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DUKE POWER CO. REPORTS 1992 EARNINGS OF $2.21 PER SHARE

 CHARLOTTE, N.C., Jan. 25 /PRNewswire/ -- Duke Power Co. (NYSE: DUK) today reported 1992 earnings of $2.21 per share of common stock, down from the $2.60 per share reported in 1991.
 Earnings for the fourth quarter of 1992 were 55 cents per share, up from 42 cents reported in the fourth quarter of 1991.
 "For the year, the biggest impact on earnings was the 32-cent per share charge -- divided between the second and third quarters -- due to a refund ordered by the North Carolina Utilities Commission covering rates from October 1986 to November 1991," said William S. Lee, Duke's chairman and chief executive officer.
 The order stemmed from a N.C. Supreme Court ruling that, for a second time, remanded the company's 1986 rate case to the NCUC. The court stated that the record from the 1986 proceedings failed to support the approved 13.2 percent rate of return on common equity. Under the commission's order, the company's allowed ROE for that period decreased to 12.8 percent. The company began refunding more than $90 million to customers in December.
 Overall, total electric sales for the company increased 1.7 percent in 1992, with residential sales falling 0.7 percent due to mild weather, and industrial sales increasing 2.9 percent reflecting continued economic growth.
 "We continue to see industrial sales grow in the Duke service area -- an indication of the economy getting stronger," said Lee.
 The increase in revenues due to sales during 1992 was offset by additional operating and maintenance expenses -- mainly associated with the company's power plants, added Lee.
 For the fourth quarter, total electric sales were up 0.6 percent, with residential sales increasing 2.8 percent. The colder weather in December contributed to the increase in residential sales.
 DUKE POWER COMPANY
 FINANCIAL HIGHLIGHTS
 (Unaudited)
 Three Months Ended Twelve Months Ended
 December 31 December 31
 1992 1991 1992 1991
 Common Stock Data
 Earnings per Share $ 0.55 $ 0.42 $ 2.21 $ 2.60
 Dividends per Share $ 0.45 $ 0.43 $ 1.76 $ 1.68
 Average Shares
 Outstanding
 (thousands) 204,859 204,699 204,819 203,431
 Financial Statistics
 (thousands)
 Electric Revenues $ 941,310 $923,067 $3,961,484 $3,816,960
 Net Income $ 124,261 $100,023 $ 508,083 $ 583,623
 Preferred and
 Preference
 Dividends $ 13,429 $ 13,422 $ 56,407 $ 54,683
 Earnings for Common
 Stock $ 110,832 $ 86,601 $ 451,676 $ 528,940
 -0- 1/25/93
 /CONTACT: Randy Wheeless, Duke Power Company, 704-382-8379 (Office) or 704-535-8743 or 704-594-0861 (Home)/
 (DUK)


CO: Duke Power Company ST: North Carolina IN: UTI SU: ERN

CM-JM -- CH002 -- 8264 01/25/93 08:39 EST
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Publication:PR Newswire
Date:Jan 25, 1993
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