News Release
November 21, 2003

DUKE ENERGY ANNOUNCES AGREEMENT TO SELL ITS ENERGY DELIVERY SERVICES UNIT

CHARLOTTE, N.C. -- Duke Energy today announced the signing of an agreement to sell its Energy Delivery Services (EDS) business unit to The Shaw Group Inc. for $22.5 million. Expected to close by the end of the year, the sale of EDS will further align Duke Energy’s portfolio of businesses and resources with its core assets and business strategy.

EDS provides design, engineering, procurement, construction, and upgrade and maintenance services of power transmission, substations and distribution systems for various customers. 

"As Duke Energy sharpens its strategy around its core assets, it is appropriate to align EDS and its approximate 500 employees and contractors with the expansion initiatives of The Shaw Group," said A. R. Mullinax, executive vice president of Duke Energy Business Services. 

"Shaw is a global leader in comprehensive infrastructure services, and EDS will fit strategically within their organization," Mullinax continued. "Duke Energy has had a close working relationship with Shaw for many years, and we look forward to expanding our relationship through the continued use of EDS."

EDS is under contract to assist in maintaining portions of the transmission system owned by Duke Energy’s electric utility Duke Power Company. The sale of EDS will not impact the reliability and service Duke Power provides its customers in North Carolina and South Carolina as these contracts will continue with Shaw. 

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