News Release
April 23, 2001

DUKE ENERGY NORTH AMERICA NAMES MITCH DAVIDSON SENIOR VICE PRESIDENT OF ORIGINATION

Duke Energy North America (DENA) today announced the appointment of Mitch Davidson as senior vice president of origination for the eastern United States. Davidson will lead DENA’s natural gas and power origination efforts east of the Rocky Mountains. He reports to Richard Sherrill, DENA executive vice president of eastern natural gas and power.

"DENA is significantly ramping up its origination activities to expand the services we offer wholesale customers including local distribution companies (LDCs), munis, co-ops, investor- owned utilities, generators and natural gas producers," said Sherrill. "Mitch has direct responsibility for leading these efforts and building our origination and structuring team. With tremendous experience in trading and marketing, origination and risk management, he is a great addition to the DENA management team."

Prior to joining DENA, Davidson served as an executive at Axia Energy and was responsible for new business development, strategic planning and business-to-business strategies in North America and Europe. Before the Entergy-Koch merger, Davidson held management positions with Entergy Power Marketing, serving as director of electricity and power marketing from 1997 to 1999, and as senior vice president of trading, marketing and risk management from 1999 to 2001. Davidson also worked in various leadership positions for Enron Power Marketing from 1995 to 1997.

Davidson received a master of business administration degree from the University of Houston at Clear Lake and a bachelor’s degree in industrial technology from Southwest Texas State University. He and his family reside in Clear Lake.

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: Jennifer Pierce
Phone: 713/627-5719
24 Hour Phone: 704/382-8333
Email: jmpierce@duke-energy.com