News Release
May 18, 2001

CHIEF FINANCIAL OFFICER NAMED AT DUKE/FLUOR DANIEL

CHARLOTTE, N.C. – Duke/Fluor Daniel (D/FD) has named John T. McCraw chief financial officer and vice president of finance and administration. McCraw joins the joint venture of Duke Energy and Fluor Corporation from Duke Energy, where he most recently served as managing director, corporate risk management.

"McCraw’s international experience is both broad and deep," said Jeff Faulk, president and chief executive officer of D/FD. "On the energy side, it has extended to diverse energy facilities and services. On the management side, he has served in roles ranging from controller and long-term financial planning, to operations and sales. This experience is a good fit with D/FD’s growth and market leadership around the world."

McCraw joined Texas Eastern Corporation in 1979 as a programmer analyst, before moving to the company’s corporate planning department as a planning analyst. In 1984, he became manager of long-term financial planning for Texas Eastern. From 1988 to 1991, he was controller for National Methanol Co., a petrochemical plant in Saudi Arabia owned in part by Panhandle Eastern Corp. In 1991, he became sales manager for Pan National Gas Sales, which imported and marketed liquefied natural gas. He became finance manager of Cenatana Energy Corp. in 1992, a natural gas processing and marketing company of Panhandle Eastern Corp. In 1994, he returned to National Methanol Co. as controller and was promoted to vice president in 1998.

McCraw received a bachelor of science degree and a master of science degree from the University of Arkansas. He received a master of business administration degree from Houston Baptist University.

With 2000 revenues of $10 billion, Fluor Corporation provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance, project management and business services.

Duke/Fluor Daniel provides comprehensive engineering, procurement, construction and operating plant services for fossil-fueled electric power generating facilities worldwide. The general partnership of Duke Energy and Fluor Corporation is one of the largest power contractors in the world and has the largest U.S. market share for the engineering and construction of natural gas-fired power projects. D/FD operating plant services supports utility, merchant and cogeneration plants, including operations and maintenance contracts, capital projects, environmental retrofits and other major plant improvements. For more information visit www.dukefluordaniel.com.

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: Jeremy Dreier
Phone: 704/382-8343
24 Hour Phone: 704/382-8333
Email: jwdreier@duke-energy.com