Duke Power to lower S.C. industrial rates by 2.8 percent

CHARLOTTE, N.C., September 9, 2004 (PRNewswire-FirstCall) — The Public Service Commission of South Carolina approved Duke Power’s proposal for a one-year rate reduction that will lower industrial customers’ electric rates by an average of 2.8 percent for one year beginning Oct. 1, 2004. The rate reduction builds on the company’s efforts to assist the industrial sector in its North Carolina and South Carolina service area by providing financial relief on monthly power bills.

“We are pleased that the Public Service Commission of South Carolina acted quickly to approve our proposal to help the state’s manufacturing sector,” said Ellen Ruff, Duke Power group vice president for power policy and planning. “Duke Power’s success is based on our customers’ ability to compete and grow their business; and this rate reduction should help their bottom line.”

Duke Power’s average industrial rate in South Carolina is 3.66 cents per kilowatt-hour and is 15 percent lower than 1986 rates.

Duke Power, a business unit of Duke Energy, is one of the nation’s largest electric utilities and provides safe, reliable, competitively priced electricity and value-added products and services to more than 2 million customers in North Carolina and South Carolina. In 2004, Duke Power celebrates 100 years of service. The company operates three nuclear generating stations, eight coal-fired stations, 31 hydroelectric stations and numerous combustion turbine units. Total system generating capability is approximately 19,900 megawatts. More information about Duke Power is available on the Internet at: www.dukepower.com

Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in North America and selected international markets. Headquartered in Charlotte, N.C., Duke Energy 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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