News Release
April 30, 1999


CHARLOTTE – Duke Energy today announced the sale of approximately 9,760 acres of the company’s North Carolina property in the Jocassee Gorges area to the state of North Carolina for $8.5 million.

The overall value of the property was set at $21.5 million. Duke Energy and Crescent Resources, Inc., are contributing $13 million towards the purchase.

The company and the state have been negotiating the sale of the property since early 1997. Duke acquired the property in the 1940s as it purchased land with the potential for use in generating electricity. Crescent Resources has managed the land since the 1960s.

"This is a perfect example of how good business and environmental stewardship can go hand-in-hand," said Richard B. Priory – Duke Energy chairman, president and chief executive officer. "As we plan for the future, we’re pleased that our collective efforts will have such timeless benefits for all."

The property is located between the Toxaway and Horsepasture rivers in the southwestern part of the state. It is home to rare plants, wild trout populations, eagles, black bear and wild turkey.

"We are proud of the responsibility shown by Crescent in managing this valuable resource over the years," Priory continued. "We are happy that it will continue to be preserved and enjoyed as a rare and scenic natural resource for many years to come."

"Our efforts, combined with solid partnerships with environmental organizations and resource agencies, have set a national leadership precedent in the preservation of unique and rare properties," said Robert S. Lilien – Crescent Resources chairman.

The announcement follows the 1997 sale of approximately 32,000 acres of Duke’s South Carolina property in the Jocassee Gorges area to the state of South Carolina.

Duke Energy (NYSE:DUK) is a global energy company with more than $26 billion in assets. Headquartered in Charlotte, N.C., the company reaches into more than 50 countries, producing energy, transporting energy, marketing energy and providing energy services. In the United States, Duke Energy companies provide electric service to approximately two million customers in North Carolina and South Carolina; operate interstate pipelines that deliver natural gas to various regions of the country; and are leading marketers of electricity, natural gas and natural gas liquids. Additional information about the company is available on the Internet at: at:

Contact: Guynn Savage
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