DEI SELLS INTEREST IN INDONESIAN FACILITY.

Duke Energy (NYSE:DUK) has announced that its wholly-owned subsidiary, Duke Energy International (DEI), has completed the sale of its 85.7 percent majority interest in P.T. Puncakjaya Power (PJP) in Indonesia for US $300 million, including US $222 million in project debt, to Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX).

PJP supplies electricity to the P.T. Freeport Indonesia (PTFI) copper and gold mining operations in Papua, Indonesia. Duke Energy sold its majority stake to Freeport-McMoRan Copper & Gold Inc., the parent company of PTFI.

The US $222 million project debt included in the transaction represents Duke Energy's share of total project debt of US $259 million, which remains with PJP. The sale will result in a reduction to Duke Energy's consolidated indebtedness of US $259 million.

"This transaction helps further DEI's efforts to strengthen Duke Energy's financial position," said Richard K. McGee, president of DEI. "We will continue to focus on increasing the returns from our remaining international gas and power assets and businesses."

"The sale of this Indonesian generation asset is consistent with our global portfolio management strategy," said Richard B. Priory, chairman and chief executive officer of Duke Energy. "This transaction, along with our previously announced asset sales, has enabled us to surpass our goal of US $1.5 billion in gross proceeds from asset sales for 2003."

DEI, a subsidiary of Duke Energy, operates regional energy businesses that include natural gas and power facilities and energy marketing operations in Latin America, the Asia Pacific region and Europe. DEI's energy portfolio includes 4,500 net operating megawatts of hydroelectric and thermal generation facilities, and nearly 1,500 miles (2,400 km) of natural gas pipelines.

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.

For more information, call 704/373-6680 or visit http://www.duke-energy.com.