January 8 2003
                                     The Tokyo Electric Power Company, Inc.


  On January 8, 2003, the consortium consisting of Electricite de France 
(EDF),Sumitomo Corporation and TEPCO started construction of the natural 
gas ACC (Advanced Combined Cycle) power plant so as to commence commercial 
operation in September 2004 in respect of the Phu My 2-2 Project, the first 
IPP project in Vietnam. 

  A grand breaking ceremony was held at the site on January 8, 2003 in 
which about 200 people from the Vietnamese authorities, the local 
government and the lenders were getting together. Principal participants 
from the Vietnamese authorities and TEPCO were Mr. Hoang Trung Hai, 
Minister of Industry, and Mr. Susumu Shirakawa, Managing Director of TEPCO, 
respectively. 

  Our consortium was, after going through the first international 
competitive bid organized by the Vietnamese authorities, entered into the 
project documents in September 2001 and established the Mekong Energy 
Company Ltd ("MECO") for the purpose of developing the project. 

  On top of the above ownership, TEPCO has been providing MECO with owners' 
engineer that conducted engineering services for design review of the 
plant. During the construction phase, TEPCO will dispatch five engineers 
(thermal and civil) to the project.During the operational phase, TEPCO 
together with EDF will provide MECO with various technical supports through 
Technical Services Agreement. 

  The Phu My 2-2 project will construct a thermal power station that is 
located on the coast 50 km southeast from Ho Chi Minh City (Ba Ria - Vung 
Tau Province) with the capacity of 715MW. This is the first BOT power
project in Vietnam 100% owned by foreign investors. 

  The project adopts Advanced Combined Cycle technology of which TEPCO has 
had sufficient operational experience. This technology will enable us to 
pursue the world's highest thermal efficiency. Also, the project will 
utilize natural gas for primary fuel. This natural gas will be supplied 
from Nam Con Son gas field off the coast of Vietnam. 

  The project will generate electricity which will be 100% purchased by 
Electricity of Vietnam. The project will transfer the plant to the 
Government of Vietnam twenty years after the commercial operation date. 

  On top of this project, TEPCO is developing two IPP projects in Taiwan 
(Star Energy and Sun Ba) and Tarong North project in Australia. TEPCO will 
continue to develop overseas project that will enable TEPCO to utilize its 
know-how and expertise.