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Consolidated Balance Sheets

Consolidated Statements of Income

Consolidated Statements of Cash Flows

Consolidated Balance Sheets

Consolidated Statements of Common Stockholder's Equity and Comprehensive Income
         December 31
In millions 2001 2000

ASSETS
CURRENT ASSETS (Note 1)          
    Cash and cash equivalents (Note 7)   $ 290     $ 622
    Receivables (Notes 1 and 7)     5,301     8,648
    Inventory (Note 1)     1,017     739
    Current portion of purchased capacity costs (Note 5)     160     149
    Unrealized gains on mark-to-market and hedging transactions
        (Notes 1 and 7)		     2,326     11,038
    Other     451     1,317
        Total current assets     9,545     22,513


INVESTMENTS AND OTHER ASSETS

  
    Investments in affiliates (Note 8)     1,480     1,387
    Nuclear decommissioning trust funds (Note 11)     716     717
    Pre-funded pension costs (Note 18)     313     304
    Goodwill, net of accumulated amortization (Notes 1 and 2)     1,730     1,566
    Notes receivable     576     462
    Unrealized gains on mark-to-market and hedging transactions
        (Notes 1 and 7)		     3,117     4,218
    Other     1,299     1,143
        Total investments and other assets     9,231     9,797


PROPERTY, PLANT AND EQUIPMENT (Notes 1, 5, 9, 10 and 11)

    
   

    Cost

     39,464     34,598

    Less accumulated depreciation and amortization

     11,049     10,146
        Net property, plant and equipment     28,415     24,452

REGULATORY ASSETS AND DEFERRED DEBITS (Notes 1 and 4)		    
   
    Purchased capacity costs (Note 5)     189     356
    Deferred debt expense     203     208
    Regulatory asset related to income taxes     510     506

    Other (Notes 4 and 15)

     282     400
        Total regulatory assets and deferred debits   1,184     1,470

TOTAL ASSETS		   $ 48,375     $ 58,232


LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
CURRENT LIABILITIES          
    Accounts payable   $ 4,231     $ 7,733
    Notes payable and commercial paper (Notes 7 and 10)     1,603     1,826
    Taxes accrued (Note 1)     443     261
    Interest accrued     239     208
    Current maturities of long-term debt and preferred stock
        (Notes 10 and 14)		     274     470
    Unrealized losses on mark-to-market and hedging transactions
        (Notes 1 and 7)		     1,519     11,070
    Other (Notes 1 and 15)     2,118     1,769
        Total current liabilities     10,427     23,337

LONG-TERM DEBT (Notes 7 and 10)		     12,321     10,717

DEFERRED CREDITS AND OTHER LIABILITIES (Note 1)		    
   
    Deferred income taxes (Note 6)     4,307     3,851
    Investment tax credit (Note 6)     189     211
    Nuclear decommissioning costs externally funded (Note 11)     716     717
    Environmental cleanup liabilities (Note 15)     85     100
    Unrealized losses on mark-to-market and hedging transactions
        (Notes 1 and 7)		     2,212     3,581
    Other (Notes 4 and 15)     1,542     1,574
        Total deferred credits and other liabilities     9,051     10,034

COMMITMENTS AND CONTINGENCIES (Notes 5, 11, and 15)		          

GUARANTEED PREFERRED BENEFICIAL INTERESTS IN
    SUBORDINATED NOTES OF DUKE ENERGY CORPORATION OR
    SUBSIDIARIES (Notes 7 and 12)		     1,407     1,406


MINORITY INTERESTS IN FINANCING SUBSIDIARY (Note 13)

     1,025     1,025

MINORITY INTERESTS (Note 2)		     1,221     1,410

PREFERRED AND PREFERENCE STOCK (Notes 7 and 14)		    
   
    Preferred and preference stock with sinking fund requirements     25     38
    Preferred and preference stock without sinking fund requirements     209     209
        Total preferred and preference stock     234     247

COMMON STOCKHOLDERS' EQUITY (Notes 1, 16, and 17)		    
   
    Common stock, no par, 2 billion shares authorized; 777 million
        and 739 million shares outstanding at December 31, 2001 and
            2000, respectively		     6,217     4,797
    Retained earnings     6,292     5,379
    Accumulated other comprehensive income (loss)     180     (120 )
        Total common stockholders’ equity     12,689     10,056

TOTAL LIABILITIES AND COMMON STOCKHOLDERS' EQUITY		   $ 48,375     $ 58,232

See Notes to Consolidated Financial Statements.