News Release
April 01, 2003

DUKE ENERGY COMPLETES SUBSTANTIALLY ALL ALLIANCE AND AUX SABLE DIVESTITURE

CHARLOTTE, N.C. – Duke Energy announced today that it has closed on substantially all the elements of the previously announced transaction to sell its 23.6 percent ownership interest in Alliance Pipeline, Alliance Canada Marketing and Aux Sable processing plant to Enbridge Inc. and Fort Chicago Energy Partners L.P. for approximately US$245 million.

 

The transaction was completed today with the exception of Duke Energy’s small ownership interest related to the U.S. segment of Alliance Pipeline, which is expected to close in October and represents approximately US$11 million in proceeds.

 

Duke Energy obtained the minority ownership interest in the Alliance natural gas pipeline, Alliance Canada Marketing and Aux Sable natural gas liquids plant through its acquisition of Westcoast Energy in 2002.

 

Duke Energy Gas Transmission is a North American leader in developing energy infrastructure and connecting major natural gas supply basins to growing markets. The company's natural gas operations include more than 18,000 miles of interstate transmission pipeline and 250 billion cubic feet of storage capacity in Canada and the United States. More information on DEGT can be found at www.degt.duke-energy.com.

 

Duke Energy is a diversified multinational energy company with an integrated network of energy assets and expertise. The company manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses – meeting the energy needs of customers throughout North America and in key markets around the world. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 500 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. Although Duke Energy believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include legislative and regulatory developments; the outcomes of litigation and regulatory proceedings or inquiries; the effectiveness of the company's risk management and internal controls systems; 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; conditions of the capital markets and equity markets during the periods covered by the forward-looking statements; and other factors discussed in Duke Energy's filings with the Securities and Exchange Commission.

 

Contact: Terry Francisco
Phone: 704/373-6680
24 Hour Phone: 704/382-8333
Email: thfrancisco@duke-energy.com
Contact: Danny Gibbs
Phone: 713/627-4060
24 Hour Phone: 704/382-8333
Email: dpgibbs@duke-energy.com