News Release
July 28, 1997

DUKE ENERGY CORP. INCREASES DIVIDEND

CHARLOTTE, N.C., July 28, 1997 -- Duke Energy Corporation’s (NYSE: DUK) board of directors today approved a quarterly cash dividend on the company’s common stock of 55 cents a share -- an increase of 2 cents from its previous level. The dividend is payable on Sept. 16, 1997, to shareholders of record on Aug. 15, 1997.

This is the 71st consecutive year that Duke Energy, or its predecessor Duke Power Co., has paid quarterly cash dividends on its common stock and the 22nd straight year the company has increased its quarterly dividend.

The Duke Energy board of directors also announced that the company will be paying quarterly dividends on its preferred stock on Sept. 16 to shareholders of record on Aug. 15.

Duke Energy Corporation is a global energy company with more than $20 billion in assets. Duke Energy companies provide electric service to approximately 2 million customers; operate pipelines that deliver 12 percent of the natural gas consumed in the United States; and are leading marketers of electricity, natural gas and natural gas liquids. Globally the companies develop, own and operate energy facilities and provide engineering, management, operating and environmental services. Contact Duke Energy on the World Wide Web at http://www.duke-energy.com.

Contact: Randy Wheeless
Phone: 704-382-8379
24 Hour Phone: 704-594-0681
Email: crwheele@duke-energy.com