May 20, 2003

Tokyo---Tokyo Electric Power Co. (TEPCO) reported today consolidated operating
revenues of Y4,919.1 billion (Y4,808.4 billion on a non-consolidated basis;
all figures in parentheses are non-consolidated figures) in the fiscal year
2002, a decline of 5.8% (6.3%) from the previous year. Ordinary income also
decreased by 20.9% to Y271.1 billion (down 12.1% to Y280.8 billion) and net
income resulted in Y165.2 billion, down 18.1% (down 17.8% to Y153.0 billion),
due largely to an extraordinary loss resulting from securities appraisal loss.

The volume of electric power sold during the fiscal year rose, the first
increase in two years, due to the increase in air-conditioning demand caused
by high temperatures from August to early September and lower than normal
temperatures during the winter. In addition, increases in demand from the
industrial sector, due to recovery of production activities in the second half
of the fiscal year, also contributed to the turnaround. Sales for residential
use showed an increase of 5.0% to 89.4 billion kWh, sales for commercial and
industrial use rose 1.0% to 116.5 billion kWh, and sales for eligible customers'
use* were also up by 1.2% to 76.0 billion kWh. The total electricity sold
increased 2.3% from the previous year to 281.9 billion kWh. 

In revenues in the electric utility business, TEPCO put a cut in electricity
rates into effect from April 2002. As a result, revenues from electricity sales
fell 6.1% to Y4,685.2 billion, although the volume of electric power sales
increased from the year-before level. Due to this, consolidated operating
revenues dropped 5.8% to Y4,919.1 billion (down 6.3% to Y4,808.4billion), while
ordinary revenues declined 5.9% to Y4,939.9 billion (down 6.4% to Y4826.9 billion).

In expenses, suspensions of nuclear power plants, necessitated by inspections of
plants due to a series of nuclear power-related problems, increased the fuel
costs for thermal power generation. However, in addition to its efforts to cut
costs across the entire range of operations, including reductions in maintenance
and repair expenses, as well as decreases in depreciation expenses, TEPCO also
benefited from declines in expenses for reprocessing spent nuclear fuel that had
risen temporarily in the previous fiscal year and a drop in interest payment
costs resulting from falling interest rates. As a result, TEPCO was able to
reduce ordinary expenses by 4.9% to Y4,668.8 billion (by 6.0% to Y4,546.1 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.

Appendix:Summary of Financial Results for Fiscal Year 2002 (Ended March 31, 2003)