Piedmont Natural Gas Projects Lower Winter Bills For 2011-2012

Residential customers could see reductions of up to 10 percent compared to last year; Since 2008, residential billing rates have decreased 20 to 30 percent

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Piedmont Natural Gas

Oct 17, 2011, 02:01 ET

CHARLOTTE, N.C., Oct. 17, 2011 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) delivered good news today as the Company projected that residential customers throughout its three-state service area could see reductions in their 2011–2012 winter bills of up to 10 percent compared to last year. For the typical residential customer, the reduction would amount to $4 to $10 per month over the course of the winter heating season from November through March.

This year's forecast reflects the continuing national decline in the wholesale cost of natural gas that has allowed Piedmont to lower its residential billing rates 20% to 30% since 2008. Assuming normal winter temperatures, the decrease in residential billing rates since 2008 amounts to a winter bill in 2011-2012 that would be about $100 - $200 less than a typical residential winter bill in 2008-2009.

"The continued decline in the wholesale cost of natural gas, brought about by significant increases in the supply and production of shale natural gas here in the United States, has provided significant economic benefits to our customers and to the communities we serve," said Thomas E. Skains, Piedmont Natural Gas' Chairman, President, and CEO. "Our residential billing rates are actually lower today than they were three years ago making natural gas not only one of the cleanest and most efficient energy sources available, but one of the most economical energy sources as well."

While noting that the Company's forecast was welcome news, Piedmont's Skains also recognized the economic hardships that still exist for many customers. "Many of our customers continue to face difficult financial choices and hardship during these challenging economic times. One of the ways we can all assist our neighbors who need help is by enrolling in Piedmont's Share the Warmth Round Up Program where we can sign up to have our monthly natural gas bills rounded up to the nearest dollar. The amount rounded up goes to provide emergency energy assistance funds to individuals and families within the communities Piedmont serves."

For those customers who want to learn more about the Share the Warmth Round Up Program or to enroll in the program, they are encouraged to visit Piedmont's website at www.piedmontng.com/.

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. More information about Piedmont Natural Gas is available at http://www.piedmontng.com/.

SOURCE Piedmont Natural Gas