November 18, 2003


Tokyo---Tokyo Electric Power Co. (TEPCO) reported today consolidated operating
revenues of Y2,400.1 billion (non-consolidated, same below, Y2,345.1 billion) 
in the interim fiscal year 2003. This was a decline of 2.1% (2.3%) from the
same period of the previous year. Ordinary income also decreased by 45.2% to
Y137.1 billion (fell 48.5% to Y131.8 billion) and interim net income resulted
in Y86.8 billion, down 44.3%(Y84.4 billion, down 48.9%). 

The volume of electric power sold declined for the first time in two years.
Record-low temperatures during the summer led to decreased electric demand in
residential use and industrial use. Sales for residential use showed a decline
of 2.7% to 40.9 billion kWh, sales for commercial and industrial use declined
2.2% to 58.8 billion kWh, and sales for eligible customers' use* dropped 2.5%
to 38.0 billion kWh as well. The total electricity sold decreased 2.4% to 137.7
billion kWh. 

In revenues in the electric utility business, decline in the volume of electric
power sold lead to the revenues from electricity sales to fall 2.2% to Y2,281.8
billion. Due to this, consolidated operating revenues dropped 2.1% to Y2,400.1
billion (dropped 2.3% to Y2,345.1 billion), while ordinary revenues declined
1.9% to Y2,414.8 billion (declined 2.2% to Y2,356.9 billion). 

In expenses, TEPCO conducted company-wide cost-cutting and promotion of
efficiency in the electric utility business. Its efforts included reducing
labor cost by reviewing retirement benefits and pension plan expenses and
reducing interest expenses by falling interest rates, corporate bonds and
outstanding debt.  However, increased fuel cost for thermal power generation
and cost for purchasing electricity power due to continuing suspensions of
nuclear power plants led to a slight increase of 3.0% to Y2,277.7 billion
(increased 3.3% to Y2,25 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 2003
(Six Months Ended September 30, 2003)

Summary of Non-Consolidated Financial Statements for the First Half of Fiscal Year 2003
(Six Months Ended September 30, 2003)