“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.