News Release
May 09, 2002

MICHAEL PHELPS NAMED TO DUKE ENERGY BOARD OF DIRECTORS

CHARLOTTE, N.C. – Michael Phelps, former chairman and chief executive officer of Westcoast Energy, has been elected to the Duke Energy board of directors.

Duke Energy recently completed its acquisition of Canadian-based Westcoast Energy. Following the closing of that transaction, Phelps was elected to the Duke Energy board of directors at its April 25 meeting.

 

Phelps joined Westcoast Energy in 1982 as senior advisor to the president and chief executive officer. He held various executive positions within Westcoast Energy, including vice president, strategic planning; senior vice president; and executive vice president and chief financial officer. He was appointed president and chief executive officer in June 1988, and chairman of the board in October 1992. He also served as vice chairman of the Interstate Natural Gas Association of America.

Prior to joining Westcoast Energy, Phelps served as executive assistant to the Canadian federal minister of energy, mines and resources in
Ottawa, Ontario.

 

Under his leadership, Westcoast Energy’s assets grew from Cdn$2 billion in 1988 to Cdn$14 billion in 2001. During the same period, net income increased by more than 900 percent.


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: Randy Wheeless
Phone: 704/382-8379
24 Hour Phone: 704/382-8333
Email: crwheele@duke-energy.com