Exhibit 10-27



SUMMARY OF DIRECTORS FEES

AS OF MAY 1, 2004



The Duke Energy
Corporation Board of Directors approved the following retainer and attendance fees for directors, effective May 1, 2004:



|                                              |  |                                                                                                                                                                                                                                                                                                                                                                                           
|--------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Board Retainer (cash)  Board Retainer (stock) |  |       $45,000        $50,000
value (equity vehicle may vary)                                                                                                                                                                                                                                                                                                                            
|                                              | 
|Board Meeting Fees                            |  |       $1,500, including telephonic meetings                                                                                                                                                                                                                                                                                                                                              
|                                              | 
|Lead Director Retainer                        |  |       $20,000                                                                                                                                                                                                                                                                                                                                                                            
|                                              | 
|Audit Committee Chair Retainer                |  |       $20,000                                                                                                                                                                                                                                                                                                                                                                            
|                                              | 
|Other Committee Chair Retainers               |  |       $7,500                                                                                                                                                                                                                                                                                                                                                                             
|                                              | 
|Audit Committee Meeting Fee                   |  |       $3,000 for in-person meetings held in conjunction with Board
meetings, including bifurcated meetings (e.g., meeting on day 1, with second meeting on day 2, both around Board meeting);        $2,000 for telephonic meetings not in conjunction with Board meetings or for telephonic
participation in meetings held in conjunction with Board meetings                          
|                                              | 
|Other Committee Meeting Fees                  |  |       $1,500 for in-person meetings held in conjunction with Board
meetings, including bifurcated meetings (e.g., meeting on day 1, with second meeting on day 2, both around Board meeting), telephonic meetings and telephonic participation in meetings held in conjunction with Board meetings;        $2,500
for special, in-person meetings not in conjunction with Board meetings