5. Joint Ownership of Generating Facilities

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		Joint Ownership of Catawba Nuclear Station (a)
		Owner		Ownership Interest
		North Carolina Municipal Power Agency Number 1		37.5	%
		North Carolina Electric Membership Corporation		28.1	%
		Duke Energy Corporation		12.5	%
		Piedmont Municipal Power Agency		12.5	%
		Saluda River Electric Cooperative, Inc.		9.4	%
				100.0	%

As of December 31, 2002, $533 million of property, plant and equipment and $309 million of accumulated depreciation and amortization represented Duke Energy’s undivided interest in Catawba Nuclear Station Units 1 and 2. Duke Energy’s share of revenues and operating costs is included in the Consolidated Statements of Income.

Contractual agreements to purchase declining percentages of the station’s generating capacity and energy through the year 2000 made purchased capacity costs subject to rate levelization and deferral. The cost of capacity purchased but not reflected in current rates is included in Other Current Assets, Other Regulatory Assets and Deferred Debits, Other Current Liabilities, and Other Deferred Credits and Other Liabilities on the Consolidated Balance Sheets. Those costs were $151 million as of December 31, 2002 and $349 million as of December 31, 2001. Duke Energy expects to recover the remaining accumulated balance, including returns on the deferred balance, through 2004. The amounts levelized in rates are intended to recover total costs, including deferred returns, and are subject to adjustments, including final true-ups.

©Copyright 2003

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