News Release Jan. 04, 2002

CHARLOTTE, N.C. -- Duke Energy today announced its quarterly cash dividend on the company's common stock of 27.5 cents a share. The dividend is payable on March 15, 2002, to shareholders of record on Feb. 15, 2002.

This is the 76th consecutive year that Duke Energy has paid quarterly cash dividends on its common stock. 

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.