Piedmont Natural Gas Receives Regulatory Approval for Atlantic Coast Pipeline Agreements

North Carolina Utilities Commission approves Company's affiliate agreements with proposed Atlantic Coast Pipeline

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Oct 27, 2014, 10:43 ET

CHARLOTTE, N.C., Oct. 27, 2014 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) today received regulatory approval from the North Carolina Utilities Commission (NCUC) for its affiliate agreements with the Atlantic Coast Pipeline (ACP). Since Piedmont Natural Gas is both a financial partner and a customer of the proposed natural gas pipeline, Piedmont's affiliate agreements with ACP are subject to NCUC approval. Today's approval of the agreements represents a key step in the overall regulatory approval process. Ultimate approval for the natural gas pipeline project rests with the Federal Energy Regulatory Commission.

The proposed natural gas pipeline would transport natural gas from the prolific Marcellus shale production region in West Virginia, Ohio and Pennsylvania, and deliver it through a 550-mile long natural gas pipeline constructed through parts of West Virginia, Virginia, and North Carolina. The new natural gas pipeline would be the second major interstate pipeline serving the state of North Carolina and is proposed to be in service by late 2018.

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 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, 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/.

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 place undue reliance on these forward-looking statements when making investment decisions. The words, "projected," "would," "proposed" 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 filed with the SEC and available at the SEC's website at www.sec.gov

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SOURCE Piedmont Natural Gas