News Release
March 14, 2004

DUKE ENERGY ANNOUNCES AGREEMENT TO SELL COMPANY'S ASIA-PACIFIC ASSETS

CHARLOTTE, N.C. -- Duke Energy announced today it has executed a share sale agreement with Alinta Ltd. to purchase Duke Energy’s Asia-Pacific energy assets for US$1.238 billion (A$1.69 billion). The sale will include all of Duke Energy’s assets in Australia and New Zealand.

“In January, we announced a strategy to concentrate our international investment in the Americas,” said Chairman of the Board and Chief Executive Officer Paul Anderson. “The decision was made to exit the Asia-Pacific market either through a sale of our assets or a public offering and, with this transaction, we’re delivering on our plan. 

“This sale will go a long way towards meeting our asset divestiture target for 2004, and will further strengthen the Duke Energy balance sheet.”

The company will be working with Alinta to finalize the transaction which is anticipated to close in the second quarter.

“This was a very competitive process and I am pleased that a strong player like Alinta will be taking the business forward,” Anderson added. “Ultimately, the transaction came down to certainty of execution, and Alinta provided the best package in that regard.”

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: Media Relations -- Peter Sheffield
Phone: 704/373-4503
24-Hour Phone: 704/382-8333
e-mail: pvsheffield@duke-energy.com
Contact: Investor Relations -- John Arensdorf
Phone: 704/382-5087
24-Hour Phone: n/a
e-mail: jrarensdorf@duke-energy.com