Story Behind the Numbers
In a year of unparalleled
opportunity and challenge, Duke Energy delivered -- for customers and shareholders.
Here are some examples that
demonstrate the depth and breadth of our work in 2001:
- We announced and made great progress on the acquisition of Westcoast Energy, a move that
advances our growth strategy, doubles our gas storage capacity, and links
our system to Canadian gas reserves.
- Duke Energy installed
and commissioned nine power plants totalling over 3,900 MW--on budget and
on schedule. The new plants included the 520-megawatt McClain Generating Station
in Oklahoma; the 520-megawatt Attala Energy Facility and the 520-megawatt
Hinds Energy Facility, both located in Mississippi; the 640-megawatt Audrain
Generating Station in Missouri and the 640-megawatt Lee County Generating
Station in Illinois; and the 600-megawatt Griffith Generating Station in Arizona.
- Duke Energy International
finalized an agreement to supply natural gas to Ivanhoe's iron-pellet plant
at Port Latta, Tasmania; launched the 40 MW Bairnsdale Power Station in Victoria,
Australia; and signed a $100 million contract with OneSteel Market Mills for
a supply of pipe to the Tasmanian Gas Pipeline. DEI also acquired two generating
plants in Guatemala, and is planning their expansion in 2002.
- Duke Power began the
process to renew the operating licenses of McGuire and Catawba nuclear stations,
which would enable the plants to produced needed electricity into the 2040s.
- Our balance sheet remains
strong. We maintained our A debt rating, and Standard & Poor's improved
its outlook for Duke Energy credit, at a time when a number of competitors
saw their debt ratings and outlooks decline.
- Gulfstream Natural Gas
System L.L.C., a joint venture of Duke Energy and Williams, received FERC
approval to commence mainline pipestream acquisition in Florida; all major
segments of its 753-mile pipeline project are under construction and on schedule
to deliver natural gas in June 2002.
- Duke Energy continued
a century long tradition of giving back to the communities where we live and
work. We formed a partnership with the National Council of Teachers of Mathematics
to create a Web-based system to deliver teacher training for mathematics teachers.
The company provided a major donation to the American Red Cross in the wake
of the September 11 attacks and matched employee contributions to the agency.