equipment ......................... 3,709,725 5,917,134
Accumulated depreciation .................... (1,151,038) (1,245,519)
----------- -----------
2,558,687 4,671,615
----------- -----------
Electric power sales contract ............... 2,207,778 2,207,778
Accumulated amortization .................... (1,971,235) (1,734,687)
----------- -----------
236,543 473,091
----------- -----------
Other non-current assets .................... 25,000 25,000
----------- -----------
Total assets ........................ $ 5,258,348 $ 8,291,849
----------- -----------
Liabilities and Shareholders' Equity:
Liabilities:
Current maturities of long-term debt ........ $ 293,504 $ 275,067
Accounts payable and accrued expenses ....... 110,427 250,439
Due to affiliates ........................... 1,810 1,810
----------- -----------
Total current liabilities .......... 405,741 527,316
Long-term debt, less current portion ........ 730,116 952,607
Commitments and contingencies
Shareholders' Equity:
Shareholders' equity (105.5 investor shares
issued and outstanding) .................... 4,171,426 6,833,966
Managing shareholder's accumulated deficit
(1 management share
issued and outstanding) .................. (48,935) (22,040)
----------- -----------
Total shareholders' equity ......... 4,122,491 6,811,926
----------- -----------
Total liabilities and
shareholders' equity .............. $ 5,258,348 $ 8,291,849
----------- -----------
See accompanying notes to the consolidated financial statements.
Ridgewood Electric Power Trust I
Consolidated Statements of Operations(unaudited)
- --------------------------------------------------------------------------------
Nine Months Ended Three Months Ended
-------------------------- ---------------------------
September 30, September 30, September 30, September 30,
2003 2002 2003 2002
------------- ------------- ------------- -------------
Power generation
revenue ............ $ 2,504,080 $ 2,556,721 $ 1,071,609 $ 1,214,044
Rental revenue ...... 4,256 63,000 -- 21,000
----------- ----------- ----------- ------------
Total revenue .... 2,508,336 2,619,721 1,071,609 1,235,044
Cost of sales ........ 1,769,333 2,063,789 569,095 639,787
----------- ----------- ----------- ------------
Gross profit ......... 739,003 555,932 502,514 595,257
General and
administrative
expenses ............ 289,036 205,457 71,271 135,614
Write down of
investments in
power generation
projects ............ 1,780,473 --- 1,780,473 ---
Management fee
paid to managing
shareholder ......... 51,087 58,300 17,027 19,434
---------- ----------- ----------- ------------
Total other
operating
expenses .......... 2,120,596 263,757 1,868,771 155,048
----------- ----------- ----------- ------------
Income (loss)
from operations ..... (1,381,593) 292,175 (1,366,257) 440,209
---------- ----------- ----------- ------------
Other income
(expense):
Interest income .... 8,082 33,448 1,615 6,054
Interest expense ... (74,105) (90,744) (23,226) (28,830)
Other expense ...... (18,903) (63,722) (8,522) (1,480)
Equity income
(loss) from
Stillwater Hydro
Partners, L.P. .... 53,860 (31,354) 9,975 (13,492)
----------- ----------- ----------- ------------
Other income
(expense), net .. (31,066) (152,372) (20,158) (37,748)
----------- ----------- ----------- ------------
Net income (loss) .... $(1,412,659) $ 139,803 $(1,386,415) $ 402,461
------------ ------------ ------------ ----------
See accompanying notes to the consolidated financial statements.
Ridgewood Electric Power Trust I
Consolidated Statement of Changes in Shareholders' Equity (unaudited)
- --------------------------------------------------------------------------------
Managing
Shareholders Shareholder Total
-------------- ------------- -------------
Shareholders' equity,
December 31, 2002 .. $ 6,833,966 $ (22,040) $ 6,811,926
Cash distributions .. (1,264,008) (12,768) (1,276,776)
Net loss for the
period ............. (1,398,532) (14,127) (1,412,659)
----------- ------------ ------------
Shareholders' equity,
September 30, 2003 .. $ 4,171,426 $ (48,935) $ 4,122,491
------------- ------------ ------------
See accompanying notes to the consolidated financial statements.
Ridgewood Electric Power Trust I
Consolidated Statements of Cash Flows (unaudited)
- --------------------------------------------------------------------------------
Nine Months Ended
---------------------------
September 30, September 30,
2003 2002
------------- -------------
Cash flows from operating activities:
Net income (loss) ..................... $(1,412,659) $ 139,803
------------ ------------
Adjustments to reconcile net
income (loss) to net cash flows
from operating activities:
Depreciation and amortization ......... 513,291 446,222
Writedown of investments in power
generation projects .................. 1,780,473 ---
Equity (income) loss from
unconsolidated Stillwater Hydro
Partners, L.P. ....................... (53,860) 31,354
Changes in assets and liabilities:
Increase in trade receivables........ (258,801) (575,342)
Increase in other current assets..... (11,421) (62,287)
(Decrease) increase in accounts
payable and accrued expenses ....... (140,012) 57,769
Decrease (increase) in due to/
from affiliates, net ............... 8,229 (24,729)
------------ ------------
Total adjustments ................. 1,837,899 (127,013)
------------ ------------
Net cash provided by operating
activities ....................... 425,240 12,790
------------ ------------
Cash flows from investing activities:
Capital expenditures .................. (200,000) (256,368)
------------ ------------
Net cash used in investing
activities ....................... (200,000) (256,368)
------------ ------------
Cash flows from financing activities:
Cash distributions to shareholders .... (1,276,776) (590,491)
Payments to reduce long-term debt ..... (204,054) (187,414)
------------ ------------
Net cash used in financing
activities ........................ (1,480,830) (777,905)
------------ ------------
Net decrease in cash and cash equivalents .. (1,255,590) (1,021,483)
Cash and cash equivalents, beginning of year 1,988,812 2,848,041
------------ ------------
Cash and cash equivalents, end of period ... $ 733,222 $ 1,826,558
------------ ------------
See accompanying notes to the consolidated financial statements.
Ridgewood Electric Power Trust I
Note to the Consolidated Financial Statements (unaudited)
- --------------------------------------------------------------------------------
1. General
In the opinion of management, the accompanying unaudited consolidated financial
statements contain all adjustments, which consist of normal recurring
adjustments, in addition to the transfer of the Olinda assets described in Note
4, necessary for the fair representation of the results for the interim periods.
Additional footnote disclosure concerning accounting policies and other matters
are disclosed in Ridgewood Electric Power Trust I's ("the Trust") consolidated
financial statements included in the 2002 Annual Report on Form 10-K, which
should be read in conjunction with these consolidated financial statements.
Certain prior year amounts have been reclassified to conform to the current year
presentation.
The results of operations for an interim period should not necessarily be taken
as indicative of the results of operations that may be expected for a twelve
month period.
The consolidated financial statements include the accounts of the Trust and the
subsidiaries owning the Mobile Power modules and the Olinda Projects, which
includes Brea Power Partners, L.P. ("Brea") and Ridgewood Olinda, L.L.C.
("Olinda") (a 2.5 megawatt expansion of the Brea project). The Trust uses the
equity method of accounting for its investment in the Stillwater Hydro Project,
which the Trust owns a 32.5% interest.
2. Summary Results of Operations for Selected Investments
Summary results of operations for the Stillwater Hydro Partners, L.P., which are
accounted for under the equity method, were as follows:
Nine Months Ended Three Months Ended
September 30, September 30,
2003 2002 2003 2002
---- ---- ---- ----
Revenue .............. $ 1,058,000 $ 1,096,000 $ 362,000 $ 308,000
Operating expenses ... 892,000 1,192,000 331,000 349,000
Net income (loss) .... 166,000 (96,000) 31,000 (41,000)
3. New Accounting Standards and Disclosures
SFAS 143
In June 2001, the FASB issued SFAS 143, Accounting for Asset Retirement
Obligations, on the accounting for obligations associated with the retirement of
long-lived assets. SFAS 143 requires a liability to be recognized in the
consolidated financial statements for retirement obligations meeting specific
criteria. Measurement of the initial obligation is to approximate fair value,
with an equivalent amount recorded as an increase in the value of the
capitalized asset. The asset will be depreciated in accordance with normal
depreciation policy and the liability will be increased for the time value of
money, with a charge to the income statement, until the obligation is settled.
SFAS 143 is effective for fiscal years beginning after June 15, 2002. The Trust
adopted SFAS 143 effective January 1, 2003, with no material impact on the
consolidated financial statements.
SFAS 145
In April 2002, the FASB issued SFAS No. 145, Rescission of FASB Statements No.
4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Correction.
SFAS No. 145 eliminates extraordinary accounting treatment for reporting gain or
loss on debt extinguishment, and amends other existing authoritative
pronouncements to make various technical corrections, clarify meanings, or
describe their applicability under changed conditions. The Trust adopted SFAS
145 effective January 1, 2003, with no material impact on the consolidated
financial statements.
SFAS 146
In June 2002, the FASB issued SFAS No. 146, Accounting for Costs Associated with
Exit or Disposal Activities. SFAS No. 146 requires recording costs associated
with exit or disposal activities at their fair values when a liability has been
incurred. The Trust adopted SFAS 146 effective January 1, 2003, with no material
impact on the consolidated financial statements.
FIN 45
In November 2002, the FASB issued FASB Interpretation No. 45 ("FIN 45"),
"Guarantor's Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees and Indebtedness of Others." FIN 45 elaborates on the
disclosures to be made by the guarantor in its interim and annual financial
statements about its obligations under certain guarantees that it has issued. It
also requires that a guarantor recognize, at the inception of a guarantee, a
liability for the fair value of the obligation undertaken in issuing the
guarantee. The initial recognition and measurement provisions of this
interpretation are applicable on a prospective basis to guarantees issued or
modified after December 31, 2002; while the provisions of the disclosure
requirements are effective for financial statements of interim or annual reports
ending after December 15, 2002. The Trust adopted the disclosure provisions of
FIN 45 during the fourth quarter of 2002 with no material impact to the
consolidated financial statements.
FIN 46
In January 2003, the FASB issued FASB Interpretation No. 46, "Consolidation of
Variable Interest Entities" ("FIN 46") which changes the criteria by which one
company includes another entity in its consolidated financial statements. FIN 46
requires a variable interest entity to be consolidated by a company if that
company is subject to a majority of the risk of loss from the variable interest
entity's activities or entitled to receive a majority of the entity's residual
returns or both. The consolidation requirements of FIN 46 apply immediately to
variable interest entities created after January 31, 2003, and apply in the
first fiscal period ending after March 15, 2004, for variable interest entities
created prior to February 1, 2003. The Trust adopted the disclosure provisions
of FIN 46 effective December 31, 2002, with no material impact to the
consolidated financial statements. The Trust will implement the full provisions
of FIN 46 effective December 15, 2003.
SFAS 149
In April 2003, the FASB issued SFAS No. 149, "Amendment of Statement 133 on
Derivative Instruments and Hedging Activities." SFAS No. 149 amends and
clarifies the accounting for derivative instruments, including certain
derivative instruments embedded in other contracts, and for hedging activities
under SFAS No. 133, "Accounting for Derivative Instruments and Hedging
Activities." SFAS No. 149 is generally effective for contracts entered into or
modified after June 30, 2003 and for hedging relationships designated after June
30, 2003. The Trust adopted SFAS 149 effective July 1, 2003, with no material
impact on the consolidated financial statements.
SFAS 150
In May 2003, the FASB issued SFAS No. 150, Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity. SFAS No. 150
establishes standards for classifying and measuring certain financial
instruments with characteristics of both liabilities and equity. The Trust
adopted SFAS 150 effective July 1, 2003, with no material impact on the
consolidated financial statements.
4. Transfer of Assets
During the third quarter, the Olinda project had its engines removed from its
facility for refurbishment and reconditioning. Upon completion of the overhaul,
the engines will be transferred to Rhode Island, where they will be installed in
the Ridgewood Rhode Island Generation facility, a new landfill gas development
site. The new site is being developed by the Ridgewood Power B Fund/Providence
Expansion, an affiliate of the Trust. The Trust will share in the cash flows of
the new site and will receive consideration of $1,000,000 for the engines, which
represents the estimated fair value of the relatively new and reconditioned
engines.
As a result of the relocation and installation of the Olinda project's engines
in Rhode Island, the Trust recorded a write down of approximately $1,736,000,
representing the remaining value of the project.
5. Assets held for Sale
In the third quarter of 2003, the Trust decided to make its mobile power modules
available for sale. Due to the increase in competition and production of newer
efficient models, the Trust experienced a decrease in rental revenue for the
second consecutive year. As a result of the unfavorable market conditions, the
forecasted revenues for the mobile power modules are not expected to be enough
to recover the units' book value. The Trust recorded a writedown of $44,143 and
$209,251 to reflect the units fair market value, in 2003 and 2002, respectively.
6. Related Party Transactions
At September 30, 2003 and December 31, 2002, the Trust had outstanding payables
and receivables, with the following affiliates:
Due To Due From
-------------------------------------------------------
September 30, December 31, September 30, December 31,
2003 2002 2003 2002
--------------------------- --------------------------
Ridgewood Power
Management LLC ....... $ -- $ -- $40,125 $48,354
Other affiliates ...... 1,810 1,810 -- --
From time to time, the Trust records short-term payables and receivables from
other affiliates in the ordinary course of business. The amounts payable and
receivable with the other affiliates do not bear interest.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Dollar amounts in this discussion are rounded to the nearest $1,000.
Introduction
The consolidated financial statements include the accounts of the Trust and the
subsidiaries owning the Mobile Power modules and the Olinda Projects, which
includes Brea Power Partners, L.P. ("Brea") and Ridgewood Olinda, L.L.C.
("Olinda") (a 2.5 megawatt expansion of the Brea project, whose engines were
transferred to Rhode Island in the third quarter). The Trust uses the equity
method of accounting for its investment in the Stillwater Hydro Project, which
the Trust owns a 32.5% interest.
Critical Accounting Policies and Estimates
For a complete discussion of critical accounting policies, refer to "Significant
Accounting Policies" in Item 7 of the Trust's 2002 Form 10-K. There have been no
substantive changes to those policies and estimates.
Results of Operations
Three Months Ended September 30, 2003, Compared to the Three Months Ended
September 30, 2002
Total revenue decreased $163,000, or 13.2%, to $1,072,000 in the third quarter
of 2003 from $1,235,000 in the third quarter of 2002. The decrease is primarily
due to the absence of power generation revenue from the Olinda expansion, which
commenced operations in the second quarter of 2002. The Olinda project provided
$111,000 of revenues in the third quarter of 2002 before it experienced engine
failure and ceased operations. Power generation revenue from the Brea project
decreased by $23,000 in the third quarter of 2003.
Cost of sales decreased $71,000 to $569,000 in the third quarter of 2003 as
compared to $640,000 in the third quarter of 2002. The decrease can be
attributed to the Olinda project's idle status.
Gross profit decreased $92,000 to $503,000 in the third quarter of 2003 as
compared to $595,000 in the third quarter of 2002. The decrease is a result of
the decrease in production in the current quarter.
General and administrative expenses decreased by $65,000, to $71,000 in the
third quarter of 2003 as compared to $136,000 in 2002, as a result of the higher
professional fees incurred in 2002.
During the third quarter of 2003, the Trust recorded a write down of $1,780,000
resulting primarily from the Olinda project removing its engines and
contributing them to the Ridgewood Providence expansion.
The management fee for the third quarter of 2003 was comparable with the third
quarter of 2002.
Interest income and interest expense were comparable to the third quarter of
2002.
The equity loss in the Stillwater Hydro Project for the third quarter of 2002
was $13,000 compared to equity income of $10,000 for the third quarter of 2003.
The increase in equity income is primarily due to the decrease in maintenance
fees and declining interest expense resulting from Stillwater's reduced level of
outstanding debt.
Nine Months Ended September 30, 2003, Compared to the Nine Months Ended
September 30, 2002
Power generation revenue decreased $53,000 to $2,504,000 for the first nine
months of 2003 from $2,557,000 for the first nine months of 2002. Power
generation revenue from the Brea project increased by $246,000, while the Olinda
project revenues decreased by $299,000 in the first half of 2003. The increase
in revenue from the Brea project is mainly attributable to the project's
consistent operation in the current year, as compared to engine down time
experienced in the first quarter of 2002 as a result of mechanical problems. In
addition to its improved operations, the Brea project also received a higher
energy rate on its March production, which provided approximately $70,000 of
additional revenues. Rental revenue from the Trust's mobile power modules
decreased by $59,000 to $4,000 in the first nine months of 2003. The decrease in
rental revenue is due the increase in competition and production of newer
efficient models.
Cost of sales decreased $295,000 to $1,769,000 for the first nine months of
2003, from $2,064,000 for the first nine months of 2002. The decrease is due to
the Brea project experiencing greater repair and maintenance costs as a result
of the overhaul of one of its engines in 2002.
Gross profit increased $183,000, to $739,000 for the first nine months of 2003.
The increase is a result of the Brea project experiencing greater repair and
maintenance costs as a result of the overhaul of one of its engines in 2002.
General and administrative expenses increased by $84,000, to $289,000 for the
first nine months of 2003. The increase is due to the professional fees incurred
by the Trust on behalf of the Brea project. The Trust has retained professional
firms to assist it in the researching and monitoring of the California
legislation on renewable energy, with the intent of the Brea project qualifying
as a renewable energy generation facility and becoming eligible to receive
additional revenue for the sale of renewable energy attributes. A qualified
renewable electric generation facility produces renewable portfolio standard
attributes ("RPS Attributes") when they generate electricity. RPS Attributes are
then sold to and used by entities that are providing electricity to end-use
customers. The RPS regulations are intended to spur use and development of new,
environmentally friendly, renewable generation facilities.
During the third quarter of 2003, the Trust recorded a write down of $1,780,000
resulting primarily from the Olinda project removing its engines and
contributing them to the Ridgewood Providence expansion.
Interest income decreased by $25,000 to $8,000 for the first nine months of 2003
due to lower average cash balances. Interest expense decreased to $74,000 from
$91,000 in the first nine months of the prior year due to the lower principal
balance on the Olinda project financing.
The equity loss in the Stillwater Hydro Project for the first nine months of
2002 was $31,000 compared to equity income of $54,000 for the first nine months
of 2003. The increase in equity income is primarily a result of the decrease in
maintenance fees and declining interest expense resulting from Stillwater's
reduced level of outstanding debt.
Liquidity and Capital Resources
Cash provided by operating activities for the nine months ended September 30,
2003 was $425,000, compared to $13,000 for the nine months ended September 30,
2002. The increase in cash flow from operating activities is primarily due to
the increase in net income before the write down of investments in the current
period.
Cash used in investing activities for the first nine months of 2003 was $200,000
representing the final payment for the construction of the Olinda project. The
Trust spent $256,000 in 2002 for capital expenditures as a result of the
expansion of the Olinda project.
Cash used in financing activities for the first nine months of 2003 was
$1,481,000 compared to $778,000 for the first nine months of 2002. The increase
in cash used from financing activities is due to the larger distributions made
to shareholders in 2003, $1,277,000, compared to 2002, $590,000.
On June 26, 2003, Ridgewood Renewable Power LLC, the Managing Shareholder of the
Trust, entered into a $5,000,0000 Revolving Credit and Security Agreement with
Wachovia Bank, National Association. The agreement allows the Managing
Shareholder to obtain loans and letters of credit for the benefit of the trusts
and funds that it manages. The agreement expires on June 30, 2004. As part of
the agreement, the Trust agreed to limitations on its ability to incur
indebtedness and liens and make guarantees.
The Trust has historically financed its operations from cash generated from its
subsidiaries' operations. Obligations of the Trust are generally limited to
payment of the management fee to the Managing Shareholder, scheduled long-term
debt payments related to the expansion on the Olinda Project and payment of
certain accounting and legal services to third parties. Accordingly, the Trust
has not found it necessary to retain a material amount of working capital. The
Trust's significant long-term obligation is limited to $1,024,000 of long-term
debt related to the Olinda expansion, which is guaranteed by the Trust. The
Trust expects that its cash flows from operations and cash on hand will be
sufficient to fund its obligations and any declared distributions for the next
twelve months.
Item 4. Controls and Procedures
Based on their evaluation, as of a date within 90 days of the filing date of
this Form 10-Q, the Trust's Chief Executive Officer and Chief Financial Officer
have concluded that the Trust's disclosure controls and procedures (as defined
in Rules 13a-14(c) and 15d-14(c) under the Securities Exchange Act of 1934, as
amended) are effective. There have been no significant changes in internal
controls or in other factors that could significantly affect these controls
subsequent to the date of their evaluation, including any corrective actions
with regard to significant deficiencies and material weaknesses.
Forward-looking statement advisory
This Quarterly Report on Form 10-Q, as with some other statements made by the
Trust from time to time, contains forward-looking statements. These statements
discuss business trends and other matters relating to the Trust's future results
and the business climate and are found, among other places, in the notes to
financial statements and at Part I, Item 2, Management's Discussion and
Analysis. In order to make these statements, the Trust has had to make
assumptions as to the future. It has also had to make estimates in some cases
about events that have already happened, and to rely on data that may be found
to be inaccurate at a later time. Because these forward-looking statements are
based on assumptions, estimates and changeable data, and because any attempt to
predict the future is subject to other errors, what happens to the Trust in the
future may be materially different from the Trust's statements here.
The Trust therefore warns readers of this document that they should not rely on
these forward-looking statements without considering all of the things that
could make them inaccurate. The Trust's other filings with the Securities and
Exchange Commission and its Confidential Memorandum discuss many (but not all)
of the risks and uncertainties that might affect these forward-looking
statements.
Some of these are changes in political and economic conditions, federal or state
regulatory structures, government taxation, spending and budgetary policies,
government mandates, demand for electricity and thermal energy, the ability of
customers to pay for energy received, supplies of fuel and prices of fuels,
operational status of plant, mechanical breakdowns, availability of labor and
the willingness of electric utilities to perform existing power purchase
agreements in good faith. Some of the cautionary factors that readers should
consider are described in the Trust's most recent Annual Report on Form 10-K.
By making these statements now, the Trust is not making any commitment to revise
these forward-looking statements to reflect events that happen after the date of
this document or to reflect unanticipated future events.
PART II - OTHER INFORMATION
None.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
registrant as duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
RIDGEWOOD ELECTRIC POWER TRUST I
Registrant
January 16, 2004 By /s/ Christopher I. Naunton
Date Christopher I. Naunton
Vice President and
Chief Financial Officer
(signing on behalf of the
Registrant and as
principal financial
officer)
CERTIFICATION
I, Robert E. Swanson, Chief Executive Officer of Ridgewood Electric Power Trust
I ("registrant"), certify that:
1. I have reviewed this quarterly report on Form 10-Q of the registrant;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:
a) designed such disclosure controls and procedures, or caused such
disclosure control and procedures to be designed under our supervision,
to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this
quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this quarterly report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this quarterly report based on such
evaluation; and
c) disclosed in this quarterly report any change in the registrant's
internal control over financial reporting that occurred during the
period covered by the report that has materially affected, or is
reasonably likely to materially affect, the issuer's internal control
over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and senior management:
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. The registrant's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Date: January 16, 2004
/s/ Robert E. Swanson
- ----------------------------------
Robert E. Swanson
Chief Executive Officer
CERTIFICATION
I, Christopher I. Naunton, Chief Financial Officer of Ridgewood Electric Power
Trust I ("registrant"), certify that:
1. I have reviewed this quarterly report on Form 10-Q of the registrant;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:
a) designed such disclosure controls and procedures, or caused such
disclosure control and procedures to be designed under our supervision,
to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this
quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this quarterly report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the
end of the period covered by this quarterly report based on such
evaluation; and
c) disclosed in this quarterly report any change in the registrant's
internal control over financial reporting that occurred during the
period covered by the report that has materially affected, or is
reasonably likely to materially affect, the issuer's internal control
over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and senior management:
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls; and
6. The registrant's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Date: January 16, 2004
/s/ Christopher I. Naunton
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Christopher I. Naunton
Chief Financial Officer