CHARLOTTE, N.C., Oct. 17, 2011 /PRNewswire/ -- Piedmont Natural
Gas (NYSE: PNY) delivered good news today as the Company projected
that residential customers throughout its three-state service
area could see reductions in their 2011–2012 winter bills of
up to 10 percent compared to last year. For the typical
residential customer, the reduction would amount to $4 to $10 per month over the course of the winter
heating season from November through March.
This year's forecast reflects the continuing national decline in
the wholesale cost of natural gas that has allowed Piedmont to lower its residential billing
rates 20% to 30% since 2008. Assuming normal winter temperatures,
the decrease in residential billing rates since 2008 amounts to a
winter bill in 2011-2012 that would be about $100 - $200 less than a typical residential
winter bill in 2008-2009.
"The continued decline in the wholesale cost of
natural gas, brought about by significant increases in the supply
and production of shale natural gas here in the United States, has provided
significant economic benefits to our customers and to the
communities we serve," said Thomas E.
Skains, Piedmont Natural Gas' Chairman, President, and CEO.
"Our residential billing rates are actually lower today than they
were three years ago making natural gas not only one of the
cleanest and most efficient energy sources available, but one of
the most economical energy sources as well."
While noting that the Company's forecast was welcome news,
Piedmont's Skains also recognized
the economic hardships that still exist for many
customers. "Many of our customers continue to
face difficult financial choices and hardship during
these challenging economic times. One of the ways we can all assist
our neighbors who need help is by enrolling in Piedmont's Share the Warmth Round Up Program
where we can sign up to have our monthly natural gas bills
rounded up to the nearest dollar. The amount rounded up goes to
provide emergency energy assistance funds to individuals
and families within the communities Piedmont serves."
For those customers who want to learn more about the Share the
Warmth Round Up Program or to enroll in the program, they are
encouraged to visit Piedmont's
website at www.piedmontng.com/.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily
engaged in the distribution of natural gas to more than one million
residential, commercial and industrial utility customers in
North Carolina, South Carolina and Tennessee, including 52,000 customers served
by municipalities who are wholesale customers. Our subsidiaries are
invested in joint venture, energy-related businesses, including
unregulated retail natural gas marketing, interstate natural gas
storage and intrastate natural gas transportation. More information
about Piedmont Natural Gas is available at
http://www.piedmontng.com/.
SOURCE Piedmont Natural Gas