News Release
April 26, 2001

DUKE ENERGY CEO TELLS SHAREHOLDERS THAT COMPANY’S GROWTH STRATEGY WILL KEEP DELIVERING

CHARLOTTE, N.C. – Duke Energy’s growth strategy, which delivered a total shareholder return of 75 percent in 2000, is on track to deliver more solid results in 2001, the company’s chairman told shareholders today at its annual meeting.

Richard B. Priory, chairman, president and chief executive officer of Duke Energy, addressed more than 250 shareholders and said that the same growth-oriented efforts that had brought success to the company in the past would meet the demands of investors in the future.

"Today, investors are seeking companies with the growing and staying power to prevail. And no company is better prepared to reap those rewards than Duke Energy," said Priory. " … We deliver far more than lofty forecasts – we deliver the earnings and growth fundamentals that investors expect."

Duke Energy, which ranked 17th on this year’s Fortune 500 list of largest U.S. companies, owes much of its jump to its competitive businesses, which complement the company’s traditional electric utility and natural gas pipeline businesses. Together, Duke Energy businesses generated more than $49 billion in revenues in 2000.

"For the first time ever, our competitive business generated more than 50 percent of our earnings --- and about 90 percent of our revenue," said Priory, adding that three years ago those same businesses accounted for only 8 percent of earnings.

Priory added that in North America, Duke Energy has 13,500 megawatts of energy capacity in advanced development, and expects to add 10 to 11 new energy facilities annually in 2002 and 2003. Internationally, he said that Duke Energy expects to invest substantially in European markets in the future. Duke Energy already is a major energy provider in Latin America and Australia.

During the meeting, Duke Energy shareholders re-elected three board members: Ann Maynard Gray, Dennis R. Hendrix and Harold S. Hook. Shareholders also ratified the appointment of Deloitte & Touche LLP as the company’s auditors for 2001, and approved an increase in the number of authorized common shares and an amendment to the company’s long-term incentive plan. A shareholder proposal relating to prohibiting political contributions and a shareholder proposal relating to investments in alternative energy sources were not approved.

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: Randy Wheeless
Phone: 704/382-8379
24 Hour Phone: 704/382-8333
Email: crwheele@duke-energy.com