Consolidated Balance Sheets

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				December 31,
				2002				2001
				(in millions)
		ASSETS
		Current Assets (Note 1)
		Cash and cash equivalents (Note 7)		$	857			$	290
		Receivables (Note 7)			6,766				5,301
		Inventory			1,134				1,017
		Unrealized gains on mark-to-market and hedging transactions       (Note 7)			2,144				2,326
		Other			952				667
		Total current assets			11,853				9,601
		Investments and Other Assets
		Investments in unconsolidated affiliates (Note 8)			2,066				1,480
		Nuclear decommissioning trust funds (Note 12)			708				716
		Goodwill, net of accumulated amortization (Notes 1 and 2)			3,747				1,730
		Notes receivable			589				576
		Unrealized gains on mark-to-market and hedging transactions       (Notes 1 and 7)			2,480				3,117
		Other			1,645				1,612
		Total investments and other assets			11,235				9,231
		Property, Plant and Equipment (Notes 1, 5, 9, 10, 11 and 12)
		Cost			48,677				39,464
		Less accumulated depreciation and amortization			12,458				11,049
		Net property, plant and equipment			36,219				28,415
		Regulatory Assets and Deferred Debits (Notes 1 and 4)
		Deferred debt expense			263				203
		Regulatory asset related to income taxes			936				510
		Other (Notes 5 and 16)			460				571
		Total regulatory assets and deferred debits			1,659				1,284
		Total Assets		$	60,966			$	48,531
		LIABILITIES AND COMMON STOCKHOLDERS' EQUITY
		Current Liabilities
		Accounts payable		$	5,590			$	4,231
		Notes payable and commercial paper (Notes 7 and 11)			915				1,603
		Taxes accrued (Note 1)			156				443
		Interest accrued			310				239
		Current maturities of long-term debt and preferred stock       (Notes 11 and 15)			1,331				274
		Unrealized losses on mark-to-market and hedging transactions       (Notes 1 and 7)			1,918				1,519
		Other (Notes 1, 5, 6 and 16)			1,770				2,146
		Total current liabilities			11,990				10,455
		Long-term Debt (Notes 7 and 11)			20,221				12,321
		Deferred Credits and Other Liabilities (Note 1)
		Deferred income taxes (Note 6)			4,834				4,307
		Investment tax credit (Note 6)			176				189
		Nuclear decommissioning costs externally funded (Note 12)			708				716
		Unrealized losses on mark-to-market and hedging transactions       (Note 7)			1,548				2,212
		Other (Notes 4, 5 and 16)			3,076				1,755
		Total deferred credits and other liabilities			10,342				9,179
		Commitments and Contingencies (Notes 5, 12, 16 and 17)
		Guaranteed Preferred Beneficial Interests in Subordinated    Notes of Duke Energy Corporation or Subsidiaries    (Notes 7 and 13)			1,408				1,407
	Minority Interest in Financing Subsidiary (Note 14)			—				1,025
	Minority Interests			1,904				1,221
	Preferred and Preference Stock (Notes 7 and 15)
	Preferred and preference stock with sinking fund requirements			23			25
	Preferred and preference stock without sinking fund requirements			134			209
	Total preferred and preference stock			157			234
	Common Stockholders’ Equity (Notes 1, 18 and 19)
	Common stock, no par, 2 billion shares authorized; 895 million and       777 million shares outstanding at December 31, 2002 and 2001,       respectively			9,236			6,217
	Retained earnings			6,417			6,292
	Accumulated other comprehensive (loss) income			(709	)		180
	Total common stockholders’ equity			14,944			12,689
	Total Liabilities and Common Stockholders’ Equity		$	60,966		$	48,531

See Notes to Consolidated Financial Statements.