News Release
May 30, 2003

DUKE CAPITAL CORPORATION ANNOUNCES REDEMPTION OF DUKE CAPITAL FINANCING TRUST I PREFERRED SECURITIES

CHARLOTE, N.C. -- Duke Capital Corporation, a subsidiary of Duke Energy Corporation, announced today the planned redemption on June 30, 2003, of all   $250 million aggregate liquidation amount of the 7-3/8 percent Trust Originated Preferred Securities due March 31, 2038, issued by Duke Capital Financing Trust I.

The redemption price for the full redemption of the securities will be $25 per Preferred Security plus accrued and unpaid distributions thereon to the redemption date.

JPMorgan Chase Bank, located at 4 New York Plaza, New York, N.Y. 10004, as Property Trustee, will notify each registered holder by first class mail on May 30, 2003. The transfer books will be closed on the redemption date.

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 -- Media Contact
Phone: 704/373-6680
24 Hour Phone: 704/382-8333
Email: thfrancisco@duke-energy.com
Contact: Greg Ebel -- Anaylst Contact
Phone: 704/382-8118
24 Hour Phone: n/a
Email: glebel@duke-energy.com