First Quarter
 
Major New York pipeline project announced. The Cross Bay Pipeline joint venture (successor to the Excelsior Project) will expand delivery capability into the New York City metropolitan area by more than 25 percent. The project’s initial phase is targeted for operation for 1999.
 

Crescent Resources (Crescent) continued Southeast expansion. In Tampa and Orlando, Crescent’s Primera and Hidden River office parks got off to strong starts. By the end of 1997 more than 640,000 square feet of space was leased, under construction and planned in the two parks. In Nashville, One Corporate Centre was fully leased and a second 150,000-square-foot building was 75 percent leased. Crescent is also developing a 220-acre warehouse/distribution park in Nashville. In Atlanta, three buildings are complete and a fourth is under construction, totaling 355,000 square feet. CrossTown Center, a 250-acre mixed use development, was started south of Tampa.
 
Duke Engineering & Services (DE&S) awarded a contract for California ISO. DE&S will provide project management services in developing the "Independent System Operator," which will dispatch electricity and control California’s power grid in the new deregulated framework.
 
Spectrum Project is announced. It will combine newly constructed and existing pipelines to transport natural gas from Chicago to growing Northeast markets. In addition to enhancing integration of Duke’s Midwest and Northeast pipelines, the strategic importance of Spectrum was further increased by Duke’s subsequent investment in the Alliance Pipeline Project, which will move natural gas from western Canada to Chicago by late 1999.
 
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