News Release
Aug. 16, 2000

DUKE ENERGY INTERNATIONAL COMPLETES $297 MILLION AUSTRALIAN PIPELINE

Company Brings Natural Gas Competition to Australia

Houston, TX/Sydney, AU -- Duke Energy International (DEI) announced today the completion of its $297 million (AUD$450 million) Eastern Gas Pipeline in Australia, bringing competition to that country's natural gas market for the first time.

Through agreements with Duke Energy Australia Trading and Marketing, the 495-mile natural gas pipeline will supply gas to EnergyAustralia to fuel the Sydney 2000 Olympic Games. The company also has other agreements in place for the pipeline’s capacity.

"Completion of Eastern Gas Pipeline will provide a reliable energy supply and help spur industrial growth through creation of a more competitive environment in the Australian energy industry," said Bruce Williamson, president and CEO of DEI. "This pipeline is another example of the development of our integrated energy business in Australia. This strategy, which is in place also in key energy markets in Latin America and Europe, continues to deliver strong results for Duke Energy shareholders."

Eastern Gas Pipeline will have an initial capacity of 173 million cubic feet of natural gas per day to be delivered to regional and metropolitan centers in the Australian states of New South Wales and Victoria.

DEI, a wholly owned subsidiary of Duke Energy, is one of the world’s leading international energy companies offering energy trading and marketing, risk management, natural gas and power development expertise and operations services across Latin America, Europe and the Asia Pacific. DEI’s Asia Pacific energy portfolio includes 984 miles (1585km) of natural gas pipelines in operation; 780 gross megawatts of thermal power generation; and energy trading and marketing located in Australia, New Zealand and Indonesia.

Duke Energy, a diversified multinational energy company, creates value for customers and shareholders through an integrated network of energy assets and expertise. Duke Energy manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses --generating revenues of nearly $2 billion in 1999. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com or www.duke-energy.com.au

Contact: Danny Gibbs
Phone: 704/373-6680
24 Hour Phone: 704/382-8333
Email: dpgibbs@duke-energy.com