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Duke Energy will respond to government inquiries on trading practices

CHARLOTTE, N.C., July 12, 2002 — Duke Energy announced that it has received subpoenas late Thursday for documents related to its trading activities.

Duke Energy received a subpoena from the Commodity Futures Trading Commission, which had earlier served subpoenas on other energy companies. Duke Energy also received a subpoena from the Houston office of the U.S. attorney regarding a grand jury investigation. Both subpoenas request documents and information related to trading activities, including so-called “round-trip” trading.

Duke Energy is fully cooperating with these investigations, as it has with other government organizations inquiring into the same issues.

Duke Energy is a diversified multinational energy company with an integrated network of energy assets and expertise. The company manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses — meeting the energy needs of customers throughout North America and in key markets around the world.

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.