News Release
Oct. 31, 2000

DUKE ENERGY DECLARES QUARTERLY DIVIDEND

CHARLOTTE, N.C. -- Duke Energy's board of directors today approved its quarterly cash dividend on the company's common stock of 55 cents a share. The dividend is payable on Dec. 18, 2000, to shareholders of record on Nov. 17, 2000.

This is the 74th consecutive year that Duke Energy has paid quarterly cash dividends on its common stock.

The Duke Energy board of directors also announced that the company would be paying quarterly dividends on its preferred stocks on Dec. 18 to shareholders of record on Nov. 17.

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: Danny Gibbs
Phone: 704/373-6680
24 Hour Phone: 704/382-8333
Email: dgibbs@duke-energy.com