News Release
Nov. 09, 2000

DUKE ENERGY: KIRK B. MICHAEL NAMED ENERGY SERVICES CFO

HOUSTON – Duke Energy announced today its Energy Services unit has appointed Kirk B. Michael vice president and chief financial officer, finance and planning. Most recently, Michael was vice president of planning and finance for Energy Services.

Energy Services is composed of Duke Energy North America, Duke Energy International, Duke Energy Merchants, Duke Engineering & Services, Duke/Fluor Daniel and DukeSolutions.

Michael will be responsible for evaluating existing and new business opportunities against strategic objectives and operating goals, while focusing on business planning and reporting, financial planning and the capital investment program. Also, he supports investor relations. He is based in Houston and will continue to report to Harvey Padewer, group president of Energy Services.

"Kirk will have a key role in leading the Energy Services growth strategy," Padewer said. "He has done a tremendous job for Energy Services, and I look forward to his continued leadership in his expanded position."

Previously, Michael was director of business unit finance, where he was accountable for project financing of power plant projects and natural gas pipelines. He began his career with the company in 1980 as a project coordinator for Panhandle Eastern Corporation in Houston, where he held various positions of increasing responsibility, principally in the areas of project

development and finance. Prior to joining the company, Michael served in a variety of operational and managerial roles for Houston Lighting & Power and held engineering and operating roles as a nuclear submarine officer in the U.S. Navy.

Michael received a bachelor of science degree from the U.S. Naval Academy, Annapolis, Md., in 1972 and earned a master of business administration degree from the University of Houston in 1984.

A native Houstonian, Michael and his family reside in Sugarland, Texas.

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: Lee Warren
Phone: 713/627-5885
24 Hour Phone: 713/627-5885
Email: lgwarren@duke-energy.com