May 18, 2004

Tokyo--Tokyo Electric Power Co. (TEPCO) reported today consolidated
ordinary income of Y307.7 billion (Y304.4 billion on a non-consolidated
basis; all figures in parentheses are non-consolidated figures) in the
fiscal year 2003, an increase of 13.5 percent (8.4 percent) from the
previous year. Operating revenues decreased 1.3 percent to Y4,853.8
billion (1.5 percent to Y4,734.5 billion). Net income totaled Y149.5
billion, down 9.5 percent from the preceding fiscal year (Y151.8 billion,
down 0.8 percent), largely due to the fact that a Y44.8 billion loss
caused by the depreciation of assets was included in an extraordinary
loss as part of the early application of the "accounting standard for
the impairment of fixed assets."

The volume of electric power sold during the fiscal year declined from
the preceding year due to decreases in air-conditioning demand caused by
an unusually cool summer and mild winter, as well as to the sluggish
demand for industrial use caused by a slump in production activities. As
a result, total electricity sold fell by 2.1 percent from the previous
year to 276 billion kWh. Of the total, sales for residential use declined
2.7 percent to 86.9 billion kWh, sales for commercial and industrial use
dropped 1.5 percent to 114.8 billion kWh, and sales for eligible customers'
use* were down 2.2 percent to 74.3 billion kWh.

In revenues in the electric utility business, revenues from electricity
sales declined 1.9 percent to Y4,598.1 billion, due largely to decreases
in the volume of electricity sold during the year. As a result, TEPCO
registered consolidated operating revenues of Y4,853.8 billion, down 1.3
percent from the preceding year (Y4,734.5 billion, down 1.5 percent) and
ordinary revenues of Y4,878 billion, down 1.3 percent (Y4,760.4 billion,
down 1.4 percent).

In expenses, suspensions of nuclear power plants continuing into fiscal
2003 sharply pushed up the fuel costs for thermal power generation. On
the other hand, TEPCO worked hard to further improve efficiency and cut
costs across the entire range of operations, including reductions in
personnel expenses resulting from reviews of its retirement allowance and
pension systems, cuts in depreciation expenses due to constraints on plant
and equipment investment, and decreases in interest payment costs thanks
to falling interest rates and reductions in bond issues and borrowings.
As a result, TEPCO was able to reduce ordinary expenses by 2.1 percent
from the preceding year to Y4,570.3 billion (by 2.0 percent to Y4,455.9
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.

Business Outlook for Fiscal Year 2004

TEPCO estimates that the volume of electric power to be sold in fiscal
2004 will increase by 2.2 percent from the preceding fiscal year to 282
billion kWh, because of the expected rise in electricity demand for
industrial use due to the ongoing economic recovery, and the expected
rebound of air-conditioning demand from the previous year's decrease,
which was caused by an unusually cool summer and warm winter.

Operating revenues are consequently estimated to grow to approximately
Y5,030 billion on a consolidated basis and around Y4,890 billion on a
non-consolidated basis, in view of the expected increase in the volume
of electric power to be sold.

Despite the anticipated increase in repair expenses due to an increase
in the number of nuclear plants scheduled for periodic inspections and
the implementation of unfinished inspections and repair works, and the
heavier cost burden caused by an advance on the price of crude oil,
TEPCO expects to register ordinary income of Y410 billion on a
consolidated basis and Y400 billion on a non-consolidated basis, and
net income of Y265 billion on a consolidated basis and Y260 billion on
a non-consolidated basis. TEPCO expects to achieve these figures on the
basis of an estimated reduction in fuel costs resulting from an increase
in the share of electricity generated by nuclear power, and by continuing
to promote comprehensive measures to improve efficiency and reduce costs,
including cuts in depreciation expenses due to retrenchment of plant and
equipment investment.

Consolidated
     Operating revenues                    Approximately Y5,030 billion
     Ordinary income                       More than Y410 billion
     Net income                            More than Y265 billion

Non-consolidated
     Operating revenues                    Approximately Y4,890 billion
     Ordinary income                       More than Y400 billion
     Net income                            More than Y260 billion

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 2003 (Ended March 31, 2004)