A Message from Outgoing Chairman Nobuya Minami

First of all, I would like to express my heartfelt apology for the trouble you have all been caused by the recent problem at Tokyo Electric Power Co., Ltd.

And, as this will be my last press conference as chairman of the Federation of Electric Power Companies, I would like to express heartfelt thanks for the strong support the members of the Energy Press Club have given me during my tenure.

I now have some announcements to make regarding FEPC management personnel changes. Details are shown in the reference materials.

Effective today, I will step down as FEPC Chairman, and as was determined by a unanimous vote at today's General Policy Committee Meeting, Mr. Yohsaku Fuji, President of Kansai Electric Power Co., Ltd., has been asked to take my place.

I would now like to make a brief statement.

As has already been reported, I am stepping down as president of Tokyo Electric Power Company and chairman of the FEPC to clarify management responsibility for the great damage done to the public trust and to the trust of residents in site-host communities by the situation recently brought about by Tokyo Electric Power.

I would like to reiterate that the current affair has seriously damaged the trust of society at large, and more particularly, the trust of residents in site-host communities who have given us their understanding and cooperation for many years. It is with deep pain that I would like to again express by deepest apology for the great trouble and worry that has been caused to residents of site-host communities and members of society.

I would also like to take this opportunity to express my heartfelt apology to the presidents of the other electric power companies, and everyone else involved.

Having reported on the full extent of the matter the other day, I am prepared to devote all of my energies to strengthening measures against recurrence to ensure that a problem like this never again occurs.

With the OPEC General Assembly Meeting having recently been held for the first time in an oil-consuming nation -- Japan -- it is clear to me that nuclear power generation is essential for a resource-poor nation such as our own to secure a stable energy supply for the future.

While it is true that we have caused a completely indefensible situation, there is absolutely no change in my belief that nuclear power generation continues to be necessary to our nation.

Although the trust we have lost cannot be restored overnight, I plan to dedicate myself, body and soul, to the task of regaining society's trust as quickly as possible.

Looking back over my term as chairman, although it is just over a year, my honest feeling is that I have done my best to respond to market deregulation, and to advance the cause of the nation's electric power industry. I have also actively participated in discussions on future power industry regulations as a member of the Power Industry Subcommittee of the Advisory Committee for Natural Resources and Energy.

Now, with those discussions at a critical turning point, and with the environment surrounding nuclear power more severe than it has ever been in the past, I am sorry that I must burden President Fuji with the task of carrying the torch forward.

As you all know, however, President Fuji has been at the center of Kansai Electric Power's management for many years, and is deeply familiar with the issues that the electric power industry faces. In addition to having a broad knowledge of electric power technology and business operations, he has as much experience as I do in the area of planning, and has also helped be personally in many ways in the past.

Furthermore, he has led the industry in the discussions on electric power deregulations that are currently being conducted, and is ideally suited to serve as the new chairman.

In the future, I plan to continue to assist him to the extent of my own limited abilities, and ask you all to lend Chairman Fuji your support.

A Message from Incoming Chairman Yohsaku Fuji

Thank you.

As Chairman Minami has stated, I was selected at today's General Policy Committee Meeting to serve as the new FEPC chairman.

With the environment surrounding the industry as severe as it is, I recognize the increased weight of the responsibility in being asked to represent the industry as FEPC chairman.

During his term, Chairman Minami exhibited leadership in discussions on electric power industry deregulation and a wide range of other issues. I am sure it must have been an arduous task to serve as both president of TEPCO and chairman of the FEPC at the dawn of the 21st century and a time of revolutionary change.

My heart goes out to him when I think how he must feel as he steps down before having a chance to serve his full term.

For myself, I confess that I am not confident that my own limited abilities will be sufficient to the heavy responsibility of adequately fulfilling my role as chairman. But, having taken on the task, I plan to do my utmost to advance the cause of our nation's electric power industry.

Even in the short term, there are myriad issues that must be faced, including the problem of electric power industry deregulation. Above all, though, I believe the recovery of trust in nuclear power is a critical issue that we must address with the full resources of the industry. And as a first step, nuclear power generating facilities must quickly and completely carry out internal inspections and investigations.

Although the role of the FEPC is changing as the process of deregulation continues, I believe that for those of us engaged in electric power generation, the importance of assuring a stable power supply and addressing energy security and global environmental issues will continue to grow.

With the support and cooperation of member companies and other concerned parties, I hope to address these issues to the full extent of our abilities.

In conclusion, I would like to ask for your counsel and support, which I will no doubt need to call upon in these monthly press conferences and other meetings in the future.