CHARLOTTE, N.C., Dec. 15, 2011 /PRNewswire/ -- Piedmont Natural
Gas (NYSE: PNY) filed this week to further reduce its natural gas
rates in both North Carolina and
South Carolina as a result of
falling wholesale natural gas costs that are being driven by the
nation's abundant supply of natural gas, increased on-shore
production from shale gas, and a warmer than normal start to the
2011-2012 winter heating season. The new rates, if approved
by the North Carolina Utilities Commission and the Public Service
Commission of South Carolina,
would mark the eighth time since December
2008 that Piedmont has
reduced its customer billing rates in North Carolina and South Carolina as a result of falling natural
gas costs. The lower rates would become effective
Jan. 1, 2012.
The wholesale cost of natural gas, which accounts for
approximately 60 to 70 percent of a residential customer's typical
winter bill, has fallen by more than 55 percent in the last 3
years. As a result, Piedmont's average residential customer in
North Carolina and South Carolina will pay approximately
$175 less in wholesale
natural gas costs this winter compared with the winter of 2008-2009
assuming normal winter weather. Collectively, Piedmont's residential customers in
North Carolina and South Carolina will save approximately
$125 million in wholesale natural gas
costs this winter compared with the winter of 2008/09.
Commenting on the decline in natural gas costs, Thomas E. Skains, Piedmont's Chairman, President, and CEO said,
"The continuing decline in natural gas costs is a dramatic win not
only for Piedmont's customers but
for natural gas customers across the nation. This puts money
back into the pockets of consumers and back into the economy. At
the same time, the U.S. natural gas industry is creating jobs at a
time when we need them the most. For all its economic,
environmental and national security benefits, and its efficiency
and reliability, natural gas is truly a foundation fuel for a new
energy economy."
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 51,800 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 on the Internet at
http://www.piedmontng.com/.
SOURCE Piedmont Natural Gas