News Release
Aug. 04, 1998

DUKE ENERGY TRADING AND MARKETING NAMES BRAD KARP PRESIDENT

HOUSTON -- The management committee of Duke Energy Trading and Marketing L.L.C. (DETM) has elected Brad Karp president, effective September 15.

Karp, 37, formerly executive vice president, will report to Jim Hackett, group president of energy services. Karp replaces Don Sinclair, who has decided to leave the company to pursue personal interests.

"Under Don Sinclair’s leadership, DETM has emerged as one of North America’s leading energy marketing and trading companies, and Brad Karp will continue to capitalize on that strong business foundation to continue moving the business forward," Hackett said.

Karp joined the Duke Energy organization in 1988 as vice president marketing for MEGA Natural Gas Company, a predecessor of Associated Natural Gas Corporation, and was promoted to executive vice president the following year. He was named senior vice president of marketing for Associated in 1991, following that company’s acquisition of MEGA.

Following PanEnergy Corp’s acquisition of Associated in 1994, Karp became executive vice president of PanEnergy Trading and Marketing Services, Inc., in 1996. He was elected to his current position following the June 1997 merger of PanEnergy Corp of Houston and Duke Power Company that created Duke Energy.

Previously, Karp served as vice president of marketing and business development for Esco Energy Inc./Vesta Energy Company and director of Texas Eastern Gas Services Company, and held positions of increasing responsibility with Texas Eastern Transmission Corporation.

He received a bachelor’s degree with honors in chemical engineering from Harvard University in 1982, where he was elected to the Phi Beta Kappa Society.

Duke Energy Trading and Marketing, which is 60 percent owned by Duke Energy and 40 percent owned by Mobil Corp., markets natural gas and electric power and provides comprehensive related services, including risk management and total energy management throughout North America.

Duke Energy (NYSE:DUK) is a global energy company with more than $24 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