TEPCO and Consortium Sign Contracts for the Phu My 2-2 IPP Project in Vietnam
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TEPCO and Consortium Sign Contracts for the Phu My 2-2 IPP Project in Vietnam - JCN Newswire
TEPCO and Consortium Sign Contracts for the Phu My 2-2 IPP Project in Vietnam
Establishment of the Mekong Energy Limited and Investment in the Natural Gas ACC Power Project

Tokyo, Sept 19, 2001 - (JCN Newswire) - The consortium comprised of Electricite de France (EDF), Sumitomo Corporation and TEPCO has been negotiating with Vietnamese parties regarding the first international competitive bid IPP project in Vietnam "Phu My 2-2 Project" since we were selected as the first preferred bidder in January 1999. Today, we have received the Investment Licence from the Vietnamese government and executed the project documents. It is the first achievement for a Japanese electric utility company to be a successful bidder of an overseas investment project through international competitive bid process.

This Phu My 2-2 project, which will construct a thermal power station located on the coast 50 km southeast from Ho Chi Minh City (Ba Ria - Vung Tau Province) with the output of 715MW, is the first BOT power generation project in Vietnam and will be fully owned by foreign investors. Advanced Combined Cycle technology, with the world's highest thermal efficiency utilizing natural gas for primary fuel will be adopted in order to mitigate environmental impact. Electricity of Vietnam will be the electricity off-taker for this project and the power station will be transferred to the Vietnamese government 20 years after the commercial operation date.

To utilize our expertise on combined cycle power plants so as to ensure the timely construction and reliable operation, TEPCO will dispatch one director and several engineers to the project company "MEKONG ENERGY COMPANY Ltd" to undertake engineering, construction and operation of the power station. The planned construction start date is September 2002 and the planned commercial operation date is September 2004. The anticipated equity contribution amount to this project is approximately 2 billion yen through TEPCO International B.V. which was established in the Netherlands in July 1999, as TEPCO's financial vehicle.

This project is following our preceding overseas IPP projects, i.e. Star Energy Power Corporation and Sun Ba Power Corporation in the Republic of China. TEPCO will continue developing overseas project in a steadfast manner so as to explore new business opportunities abroad.

1.Summary of Phu My 2-2 Project in Vietnam (1) Output: 715MW (2) Technology: Advanced Combined Cycle (3) Fuel: Natural Gas to be supplied from Nam Con Son gas field via pipeline (4) Gas Supplier: PetroVietnam (5) Site: 50km Southeast of Ho Chi Minh City (6) Off-taker: Electricity of Vietnam (7) Operation period: 20 years, after the expiration of term, the power station will be transferred to Vietnamese Government (8) Construction Start Date: September 2002 (9) Commercial Operation Date:September 2004 (10) Consortium Member: EDF/Sumitomo/TEPCO (11) Project Cost: Approximately 50 billion yen 2. Summary of Mekong Energy (1) Name: MEKONG ENERGY COMPANY Ltd (2) Place of Office: Hanoi (3) Date of establishment: September 2001 (4) Equity: Approximately 12.5 billion yen (5) Shareholders: EDF International, Sumitomo Corporation,TEPCO International

About Tokyo Electric Power Co., Inc.

Tokyo Electric Power Company, Incorporated (The) was established in 1951 and is Japan's largest electric power supplier. The company is based in the Tokyo metropolitan area and surrounding prefectures, operates one hundred and fifty seven hydroelectric power plants, twenty nine thermal power plants and three nuclear power plants and supplies electricity to about 23.2 million households and 2.8 million commercial and industrial customers. One of the world's largest electric utilities, TEPCO has a generating capacity of 57,800 MW, produced by fossil fuel (56%), nuclear (30%), and hydroelectric (14%) power sources. Seeking diversity in the face of a reduced monopoly status caused by deregulation, TEPCO is moving into communications. It owns a major stake in Tokyo Telecommunication Network (TTNet, local and long-distance phone service). TEPCO is in a telecommunications joint venture with nine other Japanese electric companies.

Sept 19, 2001
Source: Tokyo Electric Power Co., Inc.

Tokyo Electric Power Co., Inc. (TSE: 9501)

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Topic: Miscellaneous Achievement
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