News Release
Oct. 04, 2001

DUKE ENERGY NAMES KEITH BUTLER SENIOR VICE PRESIDENT AND CORPORATE CONTROLLER

CHARLOTTE, N.C. –Duke Energy today announced that Keith Butler has been appointed senior vice president and controller, replacing Sandra Meyer, who was appointed senior vice president of retail services for Duke Power, a Duke Energy business unit, in May. Butler reports to Robert Brace, executive vice president and chief financial officer.

Butler will be responsible for planning and directing the accounting affairs of Duke Energy, including preparation of financial statements and accounting and regulatory reports. "Keith brings extensive leadership abilities and expertise gained through valuable experience in energy markets," Brace said.

Butler, 40, joined Duke Power in 1984 in the controller's department, holding various accounting and finance positions of increasing responsibility. In 1989, he joined Duke Energy's unregulated power plant development company, developing projects in the United States, Latin America and Asia-Pacific. He was named vice president in that area in 1994. He was named senior vice president and chief financial officer of Duke Energy North America in July 1998, and appointed chief operating officer of DukeSolutions in September 1999.

A native of Greensboro, N.C., Butler earned his undergraduate degree from the University of North Carolina at Chapel Hill and is a certified public accountant. He is a member of the Financial Executives Institute, American Institute of Certified Public Accountants (AICPA) and North Carolina Association of Certified Public Accountants (NCACPA). Butler is a member of the board of the Greater Carolinas Chapter of the American Red Cross and chairs the Audit Committee of that organization. He also serves on the board of Harmony Products, Inc.

Butler and his wife, Anne, have two daughters.

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: Terry Francisco
Phone: 704/373-6680
24 Hour Phone: 704/382-8333
Email: thfrancisco@duke-energy.com