Released By NUI Corporation News Release
April 30, 2001

NUI CORPORATION AND DUKE ENERGY GAS TRANSMISSION PARTNER TO DEVELOP NATURAL GAS STORAGE FACILITY

Saltville Salt Cavern Storage Facility to Provide Needed Capacity for  Duke Energy and the Region as NUI Expands Its Mid-Atlantic Trading Hub

Bedminster, NJ, April 30, 2001 – In a move that will improve the availability of natural gas and its economic and environmental benefits to the western Virginia region, NUI Corporation (NYSE:NUI) and a unit of Duke Energy (NYSE:DUK) today announced agreement to develop a natural gas storage facility in Saltville, Virginia.

The storage field will be jointly developed by NUI’s Virginia Gas Company and a subsidiary of Duke Energy Gas Transmission (DEGT). Subsidiaries of NUI and DEGT have agreed to basic terms of the partnership and to create a limited liability company, Saltville Gas Storage Company, by May 15, 2001. The transaction is subject to execution of definitive agreements.

The agreement calls for expansion of the storage facility from its current capacity of 1.1 billion cubic feet (Bcf) up to 10 Bcf and its connection to DEGT’s East Tennessee Natural Gas (ETNG) mainline system. At full capacity, the Saltville storage field will be able to deliver up to 500 million cubic feet of natural gas per day to area markets. The Saltville facility features the fast-fill and fast-withdrawal capabilities offered by salt cavern storage.

"These storage facilities can play a major role in satisfying the rapidly growing demand for natural gas in the region," said John Kean, Jr., NUI President and Chief Executive Officer. "The additional storage capacity is aimed at meeting the significant demand from local distribution companies as well as power plant development that is underway in the region.

"A partnership with Duke Energy, the region’s primary energy provider, will enable NUI and Duke Energy to jointly address the region’s energy needs while promoting continued economic growth," Kean added.

"The joint development with NUI of Saltville Gas Storage, which is tied to our East Tennessee system, provides additional storage services for ETNG customers," said DEGT President Robert B. Evans. "This new service also emphasizes our commitment to enhance the region’s natural gas infrastructure in order to assist economic development efforts in southwest Virginia."

Development of the Saltville facility is the next step in the implementation of NUI’s business strategy of creating strategically located energy-trading hubs through its wholesale energy trading arm, NUI Energy Brokers, according to Kean. These hubs will enable NUI to capitalize on the energy supply, wholesale trading and portfolio management opportunities arising in rapidly developing regions, he said.

"Our energy trading strategy focuses on acquiring critical capacity in areas where the demand for natural gas and power generation provides a unique opportunity to capitalize on our trading and energy management skills," Kean said. "By expanding the Saltville storage field, NUI will further bolster its presence in the mid-Atlantic markets and be positioned to expand its natural gas trading and wholesale activities in this region."

Financial terms of the agreement were not disclosed.

NUI Corporation, based in Bedminster, NJ, operates natural gas utilities serving nearly 380,000 customers in seven states along the eastern seaboard. NUI also operates businesses involved in storage, natural gas exploration and pipeline operations; wholesale energy trading and portfolio management; retail energy sales; energy and environmental project development; energy consulting; sales outsourcing; telecommunications; and geospatial and customer information systems and services.

Houston-based DEGT owns and operates 12,000 miles of interstate natural gas pipelines known as Texas Eastern Transmission, LP; Algonquin Gas Transmission Co.; East Tennessee Natural Gas Co.; and with others, owns Maritimes & Northeast Pipeline and the proposed Gulfstream Natural Gas System. Together, these companies transport 8 percent of the natural gas consumed in the United States.

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.

This press release contains forward-looking statements. These statements are based on management's current expectations and information currently available and are believed to be reasonable and are made in good faith. However, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the statements. Factors that may make the actual results differ from anticipated results include, but are not limited to, economic conditions; competition from other providers of similar products; and other uncertainties, all of which are difficult to predict and some of which are beyond our control. For these reasons, you should not rely on these forward-looking statements when making investment decisions. The words "expect," "believe," "project," "anticipate," "intend," "should," "could," and variations of such words and similar expressions, are intended to identify forward-looking statements. We do not undertake any obligation to update publicly any forward-looking statement, either as a result of new information, future events or otherwise.

Contact: Chris Reardon, public affairs-NUI
Phone: 908/719-4224
24 Hour Phone: n/a
Email: creardon@NUI.com
Contact: Linda S. Lennox, investor relations, NUI
Phone: 908/719-4222
24 Hour Phone: n/a
Email: llennox@nui.com
Contact: Gretchen Krueger, public affairs, Duke Energy
Phone: 713/627-4072
24 Hour Phone: 704/382-8333
Email: gdkrueger@duke-energy.com