Tokyo --- Tokyo Electric Power Co. (TEPCO) announced that operating
revenues in the fiscal year 2004 (from April 1, 2004 to March 31, 2005)
increased 4.0% from the previous year to ¥5,047.2 billion (¥4,823.2
billion on an unconsolidated basis, up 1.9%).  Ordinary income rose
32.7% to ¥408.2 billion (¥384.5 billion, up 26.3%).  Net income expanded
51.2% to ¥226.1 billion (¥244.8 billion, up 61.3%).

Electricity sales in the fiscal year increased 3.9% from the previous
year to 286.7 billion kWh as air-conditioning demand expanded
substantially in reaction to an unusually cool summer weather in the
previous year and in response to record-setting high heat waves in the
summer of 2004 and as electricity demand from the industrial sector rose
on a moderate economic recovery.

Of the total, electricity sales for residential use jumped 6.5% from the
previous year to 92.6 billion kWh.  Sales for commercial and industrial
use increased 4.2% to 78.2 billion kWh.  Specified-scale demand gained
1.7% to 115.9 billion kWh.

Among revenues in the fiscal year 2004, electricity industry sales
revenues increased 0.9% from the previous year to ¥4,637.2 billion as
TEPCO cut electricity charges in October 2004 while boosting the sales
volume for the year.  Total operating revenues, which also include
revenues from electricity transactions between regions, sales to other
utilities and those resulting from the effect of POWEREDCOM Inc. that
became a TEPCO subsidiary at the end of the fiscal year's first half,
expanded 4.0% to ¥5,047.2 billion (¥4,823.2 billion on an unconsolidated
basis, up 1.9%).  Ordinary revenues rose 4.3% to ¥5,086 billion (¥4,851.7
billion, up 1.9%).

Among electricity industry expenses, maintenance costs soared on the
completion of nuclear plant inspections and repair works.  Backend costs
also rose due to an increase in electricity output at nuclear plants.
On a consolidated basis, costs increased for making POWEREDCOM a
subsidiary.  On the other hand, the resumption of nuclear plant
operations allowed fuel and electricity purchase costs to decline
substantially.  TEPCO also promoted efficiency improvement and
cost-reduction efforts, including plant and equipment investment savings
to lower depreciation costs and reduction of interest-bearing debts to
save interest payments.  As a result, ordinary expenses increased 2.4%
to ¥4,677.8 billion (¥4,467.2 billion on an unconsolidated basis, up
0.3%).

Business Outlook for Fiscal Year 2005

TEPCO projects electricity sales in the fiscal year 2005 to decline 1.1%
from the previous year to ¥283.5 billion kWh on an expected drop in
air-conditioning demand in reaction to record-setting heat waves in the
fiscal year 2004, although the economy is expected to recover moderately
on the strength of private sector demand after a temporary adjustment in
the first half of the current fiscal year.

TEPCO estimates operating revenues in the fiscal year 2005 at about
¥5,150 billion on a consolidated basis and at about ¥4,800 billion on an
unconsolidated basis.  While fuel cost adjustments accompanying oil
price hikes from the second half of the fiscal year 2004 are expected to
boost revenues in the electricity industry, a fall in electricity sales
volume and a cut in electricity charges from last October are likely to
affect revenues.  On a consolidated basis, there will be an effect of
POWEREDCOM that became a subsidiary of TEPCO in the previous fiscal year.

Among electricity expenses, maintenance and repair costs will increase
on the enhancement of checks and repairs of power distribution
facilities to secure safety and maintain functions.  Fuel costs will
also expand due to oil price hikes.  However, a rise in electricity
generation at nuclear power plants will serve to reduce expenses
substantially.  TEPCO will continue efforts to increase efficiency and
save costs in all areas of operations, including plant and equipment
investment savings to lower depreciation costs.  On a consolidated
basis, expenses are expected to rise on POWEREDCOM that has just been
made a TEPCO subsidiary.

Given these expectations, TEPCO projects ordinary income to total about
¥390 billion on a consolidated basis and about ¥370 billion on an
unconsolidated basis.  Net income is estimated at about ¥240 billion on
a consolidated basis and at about ¥235 billion on an unconsolidated
basis.

Consolidated
     Operating revenues               about ¥5,150 billion
     Ordinary revenues                about   ¥390 billion
     Net income                       about   ¥240 billion

Unconsolidated
     Operating revenues               about ¥4,800 billion
     Ordinary revenues                about   ¥370 billion
     Net income                       about   ¥235 billion

Appendices
Summary of Financial Results for Fiscal Year 2004 (Ended March 31, 2005)
Summary of Unconsolidated Financial Results for Fiscal Year 2004 (Ended March 31, 2005)