News Release Dec. 07, 2001

CHARLOTTE, N.C. – Duke Energy was named Energy Company of the Year last night at the 2001 Financial Times Global Energy Awards ceremonies in New York.

The awards, sponsored by publishing and information company Platts and the professional services firm Deloitte Touche Tohmatsu, recognized Duke Energy for its diversified operations and its successful overall growth during the past year.

“This award recognizes the business strategy of Duke Energy, which has remained focused on creating customer and shareholder value during a turbulent year in the energy sector,” said Richard B. Priory, chairman, president and chief executive officer of Duke Energy. “Duke Energy’s employees demonstrate every day that the energy industry is healthy and growing, and that companies with precise execution can succeed.”

Duke Energy’s last major win at the Global Energy Awards was in 1999 when its business unit, Duke Power, was named Power Company of the Year. This year, the Global Energy Awards honored national and international electric, oil and gas companies in 14 different categories. The Energy Company of the Year honor is the competition’s top award.

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.