News Release
May 24, 2001

DUKE ENERGY LICENSES OPENLINK’S MULTI-COMMODITY TRADING AND RISK MANAGEMENT SYSTEM

HOUSTON -- Duke Energy North America (DENA) today announced an agreement with OpenLink Energy to replace its internal trading and risk management systems with OpenLink’s Endurä . Duke Energy will use Endur to enhance its energy commodities and emissions trading, risk management and accounting capabilities.

"OpenLink will provide Duke Energy with the front-through-back-office solutions necessary to manage our energy trading, risk management and operational requirements," said Terry Aschbacher, DENA vice president of commercial technology. "Replacing multiple internal systems with Endur will provide DENA with sophisticated tools to manage its profitability in the emerging electronic trading market, while presenting the entire organization with the opportunity to centralize its risk analysis."

OpenLink’s Endur helps to manage energy trading, risk management, and back-office functions in a tightly integrated fashion, channeling not only information but "intelligence" into a steady stream for precise decision-making, with real-time accuracy, configurability, flexibility and scalability. Endur also provides comprehensive trading and risk management support for a wide range of markets such as coal, soft commodities, metals, currency, interest rates, emissions, weather derivatives and bandwidth.

"Winning Duke Energy after a comprehensive and rigorous evaluation process truly reaffirms and strengthens our leadership position in the energy markets," said OpenLink founder and chief executive officer, Coleman Fung. "Working with energy firms, like Duke Energy, that face the most demanding and challenging requirements in this fast-changing energy environment is what OpenLink does best. We welcome this new opportunity."

Founded in 1992, OpenLink has emerged as a leading solution provider of energy and financial trading and risk management systems with broad market functionality. The company’s global client base includes Bank for International Settlements, Barclays Capital, Coral Energy, Credit Lyonnais Rouse, Deutsche Bank, Dynegy Inc., Equiva Services LLC, ExxonMobil Gas, Gaz de France, JP Morgan Chase & Co., KeyBank, Manulife Investment, Nabisco, Nexen, PanCanadian Petroleum, RWE Energie and Texaco. Headquartered in New York, OpenLink employs more than 200 professionals worldwide and has offices in New York, London and Houston.

Duke Energy North America (DENA) is Duke Energy’s Houston-based merchant energy company. DENA’s generation portfolio currently includes approximately 6,200 megawatts in operation; 10 facilities under construction totaling more than 5,500 megawatts; and 13,500 megawatts in advanced development scheduled for commercial operation by summer 2004.

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 is available on the Internet at: www.duke-energy.com.

Contact: Jennifer Pierce, Duke Energy
Phone: 713/627-5719
24 Hour Phone: 704/382-8333
Email: jmpierce@duke-energy.com