News Release
March 15, 2001

DAY AND STEPHAN NAMED VICE PRESIDENTS IN DUKE ENERGY’S CORPORATE RISK MANAGEMENT GROUP

HOUSTON – Duke Energy today announced two appointments in the company’s corporate risk management group.

Michael W. Day has been promoted to vice president, global fundamental analysis; while Dave Stephan has joined the company as vice president of portfolio management and risk analytics. Both will work in Houston.

A native of Chestertown, Md., Day earned his undergraduate degree in mathematics from the University of Maryland and his master’s of business administration from Virginia Tech.

Day joined Duke Energy in 1997 with the partnership Duke/Louis Dreyfus. He later moved to Duke Energy Trading and Marketing as manager of strategic analysis. In 1999, he was named director, commodity pricing and modeling, energy risk management.

Before joining Duke Energy, Day worked with the Ernst & Young for eight years in Washington, D.C., and for five years in London. He also spent five years as an independent management consultant.

Day and his wife, Linda, have two sons, Greg and Colin.

A native of Bonner Springs, Kan., Stephan earned his undergraduate degree from Pittsburg (Kan.) State University. Before joining Duke Energy, Stephan was vice president of natural gas for Coast Energy Group in Houston. Prior to that, he was vice president of financial trading with Sonat Gas Marketing. Stephan also held numerous management positions with Koch Energy Trading from 1990 to 1997.

Stephan and his wife, Donna, have two daughters, Sarah and Emma.

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