News Release
Dec. 13, 2001


VANCOUVERBRITISH COLUMBIA – Westcoast Energy Inc. announced that securityholders had approved the acquisition of Westcoast Energy by Duke Energy.

At a special meeting in Vancouver called specifically for the purpose, securityholders overwhelmingly approved the acquisition.  Over 96% of the votes cast were in favor of the transaction.  

The shareholders also approved a resolution to waive Westcoast Energy’s shareholder rights protection plan with respect to the acquisition by Duke Energy.

“The acquisition by Duke Energy was recommended to the securityholders by the Board of Directors as being in the best interests of Westcoast and the securityholders,” said Michael Phelps, Chairman and Chief Executive Officer of Westcoast Energy.  “Obviously by the vote taken here today, securityholders have clearly supported that recommendation.

“This vote moves us one step closer to completing the transaction.  Subject to obtaining court and other regulatory approvals, we anticipate that the arrangement will be completed in the first quarter of 2002,” said Mr. Phelps.

“The support of the Westcoast Energy securityholders marks another important step taken in this acquisition process,” said Fred Fowler, Duke Energy’s Group President, Energy Transmission. “We’re pleased with the vote of confidence and will continue to work diligently to close the transaction as soon as possible.”

Westcoast Energy Inc. (TSE: W; NYSE: WE) headquartered in VancouverBritish Columbia, is a leading North American energy company with assets of approximately $15 billion. The Company’s interests include natural gas gathering, processing, transmission, storage and distribution, as well as power generation, international energy businesses, and financial, information technology and energy services businesses. More information is available on the Company’s Web site at

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 US$49 billion in 2000. Duke Energy, headquartered in CharlotteN.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

Contact: Bob Foulkes, Westcoast Energy, Corporate Communications
Phone: 604/488-8093
24 Hour Phone: n/a
Contact: Tom Merinsky, Westcoast Eenrgy, Investor Relations
Phone: 604/488-8021
24 Hour Phone: n/a
Email: n/a
Contact: Danny Gibbs, Duke Energy, Media Relations
Phone: 713/627-4060
24 Hour Phone: 704/382-8333
Contact: Sue Becht, Duke Energy, Investor Relations
Phone: 704/382-8695
24 Hour Phone: n/a