News Release
March 13, 2002

DUKE ENERGY ANNOUNCES SALE OF DUKESOLUTIONS UNIT: FURTHER ALIGNS FOCUS ON WHOLESALE MARKETS

CHARLOTTE, N.C. – Duke Energy today announced the sale of its DukeSolutions business as the company further aligns its businesses, portfolio and resources to focus on wholesale markets and customers. 

 

DukeSolutions, a business focused on energy services to commercial and industrial customers, will be purchased by Framingham, Mass.-based Ameresco, a leading provider of energy management and energy-savings solutions. 

 

“As Duke Energy pursues a focus on growth in wholesale energy markets, it is appropriate to place DukeSolutions with a company where the business mission is aligned,” Bruce Williamson, chief executive officer of Duke Energy Global Markets said. “We are pleased that the DukeSolutions business will be part of a company that is clearly focused on developing energy services as a core business.”

 

The sale is expected to close in second quarter 2002 and is not material to Duke Energy’s earnings projections.

 

SG Barr Devlin 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