News Release
Dec. 11, 2000

DUKE ENERGY NAMES ROBERT P. BRACE CHIEF FINANCIAL OFFICER

CHARLOTTE, N.C. -- Duke Energy today announced it has named Robert P. Brace executive vice president and chief financial officer.

Brace, 50, joins Duke Energy from British Telecommunications plc (BT) in London, England, where he served as group finance director, the company’s lead finance position. BT is one of the world’s leading providers of telecommunications services with ventures across Europe, North America, Asia Pacific and Latin America.

Brace fills the position that opened in May when Richard J. Osborne was appointed Duke Energy’s chief risk officer. In his capacity as chief financial officer, Brace will have responsibility for all corporate finance, accounting, tax and investor relations functions.

"We purposely went outside our industry in our search for a chief financial officer because we wanted to expand and complement the perspective and expertise of our management team," said Duke Energy Chairman, President and Chief Executive Officer Richard B. Priory.

"I am excited about adding Robert to our team. He helped lead BT’s evolution from a slow-growth enterprise to a high-growth company that has expanded into new markets, not unlike the transition that Duke Energy has made over the past several years. He is a high-caliber executive with a significant amount of international finance, strategic planning and merger and acquisition expertise. We look forward to having him on our team."

Brace has held lead finance positions at several companies. He joined BT as finance director for BT UK in 1989, and later was named group controller. He was promoted to group finance director and appointed to the company’s board in 1993. Prior to joining BT, Brace served as vice president of finance and business development for Black & Decker in Europe, Africa, Asia and South America. He also has served as group finance director for Unipart Group Limited, a large automotive parts company in the United Kingdom.

Brace graduated from University College in London in 1971 with a bachelor of science degree in math and is a Fellow of the Institute of Chartered Accountants in England and Wales.

In October, Brace announced that he would leave his position at BT prior to year’s end. He indicated his desire to make a change and to live and work in North America. Brace said the opportunity to join Duke Energy meets those interests and provides new professional and personal challenges.

"Duke Energy is recognized as one of the most admired companies inside and outside of its industry," Brace said. "During the past several years Duke Energy has established itself as a premier multinational energy company, undergoing significant domestic and international growth. The opportunity to join an expansion-minded company with a global view and provide a meaningful contribution to its growth was quite compelling."

Both Brace and Osborne will serve as members of the company’s Policy Committee. Brace is married and has two children. He will be relocating to Charlotte.

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 $22 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

Contact: Paul Mason
Phone: 704/373-4512
24 Hour Phone: 704/382-8333
Email: pemason@duke-energy.com