News Release
Feb. 11, 1999

DUKE ENERGY TOPS INDUSTRY SECTOR IN FORTUNE’S MOST ADMIRED LIST

CHARLOTTE, N.C. – Duke Energy has been named the nation’s Most Admired Gas and Electric Utility in Fortune magazine’s annual listing of America’s Most Admired Companies.

In the March 1 issue, the magazine posted the results of its overall survey in which more than 12,000 senior executives, outside directors and financial analysts were polled. Duke Energy topped its industry sector in every judging measure: management quality, product quality, innovativeness, investment value, financial soundness, talent, social responsibility and use of assets.

"This ranking is considered the definitive report card on corporate reputation and is a fitting tribute to Duke Energy’s efforts to become the recognized leader in the energy industry," said Richard B. Priory, chairman, president and chief executive officer of Duke Energy. "The respect and reputation that Duke Energy enjoys is a direct result of the performance of our 22,000 employees and their teamwork in serving our customers’ needs."

The Fortune honor caps a banner 12 months for Duke Energy. In November, the company was named the World’s Most Respected Utility in a survey for England’s Financial Times. In December, Duke Energy was named Utility of the Year by Electric Light & Power magazine. Early in 1998, Duke Power, Duke Energy’s electric operations business unit, led all utilities in best overall customer satisfaction in a survey done for Fortune magazine.

Since 1982, Fortune has surveyed corporate reputation in its Most Admired Companies edition. This year, General Electric was named Most Admired Company in all industries.

This is the first year that Duke Energy has been eligible to be ranked in the Fortune survey. In the past, Duke Energy’s total assets and revenues did not qualify it as one of the 10 largest gas and electric utilities – the measuring stick for what companies are judged. However, Duke Energy’s dramatic growth over the past few years now places the company at the top of this group.

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: www.duke-energy.com.

Contact: Randy Wheeless
Phone: (704) 382-8379
24 Hour Phone: (704) 382-8333
Email: crwheele@duke-energy.com