News Release
Nov. 16, 1999

DUKE ENERGY NAMES LATIN AMERICAN EXECUTIVE TEAM

HOUSTON Duke Energy International (DEl), a subsidiary of Duke Energy, today named Peter Wilt to the new position of executive vice president of Latin America. DEl also appointed a new market-oriented executive team to manage its diverse and growing Latin America energy business.

"The business structure we are establishing today for Latin America, like our Asia Pacific and European businesses, provides for a regional focus and will allow Duke Energy to capture synergies and opportunities across Latin American market zones. Furthermore, it will move DEl closer to the market as it changes and generates business opportunities," said Bruce Williamson, president and chief executive officer of DEl.

Consistent with DEl’s strategy to establish regional energy businesses, the Latin America organization will center its activities around three market zones and four Latin American regional operating centers. Each market zone will be a fully integrated energy business with direct responsibility for development, operations, trading and marketing and related business support functions.

The market zones will be led by officer-level management and will consist of the following regional groupings, countries and management:

· Central and Northern Latin America, with operating centers in Lima, Peru and San Salvador, El Salvador will be led by Senior Vice President John Sickman;

· Southern Cone, based in Buenos Aires, Argentina and encompassing Argentina, Bolivia, Chile and Uruguay will be led by Vice President Erik Ludtke. Overall risk management and trading and marketing oversight for Latin America will also be managed from Buenos Aires;

· Brazil, based in Sao Paulo, will be a single market zone led by Michael Dulaney who has been promoted to vice president of Brazil.

The Latin America business has also established two new functional groups dedicated to acquisitions and divestitures and business portfolio management. Keith Head will become vice president of the acquisitions and divestitures group. Head was formerly vice president of acquisitions and divestitures at Duke Energy North America. The head of business portfolio management will be named at a later date. Both of these groups will report directly to Wilt.

"Duke Energy has become a leading energy company in Latin America," said Williamson. "Peter Wilt’s vast experience and success in the liberalizing and converging markets of North America, Europe and Latin America, coupled with his leadership and management capabilities have been of tremendous value to Duke Energy and make him the ideal candidate to lead our Latin American team."

"We have also assembled a strong, experienced and multi-disciplined management team in John Sickman, Eric Ludtke and Michael Dulaney to implement our regional business strategy," said Williamson. "This Latin America team will hit the ground running and focus on the region’s needs, while building upon the solid positions we have establish so far in key Latin American market areas."

DEl has established one of Latin America’s strongest energy businesses that includes energy trading and marketing, gas and power, operations and controlling ownership in approximately $1.3 billion in energy assets including: nearly 3,350 gross megawatts of hydro and thermal power generation, 125 miles of natural gas pipeline and 245 miles of electric transmission located throughout Argentina, Belize, Bolivia, Brazil, El Salvador, Ecuador and Peru.

Duke Energy International, a subsidiary of Duke Energy, is a leading owner, operator and developer of integrated energy projects in Asia Pacific and Latin America. DEl’s diverse investment and asset portfolio spans the entire energy value chain from exploration, production, gathering, processing and transportation of natural gas through to generation, electric transmission and energy trading and marketing.

Duke Energy (NYSE:DUK) is a global energy company with more than $29 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-energv.com

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