News Release
Jan. 31, 2002

DUKE ENERGY ANNOUNCES SALE OF DUKE ENGINEERING & SERVICES UNIT TO FURTHER ALIGN FOCUS ON WHOLESALE ENERGY MARKETS

CHARLOTTE, N.C. – Duke Energy today announced the sale of its Duke Engineering & Services (DE&S) unit to further align the company’s businesses, portfolio and resources to focus on wholesale energy customers and markets. 

 DE&S, a business unit providing engineering and technical services, will be purchased by Framatome ANP, Inc., the world’s premiere nuclear supplier. 

 

“As Duke Energy pursues a focus on wholesale markets, it is appropriate to place DE&S with a company where the business mission is aligned,” Bruce Williamson, CEO of Duke Energy Global Markets said. “Duke Energy has had a close working relationship with Framatome ANP, Inc. for the past 30 years. We are very pleased that the 1,250 employees of DE&S can continue their careers with a company that is a world leader in the engineering services field.”

 

The transaction will require a Hart Scott Rodino filing and is expected to close in second quarter 2002. Details of the transaction will be available upon closing.

 

Two components of DE&S are not part of the sale. Duke Energy will establish Duke Energy – Energy Delivery Services, formed by the power delivery services component of DE&S. Duke Energy – Energy Delivery Services will continue to supply a full range of power delivery solutions to customers. Leadership of the U.S. Department of Energy Mixed Oxide Fuel (MOX) project will also remain with Duke Energy.

 

CIBC World Markets, Inc. was the financial advisor to Duke Energy.

 

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 $59 billion in 2001. 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: Bryant Kinney
Phone: 704/382-2208
24 Hour Phone: 704/382-8333
Email: jbkinney@duke-energy.com