Duke Energy

Consolidated Financial Statements

Notes to Consolidated Financial Statements

Note 1.
Summary of Significant Accounting Policies

Note 2.
Business Acquisitions and Dispositions

Note 3.
Business Segments

Note 4.
Regulatory Matters

Note 5.
Joint Ownership of Generating Facilities

Note 6.
Income Taxes

Note 7.
Risk Management Instruments, Hedging Activities and Credit Risk

Note 8.
Investment in Unconsolidated Affiliates and Related Party Transactions

Note 9.
Asset Impairments and Other Changes
   

Note 10.
Property, Plant and Equipment

Note 11.
Debt and Credit Facilities

Note 12.
Nuclear Decommissioning Costs

Note 13.
Guaranteed Preferred Beneficial Interests in Subordinated Notes of Duke Energy or Subsidiaries

Note 14.
Minority Interest

Note 15.
Preferred and Preference Stock at Duke Energy

Note 16.
Commitments and Contingencies

Note 17.
Guarantees and Indemnifications

Note 18.
Common Stock and Equity Offerings

Note 19.
Stock-Based Compensation

Note 20.
Employee Benefit Plans

Note 21.
Quarterly Financial Data (Unaudited)

Note 22.
Subsequent Events (Unaudited)

Schedule II – Valuation and Qualifying Accounts and Reserves

Independent Auditors’ Report

Responsibility for Financial Statements

10. Property, Plant and Equipment

     Print

Net Property, Plant and Equipment

   December 31,  
     2002 2001
     (in millions)  
                     
Land    $ 621      $ 575    
Plant                    
   Electric generation, distribution and transmission      23,842        19,792    
   Natural gas transmission      9,401        6,200    
   Gathering and processing facilities      6,200       4,106    
   Other buildings and improvements      1,398        1,350    
Nuclear fuel       827        788    
Equipment      464        251    
Vehicles       121        69    
Construction in process (a)      4,057        5,068    
Other      1,746        1,265    
                     
      Total property, plant and equipment      48,677        39,464    
      Total accumulated depreciation (b)      (12,458 )      (11,049 )  
                      
      Total net property, plant and equipment    $ 36,219      $ 28,415    

(a)		  
Includes $1,165 million as of December 31, 2002 related to three DENA merchant power plants for which construction has been deferred. 
(b)   Includes accumulated amortization of nuclear fuel: $566 million for 2002 and $546 million for 2001. 

Capitalized interest impact of $250 million for 2002, $167 million for 2001 and $67 million for 2000 is included in the Consolidated Statements of Income. (See Notes 1 and 12 for additional information on accounting policies related to property, plant and equipment, and nuclear decommissioning, respectively.)

©Copyright 2003

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