News Release
October 25, 2004

DUKE ENERGY NAMES JULIE DILL TO LEAD INVESTOR AND SHAREHOLDER RELATIONS

CHARLOTTE, N.C. – Duke Energy announced today that Julie Dill, formerly head of the company’s Asia-Pacific operations, has been named vice president of investor and shareholder relations.

Dill will replace Greg Ebel on Jan. 1, 2005, when he will become president of Union Gas, Duke Energy’s natural gas distribution and storage business in Ontario, Canada. Ebel’s new role was also announced today.

“Julie Dill has extensive operational experience in the energy industry and a strong financial background – a combination that will make her an excellent resource for investors seeking to understand our business,” said Duke Energy Chairman and Chief Executive Officer Paul Anderson.

“She is also committed to open and transparent communications, which she demonstrated in Australia by her active participation in public energy policy discussions and service on the board for an organization dedicated to helping indigenous people develop skills to improve their quality of life,” Anderson said.

Anderson noted that Dill and the investor relations function will continue to report directly to him and that she will serve as secretary of the company’s Executive Committee.

As executive vice president, Asia Pacific, for Duke Energy International (DEI), Dill was responsible for running the company’s gas pipelines and power generation in the region. She served in that role from June 2001 until those assets were sold in April 2004. Previously Dill served as senior vice president of planning and finance and chief financial officer for DEI. In that role she was responsible for economic and strategic analysis, planning and all aspects of financing and management accounting and reporting.

Before joining DEI in 1998, Dill was financial director for Equilon Transportation, a joint venture between Shell Oil Co. and Texaco Inc. that at the time was the largest petroleum pipeline system in the United States. During 17 years with Shell, she had leadership assignments in exploration and production, refining and marketing and internal audit. She was named one of the top 50 Women in Energy in 2002 by Commodities Now magazine.

Dill received a bachelor of business administration degree in finance from New Mexico State University.

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: http://www.duke-energy.com.

Contact: Pete Sheffield
Phone: 980/373-4503
24-Hour Phone: 704/382-8333
e-mail: pvsheffield@duke-energy.com