Duke Energy Recommends Rejection of Mini-Tender Offer by TRC Capital Corporation

    CHARLOTTE, N.C., Sept. 18 /CNW/ -- Duke Energy (NYSE:   DUK) today
announced that it has been notified of an unsolicited "mini- tender offer" by
TRC Capital Corporation to purchase up to 4 million shares of Duke Energy's
common stock, representing approximately 0.317 percent of Duke Energy's
outstanding shares.  TRC Capital's offer price of $18.00 represents a 3.8
percent discount to the closing price of Duke Energy's stock on September 4,
2007 ($18.71), the day prior to the date of the offer, and a 3.1 percent
discount to yesterday's closing price of $18.55.
    (Logo: http://www.newscom.com/cgi-bin/prnh/20040414/DUKEENERGYLOGO)
    Duke Energy recommends against stockholders tendering their shares in
response to TRC Capital's unsolicited mini-tender offer.  Mini-tender offers
such as this one avoid many of the investor protections afforded for larger
tender offers, including the filing of disclosure and other tender offer
documents with the Securities and Exchange Commission (SEC), and other
procedures required by United States securities laws.  Duke Energy is in no
way associated with TRC Capital Corporation, its mini-tender offer or the
offer documentation.
    Duke Energy strongly urges investors to obtain current market quotations
for their shares of common stock, to consult with their financial advisors and
to exercise caution with respect to TRC Capital's offer.  Shareholders who may
already have tendered their shares may withdraw them by providing the written
notice described in the TRC Capital offering documents prior to the expiration
of the offer currently scheduled for 12:01 a.m., New York City time, on
Thursday, Oct. 4, 2007.  The SEC has issued an investor alert regarding mini-
tender offers.  The SEC has noted that, in making the offers at below-market
prices, bidders are "hoping that they will catch investors off guard if the
investors do not compare the offer price to the current market price."  The
SEC's advisory may be found on the SEC's website at
www.sec.gov/investor/pubs/minitend.htm.  The Canadian Securities
Administrators have also issued an advisory entitled "Mini-Tender Offers --
Watch Out For Mini-Tender Offers Below Market Price!," which may be found at
www.osc.gov.on.ca/Media/NewsReleases/1999/nr_19990927_mini.jsp.  Duke Energy
refers broker/dealers and other market participants in the dissemination of
TRC Capital's offer to the SEC's recommendations to broker/dealers in these
circumstances, which can be found at
www.sec.gov/divisions/marketreg/minitenders/sia072401.htm, and to Information
Memo Number 01-27 issued by the New York Stock Exchange on Sept. 28, 2001,
regarding the dissemination of mini-tender offer materials, which can be found
under the "Market Professional -- Information Memos" tab on the NYSE's website
at www.nyse.com.
    Duke Energy, one of the largest electric power companies in the United
States, supplies and delivers energy to approximately 4 million U.S.
customers.  The company has nearly 37,000 megawatts of electric generating
capacity in the Midwest and the Carolinas, and natural gas distribution
services in Ohio and Kentucky.  In addition, Duke Energy has more than 4,000
megawatts of electric generation in Latin America, and is a joint-venture
partner in a U.S. real estate company.  Headquartered in Charlotte, N.C., Duke
Energy is a Fortune 500 company traded on the New York Stock Exchange under
the symbol DUK.  More information about the company is available on the
Internet at: www.duke-energy.com.

    Media Contact:  Mark Craft
    Phone:          (513) 419-5943
    24-Hour:        (704) 382-8333

    Sean Trauschke  (980) 373-7905

For further information:

For further information: Media, Mark Craft, +1-513-419-5943, 
+1-704-382-8333 24-Hour; or Analysts, Sean Trauschke, +1-980-373-7905 Web
Site: http://www.duke-energy.com

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