News Release
Nov. 14, 1997

DUKE ENERGY TO REDEEM FOUR ISSUES OF PREFERRED STOCK

CHARLOTTE, N.C. - Duke Energy announced today that on Dec. 16 the company will redeem four issues of preferred stock.

The company will redeem all 1.6 million shares of the 7.72 percent Cumulative Preferred Stock A, 1992 Series. All shareholders will receive $26.93 per share, plus accrued dividends to that date.

The company will redeem all 350,000 shares of the 6.72 percent Cumulative Preferred Stock, Series E. All shareholders will receive $102.00 per share, plus accrued dividends to that date.

The company will redeem all 350,000 shares of the 5.72 percent Cumulative Preferred Stock, Series D. All shareholders will receive $101.00 per share, plus accrued dividends to that date.

The company will redeem all 850,000 shares of the 7.50 percent Cumulative Preferred Stock, Series R. All shareholders will receive $105.00 per share, plus accrued dividends to that date.

Redemption notices for these issues were mailed to shareholders on Nov. 14. Duke Energy will serve as the redemption agent for the preferred stock.

Duke Energy Corporation (NYSE:DUK) 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