A Two Part Story Surviving A Utility Merger The Case for Energy Efficiency

1. A Two Part Story�Surviving A Utility Merger& The Case for Energy Efficiency Michael Goldenberg Director, Products & Services Thank you for inviting me to come and speak to you [today, this evening.] [Say a few words about the group/organization you�re addressing] All of us at Duke Energy are excited about our company and the direction it�s heading. Today [tonight], will give you an update on what�s new at Duke Energy! We�ve had two major developments over the past year. First, in April 2006, Duke Energy merged with Cinergy. Combined the best of both companies, to create a powerful new force in the energy industry. Our electric and gas utilities now share one name � Duke Energy. But you can expect the same level of service, reliability and community involvement that you�ve known in the past. Secondly, on January 2nd, 2007, our natural gas transmission and field services businesses became a separate, stand-alone company � Spectra Energy. This has better positioned both companies to take advantage of growth opportunities, and to focus on their core businesses. In addition, we�ve reduced much of the risk in our business. By selling our trading and marketing operations And by selling half of our real estate company Crescent Resources to a joint-venture partner. While these changes are huge for us, many things have not changed at Duke Energy. Today [tonight], I�m going to give you an overview of what�s changed, what hasn�t, and what you can expect from us going forward.Thank you for inviting me to come and speak to you [today, this evening.] [Say a few words about the group/organization you�re addressing] All of us at Duke Energy are excited about our company and the direction it�s heading. Today [tonight], will give you an update on what�s new at Duke Energy! We�ve had two major developments over the past year. First, in April 2006, Duke Energy merged with Cinergy. Combined the best of both companies, to create a powerful new force in the energy industry. Our electric and gas utilities now share one name � Duke Energy. But you can expect the same level of service, reliability and community involvement that you�ve known in the past. Secondly, on January 2nd, 2007, our natural gas transmission and field services businesses became a separate, stand-alone company � Spectra Energy. This has better positioned both companies to take advantage of growth opportunities, and to focus on their core businesses. In addition, we�ve reduced much of the risk in our business. By selling our trading and marketing operations And by selling half of our real estate company Crescent Resources to a joint-venture partner. While these changes are huge for us, many things have not changed at Duke Energy. Today [tonight], I�m going to give you an overview of what�s changed, what hasn�t, and what you can expect from us going forward.

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