News Release
Dec. 29, 1998

DUKE ENERGY NAMED UTILITY OF THE YEAR BY ELECTRIC LIGHT & POWER MAGAZINE

CHARLOTTE, N.C. – Cited for its "forward-thinking approach," Duke Energy was named the 1998 Utility of the Year by Electric Light and Power – a leading industry trade magazine.

It is the first time a utility has been honored twice by the magazine; Duke Energy previously won the honor in 1977. Each year, a panel of the magazine’s editors, with input from utility financial analysts, selects the winning company.

Duke Energy was cited for its integrated approach to developing fuel and electricity infrastructure around the world as well as for its strong trading and marketing unit, a robust merchant plant program and an efficient regulated utility operation, Duke Power.

"This forward-thinking approach promises to put Duke in a good position to compete in the deregulated electricity marketplace," stated the magazine in its article on Duke Energy.

The honor caps a banner year for Duke Energy. Earlier in 1998, Duke Power was ranked No. 1 among utilities in overall customer satisfaction in a survey done for Fortune magazine. In addition, London’s Financial Times newspaper in November ranked Duke Energy as the world’s most respected utility, based on a poll of chief executive officers from 53 countries.

"It’s evident that the 22,000-plus employees of Duke Energy are making their mark in providing innovative and efficient service to customers around the globe," said Richard B. Priory, chairman, president and chief executive office of Duke Energy. "The recognition the Duke Energy team received this year has been both gratifying and reinvigorating."

Duke Energy (NYSE:DUK) is a global energy company with more than $26 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: Joe Maher
Phone: 704-382-8323
24 Hour Phone: 704-382-8333
Email: jmaher@duke-energy.com