Piedmont Natural Gas seeks to cut rates
Posted December 15, 2011
Charlotte, N.C. — Piedmont Natural Gas (NYSE: PNY) has asked regulators in North and South Carolina to lower its rates because wholesale natural gas costs have fallen, the company said Thursday.
If approved, the new rates would become effective Jan. 1. The company said it would mark the eighth rate reduction in three years.
"The continuing decline in natural gas costs is a dramatic win not only for Piedmont’s customers but for natural gas customers across the nation," Piedmont Chairman, President and Chief Executive Thomas Skains said in a statement.
The wholesale cost of natural gas, which accounts for approximately 60 to 70 percent of a residential customer’s typical winter bill, has fallen by more than 55 percent since late 2008. The average residential gas customer in the Carolinas will pay about $175 less this winter than three years ago, officials said, assuming a normal winter.