Corporate Information

Press Release (Dec 22,2004)
Conclusion of Time Charter Contract for the Third LNG Carrier
Tokyo Electric Power Company (TEPCO) and Nippon Yusen Kaisha (NYK)
concluded a time charter contract* for an LNG carrier for Darwin LNG
Project between their respective subsidiaries on December 22, 2004.
This is the third LNG carrier project for TEPCO.

TEPCO, aiming to diversify transaction formats in relation to LNG
procurement and to reduce procurement costs, has engaged in the business
of holding and operating LNG carriers since 2000. In October 2003, TEPCO
began to operate the first LNG carrier for Malaysian LNG Project.
Preparing for the commencement of operations for the second LNG carrier
for Darwin LNG Project in 2006, TEPCO has been considering the third LNG
carrier, simultaneously.

By concluding the time charter contract, TEPCO's subsidiary, LNG Marine
Transport Ltd. will charter the carrier from the NYK Group and manage
operations. Approximately one million tons of LNG per year will be
transported from Australia for 15 years after operations commence in
April 2008.

TEPCO and NYK continue to strive for the stable and economical
procurement of fuel.

* Note: Time charter contract is a type of contract which is concluded
between a user and an owner of a carrier. Paying the charter fee to the
owner, the user will charter the carrier from the owner for a certain
period specified in the contract.

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