News Release
April 17, 1998

DUKE ENERGY MARKETING L.P. ANNOUNCES SABLE GAS CONTRACT WITH IRVING GROUP

HOUSTON - - Duke Energy Marketing L.P. has signed its first long-term contract to supply natural gas produced from the Sable Island area to be delivered to the Irving Group of companies.

Duke will purchase the natural gas from Mobil Oil Canada Properties under a long-term supply arrangement. This contract will provide up to 86 million cubic feet per day of natural gas to the Irving Group for 15 years. The Irving companies will use the gas for their New Brunswick operations including the Saint John refinery and pulp and paper mills.

"This contract will allow Duke to farther enhance opportunities to expand energy source options to new and existing markets," said Alfred Sorensen, president of Duke Energy Marketing L.P. "This contract is significant because the Irving Group has been one of the Sable project’s earliest and strongest supporters."

"For Irving, the contract will diversify the company’s energy sources and will farther enhance the competitive capability of the Irving refinery. This contract provides a foundation for substantial economic development," said Steve Kirstiuk, manager of supply for Irving Oil.

The Irving Companies are an integral part of the Atlantic Canadian economy and trace their origins to 1924. Their holdings include oil, transportation and forestry.

Duke Energy Marketing L.P. is the Canadian trading arm of Duke Energy Trading and Marketing, L.L.C., which is 60 percent owned by Duke Energy and 40 percent owned by Mobil. Duke Energy Trading and Marketing markets electric power and natural gas to utilities, municipalities and other large energy users and provides comprehensive related services, including risk management and total energy management. Duke Energy and Mobil also are among the owners of Maritimes & Northeast Pipeline.

Duke Energy Corporation (NYSE:DUK) is a global energy company with $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: John P. Barnett
Phone: 713/627-4072
24 Hour Phone: 704/382-8333
Email: media_relations@duke-energy.com