News Release
September 10, 2004

WESTCOAST ENERGY INC. REDEMPTION OF FIRST PREFERRED SHARES, SERIES 9

VANCOUVER, BRITISH COLUMBIA – Westcoast Energy, a Duke Energy subsidiary, announced that effective Oct. 15, 2004, it will redeem all remaining outstanding Cumulative Redeemable First Preferred Shares, Series 9. The Series 9 Shares will be redeemed for $25 per share plus all accrued and unpaid dividends to the date of redemption for a total redemption amount of $125 million.

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: Toni Beck
Phone: 403/699-1510
24-Hour Phone: 704/382-8333
e-mail: tbeck@duke-energy.com