News Release
February 13, 2004

DUKE ENERGY SUBSIDIARY REMARKETS $875 MILLION OF NOTES

CHARLOTTE, N.C. -- Duke Capital Corporation, a subsidiary of Duke Energy, successfully remarketed $875 million of its 5.87 percent senior notes due 2006 on Feb. 12, 2004

As a result of the remarketing, the interest rate on the notes was reset to 4.302 percent, effective Feb. 18, 2004.

The remarketing was required under the terms of the Duke Energy equity units originally issued in March 2001. Proceeds from the remarketed notes will be held by a collateral agent and used to purchase U.S. Treasury securities to satisfy the forward stock purchase contract component of the equity units. In May 2004, Duke Energy will receive $875 million from the collateral agent and will issue approximately 22.5 million shares of common stock to settle the forward stock purchase contracts.

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