1. CONTENTS
2 CONSOLIDATED DATA 28 FIELD SERVICES
2 Financial Highlights 29 Segment Earnings Before Interest and Taxes
from Continuing Operations
3 Earnings Before Interest and Taxes from
Continuing Operations by Business Segment 30 Segment Balance Sheets
4 Consolidating Statement of Operations 32 Operating Statistics
5 Consolidated Statements of Operations
33 DUKE ENERGY NORTH AMERICA
6 Consolidating Balance Sheet
34 Segment Earnings Before Interest and Taxes
from Continuing Operations
8 Consolidated Balance Sheets
35 Segment Balance Sheets
10 Consolidated Statements of Cash Flows
37 Operating Statistics
11 Capital and Investment Expenditures by
Business Segment
38 INTERNATIONAL ENERGY
12 Long-Term Debt
39 Segment Earnings Before Interest and Taxes
15 Preferred and Preference Stock without
from Continuing Operations
Sinking Fund Requirements
40 Segment Balance Sheets
16 Capitalization
42 Operating Statistics
17 FRANCHISED ELECTRIC
43 CRESCENT RESOURCES
18 Segment Earnings Before Interest and Taxes
44 Segment Earnings Before Interest and Taxes
19 Segment Balance Sheets
from Continuing Operations
21 Operating Statistics
45 Segment Balance Sheets
47 Operating Statistics
23 NATURAL GAS TRANSMISSION
24 Segment Earnings Before Interest and Taxes
25 Segment Balance Sheets
27 Operating Statistics
Contents

2. Duke Energy Corporation
FINANCIAL HIGHLIGHTS
Years ended December 31
2004 2003 2002 2001 2000
(In millions, except per share amounts)
COMMON STOCK DATA a
Earnings (loss) per share (from continuing operations)
$ 1.31
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1.13) $ 1.53 $ 2.59 $ 2.42
$ 1.27
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1.13) $ 1.53 $ 2.57 $ 2.41
Earnings (loss) per share (from discontinued operations)
$ 0.28
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (0.17) $ (0.31) $ (0.01 ) $ (0.03)
$ 0.27
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (0.17) $ (0.31) $ (0.01) $ (0.03)
Earnings (loss) per share (before cumulative effect of change in
accounting principle)
$ 1.59
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1.30) $ 1.22 $ 2.58 $ 2.39
$ 1.54
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1.30) $ 1.22 $ 2.56 $ 2.38
Earnings (loss) per share
$ 1.59
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1.48) $ 1.22 $ 2.45 $ 2.39
$ 1.54
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (1.48) $ 1.22 $ 2.44 $ 2.38
957
Shares outstanding at year end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 911 895 777 739
931
Weighted average shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . 903 836 767 736
$1,065
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,051 $ 938 $ 871 $ 828
$ 1.10
Dividends paid (per share) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.10 $ 1.10 $ 1.10 $ 1.10
$17.18
Book value (per share) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $15.09 $16.70 $16.33 $ 13.60
Historical Reference b
Market price (per share)
$26.16
High . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $21.57 $40.00 $47.74 $ 44.97
$18.85
Low . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12.21 $16.42 $32.22 $ 23.19
$25.33
Close . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20.45 $19.54 $39.26 $ 42.63
a Amounts prior to 2001 were restated to reflect the two-for-one common stock split effective January 26, 2001.
b As of 2001, data reflects the intra-day high and low stock price.
2 Consolidated Data

3. Duke Energy Corporation
EARNINGS BEFORE INTEREST AND TAXES FROM CONTINUING OPERATIONS BY BUSINESS SEGMENT
Consolidated
Earnings (Loss)
EBIT
Interest Expense, from Continuing
Franchised Natural Gas Field Duke Energy International Minority Interest Operations before
Electric Transmission Services North America Energy Crescent Expense & Other Income Taxes
(In millions)
2004 QUARTERS ENDED
$ (558 )a
March 31 . . . . . . . . . . . . . . . $ 424 $ 398 $ 91 $ 29 $ 60 $ (347 ) $ 97
June 30 . . . . . . . . . . . . . . . . 338 311 95 (37 ) 68 87 (321) 541
Sept 30 . . . . . . . . . . . . . . . . 453 265 66 (17 ) 64 43 (345) 529
Dec 31 . . . . . . . . . . . . . . . . 252 336 128 77 61 50 (299) 605
Total . . . . . . . . . . . . . . . . . . $1,467 $1,310 $380 $ (535 ) $222 $240 $(1,312) $ 1,772
2003 QUARTERS ENDED
$ 587
March 31 . . . . . . . . . . . . . . . $ 454 $ 423 $ 29 $ 23 $ 40 $ 1 $ (383)
597
June 30 . . . . . . . . . . . . . . . . 316 306 55 211 91 21 (403)
(17)
Sept 30 . . . . . . . . . . . . . . . . 436 280 52 (411 )b 44 40 (458)
(2,877)
Dec 31 . . . . . . . . . . . . . . . . . 197 308 51 (3,164 )c 40 72 (381 )
$(1,710)
Total . . . . . . . . . . . . . . . . . . $1,403 $1,317 $187 $(3,341 ) $215 $134 $(1,625 )
2002 QUARTERS ENDED
$ 538
March 31 . . . . . . . . . . . . . . . $ 384 $ 266 $ 36 $ 54 $ 49 $ 2 $ (253)
715
June 30 . . . . . . . . . . . . . . . . 388 313 43 196 61 23 (309)
357
Sept 30 . . . . . . . . . . . . . . . . 575 288 21 (107 ) (31) 16 (405 )
296
Dec 31 . . . . . . . . . . . . . . . . . 248 294 48 26 23 117 (460 )
$ 1,906
Total . . . . . . . . . . . . . . . . . . $1,595 $1,161 $148 $ 169 $102 $158 $(1,427)
2001 QUARTERS ENDED
$ 873
March 31 . . . . . . . . . . . . . . . $ 459 $ 175 $124 $ 384 $ 56 $ 3 $ (328 )
667
June 30 . . . . . . . . . . . . . . . . 358 141 84 272 61 31 (280)
1,264
Sept 30 . . . . . . . . . . . . . . . . 607 142 70 654 52 50 (311 )
343
Dec 31 . . . . . . . . . . . . . . . . . 202 149 55 177 67 83 (390 )
$ 3,147
Total . . . . . . . . . . . . . . . . . . $1,626 $ 607 $333 $ 1,487 $236 $167 $(1,309 )
a Includes an approximate $360 million charge associated with the sale of DENA’s Southeast Plants
b Includes a $254 million goodwill writeoff
c Includes $2,903 million of impairments (related to DENA’s plants and redesignation of power contracts to mark-to-market)
3
Consolidated Data

4. Duke Energy Corporation
CONSOLIDATING STATEMENT OF OPERATIONS
Year Ended
Natural
December 31,
Franchised Gas Field Duke Energy International Eliminations/
2004
(In millions) Electric Transmission Services North America Energy Crescent Other Adjustments
OPERATING REVENUES a
$14,275
Non-regulated electric, natural gas, natural gas liquids and other . . . . . . . . . $ — $ — $10,104 $2,294 $619 $437 $1,144 $(323 )
5,111
Regulated electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,069 — — 67 — — — (25 )
3,117
Regulated natural gas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,290 — — — — — (173 )
22,503
Total operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,069 3,290 10,104 2,361 619 437 1,144 (521 )
OPERATING EXPENSES
11,335
Natural gas and petroleum products purchased . . . . . . . . . . . . . . . . . . . . . — 758 8,614 1,398 4 — 946 (385 )
3,568
Operation, maintenance and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,264 701 550 419 164 343 264 (137 )
2,098
Fuel used in electric generation and purchased power . . . . . . . . . . . . . . . . 1,206 — — 665 228 — — (1 )
1,851
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 863 418 298 173 58 2 39 —
539
Property and other taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280 156 47 34 8 6 8 —
65
Impairment and other related charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 22 1 — 42 — —
19,456
Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,613 2,033 9,531 2,690 462 393 1,257 (523 )
GAINS ON SALES OF INVESTMENTS IN COMMERCIAL
AND MULTI-FAMILY REAL ESTATE . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 192
— — — — 192 — —
GAINS (LOSSES) ON SALES OF OTHER ASSETS, NET . . . . . . . . . . . . . . . (225 )
3 17 2 (248 ) (3 ) — 4 —
OPERATING INCOME (LOSS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,014
1,459 1,274 575 (577 ) 154 236 (109 ) 2
OTHER INCOME AND EXPENSES
161
Equity in earnings of unconsolidated affiliates . . . . . . . . . . . . . . . . . . . . . . — 25 60 5 51 3 17 —
(4 )
Gains (Losses) on sales and impairments of equity investments . . . . . . . . . . — 16 (23 ) — 2 — 1 —
145
Other income and expenses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 17 — 7 25 — 14 74
302
Total other income and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 58 37 12 78 3 32 74
MINORITY INTEREST EXPENSE (BENEFIT) b . . . . . . . . . . . . . . . . . . . . . . — 22 232 (30 ) 10 (1 ) —
EARNINGS BEFORE INTEREST AND TAXES FROM
CONTINUING OPERATIONS (EBIT) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,467 $1,310 $ 380 $ (535 ) $222 $240 $ (77)
INTEREST EXPENSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,349
MINORITY INTEREST EXPENSE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195
EARNINGS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES . . 1,772
INCOME TAX EXPENSE FROM CONTINUING OPERATIONS . . . . . . . . . . . 540
INCOME FROM CONTINUING OPERATIONS . . . . . . . . . . . . . . . . . . . . . . 1,232
DISCONTINUED OPERATIONS
(10 )
Net operating loss, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
268
Net gain on dispositions, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INCOME FROM DISCONTINUED OPERATIONS . . . . . . . . . . . . . . . . . . . . 258
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,490
DIVIDENDS AND PREMIUMS ON REDEMPTION OF
PREFERRED AND PREFERENCE STOCK . . . . . . . . . . . . . . . . . . . . . . . . 9
EARNINGS AVAILABLE FOR COMMON STOCKHOLDERS . . . . . . . . . . . . . $ 1,481
a Presentation does not reflect certain immaterial reclassifications that were made in the Form 10-Q for the quarter ended March 31, 2005.
b Includes minority interest expense (benefit) related to EBIT and excludes minority interest expense (benefit) related to interest and taxes.
4 Consolidated Data

5. Duke Energy Corporation
CONSOLIDATED STATEMENTS OF OPERATIONS
Years ended December 31
2004 2003 2002 2001
(In millions)
OPERATING REVENUES a
$14,275
Non-regulated electric, natural gas, natural gas liquids and other .............................................................. $14,178 $8,780 $11,879
5,111
Regulated electric ................................................................................................................................ 4,960 4,880 5,088
3,117
Regulated natural gas .......................................................................................................................... 2,942 2,200 922
22,503
Total operating revenues........................................................................................................................ 22,080 15,860 17,889
OPERATING EXPENSES
11,335
Natural gas and petroleum products purchased ...................................................................................... 11,419 5,360 6,865
3,568
Operation, maintenance and other.......................................................................................................... 3,796 3,304 3,706
2,098
Fuel used in electric generation and purchased power .............................................................................. 2,075 2,191 2,022
1,851
Depreciation and amortization................................................................................................................ 1,792 1,506 1,252
539
Property and other taxes........................................................................................................................ 526 533 430
65
Impairment and other related charges .................................................................................................... 2,956 364 —
Impairments of goodwill ........................................................................................................................ — 254 — 36
19,456
Total operating expenses........................................................................................................................ 22,818 13,258 14,311
GAINS ON SALES OF INVESTMENTS IN COMMERCIAL AND MULTI-FAMILY REAL ESTATE ...................... 192 84 106 106
(LOSSES) GAINS ON SALES OF OTHER ASSETS, NET............................................................................ (225 ) (199 ) 32 238
OPERATING INCOME (LOSS)................................................................................................................ 3,014 (853 ) 2,740 3,922
OTHER INCOME AND EXPENSES
161
Equity in earnings of unconsolidated affiliates .......................................................................................... 123 218 164
(4 )
(Losses) Gains on sales and impairments of equity investments ................................................................ 279 32 —
145
Other income and expenses, net ............................................................................................................ 182 129 147
302
Total other income and expenses............................................................................................................ 584 379 311
INTEREST EXPENSE............................................................................................................................ 1,349 1,380 1,097 760
MINORITY INTEREST EXPENSE b ........................................................................................................ 195 61 116 326
EARNINGS (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES ...................................... 1,772 (1,710 ) 1,906 3,147
INCOME TAX EXPENSE (BENEFIT) FROM CONTINUING OPERATIONS.................................................... 540 (707 ) 611 1,149
INCOME (LOSS) FROM CONTINUING OPERATIONS .............................................................................. 1,232 (1,003 ) 1,295 1,998
DISCONTINUED OPERATIONS
Net operating loss, net of tax .............................................................................................................. (10 ) (27 ) (261 ) (4 )
Net gain (loss) on dispositions, net of tax.............................................................................................. 268 (131 ) — —
INCOME (LOSS) FROM DISCONTINUED OPERATIONS .......................................................................... 258 (158 ) (261 ) (4 )
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE .................... 1,490 (1,161 ) 1,034 1,994
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET OF TAX AND MINORITY INTEREST — (162 ) — (96 )
NET INCOME (LOSS) .......................................................................................................................... 1,490 (1,323 ) 1,034 1,898
DIVIDENDS AND PREMIUMS ON REDEMPTION OF PREFERRED AND PREFERENCE STOCK .................. 9 15 13 14
EARNINGS (LOSS) AVAILABLE FOR COMMON STOCKHOLDERS ............................................................ $1,481 $(1,338 ) $1,021 $1,884
a Presentation does not reflect certain immaterial reclassifications that were made in the Form 10-Q for the quarter ended March 31, 2005.
b Minority Interest Expense includes dividends of $55 million in 2003, $108 million in 2002 and $108 million in 2001 related to trust preferred securities.
5
Consolidated Data

6. Duke Energy Corporation
CONSOLIDATING BALANCE SHEET - ASSETS
Natural
December 31,
Franchised Gas Field Duke Energy International Eliminations/
2004
Electric Transmission Services North America Energy Crescent Other Adjustments
(In millions)
CURRENT ASSETS
$ 533
Cash and cash equivalents . . . . . . . . . . . . . . . $ 14 $ (44 ) $ 59 $ 57 $ 301 $ 25 $ 124 $ (3 )
1,319
Short-term investments . . . . . . . . . . . . . . . . . . 185 — 265 1 — — 868 —
3,237
Receivables, net . . . . . . . . . . . . . . . . . . . . . . . 1,015 638 1,300 446 603 95 (265 ) (595 )
942
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . 405 324 74 98 34 — 7 —
40
Assets held for sale . . . . . . . . . . . . . . . . . . . . . — — — 18 22 — — —
Unrealized gains on mark-to-market
962
and hedging transactions . . . . . . . . . . . . . . . . — 7 59 868 — — 30 (2 )
938
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 45 17 338 18 — 105 402
7,971
Total current assets . . . . . . . . . . . . . . . . . . . . . 1,632 970 1,774 1,826 978 120 869 (198 )
INVESTMENTS AND OTHER ASSETS
1,292
Investments in unconsolidated affiliates . . . . . . . — 772 157 152 167 20 24 —
Investments and advances in (from) subsidiaries 12,439 10,983 10,832 4,275 (79 ) 772 22,621 (61,843 ) —
1,374
Nuclear decommissioning trust funds . . . . . . . . 1,374 — — — — — — —
4,148
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,398 498 — 245 7 — —
232
Notes receivable . . . . . . . . . . . . . . . . . . . . . . . — 57 — 52 68 55 — —
Unrealized gains (losses) on mark-to-market
1,379
and hedging transactions . . . . . . . . . . . . . . . . 2 — (9 ) 1,294 — — 92 —
84
Assets held for sale . . . . . . . . . . . . . . . . . . . . . — — 37 47 — — — —
Investments in residential, commercial and
1,128
multi-family real estate, net . . . . . . . . . . . . . . — — — — — 1,104 24 —
1,896
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,077 (10 ) 96 45 198 9 481 —
11,533
Total investments and other assets . . . . . . . . . . 14,892 15,200 11,611 5,865 599 1,967 23,242 (61,843 )
PROPERTY, PLANT AND EQUIPMENT
46,806
Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,950 13,309 6,146 3,917 2,189 — 295 —
13,300
Less accumulated depreciation and amortization 7,830 2,521 1,890 548 371 — 140 —
33,506
Net property, plant and equipment . . . . . . . . . . 13,120 10,788 4,256 3,369 1,818 — 155 —
REGULATORY ASSETS AND DEFERRED DEBITS
297
Deferred debt expense . . . . . . . . . . . . . . . . . . . 231 53 — — — — 13 —
1,269
Regulatory asset related to income taxes . . . . . . 376 893 — — — — — —
894
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 701 185 — 4 — — 7 (3 )
2,460
Total regulatory assets and deferred debits . . . . 1,308 1,131 — 4 — — 20 (3 )
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . 55,470
30,952 28,089 17,641 11,064 3,395 2,087 24,286 (62,044 )
(12,753 ) (10,983 ) (10,831 ) (4,327 ) (66 ) (772 ) (22,457 ) 62,189 —
Intercompany balances . . . . . . . . . . . . . . . . . .
REPORTABLE SEGMENT ASSETS . . . . . . . . . . $55,470
$18,199 $17,106 $ 6,810 $6,737 $3,329 $1,315 $ 1,829 $ 145
6 Consolidated Data

7. Duke Energy Corporation
CONSOLIDATING BALANCE SHEET - LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY
Natural
December 31,
Franchised Gas Field Duke Energy International Eliminations/
2004
Electric Transmission Services North America Energy Crescent Other Adjustments
(In millions)
CURRENT LIABILITIES
$ 2,414
Accounts payable . . . . . . . . . . . . . . . . . . . . . . $ 444 $ 209 $ 1,175 $ 546 $ 35 $ (1 ) $ 203 $ (197 )
68
Notes payable and commercial paper . . . . . . . . — 213 — — — — 146 (291 )
273
Taxes accrued (prepaid) . . . . . . . . . . . . . . . . . . 9 231 75 (475 ) 212 9 (338 ) 550
287
Interest accrued . . . . . . . . . . . . . . . . . . . . . . . 75 87 59 14 1 1 67 (17 )
30
Liabilities associated with assets held for sale . . — — — 5 25 — — —
1,832
Current maturities of long-term debt and preferred stock 506 157 607 121 61 11 369 —
Unrealized losses on mark-to-market and
819
hedging transactions . . . . . . . . . . . . . . . . . . . — 3 84 542 — — 191 (1)
1,815
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347 425 275 332 53 147 154 82
7,538
Total current liabilities . . . . . . . . . . . . . . . . . . . 1,381 1,325 2,275 1,085 387 167 792 126
LONG-TERM DEBT
16,932
Long-term debt . . . . . . . . . . . . . . . . . . . . . . . . 5,646 5,396 1,649 75 513 23 3,630 —
Intercompany debt . . . . . . . . . . . . . . . . . . . . . 10 3,178 — 3,452 — — 7,463 (14,103 ) —
16,932
Total long-term debt . . . . . . . . . . . . . . . . . . . . 5,656 8,574 1,649 3,527 513 23 11,093 (14,103 )
DEFERRED CREDITS AND OTHER LIABILITIES
5,228
Deferred income taxes . . . . . . . . . . . . . . . . . . . 2,223 1,980 933 549 96 — (264 ) (289 )
154
Investment tax credit . . . . . . . . . . . . . . . . . . . . 154 — — — — — — —
Unrealized losses (gains) on mark-to-market
971
and hedging transactions . . . . . . . . . . . . . . . . 22 — (27 ) 886 — — 90 —
14
Liabilities associated with assets held for sale . . — — — 14 — — — —
1,926
Asset retirement obligations . . . . . . . . . . . . . . . 1,864 6 55 1 — — — —
4,646
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,211 639 56 41 56 28 656 (41 )
12,939
Total deferred credits and other liabilities . . . . . 7,474 2,625 1,017 1,491 152 28 482 (330 )
MINORITY INTERESTS . . . . . . . . . . . . . . . . . . — 1,486
354 850 94 132 59 (3 ) —
PREFERRED AND PREFERENCE STOCK
WITHOUT SINKING FUND REQUIREMENTS . . — 134
— — — — — 134 —
COMMON STOCKHOLDERS’ EQUITY
11,252
Common stock . . . . . . . . . . . . . . . . . . . . . . . . 11,252 3 1 120 124 1 11,253 (11,502 )
Additional paid-in capital . . . . . . . . . . . . . . . . . — 9,393 9,190 5,614 2,974 545 454 (28,170 ) —
4,539
Retained earnings (deficit) . . . . . . . . . . . . . . . . 5,189 4,761 2,589 (1,115 ) (415 ) 1,264 (569 ) (7,165 )
— 650
Accumulated other comprehensive income (loss) 1,054 70 248 (472 ) — 650 (900 )
16,441
Total common stockholders’ equity . . . . . . . . . . 16,441 15,211 11,850 4,867 2,211 1,810 11,788 (47,737 )
TOTAL LIABILITIES AND COMMON
STOCKHOLDERS’ EQUITY . . . . . . . . . . . . . . 55,470
30,952 28,089 17,641 11,064 3,395 2,087 24,286 (62,044 )
(12,753 ) (10,983 ) (10,831 ) (4,327 ) (66 ) (772 ) (22,457 ) 62,189 —
Intercompany balances . . . . . . . . . . . . . . . . . .
REPORTABLE SEGMENT LIABILITIES AND
COMMON STOCKHOLDERS’ EQUITY . . . . . . . $18,199 $17,106 $ 6,810 $6,737 $3,329 $1,315 $ 1,829 $ 145 $55,470
7
Consolidated Data

8. Duke Energy Corporation
CONSOLIDATED BALANCE SHEETS - ASSETS
December 31
2004 2003 2002 2001 2000
(In millions)
CURRENT ASSETS
$ 533
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 397 $ 382 $ 290 $ 622
1,319
Short-term investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 763 492 — —
3,237
Receivables, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,953 4,861 5,301 8,648
942
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 941 971 863 659
40
Assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361 — — —
962
Unrealized gains on mark-to-market and hedging transactions . . . . . . . . . . . . . . . 1,566 2,144 2,326 11,038
938
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 694 887 667 1,466
7,971
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,675 9,737 9,447 22,433
INVESTMENTS AND OTHER ASSETS
1,292
Investments in unconsolidated affiliates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,398 2,015 1,480 1,387
1,374
Nuclear decommissioning trust funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 925 708 716 717
4,148
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,962 3,747 1,730 1,566
232
Notes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 260 589 576 462
1,379
Unrealized gains on mark-to-market and hedging transactions . . . . . . . . . . . . . . . 1,857 2,480 3,117 4,218
84
Assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,444 — — —
1,128
Investments in residential, commercial and multi-family real estate, net . . . . . . . . 1,353 1,440 1,253 1,150
1,896
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,137 1,645 1,612 1,447
11,533
Total investments and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,336 12,624 10,484 10,947
PROPERTY, PLANT AND EQUIPMENT
46,806
Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,987 47,368 38,345 33,501
13,300
Less accumulated depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . 12,139 11,266 9,936 9,075
33,506
Net property, plant and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,848 36,102 28,409 24,426
REGULATORY ASSETS AND DEFERRED DEBITS
297
Deferred debt expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 263 203 208
1,269
Regulatory asset related to income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,152 936 510 506
894
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 939 460 571 756
2,460
Total regulatory assets and deferred debits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,366 1,659 1,284 1,470
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $55,470 $57,225 $60,122 $49,624 $59,276
8 Consolidated Data

9. Duke Energy Corporation
CONSOLIDATED BALANCE SHEETS - LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY
December 31
2004 2003 2002 2001 2000
(In millions)
CURRENT LIABILITIES
$ 2,414
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,317 $ 3,637 $ 4,231 $ 7,733
68
Notes payable and commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 915 1,603 1,826
273
Taxes accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 156 443 261
287
Interest accrued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 304 310 239 208
30
Liabilities associated with assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . 651 — — —
1,832
Current maturities of long-term debt and preferred stock . . . . . . . . . . . . . . . . . 1,200 1,331 274 470
819
Unrealized losses on mark-to-market and hedging transactions . . . . . . . . . . . . 1,283 1,918 1,519 11,070
1,815
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,849 1,770 2,146 1,769
7,538
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,748 10,037 10,455 23,337
LONG-TERM DEBT, Including debt to affiliates of $876 at 2003 . . . . . . . . . . 16,932 20,622 20,221 12,321 10,717
DEFERRED CREDITS AND OTHER LIABILITIES
5,228
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,120 4,834 4,307 3,851
154
Investment tax credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 176 189 211
971
Unrealized losses on mark-to-market and hedging transactions . . . . . . . . . . . . 1,754 1,548 2,212 3,581
14
Liabilities associated with assets held for sale . . . . . . . . . . . . . . . . . . . . . . . . 737 — — —
1,926
Asset retirement obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,707 — — —
4,646
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,789 4,893 3,564 3,435
12,939
Total deferred credits and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,272 11,451 10,272 11,078
GUARANTEED PREFERRED BENEFICIAL INTERESTS IN SUBORDINATED
NOTES OF DUKE ENERGY CORPORATION OR SUBSIDIARIES . . . . . . . . . . — — 1,408 1,407 1,406
MINORITY INTERESTS IN FINANCING SUBSIDIARY . . . . . . . . . . . . . . . . . . — — — 1,025 1,025
MINORITY INTERESTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,486 1,701 1,904 1,221 1,410
PREFERRED AND PREFERENCE STOCK
Preferred and preference stock with sinking fund requirements a . . . . . . . . . . . —
— 23 25 38
134
Preferred and preference stock without sinking fund requirements . . . . . . . . . . 134 134 209 209
134
Total preferred and preference stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134 157 234 247
COMMON STOCKHOLDERS’ EQUITY
11,252
Common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,519 9,236 6,217 4,797
4,539
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,060 6,417 6,292 5,379
650
Accumulated other comprehensive income (loss) . . . . . . . . . . . . . . . . . . . . . . 169 (709 ) 180 (120 )
16,441
Total common stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,748 14,944 12,689 10,056
TOTAL LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY . . . . . . . . . . . $55,470 $57,225 $60,122 $49,624 $59,276
a Reclassified to Long-Term Debt as a result of the adoption of Statement of Financial Accounting Standards No. 150, “Accounting for Certain Financial Instruments with
Characteristics of Both Liabilities and Equity” which was effective July 1, 2003.
9
Consolidated Data