August 1st, 2002
Tokyo Electric Power Company, Inc.

Today, TEPCO has signed an agreement with Tarong Energy(hereinafter 
called Tarong), which is a state-owned power generation company in 
Queensland, to take part in the Tarong North Power Station Project 
developed by Tarong through TM Energy (Australia) Pty Ltd (hereinafter 
TM Energy) which was jointly estabilished by TEPCO(share: 70%) and 
Mitsui & Co., Ltd.in February 2002.

In this project, TM Energy will purchase 50% of interests (assets and 
project contracts, etc.) of Tarong North Power Station (coal-fired, 450 MW) 
that Tarong launched construction in January 2000, located about 180km 
northwest of Brisbane in Queensland.

More specifically, TM Energy and TN Power Pty Ltd (a project company of 
Tarong: hereinafter called TN Power) will establish the "Tarong North 
Power Station Joint Venture" after completion of the plant (scheduled to be 
completed in February 2003), jointly run power generation business, and 
sell all of the generated power to Tarong. TEPCO will invest about 4.5 
billion yen in TM Energy and dispatch selected employees to provide 
technical service. 
Benefits of participating in this project are that TEPCO will be able 
to fully utilize its expertise for the operation and maintenance of thermal 
power generation business and that the project is expected to secure stable 
profits made over a long period of time. In addition, TEPCO will invest in 
this project through TEPCO International B.V. which was established as a 
subsidiary for foreign investments in Netherlands in July 1997.

This project is TEPCO's 4th IPP project overseas; TEPCO is currently 
participating in the Chang Bin and Fong Der IPP Projects in Taiwan and 
the Phu My 2-2 Project in Vietnam.  TEPCO will continue to actively 
pursue new business opportunities in many overseas areas utilizing 
its proven technical expertise.



Reference

1.Outline of Tarong North Power Station Project
(1)Name of Station: Tarong North Power Station
(2)Location: About 180km northwest of Brisbane, Queensland, Australia
(3)Total Project Cost: Approx. 50 billion yen
(4)Interests of Tarong North Power Plant 
                 TN Power Pty Ltd: 50% (100% subsidiary of Tarong Energy)
                 TM Energy (Australia) Pty Ltd: 50%
(5)Output:  450 MW
(6)Type of Generation: Coal-fired, Supercritical
(7)Date of Commercial Operation: February 2003(planned)
(8)Term of Joint Venture: 30 years (Term of Electricity Agreement 
      with Tarong Energy is for 20 years)
(9)Off-taker: Tarong Energy

2.Outline of Tarong Energy
    Tarong Energy was separated from a state-owned power generation company 
    in July 1997. It owns Tarong coal-fired power plant (four units, 1,400 MW) 
    and Wivenhow Pumped Storage Hydro-Electric Power Station (two units, 500 MW). 
    Its head office is located in Brisbane.

3.Outline of TM Energy (Australia)
    TEPCO International, a 100% subsidiary of TEPCO, and Mitsui Power Investment, 
    a subsidiary of Mitsui & Co., Ltd were established in February 2002 in order 
    to take part in the Tarong North Power Station Project. TEPCO International 
    holds 70% of shares (capital investment will be increased to approx 4.5 
    billion yen in February, 2003) and Mitsui Power Investment holds 30% (capital 
    investment will be increased to approx. 2 billion yen in February, 2003). It 
    is located in Brisbane.