Abundant supplies keep natural gas an energy value for the Company's nearly 700,000 North Carolina customers; proposed residential rates still 18% less than 2008 levels
CHARLOTTE, N.C., May 31, 2013 - For the first time in five years, Piedmont Natural Gas (NYSE: PNY) has filed a general rate case in North Carolina. Piedmont is asking new rates to be put into effect on January 1, 2014.
Piedmont's Chairman, President and CEO, Thomas E. Skains commented on the rate request, "We are requesting new rates to reflect the significant investment of $1.2 billion we have made since 2008 to expand natural gas service, operate more than 17,500 miles of pipeline delivery system safely and reliably, and comply with ongoing federal pipeline safety and integrity management requirements."
"In North Carolina, we serve about 700,000 customers who rely on natural gas to warm their homes, heat their water, cook their food, and run their businesses. The investments we make in our natural gas distribution system help the continued safe and reliable delivery of this abundant and very affordable energy source to those who depend on us for service," said Skains.
In the rate case, Piedmont is requesting a 9.3% overall increase in annual revenues, a 1.86% annual average cost increase since its last general rate proceeding in 2008. For a typical Piedmont residential customer in North Carolina, the proposed residential rates would result in an average increase in their monthly bill of $6.22. The resulting average annual natural gas bill of $785 would still be less than the average annual bill of $955 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 1 million residential, commercial, industrial and power generation utility customers in portions of North Carolina, South Carolina and Tennessee. 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 www.piedmontng.com.