Piedmont Natural Gas Files to Further Reduce Customer Rates in North Carolina and South Carolina

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Feb 16, 2011, 11:05 ET

CHARLOTTE, N.C., Feb. 16, 2011 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) filed this week to further reduce its natural gas rates for customers in North Carolina and South Carolina. If approved by the respective state regulatory commissions, the proposed reductions would take effect March 1, and reduce current residential rates by 3 percent in North Carolina and 2.5 to 3.5 percent in South Carolina. The residential rates proposed by the company reflect reductions of about 14 percent in North Carolina and 13 to 15 percent in South Carolina from the rate levels in effect a year ago.

This week's filings reflect continuing declines in the wholesale cost of natural gas. The cost of natural gas is the single largest portion of a customer's monthly natural gas bill, typically making up between 65 and 70 percent of the total bill. As a regulated natural gas distribution company, Piedmont Natural Gas passes through the wholesale cost of gas to its customers on a dollar-for-dollar basis.

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 future events, risks, uncertainties and other factors 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, weather conditions, rate of customer growth, the cost and availability of natural gas, competition from other energy providers, new legislation and regulations and application of existing laws and regulations, economic and capital market conditions, the cost and availability of labor and materials 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," "assume," "can," "estimate," "forecast," "future," "indicate," "outlook," "plan," "predict," "seek," "target," "would," and variations of such words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are only as of the date they are made and 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 latest Forms 10-K and 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 more than one million residential, commercial and industrial utility customers in North Carolina, South Carolina and Tennessee, including 52,000 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.

SOURCE Piedmont Natural Gas