News Release
Jan. 19, 2001

DUKE ENERGY RAISES ANNUAL EARNINGS GROWTH TARGET TO REFLECT SUCCESSFUL EXPANSION STRATEGY

CHARLOTTE, N.C. -- Based on its strong performance in 2000 and the positive outlook for 2001 and beyond, Duke Energy has raised its annual earnings per share growth target to 10 percent to 15 percent. The previous target was 8 percent to 10 percent.

Duke Energy Chairman, President and Chief Executive Officer Richard B. Priory said the increased expectations reflect confidence in the company’s proven performance, solid strategy and successful expansion into key regions around the world.

"Duke Energy is a company on the move," Priory said. "Our competitive energy businesses are expanding domestically and abroad, and we have gained recognition as a growth company. We don’t plan to let up. We have the right strategy, assets and expertise to serve the burgeoning demand for energy. The new earnings target represents a serious commitment to shareholders, and we fully expect to deliver."

Thursday, the company announced ongoing 2000 earnings of $4.20 per share, adjusted for one-time items, a 17-percent increase over the previous year’s earnings, similarly adjusted. The company’s competitive energy businesses led that growth, and Priory said that trend is expected to continue.

"We expect to grow this company through the addition of new businesses and more development where markets provide the greatest rewards," Priory said. "These new earnings targets are driven by Duke Energy’s competitive energy businesses – Duke Energy North America, Duke Energy International, Duke Energy Field Services, Duke Ventures and the expanding gas transmission business."

For 2001, the company has established the following EBIT growth targets:

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 document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although Duke Energy believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include regulatory developments, the timing and extent of changes in commodity prices for oil, gas, coal, electricity and interest rates, the extent of success in connecting natural gas supplies to gathering and processing systems and in connecting and expanding gas and electric markets, the performance of electric generation, pipeline and gas processing facilities, the timing and success of efforts to develop domestic and international power, pipeline, gathering, processing and other infrastructure projects and conditions of the capital markets and equity markets during the periods covered by the forward-looking statements.

 

Contact: Cathy Roche
Phone: 704/373-4860
24 Hour Phone: 704/382-8333
Email: csroche@duke-energy.com