News Release
Sept. 03, 1999

DUKE ENERGY ANNOUNCES TWO LEADERSHIP CHANGES

CHARLOTTE — Duke Energy today announced that Myron L. Caldwell has been named the company’s managing director — corporate finance. Sandra K. Vlahos will replace Caldwell as senior vice president and chief financial officer of Duke Energy affiliate Duke Engineering & Services.

Caldwell is a Charlotte native and graduate of the University of North Carolina at Charlotte with a Bachelor of Science degree in accounting. Caldwell joined Duke in 1981 as a financial accounting assistant. He held a number of positions in the financial area and was named Duke Power’s controller in 1997 after the company’s merger with Houston, Texas-based PanEnergy Corp. to create Duke Energy. In 1998, he was named senior vice president and chief financial officer for Duke Energy affiliate Duke Engineering & Services.

Caldwell is a Certified Public Accountant in North Carolina and is a member of the American Institute of Certified Public Accountants.

Vlahos is a Toledo, Ohio, native and graduate of Ohio State University with a Bachelor of Science degree in accounting and business. She joined Duke Power Company in 1992, coming from a managerial position with the accounting firm Deloitte & Touche. Vlahos managed several areas in the corporate controller department before being named senior vice president and CEO at Duke Engineering & Services.

Vlahos is a Certified Public Accountant in North Carolina and is a member of the American Institute of Certified Public Accountants.

Duke Engineering & Services (DE&S) is a world leader in nuclear engineering, licensing and environmental services. DE&S serves both governmental and commercial clients and is actively responding to the nuclear industry’s most critical issues, from advanced reactor design and spent fuel management to environmental remediation and decontamination and decommissioning. DE&S currently performs work for 95 percent of U.S. commercial nuclear utilities and at 12 DOE sites. DE&S is an affiliate of Duke Energy Corporation, a global energy company.

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: Joe Maher
Phone: (704) 382-8323
24 Hour Phone: (704) 382-8333
Email: jmaher@duke-energy.com