News Release
March 13, 2002

DUKE ENERGY AND WESTCOAST ENERGY ANNOUNCE PROPOSED EFFECTIVE DATE, EXCHANGE RATIO AND EFFECT OF PRORATION PROVISIONS ON ELECTIONS BY WESTCOAST ENERGY COMMON SHAREHOLDERS

CHARLOTTE, N.C., AND VANCOUVER, B.C. --  Duke Energy (NYSE:DUK) today announced that the effective date for its acquisition of Westcoast Energy Inc. (TSE:W; NYSE:WE) will be March 14, 2002, subject to the satisfaction of certain customary closing conditions. The previously announced transaction provides for the acquisition of all outstanding common shares of Westcoast Energy in exchange for a combination of cash, Duke Energy common shares and exchangeable shares of a Canadian subsidiary of Duke Energy that are substantially equivalent to and exchangeable on a one-for-one basis for Duke Energy common shares. Under the terms of the arrangement and based on an expected effective date of March 14, 2002, an exchange ratio of 0.7711 will be used to calculate the number of Duke Energy common shares and exchangeable shares to be issued in exchange for Westcoast common shares exchanged for stock in the transaction. 

Duke Energy also announced the effect that the proration provisions will have on the results of elections made by holders of Westcoast common shares as to the form of consideration they wish to receive in the transaction. Based on 129,395,990 Westcoast common shares outstanding (including Westcoast options conditionally exercised) on March 12, 2002, valid elections representing approximately 90 percent of the Westcoast common shares outstanding were received by the election deadline. Elections representing the remaining 10 percent of the Westcoast common shares outstanding either were not received or were invalid.

Because valid elections for cash were received with respect to more than 50 percent of the outstanding Westcoast common shares, all holders of Westcoast common shares who elected to exchange some or all of their Westcoast common shares for cash will be subject to the proration provisions of the transaction that provide that approximately 50 percent of the aggregate consideration in the transaction will be paid in cash and approximately 50 percent of the aggregate consideration will be paid in stock. As a result, approximately 99 percent of each holder’s Westcoast common shares for which cash was validly elected will be exchanged for cash and the remaining approximately 1 percent will be exchanged for either Duke Energy common shares or exchangeable shares. All of each holder’s Westcoast common shares for which stock was validly elected will be exchanged for either Duke Energy common shares or exchangeable shares. All holders of Westcoast Energy common shares who failed to submit a valid election will receive Duke Energy common shares or exchangeable shares. Because the application of the proration provisions depends upon the number of Westcoast common shares actually outstanding as of the effective date of the transaction, these proration results are subject to change. 

As a result of the anticipated closing of the acquisition on March 14, 2002, it is expected that Westcoast common shares will cease trading on The Toronto Stock Exchange and The New York Stock Exchange at the close of trading on March 13, 2002, and the exchangeable shares will begin regular trading on The Toronto Stock Exchange on March 14, 2002, under the symbol “DX.”

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 information about the company is available on the Internet at: www.duke-energy.com.

This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include those concerning the contemplated transaction, strategic plans, expectations and objectives. Although Duke Energy believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals and expectations will be achieved.  Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include completion of the proposed transaction, integration of the two companies, future regulatory approvals and developments, realization of expected synergies from the transaction, changes in competition, the timing and extent of changes in commodity prices for oil, gas, coal, electricity and interest rates, the extent of success in connecting natural gas supplies to gathering and processing systems and in connecting and expanding gas and electric markets, the performance of electric generation, pipeline and gas processing facilities, the timing and success of efforts to develop domestic and international power, pipeline, gathering, processing and other infrastructure projects and conditions of the capital markets and equity markets during the periods covered by the forward-looking statements.

Contact: Danny Gibbs, Duke Energy
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
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