DUKE ENERGY ANNOUNCES EXECUTIVE LEADERSHIP TEAM AND ORGANIZATIONAL CHANGES

CHARLOTTE, N.C. -- Duke Energy Chairman and Chief Executive Officer Paul Anderson today announced the formation of an Executive Committee, as well as important organizational changes, effective Jan. 1.

“These leadership and organizational changes are a first step in consolidating functions, clarifying accountabilities, reducing bureaucracy and ensuring executive focus on Duke Energy’s key business priorities,” Anderson said.

The six-member Executive Committee will drive corporate strategy, transactions, financial plans and enterprise policy. In addition to Anderson as chair, the Executive Committee is comprised of:

• Fred Fowler, president and chief operating officer, responsible for the company’s energy businesses;
• David Hauser, group vice president and acting chief financial officer, responsible for the company’s financial and risk management functions;
• Jim Mogg, group vice president and chief development officer, responsible for the company’s strategy and corporate transactions, as well as corporate and human resources development;
• Rich Osborne, group vice president, public and regulatory policy, responsible for the company’s public policy agenda and relationships with regulators, legislators, communities and other key stakeholders; and
• Martha Wyrsch, group vice president and general counsel, responsible for the company’s legal affairs and compliance activities.

Greg Ebel, vice president of investor relations, will also report directly to Anderson and serve as secretary to the Executive Committee.

“The functions reporting to me reflect my priority areas of focus -- our energy businesses, financial systems, business strategy, human talent and our relationships with key stakeholders,” Anderson said.

Fowler joined the company in 1985 as general manager of Panhandle Trading Company. He held positions of progressing responsibility in the gas pipeline companies that combined to become PanEnergy and merged with Duke Power to form Duke Energy in 1997. He was named president and chief operating officer of Duke Energy in November 2002.

Hauser joined the company in 1973 as an accountant with Duke Power. He became treasurer of Duke Energy in 1998 and was named to his current role of senior vice president and acting CFO in November 2003.

Mogg joined the company in 1973 in the gas supply department of Panhandle Eastern Pipe Line Company. Since December 1999, he has been chairman, president and CEO of Duke Energy Field Services, a joint venture with ConocoPhillips and chairman of TEPPCO Partners LP. He will continue in his role at TEPPCO.

Osborne joined the company in 1975 as a financial analyst with Duke Power. He rose through the ranks of the finance department and became vice president and chief financial officer of Duke Power in 1991 and executive vice president and chief financial officer of Duke Energy when the company was formed in 1997. He became executive vice president and chief risk officer in 2000.

Wyrsch joined Duke Energy in 1999 as senior vice president, general counsel and secretary for Duke Energy Field Services. She has been in her current position as senior vice president of legal affairs for Duke Energy since February.

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  .

Contact:	Peter Sheffield
Phone:	704/373-4503
24-Hour Phone:	704/382-8333
e-mail:	pvsheffield@duke-energy.com