News Release
Nov. 19, 1999

DUKE ENERGY RECEIVES LICENSES TO TRADE GAS AND ELECTRICITY IN ARGENTINA

HOUSTON — Duke Energy International (DEI), a subsidiary of Duke Energy, today announced that its Argentine affiliates have received all necessary government approvals to commence the physical trading and marketing of electricity and natural gas in Argentina.

The Argentine Secretary of Energy this week granted Duke Energy Power Marketing and Trading Argentina S.R.L., a license to trade and market power. Ente Nacional Regulador del Gas (ENARGAS), the regulatory agency with jurisdiction over Argentine natural gas activities, granted Duke Energy Gas Marketing and Trading Argentina S.R.L. a license to trade natural gas at the end of October.

"In Argentina, as in competitive markets around the world, companies are looking to manage their energy needs and minimize their exposure to volatile energy markets," said Erik Ludtke, vice president, Southern Cone for DEI. "Duke Energy’s Argentine energy trading and marketing business provides its customers with the energy and risk management tools they need to manage their business in today’s competitive marketplace.

"Duke Energy partners with its customers to determine the best way to add value to their bottom lines through active management of their energy needs," Ludtke said. "Applying the trading and marketing and risk management skills, the company has honed in North America and Asia Pacific, Duke Energy is offering a variety of energy and financial management tools to energy consumers across Argentina."

Duke Energy. opened its trading and marketing business in Buenos Aires last March. In Argentina, Duke Energy provides a wide variety of energy management services and financial products to customers seeking greater price reliability.

DEI is one of Latin America’s leading energy businesses offering energy trading and marketing, risk management services, natural gas and power development expertise, operations and controlling ownership 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 in Argentina, Belize, 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. DEI’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-energy.com.

Contact: Jennifer Pierce
Phone: (713) 627-5719
24 Hour Phone: (704) 382-8333
Email: media-relations@duke-energy.com
Contact: Ana Gilligan
Phone: 5411/4343-1906
24 Hour Phone: (704) 382-8333
Email: media-relations@duke-energy.com
Contact: Bryant Kinney
Phone: (704) 382-2208
24 Hour Phone: (704) 382-8333
Email: media-relations@duke-energy.com