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DUKE POWER REPORTS EARNINGS OF 53 CENTS PER SHARE

 CHARLOTTE, N.C., July 23 /PRNewswire/ -- Duke Power Co. (NYSE: DUK) today reported second quarter 1993 earnings of 53 cents per share of common stock, up from 36 cents per share reported in the second quarter of 1992.
 "Total sales increased 4.8 percent during the quarter," said Richard J. Osborne, vice president and chief financial officer. "The warmer weather during the quarter contributed to a rise in residential sales, while stronger business activity boosted industrial and general service sales."
 For the quarter, residential sales were up 5.9 percent, while industrial sales rose 6.5 percent. Sales to general service customers rose by 7.4 percent. Sales to other utilities decreased 2.9 percent.
 "Although the weather was largely responsible for the increase in residential sales, the jump in industrial sales is a strong indication that the region's economy is healthy," said Osborne.
 Operating and maintenance expense for the quarter rose from last year's quarter due mainly to administrative and general expenses. An increase in nuclear operating expenses was offset by lower expenses related to the company's fossil power stations.
 In comparison to 1992, the jump in earnings is also linked to a charge taken during the second quarter of 1992 due to a reserve set aside for a refund to customers. The customer refund accounted for a 15-cent charge against second quarter 1992 earnings and a 17-cent charge taken in the third quarter of 1992.
 Earnings for the 12 months ending June 30, 1993, were $2.56 per share, up 37 cents from the $2.19 recorded for the same period last year.
 DUKE POWER COMPANY
 Financial Highlights
 (unaudited)
 Three Months Ended Twelve Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Common Stock Data
 Earnings per Share $ 0.53 $ 0.36 $ 2.56 $ 2.19
 Dividends per Share $ 0.45 $ 0.43 $ 1.80 $ 1.72
 Average Shares
 Outstanding
 (thousands) 204,859 204,857 204,859 204,473
 Financial Statistics
 (thousands)
 Electric Revenues $987,218 $899,319 $4,075,836 $3,905,156
 Net Income $122,470 $ 86,938 $ 578,934 $ 501,133
 Preferred and
 Preference
 Dividends $ 13,542 $ 14,361 $ 55,654 $ 54,626
 Earnings for Common
 Stock $108,928 $ 72,577 $ 523,280 $ 446,507
 -0- 7/23/93
 /CONTACT: Randy Wheeless of Duke Power Co., 704-382-8379 or (Home) 704-535-8743 or 704-594-0681/
 (DUK)


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

CM -- CH009 -- 5259 07/23/93 15:36 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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