April 8, 2004


Tokyo - The Tokyo Electric Power Company, Inc. ("TEPCO") announces 
today that it has completed the acquisition of the interests in 
Loy Yang A Project ("the Project"), the largest power generation 
and mining project in Victoria, Australia.

The Project consists of a 2,200MW coal-fired power station and 
the adjacent coal mine, and sells electricity to the wholesale 
electricity markets managed by NEMMCO, National Electricity Market 
Management Company Limited.

TEPCO, jointly with The Australian Gas Light Company ("AGL") and 
a group of investors led by Commonwealth Bank of Australia 
("CBA investors"), established Great Energy Alliance Corporation 
Pty Ltd. ("GEAC").  GEAC entered into a share sale agreement to 
purchase the interests of Loy Yang A Project with CMS Energy, 
NRG Energy and Horizon Energy in July 2003, and has gone through 
the necessary procedures to acquire the interests since then.

TEPCO and AGL each own a 32.5 % shareholding in the Project, with 
CBA investors holding the balance.  TEPCO is contributing 200 million 
Australian dollars (approximately 16 billion Yen) in equity to this 
project through Tokyo Electric Power Company International B.V., 
TEPCO's investment vehicle established in the Netherlands in July 1999.  
TEPCO is also planning to dispatch several staff to the Project in 
order to provide technical and other services. 

TEPCO will utilize its expertise in operation and maintenance of 
thermal power plants to strengthen the competitiveness of the Project 
and obtain a fair return to the investment.  It is also expected that 
TEPCO will be able to further accumulate expertise in the liberalized 
electricity market.

This is the largest investment TEPCO has made in an overseas IPP 
project and the second thermal power project in Australia following 
the Tarong North Project.  TEPCO has participated in overseas IPP 
projects in Taiwan, Vietnam, UAE, and the management of Eurus Energy 
Holdings, which owns and operates wind power projects in both domestic 
and overseas markets.

TEPCO will continue to actively pursue overseas projects and seek 
further growth and development through new business opportunities abroad. 

Appendix 
 Reference