News Release
March 08, 2002

DUKE ENERGY RECEIVES EXEMPTIVE ORDER FROM THE SECURITIES AND EXCHANGE COMMISSION

CHARLOTTE, NC -- Duke Energy (NYSE:DUK) announced that it has received an order from the U.S. Securities and Exchange Commission exempting the public utility subsidiaries of Westcoast Energy (TSE:W; NYSE:WE) from the provisions of the Public Utility Holding Company Act of 1935, as amended, following the closing of Duke Energy’s acquisition of Westcoast Energy.

With the receipt of this regulatory approval, the parties intend the acquisition to close and be effective on March 14, 2002, subject to the satisfaction of certain customary closing conditions.

 

Westcoast Energy Inc. (TSE: W; NYSE: WE) headquartered in Vancouver, British Columbia, is a leading North American energy company with assets of approximately US$10 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 $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 informatio about the company is available on the Internet at: www.duke-energy.com.

Contact: Danny Gibbs, Duke Energy Media Relations
Phone: 713/627-4060
24 Hour Phone: 704/382-8333
Email: dpgibbs@duke-energy.com
Contact: Sue Becht, Duke Energy Investor Relations
Phone: 704/382-8695
24 Hour Phone: n/a
Email: sbecht@duke-energy.com
Contact: Bob Foulkes, Westcoast Energy Media Relations
Phone: 604/488-8093
24 Hour Phone: n/a
Email: bfoulkes@wei.org
Contact: Tom Merinsky, Westcoast Energy Investor Relations
Phone: 604/488-8021
24 Hour Phone: n/a
Email: n/a