Corporate Information

Press Release (Apr 22,2003)
Conclusion of the Contracts for the Umm Al Nar Power and Water Project in Abu Dhabi, UAE
April 22, 2003

Tokyo --- On April 19, 2003, the consortium comprising of International Power
plc (IPR), Tokyo Electric Power Co. (TEPCO) and Mitsui & Co., Limited (Mitsui)
has received Abu Dhabi government approval awarding the project and concluded
the project agreements with Abu Dhabi Electricity and Water Authority (ADWEA)
to acquire, expand, operate and maintain the Umm Al Nar Power and Water Plant
in UAE Abu Dhabi of which ADWEA called for an international competitive bid
in November 2002.

The project is the largest scale power and water project in the Middle-East
area whose total project cost is estimated at 250 billion Japanese yen (USD2.1
billion). It is the first achievement for a Japanese power company to take
part in a Middle-East power and water project.

The plant is located in Umm Al Nar Island close to Abu Dhabi city and has an
installed capacity of 850MW for power and 750,000 tons per day of desalinated
water. The project is the acquisition of the existing plant and new expansion
of the plant, which will have an installed capacity of 1,550MW for power and
110,000 tons per day of water.

The new plant will be constructed utilizing Advanced Combined Cycle (ACC)
technology of which TEPCO has extensive operation and maintenance experience,
and fuel gas will be supplied by Abu Dhabi National Oil Company (ADNOC) through
existing gas pipeline. The engineering, procurement and construction for the
new plant has been awarded to Mitsui, with Toshiba Corporation and Hitachi
Zosen Corporation as sub-contractors for the power plant using GE9FA gas
turbines and the water plant, respectively. Construction will commence in July
2003, and commercial operation of partial capacity is expected in June 2005
and the completion of construction is expected by June 2006.

The project will operate on a BOO (Build Own Operate) structure for 20 years,
and all electricity and desalinated water will be purchased by Abu Dhabi
Electricity and Water Company (ADWEC) which is owned 100% by ADWEA.

ITM Investment Company Limited (ITMIC), owned 35% by TEPCO, 50% by IPR and 15%
by Mitsui, and ADWEA will establish the Arabian Power Company (project company
of the plant) which will be owned 40% by ITMIC and 60% by ADWEA in Abu Dhabi,
of which the acquisition is expected to be completed by June 2003.

The plant will be operated and maintained by an operating company, ITM O&M
Company Limited, which will be owned 30% by TEPCO and 70% by IPR.

TEPCO believes that its experience in operation and maintenance of the thermal
power plants is beneficial for the project. TEPCO's amicable relationship with
UAE through the LNG deals to date was the catalyst for deciding to join in the
project. The project is the fifth overseas power business for TEPCO, after
various IPP projects in Taiwan, Vietnam and Australia.

TEPCO will invest in the project through TEPCO International B.V., which was
established as a subsidiary for foreign investments in the Netherlands in July
1997, and continue to actively pursue new business opportunities overseas
utilizing its financial, technical and managerial capabilities.

Project Key Facts:

(1) Location	        Umm Al Nar Island, Abu Dhabi, UAE
                        (15km east of Abu Dhabi)
(2) Project Cost        Approx. 250 billion yen ($2.1 million)
(3) Capacity            Existing Plant - Power: 850MW / Water: 750,000 t/day
                        New Plant - Power: 1,550MW / Water: 110,000 t/day
(4) Type                Power: Advanced Combined Cycle (ACC)
                        Water: Multi Stage Flush (MSF)
(5) Fuel                Natural Gas
(6) Gas Supplier        ADNOC (ADWEC will purchase natural gas from Abu Dhabi
                        National Oil Company (ADNOC))
(7) Off-Taker           Abu Dhabi Water and Electricity Company (ADWEC)
(8) Term                20 years from commercial operation of new plant
(9) Commission Date     June 2006
(10) Consortium         International Power, TEPCO, Mitsui & Co.
(11) EPC Contractor     Mitsui & Co.
                        (Power plant: Toshiba, Water plant: Hitachi Zosen)
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