News Release
Sept. 30, 1999


CHARLOTTE, N.C. -- Duke Energy CEO and President Rick Priory presented a 1998 Pinnacle Award to Greg Rizzo 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. Rizzo, vice president, regulation & system planning for Texas Eastern Transmission Corporation (TETCO) and Algonquin Gas Transmission Company, Houston, Texas, was one of three employees recognized.

Rizzo developed an innovative solution that created a win-win for both customers and the company on the 1998 TETCO rate initiative. The rate initiative used a depreciation reduction to speed up recovery of gas supply realignment (GSR) costs and reduce rates by eliminating the GSR costs surcharge two years earlier than would have occurred without the initiative. TETCO's rates will be reduced a total of 17 percent, making rates more competitive while preserving earnings before interest and taxes (EBIT). The improved competitive position helps the pipes remarket turn-back capacity and helps customers be more competitive as they progress through state unbundling.

The initiative was implemented in record time. It was discussed with customers in March, filed with FERC in April, approved in August and implemented Oct. 1, 1998. This creative solution won the praise of both customers and regulators.

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:

Contact: Bryant Kinney
Phone: (704) 382-2208
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