Piedmont Natural Gas Files to Lower Rates
CHARLOTTE, N.C., Dec. 30 /PRNewswire-FirstCall/ — Piedmont Natural Gas and its Nashville Gas division customers should soon see some relief in their January natural gas bills. As a result of significant decreases in its wholesale cost of gas within the past week, Piedmont is working with the Utility Commissions in North Carolina, South Carolina and Tennessee to receive expedited approval to lower its rates for natural gas service, effective January 1.
The lower rates would apply to Piedmont’s customers in North Carolina and South Carolina and to Nashville Gas customers in Tennessee. For the company’s average residential customer the reduction means a savings of approximately $25 to $35 in January, assuming normal weather for the month. The company’s benchmark wholesale cost of gas included in its rates will be reduced from $13/dekatherm in December to $11/dekatherm for January. Even with the recent decline, wholesale gas costs are still more than double those of one year ago and remain volatile.
As a natural gas utility, Piedmont purchases gas at wholesale and delivers it to residential, commercial and industrial customers. The Company does not profit from increased wholesale gas costs, passing through to customers dollar for dollar the price it pays to wholesale suppliers. When prices fall, those reductions are passed through to customers as well.
Forward-Looking Statement
This press release contains forward-looking statements. These statements are based on management’s current expectations and information currently available and are believed to be reasonable and are made in good faith. However, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the statements. Factors that may make the actual results differ from anticipated results include, but are not limited to, economic conditions, competition from other providers of similar products and other uncertainties, all of which are difficult to predict and some of which are beyond our control. For these reasons, you should not rely on these forward-looking statements when making investment decisions. The words “expect,”"believe,”"project,”"anticipate,”"intend,”"should,”"could,”"will” and variations of such words and similar expressions are intended to identify forward-looking statements. We do not undertake any obligation to update publicly any forward- looking statement, either as a result of new information, future events or otherwise. More information about the risks and uncertainties relating to these forward-looking statements may be found in Piedmont’s filings with the SEC on Forms 10-K and Forms 10-Q, which are available on the SEC’s website at http://www.sec.gov/.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to 990,000 residential, commercial and industrial utility customers in North Carolina, South Carolina and Tennessee, including 61,000 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 on the Internet at http://www.piedmontng.com/.
Piedmont Natural Gas
CONTACT: Headen Thomas, +1-704-731-4438, or +1-704-651-7137, orheaden.thomas@piedmontng.com, or David Trusty, +1-704-731-4391, or+1-704-507-6393, or david.trusty@piedmontng.com, both of Piedmont Natural Gas;or David Coburn, of LGA Inc., +1-704-552-6565, or cell, +1-704-906-9372, orcoburn@lgapr.com, for Piedmont Natural Gas
Web site: http://www.piedmontng.com/