DQE elects new president and CEO

PITTSBURGH, Sept. 14, 2001 — DQE today announced the election of Morgan K. O’Brien to the position of President and Chief Executive Officer.

O’Brien was also elected to the DQE Board. He replaces David D. Marshall, who is retiring from DQE.

Prior to his election, O’Brien had been Chief Operating Officer of DQE. He has held several senior executive positions in the corporate development and finance areas at DQE and subsidiary Duquesne Light. O’Brien led Duquesne Light’s efforts in completing an innovative power plant exchange with FirstEnergy and the auction of Duquesne’s generating assets for $1.7 billion. Most recently, he completed provider-of-last-resort negotiations and won approval at the Pennsylvania Public Utility Commission. Prior to joining Duquesne Light in 1991, O’Brien was employed at PNC Bank, Deloitte & Touche, and Coopers and Lybrand. A native of Pittsburgh, O’Brien currently serves on the board of directors of the United Way of Allegheny County. O’Brien received a bachelor’s degree in Business Administration and a master’s degree in Taxation from Robert Morris College. He is a certified public accountant.

“I look forward to implementing our back-to-basics strategy centered around growing our regulated utility businesses and DQE through the next chapter in the company’s long and successful history,” O’Brien said. “We are excited about the opportunities we see to grow the value of the company by delivering to our shareholders low risk and predictable earnings from our regulated businesses and related opportunities provided by the evolving utility services industry.”

With electric restructuring having now been successfully completed, the Board thanked Marshall for his leadership during his 17 years of service to the company, the last seven as a board member. During his tenure, Marshall dealt with the adverse effects on Duquesne Light Company of the collapse of the steel industry in Pittsburgh, managed DQE’s exit from the nuclear generation business and achieved an 18-percent rate reduction in electric rates, scheduled for early next year, through a restructuring plan that has become a model for the industry.

“I have greatly enjoyed working with our dedicated and professional employees during the period of greatest change in our industry’s history,” said Marshall. “I have the utmost confidence in Morgan O’Brien and his talented management team as they develop new opportunities for growing shareholder value.”

DQE delivers essential products and related services, including electricity, water and communications, to more than one million customers throughout the United States.

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