Tokyo - Tokyo Electric Power Co. (TEPCO) reported today consolidated
ordinary income of ¥332.7 billion in the interim fiscal year 2004, an
increase of 142.7 percent over the same period of the previous year
(¥326.8 billion, an increase of 147.9 percent on a non-consolidated
basis; all figures below in parentheses are non-consolidated figures).
Operating revenues were ¥2,528.9 billion, up 5.4 percent (¥2,464.8
billion, up 5.1 percent). Net income also increased by 110.8 percent
to ¥183 billion compared to the same period of the previous year
(¥210.4 billion, an increase of 149.2 percent).

The total volume of electric power sold increased 6.0 percent from the
same period of the previous year to 146.0 billion kWh due to increased
demand for air-conditioning caused by record-high temperatures during
summer with the reaction to the unusual cool summer last year.  The
rise in industrial demand reflecting the gradual recovery of industrial
production contributed as well.
Of the total, sales to residential users increased 9.1 percent to 44.6
billion kWh, sales to commercial and industrial users rose 7.4 percent
to 44.1 billion kWh, and sales to eligible customers* were also up 3.0
percent to 60.3 billion kWh.

In the electric utility business, revenues from electricity sales
increased 4.2 percent to ¥2,376.6 billion due to an increase in the
volume of electricity sold. TEPCO registered consolidated operating
revenues of ¥2,528.9 billion, an increase of 5.4 percent (¥2,464.8
billion, up 5.1 percent) and ordinary revenues of ¥2,548.8 billion, a
rise of 5.5 percent (¥2,483.1 billion, up 5.4 percent) compared to the
same period of the previous year.

Turning to expenses, TEPCO was able to reduce ordinary expenses by 2.7
percent to ¥2,216.0 billion (¥2,156.2 billion, down 3.1 percent) due to
decreased fuel costs for thermal power generation and the decreased cost
of electricity purchases which both resulted from resumption of nuclear
power generation, although repair and maintenance expenses increased due
to inspections and repairs at nuclear power plants. In addition, TEPCO
worked hard to further improve efficiency and cut costs across the entire
range of its operations, including reductions in depreciation expenses
resulting from restraint in plants and equipment investments.

*Eligible customers are those in the deregulated sector of the retail
market. They represent 500kW 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 Interim Financial Results of Fiscal Year 2004 
Summary of Non-Consolidated Financial Statements for the First Half of Fiscal Year 2004