December 2, 2004
Participation in Wind Power Generation Project

Gas and Power Investment Co., Ltd. (GPI), a wholly owned subsidiary of Osaka Gas, has entered into an agreement with Sojitz Corporation for its participation in a wind power generation project. Based on the agreement, GPI will acquire 49% equity of Hayama Windpower, a subsidiary of Sojitz, through a share transfer by the end of this year.

Hayama Windpower currently plans to build a 20MW power generation capacity (1MW X 20�@units) in Hayama, Kochi Prefecture. Construction of the plants is scheduled to commence in January 2005 for a start of commercial operation in March 2006. The entire generated electricity from the wind farm will be sold to Shikoku Electric Power Company.

The new power generation project is an addition to the existing power generation portfolio of GPI which owns and operates the total of 450MW IPP plants and other facilities.