15. Preferred and Preference Stock at Duke Energy

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The following tables detail the preferred and preference stock at Duke Energy. The preferred and preference stock at Duke Energy’s subsidiaries is excluded from the discussions below as those amounts are included in Minority Interest on the Consolidated Balance Sheets (see Note 14).

		Authorized Shares of Stock as of December 31, 2002 and 2001		Par Value					Shares
				(in millions)
		Preferred Stock		$	100					12.5
		Preferred Stock A		$	25					10.0
		Preference Stock		$	100					1.5

As of December 31, 2002 and 2001, there were no shares of preference stock outstanding at Duke Energy.

Preferred Stock with Sinking Fund Requirements

				Year Issued			Shares Outstanding at December 31, 2002				December 31,
		Rate/Series									2002				2001
											(dollars in millions)
		6.40% V (a)		1992				—			$	—			$	13
		6.75% X		1993				250,000				25				25
		Total									$	25			$	38

(a)

Preferred stock Series V redeemed in December 2002.

The annual sinking fund requirements are $2 million each year for 2003 through 2007. Additional redemptions are permitted at Duke Energy’s option.

Preferred Stock without Sinking Fund Requirements

				Year Issued			Shares Outstanding at December 31, 2002				December 31,
		Rate/Series									2002				2001
											(dollars in millions)
		4.50% C		1964				175,000			$	18			$	18
		7.85% S		1992				300,000				30				30
		7.00% W		1993				249,989				25				25
		7.04% Y		1993				299,995				30				30
		6.375% (Preferred Stock A)		1993				1,257,185				31				31
		Auction Series A (a)		1990				—				—				75
		Total									$	134			$	209

(a)

Preferred stock Auction Series A redeemed in September 2002.

The call provisions for outstanding preferred stock specify redemption prices not exceeding 104% of par value, plus accumulated dividends to the redemption date.

©Copyright 2003

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