Duke Energy announces sale of French generating facility

CHARLOTTE, N.C., Dec. 23, 2003 — Duke Energy announced the sale of its 100-percent equity stake in Compagnie Thermique du Rouvray (CTR) to Courant CTR Holdings SAS, an affiliate of ArcLight Capital Partners, LLC, for $79.7 million.

The sale is not subject to regulatory approvals and was closed last Thursday, Dec. 18, 2003. The company expects to record a gain in the fourth quarter 2003 of less than $2 million.

The CTR facility is a 103 megawatt combined heat and power plant owned by Duke Energy International (DEI) in northwest France, near the city of Rouen. It was acquired by DEI in July 2002.

“This sale is consistent with our strategic decision to exit the European market,” said Fred Fowler, president of Duke Energy. “Combined with our announcement last month to sell our Dutch gas marketing business, we will now concentrate on a full wind-down of our operations in Europe.”

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 500 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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