News Release
May 17, 2001

DUKE ENERGY PRAISES BUSH BLUEPRINT TO MEET AMERICA’S ENERGY NEEDS

Statement by Richard B. Priory -- Chairman, President & Chief Executive Officer of Duke Energy

CHARLOTTE, N.C. -- Duke Energy strongly supports the energy blueprint outlined today by the White House.

We wish we could flip a switch to generate more energy but it’s not that simple -- there are no quick fixes. What we can fix is how we increase supply for America’s future.

Duke Energy will continue to aggressively respond to the supply shortage. Today we’re developing more than 30 new power plants across the United States and adding new natural gas pipelines in the Northeast and Southeast to help meet the rapidly growing demand for cleaner- burning fuel. We have increased our capacity to produce natural gas liquids and transport petroleum products. In short, Duke Energy is working hard to be part of the energy solution.

The ultimate goal of increasing supply is to make energy more affordable and to fuel economic growth. An important component of that is the administration’s welcome commitment to fuel diversity. To support economic growth and stabilize energy prices, we need to use all available fuels, including our abundant domestic coal supplies, emissions-free nuclear energy and natural gas. In addition, we should encourage conservation as a fuel source as important as any other.

American energy companies are supplying the bricks and mortar and turbines and pipes -- the government can help by removing federal barriers to wholesale competition, investing in new energy-efficiency technologies and reviewing the impact of regulatory policies on energy supply.

The issues are complicated, but straightforward solutions are achievable if we work together. We applaud the White House for its leadership on this issue and look forward to helping them achieve this goal of increasing America’s energy supply.

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: Jennifer Hillings Epstein
Phone: 704/382-1221
24 Hour Phone: 704/382-8333
Email: jhepstein@duke-energy.com