Current Report Filing (8-k)
September 08 2015 - 6:31AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of Earliest Event Reported):
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September 4, 2015
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Piedmont Natural Gas Company, Inc.
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(Exact name of registrant as specified in its charter)
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North Carolina
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1-6196
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56-0556998
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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4720 Piedmont Row Drive, Charlotte, North Carolina
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28210
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code:
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704-364-3120
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Not Applicable
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Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
In December 2014, Piedmont Natural Gas Company, Inc. (Company) filed a petition with the North
Carolina Utilities Commission (NCUC) seeking authority to collect through adjusted rates an
additional $26.6 million in annual integrity management rider (IMR) margin revenues effective
February 2015 based on $241.9 million of capital investments in integrity and safety projects over
the twelve-month period ended October 31, 2014. In January 2015, the NCUC issued an order
authorizing the requested IMR rate adjustments, subject to further review and determination of the
reasonableness and prudence of the capital investments and associated costs reflected in the
adjustments in the Companys annual IMR adjustment proceedings or next general rate case, with any
adjustments to be implemented through a prospective rate adjustment at or after the time such
adjustment is approved by the NCUC. The Company has concluded discussions with the North Carolina
Utilities Commission Public Staff (Public Staff) regarding the completion of their review and the
development of a future procedural schedule for the IMR audit/rate approval process.
Resulting from these discussions, on September 4, 2015, the Company and the North Carolina
Utilities Commission Public Staff (Public Staff) filed an agreement with the NCUC seeking their
approval of the following stipulations regarding the operation of the IMR:
- Biannual IMR rate adjustments each December 1 and June 1, starting December 1 2015, based on
eligible capital investments in integrity and safety projects closed to plant as of September 30
and March 31.
- Extension of the IMR tariff from October 31, 2017 to October 31, 2019.
- An established procedural process and timeline for Public Staffs review of the Companys IMR
filings.
- Fixed percentages to quantify various classes of system integrity expenditures to be recovered
through the IMR with the remainder to be recovered through a future rate case:
Transmission Integrity: 85% IMR / 15% rate case
Distribution Integrity: 90% IMR / 10% rate case
Right-of-way clearing for integrity projects: 15% IMR / 85% rate case
OASIS work and asset management system: 68% IMR / 32% rate case
- Tax-related adjustments
- An immaterial adjustment to IMR margin revenue that will be recorded in the fourth fiscal quarter
of 2015.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Piedmont Natural Gas Company, Inc.
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September 8, 2015
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By:
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Judy Z. Mayo
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Name: Judy Z. Mayo
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Title: Vice President, Corporate Secretary and Deputy General Counsel
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