News Release
Aug. 15, 2001

DUKE ENERGY RECOGNIZED AS BEST ENERGY SERVICES AND ELECTRICITY COMPANY BY GLOBAL FINANCE MAGAZINE

CHARLOTTE, N.C. – Duke Energy was selected by Global Finance magazine as the "Best Company" in North America in the energy services and electricity sector. The award, which recognizes growth in revenue, profitability and market capitalization, is the third major magazine honor this year for Duke Energy after top mentions in Fortune magazine’s "America’s Most Admired Companies" list and Business Week 50 -- an annual collection of the best-performing companies in the Standard & Poor’s 500.

"We are very honored to be recognized by Global Finance as the best performer in a sector that includes many strong competitors," said Richard B. Priory, chairman, president and chief executive officer of Duke Energy. "We’ve delivered strong results and believe our integrated network of energy assets and expertise will continue to produce value for customers and continued growth for shareholders."

Last month, Duke Energy announced second-quarter earnings that included 76-percent, year-to-date revenue growth and 29-percent, year-to-date growth in earnings before interest and taxes.

"As competition for international business steadily increases during this economic downturn, being the best company in the world often translates into survival of the fittest," said Joseph Giarraputo, publisher of Global Finance. "We’ve identified the companies which today are the global leaders in their sectors."

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: Terry Francisco
Phone: 704/373-6680
24 Hour Phone: 704/382-8333
Email: thfrancisco@duke-energy.com