Westcoast Energy Inc. receives court approval for acquisition by Duke Energy

VANCOUVER, BC, Jan. 10, 2002 – Westcoast Energy Inc. announced that the Supreme Court of British Columbia has approved the plan of arrangement by which Westcoast Energy will be acquired by Duke Energy Corporation.
In approving the arrangement, the court determined that the arrangement is substantively and procedurally fair and reasonable to the holders of Westcoast Energy’s common shares and options to acquire common shares.
The court order approving the arrangement will become effective upon confirmation that all required regulatory approvals have been obtained.
Westcoast Energy and Duke Energy also have received a favorable advisory opinion on the acquisition from the Canadian Commissioner of Competition. The effect of this opinion is that, from a Canadian competition law perspective, Westcoast Energy and Duke Energy are free to proceed with the acquisition. Additionally, the Public Service Commission of South Carolina this week approved the acquisition.
Westcoast Energy and Duke Energy expect the acquisition will be completed by the end of first quarter 2002.
Westcoast Energy Inc. headquartered in Vancouver, British Columbia, is a North American energy company with assets of approximately $15 billion. The company’s interests include natural gas gathering, processing, transmission, storage and distribution, as well as power generation, international energy businesses, and financial, information technology and energy services businesses. More information is available on the company’s Web site at www.westcoastenergy.com.
Duke Energy, a diversified multinational energy company, creates value for customers and shareholders through an integrated network of energy assets and expertise. Duke Energy manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses – generating revenues of more than $49 billion in 2000. 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.

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