RNS Number:3245J
Zhejiang Southeast Elec Power Co Ld
28 March 2003


Zhejiang Southeast Electric Power Company Limited

Announcement on Resolutions of Board of Directors


The 24th meeting of the 2nd Board of Directors of Zhejiang Southeast Electric
Power Company Limited (the "Company") was convened at Xizi Hotel of Hangzhou on
26 March 2003. Sixteen directors should be present and thirteen directors were
present at the meeting.  Directors Mr Zhang Huaiyu and Mr Li Yuan appointed Mr
Zhu Li and Mr Ke Jixin to attend the meeting on their behalf because they were
on a business trip or aboard.  Director Mr Huan Guochang appointed Mr Huang
Dongliang to attend the meeting on his behalf due to certain reasons.  The
supervisors and the personnel of the management team of the Company attended the
meeting.  The number of directors attending the meeting complies with the
stipulations of the Company Law and the Articles of Association, and the meeting
is lawful and valid. Chairman of the Board of Directors of the Company Mr. Hu
Jiangchao presided over the meeting. The following resolutions were adopted
after discussion at the meeting:


I.    Discussed and approved the Work Report of the Board of Directors of the 
Company for year 2002;

II.   Discussed and approved the Work Report of the General Manager of the 
Company for year 2002;

III.  Discussed and approved the Annual Report of the Company for
year 2002 and the Summary of the Annual Report of the Company for year 2002;

IV.   Discussed and approved the Final Accounting Statement of the
Company for year 2002 and approved the Statement on Accounting Strategies,
Accounting Estimated Changes and Correction of Significant Accounting Errors of
the Company (please refer to the Statement on Correction of Significant
Accounting Errors in the Annual Report for year 2002 and the Summary of the
Annual Report for year 2002);

V.    Discussed and approved the Proposal for Distribution of
Profits of the Company for year 2002.

According to the financial statements of the Company for year 2002 audited by
domestic and international accountants, following the principle of "whichever is
lower" of the amounts by the different accounting standards, taking the
after-tax profit of the parent company totalling RMB 545,474,480.11 yuan audited
by the domestic accountant as the base of distribution, after allocating 10% to
the statutory common reserve fund and 10% to the statutory welfare fund
totalling RMB 109,094,896.02 yuan, together with the undistributed profit of the
parent company at the beginning of the year totalling RMB 812,457,756.14 yuan,
the profit distributable to the shareholders of the Company for year 2002
amounted to RMB1,248,837,340.23 yuan. Taking the 2.01 billion shares in the
aggregate share capital of the Company at the end of 2002 as the base number, a
cash dividend of RMB 2.48 yuan (inclusive of tax) will be distributed per 10
shares, totalling RMB 498,480,000.00 yuan.

VI.   Discussed and approved the Financial Budgetary Report of the
Company for year 2003.

VII.  Discussed and approved the Proposal of Re-appointment of Accountants.

Upon approval of the Board of Directors of the Company, the Company will
reappoint Zhejiang Pan-China Public Accountants and PricewaterhouseCoopers China
Limited as the financial audit organs of the Company for year 2003.  The
relevant amounts of remuneration and method of payment will be proposed by the
management team authorized by the Board of Directors and will be submitted to
the chairman for approval.

VIII.  Discussed and approved the Proposal of Change of Shareholder of
Zhejiang Provincial Natural Gas Development Company Limited.

It is agreed that 37% of the shares of Zhejiang Provincial Natural Gas
Development Company Limited held by China Ocean Oil Corporation will be
transferred to its wholly-owned subsidiary ---- China Ocean Oil Natural Gas &
Electric Power Generation Company Limited.  The Company holds 10% of the shares
of Zhejiang Provincial Natural Gas Development Company Limited.

IX.    Discussed and approved the Proposal of Change of Shareholder of
Zhejiang Changxing Electric Power Generation Company Limited.

It is agreed that 20% of the shares of Zhejiang Changxing Electric Power
Generation Company Limited held by Zhejiang Provincial Electric Power
Development Company will be transferred to Zhejiang Hongfa Energy Company
Limited.  The Company holds 65% of the shares of Zhejiang Changxing Electric
Power Generation Company Limited.

The 1st, 3rd, 4th, 5th, 6th and 7th proposals of the above resolutions shall be
submitted to the Shareholders' General Meeting for year 2002 for review and
discussion.

The time and content of the Shareholders' General Meeting of the Company for
year 2002 will be announced later.


Board of Directors

Zhejiang Southeast Electric Power Company Limited

28 March 2003

Zhejiang Southeast Electric Power Company Limited


            Announcement on Resolutions of the Supervisory Committee


The 4th meeting of the 2nd Supervisory Committee of Zhejiang Southeast Electric
Power Company Limited (the "Company") was convened at Xizi Hotel of Hangzhou on
26 March 2003. Seven supervisors should be present and six supervisors were
present at the meeting.  Supervisor Mr Jiang Huadong was unable to attend the
meeting as he was out for study.  The number of supervisors attending the
meeting complies with the stipulations of the Company Law and the Articles of
Association, and the meeting is lawful and valid. Chairman of the Supervisory
Committee of the Company, Mr. Tang Xingen, presided over the meeting. The
following proposals were examined and discussed at the meeting and the relevant
independent opinions were issued:


I.     Discussed and approved the Work Report of the Supervisory
Committee of the Company for year 2002;

II.    Discussed and approved the Annual Report of the Company for
year 2002 and the Summary of the Annual Report of the Company for year 2002.


The above proposals have to be submitted to the Shareholders' General Meeting of
the Company for year 2002 for review and approval.

The Supervisory Committee is of the view that:


I.     The contents of the Annual Report of the Company for year
2002 and the Summary of the Annual Report of the Company for year 2002 are true,
accurate and complete and there are no false representations, material omissions
and serious misleading statements.  The Supervisory Committee agrees that the
Statement on Accounting Strategies, Accounting Estimated  Changes and Correction
of Significant Accounting Errors of the Company and the auditors' reports
without reservations issued by Zhejiang Pan-China Public Accountants and
PricewaterhouseCoopers China Limited objectively and truly reflect the financial
conditions and operating results of the Company.

II.    The Company operates in accordance with law, and the
financial conditions, use of proceeds, asset acquisition transactions and
connected transactions of the Company do not have any problems.


                         Supervisory Committee
             Zhejiang Southeast Electric Power Company Limited
                            28 March 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCGXGDXDGDGGXI