News Release
June 22, 2000

DUKE ENERGY NAMES RICHARD B. BATES MANAGING DIRECTOR OF MERGERS AND ACQUISITIONS

Duke Energy today announced it has named Richard B. Bates managing director of mergers and acquisitions, a newly created position.

As managing director of mergers and acquisitions for Duke Energy, Bates will be responsible for negotiating acquisitions that cross business unit lines or represent new endeavors for Duke Energy. He will report to David L. Hauser, senior vice president and treasurer for Duke Energy.

"Richard comes to Duke Energy with impressive credentials in the energy industry and significant experience with mergers and acquisitions," Hauser said. "Duke Energy intends to remain aggressive in pursuing opportunities that provide a strategic fit with our company’s objectives, and Richard will be a leader in bringing key ventures into the fold."

Bates joins Duke Energy after serving as chairman, president and chief executive officer of Energyrunner Inc., a Birmingham, Ala.-based e-commerce business focused on energy commodity transactions on the Internet.

Prior to Energyrunner Inc., Bates held executive positions with Sonat Inc. in Birmingham. Most recently, he served as president and chief executive officer of Sonat Energy Services, the company’s deregulated energy business group. From 1985 to 1994, he served as executive vice president of Sonat Exploration Company in Houston. Previously, he was general counsel for ITT Eason Oil Company in Oklahoma City, Okla., and vice president and general counsel at Leeman Energy Corp. in Oklahoma City.

He received his juris doctor and bachelor’s degree in economics and history from the University of Oklahoma in Norman, Okla.

Duke Energy, a diversified multi-national 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