`Open Season' for Capacity at Saltville, Virginia, Storage Field Announced.

Business Editors

BEDMINSTER, N.J.--(BUSINESS WIRE)--March 15, 2004

Joint venture of NUI Corporation and Duke Energy Gas Transmission

offers 1.0 Bcf of storage and related services over two year-period

Saltville Gas Storage Co. LLC, a joint venture of NUI Corporation (NYSE:NUI) and Duke Energy's (DUK) interstate natural gas transmission unit, today announced a month-long "open season" for shippers interested in reserving firm gas storage capacity now under development at the companies' facility in Saltville, Virginia.

The company is offering 1.0 Billion cubic feet (Bcf) of capacity during the open season bidding period, which begins at 9:00 a.m. EST on March 31 and ends at 5:00 p.m. EST on April 30. Half the capacity will be available August 1, 2004; the remaining 0.5 Bcf of capacity will become available August 1, 2005.

Saltville Gas Storage, which offers quick-fill, quick-withdrawal capabilities of salt cavern storage, is the only such facility in the mid-Atlantic region. It is strategically positioned on Duke Energy Gas Transmission's East Tennessee Natural Gas interstate pipeline system and its recently-completed Patriot extension. Through direct connections with ETNG, Saltville Gas Storage also has access to DEGT's Texas Eastern Transmission pipeline system, as well as the Columbia Gulf, Tennessee Gas Pipeline and Transco systems.

Interested parties should contact:

Storage service:
Angela Cvetkovski ([e-mail])
Brad Swanson ([e-mail])
[phone]

ETNG transportation service:
Bill Wickman ([e-mail])
[phone]
Randy Riha ([e-mail])
[phone]

Additional information on the open season, including bidding parameters, is available at www.latec.com/virginiastorage.

Saltville Gas Storage began service last fall and was fully contracted for its inaugural winter heating season. At a planned expansion rate of 1.0 Bcf a year, 0.5 Bcf has already been contracted for the 2004-2005 heating season.

NUI and DEGT are developing a projected 12.0 Bcf of natural gas storage capacity at Saltville in two phases. The capacity being made available through this open season is part of the Phase 1 development of 6.0 Bcf over five years. The facility is managed by Virginia Gas Pipeline Company, a subsidiary of NUI Corporation.

NUI Corporation, based in Bedminster, NJ, is a diversified energy company that operates natural gas utilities and businesses involved in natural gas storage and pipeline activities. NUI Utilities' divisions include Elizabethtown Gas in New Jersey, City Gas Company of Florida and Elkton Gas in Maryland. NUI is currently being offered for sale.

Duke Energy Gas Transmission is a North American leader in developing energy infrastructure and connecting major natural gas supply basins to growing markets. The company's natural gas operations include more than 17,500 miles of interstate transmission pipeline and 250 billion cubic feet of storage capacity in Canada and the United States. More information on DEGT can be found at: http://www.degt.duke-energy.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. In 2004, the company celebrates a century of service with the 100th anniversary of its electric utility Duke Power. 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.

This press release contains forward-looking statements. These statements are based on management's current expectations and information currently available and are believed to be reasonable and are made in good faith. However, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the statements. Factors that may make the actual results differ from anticipated results include, but are not limited to, the outcome of the sale of NUI and the impact of that sale on Virginia Gas Pipeline Company operations, if any; economic conditions; those factors set forth in the companies' Forms 10-K, Forms 10-Q and other filings with the Securities and Exchange Commission relating to forward-looking statements; and other uncertainties, all of which are difficult to predict and some of which are beyond the company's control. For these reasons, you should not rely on these forward-looking statements when making investment decisions. The words "expect," "believe," "project," "anticipate," "intend," "should," "could," "will," and variations of such words and similar expressions, are intended to identify forward-looking statements. The company does not undertake any obligation to update publicly any forward-looking statement, either as a result of new information, future events or otherwise.