Duke Energy CEO Tells Shareholders That Company's Growth Strategy Will Keep Delivering

Apr 26, 2001, 01:00 ET from Duke Energy Corporation

    CHARLOTTE, N.C., April 26 /PRNewswire/ -- Duke Energy's (NYSE:   DUK) growth
 strategy, which delivered a total shareholder return of 75 percent in 2000, is
 on track to deliver more solid results in 2001, the company's chairman told
 shareholders today at its annual meeting.
     Richard B. Priory, chairman, president and chief executive officer of Duke
 Energy, addressed more than 250 shareholders and said that the same growth-
 oriented efforts that had brought success to the company in the past would
 meet the demands of investors in the future.
     "Today, investors are seeking companies with the growing and staying power
 to prevail. And no company is better prepared to reap those rewards than Duke
 Energy," said Priory. "  ...  We deliver far more than lofty forecasts - we
 deliver the earnings and growth fundamentals that investors expect."
     Duke Energy, which ranked 17th on this year's Fortune 500 list of largest
 U.S. companies, owes much of its jump to its competitive businesses, which
 complement the company's traditional electric utility and natural gas pipeline
 businesses.  Together, Duke Energy businesses generated more than $49 billion
 in revenues in 2000.
     "For the first time ever, our competitive business generated more than 50
 percent of our earnings --- and about 90 percent of our revenue," said Priory,
 adding that three years ago those same businesses accounted for only 8 percent
 of earnings.
     Priory added that in North America, Duke Energy has 13,500 megawatts of
 energy capacity in advanced development, and expects to add 10 to 11 new
 energy facilities annually in 2002 and 2003.  Internationally, he said that
 Duke Energy expects to invest substantially in European markets in the future.
 Duke Energy already is a major energy provider in Latin America and Australia.
     During the meeting, Duke Energy shareholders re-elected three board
 members:  Ann Maynard Gray, Dennis R. Hendrix and Harold S. Hook. Shareholders
 also ratified the appointment of Deloitte & Touche LLP as the company's
 auditors for 2001, and approved an increase in the number of authorized common
 shares and an amendment to the company's long-term incentive plan.  A
 shareholder proposal relating to prohibiting political contributions and a
 shareholder proposal relating to investments in alternative energy sources
 were not approved.
     Duke Energy, a diversified multinational energy company, creates value for
 customers and shareholders through an integrated network of energy assets and
 expertise.  Duke Energy manages a dynamic portfolio of natural gas and
 electric supply, delivery and trading businesses -- generating revenues of
 more than $49 billion in 2000.  Duke Energy, headquartered in Charlotte, N.C.,
 is a Fortune 100 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.
 
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                http://tbutton.prnewswire.com/prn/11690X53787207
 
 

SOURCE Duke Energy Corporation
    CHARLOTTE, N.C., April 26 /PRNewswire/ -- Duke Energy's (NYSE:   DUK) growth
 strategy, which delivered a total shareholder return of 75 percent in 2000, is
 on track to deliver more solid results in 2001, the company's chairman told
 shareholders today at its annual meeting.
     Richard B. Priory, chairman, president and chief executive officer of Duke
 Energy, addressed more than 250 shareholders and said that the same growth-
 oriented efforts that had brought success to the company in the past would
 meet the demands of investors in the future.
     "Today, investors are seeking companies with the growing and staying power
 to prevail. And no company is better prepared to reap those rewards than Duke
 Energy," said Priory. "  ...  We deliver far more than lofty forecasts - we
 deliver the earnings and growth fundamentals that investors expect."
     Duke Energy, which ranked 17th on this year's Fortune 500 list of largest
 U.S. companies, owes much of its jump to its competitive businesses, which
 complement the company's traditional electric utility and natural gas pipeline
 businesses.  Together, Duke Energy businesses generated more than $49 billion
 in revenues in 2000.
     "For the first time ever, our competitive business generated more than 50
 percent of our earnings --- and about 90 percent of our revenue," said Priory,
 adding that three years ago those same businesses accounted for only 8 percent
 of earnings.
     Priory added that in North America, Duke Energy has 13,500 megawatts of
 energy capacity in advanced development, and expects to add 10 to 11 new
 energy facilities annually in 2002 and 2003.  Internationally, he said that
 Duke Energy expects to invest substantially in European markets in the future.
 Duke Energy already is a major energy provider in Latin America and Australia.
     During the meeting, Duke Energy shareholders re-elected three board
 members:  Ann Maynard Gray, Dennis R. Hendrix and Harold S. Hook. Shareholders
 also ratified the appointment of Deloitte & Touche LLP as the company's
 auditors for 2001, and approved an increase in the number of authorized common
 shares and an amendment to the company's long-term incentive plan.  A
 shareholder proposal relating to prohibiting political contributions and a
 shareholder proposal relating to investments in alternative energy sources
 were not approved.
     Duke Energy, a diversified multinational energy company, creates value for
 customers and shareholders through an integrated network of energy assets and
 expertise.  Duke Energy manages a dynamic portfolio of natural gas and
 electric supply, delivery and trading businesses -- generating revenues of
 more than $49 billion in 2000.  Duke Energy, headquartered in Charlotte, N.C.,
 is a Fortune 100 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.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X53787207
 
 SOURCE  Duke Energy Corporation