News Release
February 24, 2004

DAVID HAUSER ELECTED CFO OF DUKE ENERGY

CHARLOTTE, N.C. -- Duke Energy’s board of directors today elected David Hauser group vice president and chief financial officer, effective immediately. Hauser has been serving as CFO in an acting capacity since last November.

"When I named David acting CFO three months ago, I said he would be a strong candidate as we looked to fill the job on a permanent basis,” said Paul Anderson, Duke Energy chairman and chief executive officer. “Since that time, his strong and disciplined leadership has proven him to be the best candidate, as the board of directors agreed when they elected him today."

Hauser is a 30-year employee of Duke Energy. During his first 20 years with the company, he held various accounting positions, including controller. He later served as vice president, procurement services and materials. He was named senior vice president of global asset development in 1997 and, in 1998, was named senior vice president and treasurer.

A native of High Point, Hauser graduated from Furman (S.C.) University with a bachelor of arts degree in business administration. He received a master of business administration degree from the University of North Carolina at Charlotte. He completed the Executive Program of Professional Management Education at the University of North Carolina at Chapel Hill. He is a certified public accountant and a certified purchasing manager.

Hauser is a board member of the North Carolina Zoological Society. He is a past chairman of the Southeastern Electric Exchange Accounting and Finance Division, Edison Electric Institute’s Federal Energy Regulatory Commission Accounting Liaison Group, and Edison Electric Institute General Accounting Committee. He is a member of the North Carolina Association of Certified Public Accountants, American Institute of Certified Public Accountants, Financial Executives Institute and St. Mark’s United Methodist Church in Belmont.

He and his wife, Nancy, have two daughters and a son.

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