Business Briefs

Piedmont Natural Gas seeks to cut rates

Posted January 17, 2013 12:07 p.m. EST

— Piedmont Natural Gas (NYSE: PNY) has filed requests with regulators to reduce its natural gas rates in North and South Carolina.

The new rates, if approved, would go into effect Feb. 1, and would save the average residential customer $8 to $10 a month.

Piedmont's requests are in response to lower wholesale natural gas costs, which the company passes through to customers. Since 2008, increased production from domestic shale gas supplies has driven down the wholesale cost of natural gas.