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DUKE POWER CO. REPORTS EARNINGS OF 85 CENTS PER SHARE

 DUKE POWER CO. REPORTS EARNINGS OF 85 CENTS PER SHARE
 CHARLOTTE, N.C., Oct. 22 /PRNewswire/ -- Duke Power Co. (NYSE: DUK)


today reported third qurater 1992 earnings of 85 cents per share of common stock, down from 96 cents per share reported in the third quarter of 1991.
 "Earnings were primarily affected by a per share charge of 17 cents, reflecting an agreement between the company and the Public Staff of the North Carolina Utilities Commission covering rates from October 1986 to November 1991," said Richard J. Osborne, vice president and chief financial officer.
 The agreement stems 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 agreement, the company's allowed ROE for that period will decrease to 12.8 percent, which will result in a refund of about $90 million to North Carolina customers.
 In the second quarter, Duke recorded a 15 cents per share charge against earnings due to the potential refund.
 Total kilowatt-hour sales for the quarter were up 2.3 percent from the third quarter of 1991. Total industrial sales rose 3.2 percent, but residential sales dropped 3.9 percent. Textile sales increased, up 2.4 percent.
 "Industrial sales continue to rise -- a trend we've seen throughout the year," said Osborne. "However, the mild temperatures during the summer hampered residential sales."
 Earnings for the 12 months ending Sept. 30, 1992, were $2.08 per share, down 43 cents from the $2.51 recorded for the same period last year.
 Duke Power Company
 Financial Highlights
 (unaudited)
 Three Months Ended Twelve Months Ended
 Sept. 30 Sept. 30
 1992 1991 1992 1991
 Common Stock Data
 Earnings per Share $ 0.85 $ 0.96 $ 2.08 $ 2.51
 Dividends per Share $ 0.45 $ 0.43 $ 1.74 $ 1.66
 Average Shares
 Outstanding
 (thousands) 204,859 203,727 204,756 202,925
 Financial Statistics
 (thousands)
 Electric Revenues $ 1,139,525 $1,101,440 $3,943,241 $3,753,770
 Net Income $ 190,519 $ 207,807 $ 483,845 $ 564,042
 Preferred and
 Preference
 Dividends $ 15,297 $ 13,523 $ 56,400 $ 55,074
 Earnings for Common
 Stock $ 175,222 $ 194,284 $ 427,445 $ 508,968
 -0- 10/22/92
 /CONTACT: Randy Wheeless, Duke Power Co., 704-382-8379 or (home) 704-535-8743 or 704-594-0861/
 (DUK) CO: Duke Power Co. ST: North Carolina, South Carolina IN: UTI SU: ERN


CM -- CH010 -- 3692 10/22/92 14:00 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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