News Release
March 01, 2002

WESTCOAST ENERGY EXTENDS ELECTION DEADLINE

CHARLOTTE, NORTH CAROLINA; VANCOUVER, BRITISH COLUMBIA – Duke Energy and Westcoast Energy Inc. announced today that the election deadline for the acquisition of Westcoast Energy has been extended. The deadline for common shareholders and option holders to elect the form of consideration they wish to receive on the acquisition has been extended from Feb. 28 to March 12, 2002. Shareholders who have already elected and do not wish to change their election do not have to re-elect.

 “The process of obtaining the necessary regulatory approvals to allow the completion of the acquisition is ongoing. We still expect to complete the transaction by the end of the first quarter,” noted Michael Phelps, chairman and chief executive officer, Westcoast Energy.

 

Westcoast Energy Inc. (TSE: W; NYSE: WE) headquartered in Vancouver, British Columbia, is a leading North American energy company with assets of approximately $14 billion. The Company’s interests include natural gas gathering, processing, transmission, storage and distribution, as well as power generation, international energy businesses, and financial, information technology and energy services businesses. More information is available on the Company’s Web site at www.westcoastenergy.com.

 

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 US$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: Terry Francisco, Duke Energy
Phone: 704/373-6680
24 Hour Phone: 704/382-8333
Email: thfrancisco@duke-energy.com
Contact: Bob Foulkes, Westcoast Energy
Phone: 604/488-8093
24 Hour Phone: n/a
Email: bfoulkes@wei.org