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.