Duke Energy elects Fred Fowler president and COO

CHARLOTTE, N.C., Nov. 25, 2002 — Duke Energy’s Board of Directors Monday elected Fred J. Fowler as President and Chief Operating Officer. Fowler will report to Chairman and Chief Executive Officer Richard B. Priory, and will be responsible for the operations of the company’s energy businesses.

In proposing the organizational change, Priory noted that it is an important component of the many steps the company is taking to address current business conditions. Creation of the new executive role will provide focused leadership for both the operational and strategic issues and opportunities the energy industry is facing today.

“Fred Fowler brings tremendous experience and a track record of delivering results,” said Priory. “In this new role, his leadership, marketing expertise, industry knowledge and focus on operations will add significant value. Having Fred fully focused on business operations will allow me to devote greater attention to business strategy, company culture and relationships with our external stakeholders.”

Fowler has served as Duke Energy’s group president for energy transmission since 1997 and has been a member of the company’s eight-member Policy Committee. In that capacity, he has been responsible for the performance of the company’s interstate natural gas pipelines and Duke Energy Field Services, while contributing to the overall policy direction of Duke Energy.

“Today’s energy markets face their share of challenges,” said Fowler. “These markets also present Duke Energy with many opportunities to expand its services to customers who value our record of reliability, fair dealing and results. My job is to assure we sustain and improve that record. We intend to deliver.”

The company’s energy related businesses now report to Fowler. These include Duke Power Company, led by William A. Coley; Duke Energy Gas Transmission, led by Robert B. Evans; Duke Energy Field Services, led by Jimmy W. Mogg, and the Energy Services units, led by Harvey J. Padewer. These include Duke Energy International, Duke Energy North America, Duke Energy Trading and Marketing, and Duke/Fluor Daniel.

Fowler’s energy career began with Conoco, Inc. in 1968. He served in a number of positions of increasing responsibility at Conoco, Enterprise Products Company and Gulf States Oil & Refining. He served as president of Wynn-Fowler Trading Company for seven years before joining Panhandle Trading Company in 1985. He became president of Trunkline Gas Company in 1991 and vice president of marketing in 1992. He was elected President of Texas Eastern Transmission Corporation in 1994 and named group vice president of PanEnergy Corporation in 1996. Duke Energy was formed in 1997 with the merger of PanEnergy and Duke Power Co.

Fowler is currently chairman of the board for the Interstate Natural Gas Association of America (INGAA) and serves on the board of Texas Eastern Products Pipeline Company (TEPPCO), the United Way of the Texas Gulf Coast and the Executive Committee of Houston’s Theatre Under the Stars.

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.

Source: Duke Energy


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