Standard&Poor's Ratings Services noted that Duke Energy Corp. (A/Stable/A-1) today, in its monthly investor conference call, lowered its 2002 earnings estimate. Duke Energy also discussed steps it is taking to offset this erosion, which stems from continued weakness in the wholesale energy market. Today's announcement does not affect the ratings of Duke Energy or its wholly owned subsidiary, Duke Capital Corp. (A/Stable/A-1). Standard&Poor's August 2002 review of the company incorporated an extremely conservative view of the future earnings contribution from Duke Energy's merchant generation portfolio (Duke Energy North America) and trading activities. Future earnings prospects will also be dampened by the indefinite delay in completion of three generating plants, and attendant loss of revenues. In response,
