News Release
July 08, 1999

DUKE ENERGY NORTH AMERICA NAMES SENIOR VICE PRESIDENT OF BUSINESS DEVELOPMENT

HOUSTON – Duke Energy North America (DENA), a wholly owned subsidiary of Duke Energy, announced today the appointment of Richard M. Sherrill as senior vice president of business development.

Sherrill will lead DENA’s merchant power generation development activities in targeted regions throughout North America. He will report to DENA President and CEO James M. Donnell.

"DENA is committed to being a leading developer and manager of merchant power facilities in North America," said Donnell. "Sherrill’s knowledge of North America’s dynamic energy markets and experience in energy finance, power generation development, origination as well as energy commodity trading, marketing and risk management add tremendous value to DENA and the development team."

Sherrill most recently served as managing director of power trading at Dynegy Marketing and Trade, where he was responsible for all power trading and risk management throughout the East Central, Northeast, Mid-Atlantic, Mid-America and Mid-Continent regions, as identified by the North American Electric Reliability Council.

Sherrill joined Dynegy, formerly Natural Gas Clearinghouse, in 1992 and held positions of increasing responsibility including director of gas trading for the Gulf Coast and Southeast region, director of risk management, managing director of Northeast gas trading and origination and managing director of Eastern U.S. power origination. Prior to joining Dynegy, Sherrill was vice president of energy lending at First Interstate Bank of Texas. He holds a bachelor of business administration in finance from The University of Texas at Austin.

Duke Energy North America (DENA), a unit of Duke Energy (NYSE: DUK), is a premier developer, owner and manager of wholesale electric generation projects throughout the United States, Mexico and Canada. DENA offers industry-leading expertise in project development, construction and operations as well as portfolio management including commercial transactions, risk management and energy trading and marketing.

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: Jennifer Pierce
Phone: (713) 627-5719
24 Hour Phone: (704) 382-8333
Email: jmpierce@duke-energy.com