News Release
April 23, 2004

DUKE ENERGY COMPLETES SALE OF ASIA-PACIFIC ASSETS

CHARLOTTE, N.C. -- Duke Energy today announced it has completed the sale of its Asia-Pacific energy assets to Alinta Ltd.

The share sale, announced in March, totaled US$1.238 billion (A$1.69 billion) and includes all Duke Energy’s assets in Australia and New Zealand.

“With the completion of this sale we have reached our 2004 asset divestiture target less than six months into the year,” said Chairman of the Board and Chief Executive Officer Paul Anderson. “The proceeds from this sale will further strengthen Duke Energy’s balance sheet as we concentrate our international investment in the Americas.”

Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in North America and selected international markets. In 2004, the company celebrates a century of service with the 100th anniversary of its electric utility Duke Power. Headquartered in Charlotte, N.C., Duke Energy 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: Peter Sheffield
Phone: 704/373-4503
24-Hour Phone: 704/382-8333
e-mail: pvsheffield@duke-energy.com