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DUKE ENERGY CORP. AND J. MAKOWSKI COMPANY JOIN FORCES

 CHARLOTTE, N.C., Feb. 2 /PRNewswire/ -- Duke Energy Corp., a wholly owned affiliate of Duke Power Company, and Boston-based developer J. Makowski Company (JMC) today announced they will form a strategic alliance to pursue joint development of electric generation opportunities. The alliance includes an agreement by Duke Energy to make an initial investment of $25 million in convertible preferred stock of JMC, as well as $15.2 million in credit support in a JMC project now under construction.
 The alliance will build on the complementary strengths of both JMC and Duke to enable the companies to develop a full line of power projects based upon coal, natural gas and coal gasification technologies. The alliance will focus on domestic development, and provides opportunities for joint action on international projects as well as strategic acquisitions.
 M. Rhem Wooten Jr., president of Duke Energy, described the alliance with JMC as integral to Duke Energy's strategic plan for the 1990's: "A unique interface exists between the natural gas and electric generation industries. Duke Energy believes that an investment in natural gas-fired power plants will enhance its ability to meet the full range if its customers' power needs. JMC is one of the nation's premier developers of natural gas projects and its experience base fits perfectly with Duke's existing capabilities and expertise in coal-based power generation."
 Carlos Riva, president of JMC, says his company's new relationship with Duke Energy will create a development team with "a worldwide presence in independent power." Riva noted, "Duke's renowned engineering, operation and construction capabilities complement JMC's fuels and development expertise in gas-fired power generation. We look forward to a long and successful relationship as our companies share compatible development and operating philosophies."
 The convergence of the companies' respective technical and market expertise, as well as complementary development and engineering skills, positions them to fully participate in the emerging market for coal gasification combined cycle projects, a technology which both agree will be key in meeting energy demand growth in an economical, efficient and environmentally responsible manner in the future.
 JMC is a Boston-base gas supply and power development company. The company has projects in operation and construction in the Northeast and is actively developing power generation projects in Northwest and Southeast U.S. markets. The company is also developing natural gas storage projects in the Northeast U.S. and in Poland, and has recently entered into a gas marketing co-venture with BRING, a subsidiary of Brooklyn Union Gas. Duke Energy, headquartered in Charlotte, N.C., manages interests in two coal-fueled projects in the U.S. and a gas project in Argentina. Collectively, the companies have interests in projects in operation or under construction totaling over 1,600 megawatts and $1.5 billion in advisor for JMC.
 -0- 2/2/93
 /CONTACT: Anne Sheffield, Duke Energy Corp., 704-373-5054, or Kathleen Daugherty, J. Makowski Company, 617-227-8080/


CO: Duke Energy Corp.; J. Makowski Company ST: North Carolina IN: UTI SU: JVN

SB-MM -- CH003 -- 1758 02/02/93 10:32 EST
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Publication:PR Newswire
Date:Feb 2, 1993
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