Piedmont Natural Gas Files for One Time Bill Credits for Customers in North Carolina

Bill credits from lower gas costs would total approximately $45 million in the aggregate and would occur in April; typical residential customer would see bill reduction of approximately $35

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Piedmont Natural Gas

Mar 18, 2015, 05:18 ET

CHARLOTTE, N.C., March 18, 2015 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) today filed a request with the North Carolina Utilities Commission (NCUC) for a one-time gas cost bill credit for its retail sales and transportation customers in North Carolina. The bill credit, if approved by the NCUC, would be reflected on April bills and for the typical Piedmont Natural Gas residential customer would amount to approximately $35, including a small adjustment associated with applicable sales taxes.

Piedmont has requested and received approval from the NCUC to reduce the wholesale commodity cost of natural gas in its billing rates in each of the past three months as a result of falling wholesale natural gas prices. The proposed bill credits reflect further reductions in the wholesale commodity cost of natural gas as well as lower transportation and storage costs under third party pipeline capacity contracts.

Today's request by Piedmont for a one-time bill credit rather than a prospective reduction in billing rates would provide for a more immediate flow-through of the Company's gas cost savings to its customers.

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 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 regulated 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