Tokyo - Tokyo Electric Power Co. (TEPCO) reported today consolidated 
ordinary income of 365.9 billion yen for the first to third quarters 
(April-December) of fiscal year 2004, an increase of 65.4 percent over the 
same period of the previous year (354.8 billion yen, an increase of 55.5 
percent on a non-consolidated basis; all figures below in parentheses are 
non-consolidated figures). Operating revenues were 3,710.1 billion yen, up 
4.2 percent (3,568.5 billion yen, up 2.5 percent). Net income also 
increased by 48.1 percent to 200.3 billion yen compared to the same period 
of the previous year (226.3 billion yen, an increase of 55.5 percent).

The total volume of electric power sold increased 4.4 percent from the 
same period of the previous year to 212.7 billion kWh due to increased 
demand for air-conditioning caused by record-high temperatures during last 
summer with the reaction to the unusual cool summer during the previous 
fiscal year.  The rise in industrial demand reflecting the gradual recovery 
of industrial production contributed as well.
Of the total, sales to residential users increased 6.7 percent to 65.4 
billion kWh, sales to commercial and industrial users rose 5.2 percent to 
58.8 billion kWh, and sales to eligible customers* were also up 2.3 percent 
to 88.5 billion kWh.

In terms of revenues from electric utility business, electricity revenues 
increased 1.6% over the same period of the previous year to 3,436.4 billion 
yen. This was the result of an increase in the volume of electric power 
sold, even though electricity rates were reduced last October and revenues 
from the fuel cost adjustment system decreased. TEPCO registered consolidated 
operating revenues of 3,710.1 billion yen, an increase of 4.2 percent 
(3,568.5 billion yen, up 5.1 percent) and ordinary revenues of 3,734.7 
billion yen, a rise of 4.4 percent (3,590.3 billion yen, up 2.7 percent) 
compared to the same period of the previous year.

Turning to expenses, TEPCO was able to remain unchanged from the level of 
previous year. Ordinary expenses decreased by 0.4 percent to 3,368.7 billion 
yen (3,235.4 billion yen, down 1.0 percent) due to significant 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.

Appendices
Summary of Financial Results for the First to Third Quarter of Fiscal Year 2004
(April to December, 2004)
Summary of Non-Consolidated Financial Statements for the First to Third Quarter
of Fiscal Year 2004