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The document provides an earnings review for 2004 and outlook for 2005 from Duke Energy Corporation. Some key points: - 2004 ongoing earnings per share were $1.38, exceeding the target of $1.20. Several business units performed well while DENA losses were lower than expected. - Goals for 2005 include ongoing earnings per share of $1.60, ongoing segment EBIT growth across most business units, and further reducing debt and risks. - DENA is expected to post a $150 million ongoing segment EBIT loss for 2005 as it focuses on defining a sustainable long-term business model.























