News Details

Duke/Fluor Daniel (D/FD), a joint-venture partnership of Fluor Corporation (NYSE: FLR) and Duke Energy (NYSE: DUK), today announced a management realignment and strategic development to strengthen both its engineering, procurement and construction (EPC), as well as its diverse Operating Plant Services (OPS), businesses. Formed in 1989, Duke/Fluor Daniel designs, builds, operates and maintains power plants on a global basis.

"With an increased need for power generation, the expansion and realignment of Duke/Fluor Daniel's management team enhances the partnership's ability to capitalize on the tremendous growth of our EPC business," said Alan Boeckmann, president and chief operating officer of Fluor Corporation. "Duke/Fluor Daniel has become a market leader and, in 2000, was building about one out of every three megawatts under construction in the United States. Three key leaders in our team will focus on the same goal: excellence in execution of every EPC contract."

Ron Barnes, a veteran of the partnership and power industry, will lead project operations, focused on the significant portion of business from Duke Energy North America. With a global track record in the EPC industry, Abe Fatemizadeh will focus on project operations for Duke/Fluor Daniel's external clients. Chris Tye, who has been a part of Duke/Fluor Daniel's leadership team since its inception, has been selected to manage Duke/Fluor Daniel's global operations.

The second development is Duke Energy's decision to create a new business unit, Duke Energy Generation Services, that will provide operations and maintenance (O&M) services to its own power plants. Clarence Ray, currently president and chief executive officer of Duke/Fluor Daniel, will move to Duke Energy to lead this business. Emphasizing their continuing commitment to the future success of Duke/Fluor Daniel, the two parent companies are evaluating candidates for the position being vacated by Ray. An announcement on the successor will be made in the near future.

"Given the growth of our wholesale energy business, now is the right time to take this opportunity," said Harvey Padewer, group president of Energy Services for Duke Energy. "Duke/Fluor Daniel operating plant services can now focus its considerable strength in plant O&M on its external client base. The D/FD team has established a great performance record in this business -- providing O&M services for everything from utility baseload plants to merchant plants to industrial 'inside-the-fence' power generation. All of us at Duke Energy and Fluor Corporation are committed to the growth of Duke/Fluor Daniel's operating plant services."

Duke/Fluor Daniel provides comprehensive engineering, procurement, construction and operating plant services for fossil-fueled electric power generation facilities worldwide. The joint venture of Duke Energy and Fluor Corporation is one of the largest power contractors in the world and has the largest U.S. market share for the engineering and construction of natural gas-fired power projects. D/FD operating plant services supports utility, merchant and cogeneration plants, including operations and maintenance contracts, capital projects, environmental retrofits and other major plant improvements. For more information visit www.dukefluordaniel.com.

With 2000 revenues of $10 billion, Fluor Corporation provides services on a global basis in the fields of engineering, procurement, construction, operations, maintenance, project management and business services.

Duke Energy, a diversified multinational energy company, creates value for customers and shareholders through an integrated network of energy assets and expertise. Duke Energy manages a dynamic portfolio of natural gas and electric supply, delivery and trading businesses -- generating revenues of more than $49 billion in 2000. Duke Energy, headquartered in Charlotte, N.C., is a Fortune 100 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com.