News Release
March 09, 1998

DUKE POWER: STEVE K. YOUNG NAMED VICE PRESIDENT OF RATES & REGULATORY AFFAIRS

Steve K. Young has been named vice president of rates and regulatory affairs for Duke Power — the electric operations business unit of Duke Energy Corp.

Young, 39, will be responsible for Duke Power’s regulatory strategies and policies in rate, financial and accounting matters. He will also be a key liaison with the utilities commissions of North Carolina and South Carolina and the Federal Energy Regulatory Commission.

A native of Denver, Colo., Young earned his undergraduate degree in business administration from the University of North Carolina at Chapel Hill.

Young joined Duke Power in 1980 as a financial assistant. He held positions of increasing responsibilty within the controller’s department. In 1991, he was named manager of bulk power agreements in system planning and operating. In 1993, he was named manager of the rate department.

Young is a certified public accountant and a certified managerial accountant in North Carolina. He is a member of the American Institute of Certified Public Accountants, Institute of Managerial Accountants and the National Association of Accountants. He is a member of the Edison Electric Institute Rate Committee, Southeastern Electric Exchange Rate Committee, the UNC-Charlotte Economics Department Visiting Committee and the board of directors of Siskey Family YMCA in Matthews, N.C.

Young and his wife, Lilly, have a daughter and a son.

Duke Power is a business unit of Duke Energy Corporation (NYSE:DUK) -- 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: 704 382-8333
Email: media_relations@duke-energy.com