News Release
Jan. 31, 2001

THE STEAM GENERATING TEAM LTD ANNOUNCES NEW PRESIDENT

CHARLOTTE, N.C. -- William A. Fox III has been named president of The Steam Generating Team LTD (SGT) effective immediately. SGT is a limited liability company jointly owned by Duke Engineering & Services (DE&S) and the Washington Group International Inc.

Fox will be responsible for the operations and management of the company's principal business -- turnkey replacement of steam generators. He will be supported by Max Bingham, SGT vice president of projects and Steve Sills, vice president of engineering and licensing for SGT.

Fox was previously SGT's vice president responsible for directing the company's engineering, licensing and procurement activities associated with steam generator replacement projects for nuclear plants throughout the U.S.

"SGT has become an industry leader in the steam generator replacement business," said Fox. "I'm excited about the future of nuclear energy as well as the important role it now plays in helping our nation meet its expanding energy needs. With recent events in California, it has become abundantly clear that maintaining reliable generating capacity is equally important to building new capacity, if not more so. SGT has certainly positioned itself well to be a key contributor to the revitalization of the industry."

SGT recently completed the successful replacement of four steam generators at Consolidated Edison’s Indian Point Unit 2. SGT has also completed steam generator replacements for Wisconsin Electric Power Co.’s Point Beach Unit 2, Florida Power & Light’s St. Lucie Unit 1, and is currently under contract to replace steam generators at Constellation's Calvert Cliffs Units 1 and 2, and Duke Power's Oconee Nuclear Station, Units 1, 2, and 3.

Washington Group International Inc. is an international engineering and construction firm with more than $5 billion in annual revenues and a backlog of approximately $6.6 billion. With more than 39,000 employees at work in more than 40 countries, the company serves the energy, environmental, government, heavy-civil, industrial, mining, nuclear-services, operations and maintenance, petroleum and chemicals, process, pulp and paper, telecommunications, transportation, and water-resources markets as an engineer, constructor, program manager and developer.

DE&S is an independently operated business affiliate of Duke Energy. DE&S specializes in energy and environmental projects and provides full-scope engineering, technical and professional services to clients around the world.

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: Tommy Smith
Phone: 704/382-3403
24 Hour Phone: 704/382-8333
Email: tbsmith1@duke-energy.com