News Release
Nov. 17, 1999

DUKE ENERGY NORTH AMERICA NAMES NEW VICE PRESIDENT OF ACQUISITIONS AND DIVESTITURES

HOUSTON — Duke Energy North America (DENA), a wholly owned subsidiary of Duke Energy, announced today the appointment of Stephen Schaefer as vice president, acquisitions and divestitures.

Effective immediately, Schaefer will lead DENA’s efforts to maximize the value of its generation portfolio through strategic acquisitions of wholesale merchant generation facilities and active portfolio management. Schaefer replaces Keith Head who recently joined Duke Energy International as vice president of acquisitions and divestitures for Latin America. Schaefer reports to DENA President and Chief Executive Officer Jim Donnell.

"Stephen’s depth of transactional experience will serve Duke Energy well as we continue to execute upon our business plan," said Donnell. "Stephen has been a leading driver behind our recent acquisition and divestiture efforts including our participation in the Southwest Power Partners project and the sale of interest in our Madison and Vermillion projects. I fully expect this active portfolio management to accelerate under his leadership."

Schaefer joined DENA in 1998, as managing director of acquisitions and divestitures. He has been a key team member in all of the acquisition or divestiture activities that DENA has pursued since that time.

Prior to this, he served as vice president, LG&E International and director of corporate business development, LG&E Energy Corp. He led the company’s merger and acquisition activities. Schaefer joined the Louisville, Ky.-based company in 1993. From 1987-1993, Schaefer was a manager of special services at Ernest and Young. Prior to this he held analyst positions with the Business Roundtable and IBM.

Schaefer graduated Magna Cum Laude from Northeastern University with a bachelor of science in business administration. He is also a chartered financial analyst and a member of the New York Society of Security Analysts.

Duke Energy North America (DENA), a unit of Duke Energy (NYSE: DUK), is a premier developer, owner and manager of a portfolio of merchant wholesale electric generation projects and facilities throughout the United States, Mexico and Canada.

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: media-relations@duke-energy.com