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Notes to Consolidated Financial Statements for the
Years Ended December 31, 2001, 2000 and 1999

20. SUBSEQUENT EVENT

On January 31, 2002, Duke Energy announced the planned sale of its DE&S business unit to Framatome ANP, Inc. (a nuclear supplier) for approximately $84 million. Two components of DE&S are not part of the sale. Duke Energy will establish Duke Energy – Energy Delivery Services, formed by the power delivery services component of DE&S, which will continue to supply power delivery solutions to customers. Leadership of the U.S. Department of Energy Mixed Oxide Fuel project will also remain with Duke Energy. The transaction will require a Hart Scott Rodino filing and is expected to close in the second quarter of 2002.

1.

Summary of Significant Accounting Policies
2.

Business Acquisitions and Dispositions
3.

Business Segments
4.

Regulatory Matters
5. Joint Ownership of Generating Facilities
6. Income Taxes
7. Derivative Instruments, Hedging Activities and Credit Risk
8. Investment in Affiliates and Related Party Transactions
9. Property, Plant and Equipment
10. Debt and Credit Facilities
11. Nuclear Decommissioning Costs
12. Guaranteed Preferred Beneficial Interests in Subordinated Notes of Duke Energy or Subsidiaries
13. Minority Interest Financing
14. Preferred and Preference Stock
15. Commitments and Contingencies
16. Common Stock and Equity Offerings
17. Stock-Based Compensation
18. Employee Benefit Plans
19. Quarterly Financial Data (Unaudited)

20.

Subsequent Event