News Release
Nov. 23, 1999

DUKE/FLUOR DANIEL PROVIDES ENGINEERING, PROCUREMENT AND CONSTRUCTION FOR PUERTO RICO POWER PLANT

CHARLOTTE, N.C. -- Duke/Fluor Daniel (D/FD) announced today that it has been given Notice to Proceed by AES Puerto Rico, L.P. to provide turnkey engineering, procurement, construction, and commissioning services for the 454-megawatt, coal-fired Total Energy Plant Project located in Guayama, Puerto Rico. The project is scheduled for completion in mid-2002.

AES Corp. and Duke/Fluor Daniel have worked together diligently throughout the development of this important project and view its release as a positive result of planning and design by both the public and private sectors. "This project, which will be the cleanest solid fueled facility in the world, will provide low cost, reliable power to Puerto Rico while satisfying the island’s fuel diversification needs," stated Clarence Ray, D/FD’s president. The power off-take will be through a long-term agreement with the Puerto Rico Electric Power Authority (PREPA).

"We are very pleased to be associated with the ABS Corp. in a project that will set a new standard for coal facilities worldwide," said Ron Barnes, senior vice president of D/FD. "Also important from Duke/Fluor Daniel’s perspective is that this facility provides us with an opportunity to continue our ongoing relationship with ABS."

The project will feature two 250 MW circulating fluidized bed (CFB) coal-fired boilers, selective Non-Catalytic Reduction (SNCR), two circulating dry scrubbers with particulate collection equipment, a steam turbine generator and a zero discharge system design. Fuel will be delivered via ocean vessels to a docking facility. Steam will be supplied by contract to Phillips Petroleum.

AES is a leading global power company comprised of competitive generation, distribution and retail supply businesses in Argentina, Australia, Bangladesh, Brazil, Canada, China, Dominican Republic, El Salvador, Georgia, Hungary, India, Kazakhstan, Mexico, the Netherlands, Pakistan, Panama, the United Kingdom and the United States.

The company’s generating assets include interests in 108 facilities totaling over 35 gigawatts of capacity. AES’ electric distribution network has over 845,000 km of conductor and associated rights of way. In addition, through its various retail electric supply businesses, the company sells over 112,000 gigawatt hours per year to over 14 million end-use customers. ABS is dedicated to providing electricity worldwide in a socially responsible way.

Duke/Fluor Daniel, formed in 1989 by Duke Energy and Fluor Daniel, provides comprehensive engineering, procurement, construction, and operating plant services for fossil-fueled electric power generation facilities worldwide.

Duke Energy Corporation (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.

Fluor Daniel is the engineering, procurement and construction subsidiary of Fluor Corporation (NYSE:FLR). In 1998, Fluor Corporation revenues were $13.5 billion.

Contact: Liz Johnson
Phone: (713) 627-5011
24 Hour Phone: (704) 382-8333
Email: evjohnson@duke-energy.com
Contact: Shannon Young (AES Corp)
Phone: (703) 522-1315
24 Hour Phone: (704) 382-8333
Email: media_relations@duke-energy.com
Contact: Keith Karpe (Fluor Corp)
Phone: (949) 349-7661
24 Hour Phone: (704) 382-8333
Email: media_relations@duke-energy.com