Duke Energy announces plans for public offering

CHARLOTTE, N.C., Sept. 25, 2002 — Duke Energy announced recently that it plans a public offering of 52,000,000 shares of its common stock which, at yesterday’s closing price of $19.24 on the New York Stock Exchange, would amount to approximately $1 billion in gross proceeds to DUK.

In connection with the offering, the company will grant the underwriters an option for a period of 30 days to purchase up to an additional 7,800,000 shares of the company’s common stock to cover over-allotments.

The offering will be made under the company’s existing shelf registration statement. The company expects to issue the securities next week.

The net proceeds from the offering will be used to repay commercial paper previously incurred by Duke Capital Corporation to fund a portion of the cash consideration for the acquisition of Westcoast Energy.

The sole bookrunning lead manager for the offering will be Morgan Stanley & Co. Incorporated.

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.

Source: Duke Energy

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