November 19, 2002 


Tokyo---Tokyo Electric Power Co. (TEPCO) reported today consolidated 
operating revenues of Y2,450.8 billion (non-consolidated, same below, 
Y2,401.3 billion) in the interim fiscal year 2002. This was a decline 
of 6.7% (7.1%) from the same period of previous year. Ordinary income 
also decreased by 17.2% to Y250.1 billion (fell 12.7% to Y256.2 billion) 
and interim net income resulted in Y155.8 billion, down 11.9%(Y165.3 
billion, down 3.7%). 

The volume of electric power sold rose somewhat with the increase in 
air-conditioning demand caused by high temperatures from August to early 
September. Combined with other factors such as production adjustments due 
to the stagnant economy, however, the result was only a very slight 
overall increase. Sales for residential use showed an increase of 2.8% 
to 42.0 billion kWh, sales for commercial and industrial use, on the 
other hand, declined 1.0% to 60.1 billion kWh, and sales for eligible 
customers' use* dropped 0.3% to 39.0 billion kWh as well. The total 
electricity sold slightly increased 0.3% to 141.1 billion kWh. 

In revenues in the electric utility business, TEPCO put the average 7.02% 
cut in electricity rates into effect from April 2002. As a result, 
revenues from electricity sales fell 7.4% to Y2,333.9 billion. Due to 
this, consolidated operating revenues dropped 6.7% to Y2,450.8 billion 
(dropped 7.1% to Y2,401.3 billion), while ordinary revenues declined 6.9% 
to Y2,461.1 billion (declined 7.3% to Y2,411.0 billion). 

In expenses, falling interest rates resulted in a drop in interest 
expenses. Further, fuel costs reduced due to the drop in crude oil prices. 
In addition, TEPCO worked to cut costs across the entire range of 
operations by reducing depreciation expenses through curbs on capital 
expenditure and by cutting maintenance and repair expenses. As a result, 
TEPCO was able to reduce ordinary expenses by 5.5% to Y2,210.9 billion 
(by6.6% to Y2,154.8 billion). 

*Eligible customers are those in the deregulated sector of the retail 
market. They represent 2,000kW or more of demand and 20kV or more of the 
voltage supplied in principle. 


Please note that the above purports to be an accurate and complete 
translation of the original Japanese version prepared for the convenience 
of our English-speaking audience. However, in the case of any discrepancy 
between the translation and the Japanese original,the latter shall prevail. 
Tokyo Electric Power Co. 

Appendices

Summary of Financial Results for the First Half of Fiscal Year 2002
(Six Months Ended September 30, 2002)

Summary of Non-Consolidated Financial Statements for the First Half of Fiscal Year 2002
(Six Months Ended September 30, 2002)