Steven Sobell to be Vice President, Tax for new Gas Company

Work is well under way to separate Duke Energy’s (NYSE: DUK) electric and natural gas businesses into two publicly traded companies. The company has announced executive leadership appointments within the gas business, which will be named in the coming months.

– Gregory L. Ebel, currently president of Union Gas, will serve as chief financial officer (CFO);

– Steven M. Sobell, vice president, tax. Sobell currently serves as Duke Energy’s general manager for federal tax.

The appointments will be effective Jan. 1, 2007.

Once the transaction is complete, the new gas business will consist of the DEGT business unit, and Duke Energy’s 50-percent ownership interest in DEFS.

Duke Energy is a diversified energy company with a portfolio of natural gas and electric businesses, both regulated and unregulated, and an affiliated real estate company. Duke Energy supplies, delivers and processes energy for customers in the Americas. 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: http://www.duke-energy.com.