Piedmont Natural Gas Files for Reduction in Natural Gas Rates in
North Carolina and South Carolina
CHARLOTTE, N.C., Jan. 17, 2013 /PRNewswire/ -- Piedmont
Natural Gas (NYSE: PNY) has filed to reduce its natural gas rates
in North Carolina and South
Carolina. The new rates, if approved by the respective state
commissions, would go into effect on February 1, 2013 and would reduce current
residential natural gas rates by a range of approximately 7.5
percent to 9.5 percent. The proposed rate reduction would also save
the average Piedmont Natural Gas residential customer approximately
$8 to $10 on their upcoming February
natural gas bill.
Piedmont's request to lower its
rates comes in response to continuing moderation in wholesale
natural gas costs – the costs that Piedmont pays for the natural gas it delivers
to its customers. Since 2008, the wholesale cost of natural
gas has been driven dramatically lower as a result of increased
natural gas production from domestic shale gas supply resources.
For Piedmont's typical residential
customer in North Carolina and
South Carolina, the reduction in
natural gas rates since 2008 has been between 30 percent and 40
percent. As a result, a normal February natural gas bill for
a Piedmont Natural Gas residential customer in 2013 would be
approximately $45 - $75 less than the
same residential bill in 2008.
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, industrial and power generation utility
customers in portions of North
Carolina, South Carolina
and Tennessee, including 51,600
customers served by municipalities who are wholesale customers. Our
subsidiaries are invested in joint venture, energy-related
businesses, including unregulated retail natural gas marketing, and
regulated interstate natural gas transportation and storage and
intrastate natural gas transportation businesses. More information
about Piedmont Natural Gas is available on the Internet at
http://www.piedmontng.com.
SOURCE Piedmont Natural Gas