News Release
Jan. 01, 2000

DUKE ENERGY REPORTS SUCCESSFUL Y2K TRANSITION

CHARLOTTE, N.C., Jan. 1, 2000 -- With Duke Energy’s plants, pipelines and electric operations reporting in, preliminary indications are that 100 percent of the company’s facilities have successfully transitioned to the year 2000.

"We will continue monitoring and verifying our systems’ functions, but from all indications this is a great success story," said Richard Osborne, Duke Energy chief financial officer who also led the corporation’s Y2K team. "Our generating plants are operating normally, the electricity is flowing on our power lines, the gas is flowing through our pipelines and our customers are enjoying the same reliable service they’ve come to expect from our company."

Osborne said the rollover began at the corporation’s generating plant in New Zealand 24 hours ago. "The good news continued as we watched the New Year begin here in North Carolina and South Carolina and finally at our plants on the West Coast."

Throughout the evening hours, company officials monitored the corporation’s facilities located in time zones around the world. The last to report in were its generating plants in California, which experienced the rollover at 3 a.m. Eastern Standard Time.

"Frankly," Osborne said, "this is exactly what we expected. We planned; we applied the necessary resources; we had a dedicated, talented team; and now we and our customers are enjoying the results of that team’s long hours and three years of hard work."

Despite their confidence that the company’s facilities would make the transition without incident, Osborne says the team planned for every contingency. "We’re happy to report that most of the folks we had on standby were able to do just that -- stand by," he said.

"Our company has grown from a dream in our founders’ eyes in the early days of the 20th Century, to a respected regional utility at mid-century, to the global energy company we’ve become at the dawn of this new century," Osborne said. "We look forward to many years of continued service and to the challenges and opportunities that lie ahead."

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: http://www.duke-energv.com.

SOURCE Duke Energy Corporation

 

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