News Release
March 10, 2000

DUKE ENERGY INTERNATIONAL FINALIZES PURCHASE OF TWO ARGENTINE GENERATING COMPANIES ADDING 550 MEGAWATTS TO ITS ENERGY PORTFOLIO

HOUSTON AND BUENOS AIRES – Duke Energy International (DEI) today announced it had finalized the purchase of generating companies Hidroelectrica Cerros Colorados, S.A. and Central Termica Alto Valle, S.A. from Dominion Resources, adding 550 gross megawatts of hydroelectric and thermal generation to its Southern Cone energy portfolio.

"The inclusion of these assets to our portfolio and trading and marketing business provides Duke Energy International the physical energy and market data we need to better serve Argentine customers wanting a service alternative and more reliable energy prices," said Erik Ludtke, vice president of Argentina for DEI. "Understanding market dynamics and promoting competitive generation and market liquidity through intelligent dispatch of our facilities, provides our trading and marketing company an opportunity to give customers better priced energy and enhanced service."

In 1999, DEI announced the purchase of Dominion Resources Inc.’s 1,200-megawatt portfolio of hydroelectric, natural gas and diesel power generation businesses in Argentina, Belize, Bolivia and Peru for $405 million. Duke Energy closed on the sale of companies in Peru and Belize in 1999. Final Argentine government approvals on the acquisition of 98 percent of Cerros Colorados, a 450-megawatt hydro generator; and 54 percent of Alto Valle, a 98-megawatt thermal generator were received this week.

Duke Energy International (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, Asia-Pacific and Europe. Within Latin America, DEI’s energy portfolio includes nearly 3,500 gross megawatts of hydro and thermal power generation, 125 miles of natural gas pipeline, 245 miles of electric transmission and energy trading and marketing located in Argentina, Belize, Brazil, Ecuador, El Salvador and Peru.

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.

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