Duke Energy reported earnings of $388 million for first quarter2000, up 28% from $302 million, excluding an extraordinary gain,for first quarter 1999. Revenues for the quarter increased 73% overthe prior-year quarter to $7.2 billion, due to strong performancein key business segments.

“Our first quarter results are proof positive that ourintegrated strategy is on track to deliver exceptional value tocustomers and shareholders,” said CEO Richard B. Priory.

For the quarter, Duke Energy’s Energy Services group, whichincludes the fast-growing North American Wholesale Energy andInternational Energy segments, had EBIT of $187 million, a 380%increase over the $39 million earned in the same period in 1999.

“Earnings from our Energy Services businesses are on track toachieve 40% to 50% growth this year,” Priory said.

The Trading and Marketing segment, composed of Duke EnergyMerchants, contributed first-quarter EBIT of $22 million, a 22%increase over the $18 million earned in first quarter last year.

Field Services, which includes gas gathering and processing,accounted for EBIT of $69 million, a 475% increase over the $12million earned in first quarter last year. The growth was due tohigher NGL prices, volume increases and operating profits stemmingfrom the acquisition of UPFuels on March 31, 1999.

The Natural Gas Transmission segment reported strongfirst-quarter results with EBIT totaling $152 million, a 10%increase over the $138 million earned in first quarter 1999,excluding $70 million attributable to the Midwest Pipelines, whichwere sold in first quarter 1999. The increase was driven by marketexpansion projects and acquisitions.

The company’s Franchised Electric segment, Duke Power, alsorealized EBIT growth during the quarter. Earnings of $441 millionwere 8% above the $407 million reported in the same quarter lastyear due to residential and commercial customer growth.

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