Duke Energy draws $1 billion from credit agreement

Chief Financial Officer David Hauser said in a statement: "In light of the uncertain market environment, we made this proactive financial decision to increase our liquidity and cash position and to bridge our access to the debt capital markets."

The House's rejection of a financial bailout plan Monday have flung already tight credit markets into further disarray and companies have been hoarding cash.

With the draw, the company expects to have about $2 billion of cash and cash equivalents as of Tuesday. The credit agreement expires in 2012.

Duke Energy shares fell 14 cents to $17.47 in trading Tuesday afternoon. The shares have traded between $16.77 and $20.78 during the past year.

Duke Energy has about 4 million U.S. customers, serving the Midwest and the Carolinas. It also has operations in Latin America.