Duke Energy To Redeem Five Series Of Preferred Stock

CHARLOTTE, N.C. -- Duke Energy today announced that on Dec. 16 it will redeem all shares of five series of preferred stock for a total of about $137 million. The previously declared dividend for each series will be paid in the normal manner on Dec. 16, 2005, to shareholders of record on Nov. 14, 2005.

The issues being redeemed are:

• 6.375 percent Preferred Stock A, with about 1.26 million outstanding shares, which will be redeemed for $25.64 per share, plus accrued dividends to that date.
• 4.50 percent Series C, with 175,000 outstanding shares, which will be redeemed for $101.00 per share, plus accrued dividends to that date.
• 7.85 percent Series S, with 300,000 shares, which will be redeemed for $102.75 per share, plus accrued dividends to that date.
• 7.00 percent Series W, with about 250,000 shares, which will be redeemed for $102.80 per share, plus accrued dividends to that date.
• 7.04 percent Series Y, with about 300,000 shares, which will be redeemed for $102.82 per share, plus accrued dividends to that date.

Redemption notices for these series were mailed to shareholders on Nov. 14. Duke Energy will serve as the redemption agent for the preferred stock redemption.

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 the Americas. 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:	Randy Wheeless
Phone:	704/382-8379
24-Hour Phone:	704/382-8333
e-mail:	crwheele@duke-energy.com