News Release
Sept. 30, 1999

DUKE ENERGY EMPLOYEE PREM RAMAMIRTHAM RECEIVES 1998 PINNACLE AWARD

CHARLOTTE, N.C. -- Duke Energy CEO and President Rick Priory presented a 1998 Pinnacle Award to Prem Ramamirtham, vice president, risk trading & marketing, Houston, Texas, at a luncheon on Thursday, Sept. 30, at the Charlotte Hilton at University Place. The Pinnacle Award recognizes Duke Energy employees for outstanding contributions to the company’s business success.

Duke Energy Trading and Marketing (DETM) had an outstanding year in 1998, achieving earnings before interest and taxes (EBIT) that was almost double the forecasted levels. As one of three members of the forward-trading group, Ramamirtham was a key contributor to this spectacular performance. The group generated approximately $70 million of gross margin in 1998, an unprecedented achievement in the industry that represented nearly 30 percent of DETM’s 1998 gross margin. Ramamirtham was personally responsible for more than 90 percent of this production.

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: Bryant Kinney
Phone: (704) 382-2208
24 Hour Phone: (704) 382-8333
Email: jbkinney@duke-energy.com