News Release Nov. 14, 2001

CHARLOTTE, N.C. – Duke Energy has commenced a public offering of $750 million in Equity Units.  Each Equity Unit will initially consist of a purchase contract for Duke Energy common stock and $25 in principal amount of senior notes of Duke Energy’s wholly owned subsidiary, Duke Capital Corp. The offering will be made under Duke Energy’s and Duke Capital’s effective shelf registration statements filed with the Securities and Exchange Commission. Each shelf registration statement covers the issuance of up to $2 billion of various securities of each company.

The net proceeds from the offering will be used to fund a portion of the cash consideration for our proposed acquisition of Westcoast Energy.  Pending the closing of the acquisition, Duke Energy intends to use the proceeds of this offering to repay commercial paper.  

Morgan Stanley will be the sole underwriter of the offering.  Duke Energy has granted the underwriter an option for up to an additional $112.5 million of Equity Units to cover over-allotments, if any. 

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.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained from Morgan Stanley.