News Release
Feb. 07, 2003

DUKE ENERGY COMPLETES EMPIRE STATE PIPELINE DIVESTITURE

CHARLOTTE, N.C. – Duke Energy announced today that it has completed the sale of the Empire State Pipeline to National Fuel Gas Co. for $240 million, including $58 million in debt. The deal was originally announced in October.

 

"The execution of this transaction was included in the 2003 forecast that we communicated to investors in January and underlines our ability to realize value from the sale of non-strategic assets, while maintaining our strong natural gas pipeline infrastructure position in North America," said Richard B. Priory, chairman and chief executive officer. "This divestiture also represents an important step in achieving our 2003 financial plan, which includes the realization of approximately $600 million in non-strategic asset sales."

 

The Empire pipeline was included in Duke Energy’s 2002 acquisition of Westcoast Energy. It originates at the United States/Canada border at the Chippawa Channel of the Niagara River and extends easterly 157 miles from Buffalo, N.Y., to near Syracuse, N.Y. It was constructed in 1992 and began service in 1993.

 

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 18,900 miles of interstate transmission pipeline and 240 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.

 

Contact: Terry Francisco
Phone: 704/373-6680
24 Hour Phone: 704/382-8333
Email: thfrancisco@duke-energy.com