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Zhejiang Southeast (BQ36)

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Friday 31 October, 2003

Zhejiang Southeast

3rd Quarter Results

Zhejiang Southeast Elec Power Co Ld
31 October 2003

               Zhejiang Southeast Electric Power Company Limited

                                Announcement on

                        Third Quarterly Results of 2003

 I. Particulars of the Company

Share Name Abbreviation     ZSEPC B Share
Share Code                  900949
Company Address             Floor 22-23, Biao Li Tower, 528 Yan'an Road, Hangzhou
Telephone No.               86-571-85774566
Fax No.                     86-571-85774321

 II. Main Accounting Data and Financial Indicators

 Table 1                                                      Unit: RMB yuan

                                  30 September   2003     31 December     Increase/Decrease Compared with That
                                                                          at End of Previous Year (%)
                                                             2002
Total Assets                         8,964,570,382.97    8,602,419,267.42                                 4.21
Shareholders' Equity (excluding      6,055,533,184.88    5,386,781,727.00                                12.41
minority shareholders' equity)
Net Assets per Share                             3.01                2.68                                12.31
Adjusted Net Assets per Share                    3.00                2.67                                12.36

 Table 2                                                Unit: RMB yuan

                                        July-September      January -     Increase/Decrease Compared with
                                                  2003     September 2003 That at Same Period of Previous
                                                                          Year (%)
Net Cash Flow from Operating                         -   1,483,786,722.30                                  -
Activities
Earnings per Share                               0.157              0.333                             102.95
Yield on Net Assets (%)                           5.20              11.04                              95.49
Yield on Net Assets after Deducting               5.48              11.56                              92.28
Non-recurring Gains & Losses (%)
(according to weighted average
method)
    Non-recurring Gains & Losses                                                          Amount

      ( Losses Denoted by '-')                                                      January - September 2003 
 1 Net Losses on                                                                              -18,187,264.67
   Disposal of Fixed Assets
 2 Donations                                                                                   -1,187,500.00
 3 Penalties                                                                                      -67,967.63
 4 Miscellaneous                                                                                  265,420.37
Total                                                                                         -19,177,311.93

 III. Brief Analysis of Operations of the Company
In the 3rd quarter of 2003, the principal operating income and net profit realized by the Company increased to RMB
1,526 million yuan and RMB 314 million yuan respectively representing an increase of 77.98% and 102.95% respectively as
compared with those in the same period of the previous year. The electricity sales completed in this period went up to
4.465 billion kwh, representing an increase of 75.30% (1.918 billion kwh) compared with that in the same period of the
previous year.

The increase in the amount of electricity sales is primarily due to the improved operating results of the Company in
the 3rd quarter of 2003 in comparison with the same period of the previous year. The increase in electricity sales was
caused by (a) the addition of 1.186 billion kwh generated by the two newly-commissioned 300 MW generating units of
Zhejiang Changxing Power Generating Company Limited which is a subsidiary of the Company; and (b) the increase in sales
brought about by the Company who made full use of its generating capacity within the safety limits to combat the
unprecedented power shortage in Zhejiang caused by the sustained rapid economic development and the lasting heat wave
in the 3rd quarter of 2003 in Zhejiang.

In addition, all the electricity sales of the Company in the 3rd quarter of 2003 were settled at the contractual price
as the Zhejiang power market was suspended in the 3rd quarter of 2003 due to the severe power shortage, whereas 20% of
the electricity sales over the same period in the previous year was settled at the market price. This to a certain
extent increased the settlement price of the electricity sales and consequently further increased the principal
operating income of the Company.

For the period from January to September 2003, the Company's electricity sales has completed an aggregate of 10.471
billion kwh representing an increase of 47.19% as compared with the same period of the previous year.  Its principal
operating income and net profit were RMB 3,532 million yuan and RMB 668 million yuan respectively representing an
increase of 44.10% and 47.95% respectively as compared with those in the same period of the previous year.



                                                                                  Board of Directors

                                                                    Zhejiang Southeast Electric Power Company Limited

                                                   30 October 2003




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