The offer price was fixed today for secondary offering of our shares currently held by some financial institutions. The board of directors of the Kansai Electric Power Company, Inc. (the "Company") had resolved to offer the shares bellow. The purpose of this offering is to expand individual shareholders, and this offering is for domestic investors.

[ I ] Secondary offering of our shares

(1) Number of shares to be offered and sold:
25,600,000 shares of common stock of the Company

(2) Selling shareholder and number of shares to be sold:

(3) Offer price:
Japanese yen 1,883 -

(4) Aggregate offer price:
Japanese yen 48,204,800,000 -

(5) Method of secondary offering:
Nomura Securities Co., Ltd., Daiwa Securities SMBC Co., Ltd., Nikko Citigroup Limited, Mizuho Securities Co., Ltd., UFJ Tsubasa Securities Co., Ltd., Mitsubishi Securities Co., Ltd., and Shinko Securities Co., Ltd., shall make best efforts to sell the shares to the general public. Those shares which remain unsold shall be jointly underwritten by those underwriters.

(6) Subscription price:
Japanese yen 1,806.12 -

(7) Aggregate subscription price:
Japanese yen 46,236,672,000 -

(8) Subscription period:
From January 21, 2004 to January 23, 2004

(9) Delivery date:
January 29, 2004

(10) Subscription money:
Same as the offer price per share

(11) Unit of offering:
100 shares

(12) The Company submitted a Securities Registration Notice on January 9, 2004 and a Securities Registration Change Notice on January 20, 2004 under the Securities and Exchange Law of Japan.

[ II ] Secondary offering conducted by exercise of over-allotment option
(1) Number of shares to be offered and sold:
2,000,000 shares of common stock of the Company.
Having taken into account market demand for the secondary offering of our shares, Nomura Securities Co., Ltd. makes an additional secondary offering of shares which it borrows from Mizuho Corporate Bank, Ltd. Nomura Securities Co., Ltd. has entitled to exercise an option to acquire 2,000,000 shares of our common stocks at the maximum ( the " Green Shoe option" ) from Mizuho corporate Bank, Ltd. The exercise period of the Green Shoe option begins on January 29, 2004 and terminates after February 20, 2004. Nomura Securities Co., Ltd. may purchase 2,000,000 shares of our common stocks at the maximum in the Tokyo Stock Exchange market during the period from January 24, 2004 to February 17, 2004 for the purpose of returning the borrowed shares above.

(2) Selling shareholder and number of shares to be sold:
Name Number of shares to be sold
Nomura Securities Co., Ltd. 2,000,000 shares,

(3) Offer price: Japanese yen 1,883 -

(4) Aggregate offer price: Japanese yen 3,766,000,000 -

(5) Subscription period: From January 21, 2004 to January 23, 2004

(6) Delivery date: January 29, 2004

(7) Subscription money: Same as the offer price per share

(9) Unit of offering: 100 shares

(10) The Company submitted a Securities Registration Notice on January 9, 2004 and a Securities Registration Change Notice on January 20, 2004 under the Securities and Exchange Law of Japan.

The purpose of this press release is to make a general public announcement of the secondary offerings of the shares. It has not been prepared for the purpose of soliciting investments in the shares.