News Release
November 19, 2003

DUKE ENERGY ANNOUNCES AGREEMENT TO SELL DUTCH GAS MARKETING BUSINESS

HOUSTON - Duke Energy International (DEI) announced the signing of an agreement with Norsk Hydro Energy B.V. for the sale of its Dutch gas marketing business. The sale is subject to approval by the European Commission.

“The proposed sale is consistent with Duke Energy’s plan to sell non-core businesses and reduce its risk profile,” said Richard K. McGee, president of DEI. “As a result of this sale, we will also commence the wind-up of our remaining European marketing operations, which we expect to complete next year.” 

The carrying value of this business was approximately $60 million as of Sept. 30, 2003, and the anticipated net sales proceeds are approximately $80 million. The anticipated gain from the sale will be recorded at the time of closing, which is expected to occur in fourth quarter 2003. In connection with the sale and during the balance of 2003 and 2004, Duke Energy expects to incur expenses of approximately $40 million related to the wind-down of its remaining European marketing operations.

Duke Energy International (DEI), a wholly owned subsidiary of Duke Energy, is one of the world’s leading international energy companies offering energy marketing, risk management, natural gas and power development expertise and operations services across Latin America, Europe and the Asia Pacific.

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; general economic conditions, including any potential effects arising from terrorist attacks, the situation in Iraq and any consequential hostilities or other hostilities; the level of creditworthiness of counterparties to Duke Energy’s transactions; the  timing and extent of changes in commodity prices for oil, natural gas, coal, electricity and interest rates; 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: Kate Perez
Phone: 713-627-6527
24-Hour Phone: 704-382-8333
e-mail: kcperez@duke-energy.com