News Release
October 26, 2004

DUKE ENERGY DECLARES QUARTERLY DIVIDEND

CHARLOTTE, N.C. – Duke Energy today announced its quarterly cash dividend on its common stock of U.S. $0.275 a share. The dividend is payable on Dec. 16, 2004, to shareholders of record on the close of business Nov. 12, 2004.

This is the 78th consecutive year that Duke Energy has paid quarterly cash dividends on its common stock.

The company also announced that it would be paying quarterly dividends on its preferred stocks on Dec. 16, 2004, to shareholders of record on the close of business Nov. 12, 2004.

Duke Energy Canada Exchangeco Inc., a subsidiary of Duke Energy, today also announced a quarterly cash dividend on its exchangeable shares of Cdn $0.34 per exchangeable share. The dividend is payable on Dec. 16, 2004, to shareholders of record on the close of business Nov. 12, 2004.

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