News Release
Nov. 21, 2001


CHARLOTTE, N.C. and VANCOUVER, B.C. -- In connection with its proposed acquisition of Westcoast Energy announced on Sept. 20, Duke Energy has received approval from the British Columbia Utilities Commission (BCUC) to acquire indirect control of the public utilities owned wholly or in part by Westcoast Energy and regulated by the BCUC.

The Westcoast Energy utilities subject to the BCUC approval order dated Nov. 14 include Pacific Northern Gas Ltd. (PNG), Pacific Northern Gas (N.E.) Ltd. (PNGNE), Centra Gas British Columbia Inc. (Centra BC) and Centra Gas Whistler Inc. (Centra Whistler).

Westcoast Energy currently owns approximately 41 percent of the outstanding non-voting Class A Common Shares of PNG and all of the outstanding voting Class B Common Shares of PNG. PNGNE is a direct wholly owned subsidiary of PNG. Centra BC and Centra Whistler are indirect wholly owned subsidiaries of Westcoast Energy. The order issued by the BCUC is not expected to impact the previously announced separate agreements Westcoast Energy has reached with other parties to sell all of the common shares of Centra BC and Centra Whistler for approximately Cdn$208 million.

Duke Energy and Westcoast Energy also announced they have received a request for additional information and documentary material from the Federal Trade Commission following from the FTC’s Hart-Scott-Rodino Act review of the proposed acquisition of Westcoast Energy by Duke Energy. This request is a routine part of the Hart-Scott-Rodino Act review of large transactions such as the proposed acquisition. The waiting period under the Hart-Scott-Rodino Act will expire 30 days after Duke Energy and Westcoast Energy substantially comply with the FTC’s request. The companies intend to provide the additional information and documentary material promptly and do not expect the request to have a material impact on the timing of the consummation of the proposed acquisition.

If the acquisition arrangement is approved by Westcoast Energy’s common shareholders and optionholders, and subject to the arrangement being approved by the British Columbia Supreme Court and the other conditions of closing being satisfied or waived, Duke Energy and Westcoast Energy expect the acquisition will be completed during the first quarter 2002.

Duke Energy (NYSE: DUK), 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 US$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:

Westcoast Energy Inc. (NYSE: WE, TSE: W), headquartered in Vancouver, British Columbia, is a leading North American energy company with assets of approximately Cdn$15 billion. The company’s interests include natural gas gathering, processing, transmission, storage and distribution, as well as power generation, international energy businesses, and financial, information technology and energy services businesses. More information is available on the company’s website at

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include those concerning the contemplated transaction, strategic plans, expectations and objectives. Although Duke Energy and Westcoast Energy believe that their expectations are based on reasonable assumptions, they can give no assurance that their goals and expectations will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include completion of the proposed transaction, regulatory approvals and developments and conditions of the capital markets and equity markets during the periods covered by the forward-looking statements.

Contact: Danny Gibbs
Phone: 713/627-4060
24 Hour Phone: 704/382-8333
Contact: Sue Becht
Phone: 704/382-8695
24 Hour Phone: n/a