1998 Annual Report Site Map Corporate Profile U.S. Map of Operations International Map of Operations Financial Highlights Letter to Our Shareholders We Make Energy We Move Energy We Manage Energy We Market Energy 1998 Year in Review Provide Superior Electric Service to the Carolinas Own and Operate Strategic Energy Supply Assets Worldwide Supply and Trade Multiple Forms of Energy Provide Energy-Related Products and Services Diversified Operations Delivered in 1998 Corporate Citizenship: Delivering a Quality-of-Life Dividend Management's Discussion and Analysis Introduction Results of Operations Earnings Before Interest and Taxes by Business Segment Electric Operations Natural Gas Transmission Field Services Trading and Marketing Global Asset Development Other Energy Services Real Estate Operations Other Operations Other Impacts on Earnings Available for Common Stockholders Liquidity and Capital Resources Operating Cash Flows Investing Cash Flows Financing Cash Flows Qualitative and Quantitative Disclosures About Market Risk Risk Policies Interest Risk Rate Commodity Price Risk Equity Price Risk Foreign Operations Risk Current Issues Operations Outlook Electric Competition Natural Gas Competition Nuclear Decommissioning Costs Environmental Litigation and Contingencies Year 2000 Readiness Program New Accounting Standard Subsequent Event Forward-Looking Statements Financial Statements Selected Financial Data Common Stock Data by Quarter Consolidated Statements of Income Consolidated Statements of Cash Flow Consolidated Balance Sheets - Assets Consolidated Balance Sheets - Liabilities and Common Stockholders' Equity Consolidated Statements of Common Stockholders' Equity Notes to Consolidated Financial Statements 1. Summary of Significant Accounting Policies 2. Business Combinations 3. Business Segments 4. Regulatory Matters 5. Joint Ownership of Generating Facilities 6. Income Taxes 7. Risk Management and Financial Instruments 8. Investment in Affiliates 9. Property, Plant and Equipment 10. Debt and Credit Facilities 11. Nuclear Decommissioning Costs 12. Guaranteed Preferred Beneficial Interest in Subordinated Notes of Duke Energy and Subsidiaries 13. Preferred and Preference Stock 14. Commitments and Contingencies 15. Common Stock 16. Stock-Based Compensation 17. Employee Benefit Plans 18. Quarterly Financial Data (Unaudited) 19. Subsequent Event (Unaudited) Independent Auditors' Report Responsibility to Financial Statements Glossary Management Policy Committee Board of Directors Shareholders Information