News Release
April 09, 2001

MICHAEL KIMNER NAMED PRESIDENT AND CHIEF EXECUTIVE OFFICER OF DUKE ENERGY MERCHANTS

HOUSTON -- Duke Energy today announced the appointment of Michael Kimner to the post of president and chief executive officer (CEO) of Duke Energy Merchants (DEM).

Harvey J. Padewer, president and CEO of Duke Energy Services, made the announcement, citing Kimner’s broad experience in energy commodity trading, risk management and business development as ideal to lead the entrepreneurial DEM team in identifying new commercial opportunities in global commodity markets.

DEM develops and operates diversified businesses that provide financial, risk management and asset management services to producers, transporters and users of global energy commodities and derivative products. Products include crude oil, refined products, LPGs, residual fuels, coal, fertilizer and others that are beyond traditional gas and power commodities.

Kimner joined Duke Energy in 1995 and has held various officer-level positions. His most recent position was senior vice president, petroleum complex/risk trading, with Duke Energy Merchants. Prior to joining Duke Energy, he held several management-level trading positions at organizations in the energy industry such as Mid Atlantic Company and Champion Energy. Kimner holds a bachelor of science degree in business from the University of Maine, Orono.

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 more than $49 billion in 2000. 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: Deb Witmer
Phone: 713/627-5848
24 Hour Phone: 704/382-8333
Email: dfwitmer@duke-energy.com