Westcoast Energy and Union Gas Declare Dividends - Duke Energy

News Release
Feb. 23, 2006

Westcoast Energy and Union Gas Declare Dividends

VANCOUVER, BRITISH COLUMBIA -- On February 23, 2006, Westcoast Energy Inc. declared the following quarterly dividends:

  1. 5.50% CUMULATIVE FIRST PREFERRED SHARES, SERIES 7:  A dividend of 34.375 cents per share payable on April 15, 2006 to shareholders of record at the close of business on April 1, 2006.
  2. 5.60% CUMULATIVE FIRST PREFERRED SHARES, SERIES 8:  A dividend of 35.00 cents per share payable on April 15, 2006 to shareholders of record at the close of business on April 1, 2006.

Also on February 23, 2006, Union Gas Limited declared the following quarterly dividends:

  1. 5 1/2% CUMULATIVE REDEEMABLE CLASS A PREFERENCE SHARES, SERIES A:  A quarterly dividend of 69 cents per share payable on March 31, 2006 to shareholders of record at the close of business on March 17, 2006.
  2. 6% CUMULATIVE REDEEMABLE CLASS A PREFERENCE SHARES, SERIES B:  A quarterly dividend of 75 cents per share payable on March 31, 2006 to shareholders of record at the close of business on March 17, 2006.
  3. 5% CUMULATIVE REDEEMABLE CLASS A PREFERENCE SHARES, SERIES C:  A quarterly dividend of 62.5 cents per share payable on March 31, 2006 to shareholders of record at the close of business on March 17, 2006.
  4. CUMULATIVE REDEEMABLE CONVERTIBLE CLASS B PREFERENCE SHARES, SERIES 11:  A quarterly dividend of 29.9375 cents per share payable on March 31, 2006 to shareholders of record at the close of business on February 28, 2006.

Westcoast Energy Inc. and Union Gas Limited are indirect subsidiaries of Duke Energy Corporation.

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: Sue Malcolm
Phone: 403/699-1506
24-Hour Phone: 704/382-8333
e-mail: sfmalcolm@duke-energy.com