News Release
November 26, 2003

DUKE ENERGY TO REDEEM TRUST PREFERRED SECURITIES ISSUE

CHARLOTTE, N.C. – Duke Energy today announced that on Dec. 29 the company will redeem a series of preferred securities issued by a financing trust owned by its subsidiary, Duke Capital Corp.

The redemption covers the entire issue of Duke Capital Financing Trust II 7 3/8 percent Quarterly Income Preferred Securities (QUIPS) due June 30, 2038, with a face value of $350 million. As the securities are being redeemed at par, security holders will receive $25 per preferred security held, plus accrued and unpaid distributions to the redemption date.

Call notices for this issue are being mailed today by JPMorgan Chase Bank, as trustee.

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: Randy Wheeless
Phone: 704/382-8379
24-Hour Phone: 704/382-8333
e-mail: crwheele@duke-energy.com