News Release
June 26, 2001

DUKE ENERGY DECLARES QUARTERLY DIVIDEND

CHARLOTTE, N.C. -- Duke Energy's board of directors today announced its quarterly cash dividend on the company's common stock of 27.5 cents a share. The dividend is payable on Sept. 17, 2001, to shareholders of record on Aug. 17, 2001.

This is the 75th consecutive year that Duke Energy has paid quarterly cash dividends on its common stock.

The Duke Energy board of directors also announced that the company would be paying quarterly dividends on its preferred stocks on Sept. 17 to shareholders of record on Aug. 17.

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: Randy Wheeless
Phone: 704/382-8379
24 Hour Phone: 704/382-8333
Email: crwheele@duke-energy.com