According to Piedmont, the filings with the North Carolina Utilities Commission (NCUC) and South Carolina’s Public Service Commission (PSC) seek to lower the wholesale cost of gas benchmark contained within the customer billing rates in each state and follow recent declines in the wholesale cost of natural gas.

Earlier in December 2008, the company also filed a request with the Tennessee Regulatory Authority to reduce customer billing rates in Tennessee. The proposed reductions, if approved by the respective state regulatory bodies, would each go into effect on January 1, 2009.

The benchmark reflects the wholesale cost of natural gas supplies purchased by the company on behalf of its customers and can fluctuate up or down.
If approved by each of the respective state regulatory agencies, Piedmont said that its proposed benchmark reductions would have the effect of reducing residential billing rates by approximately 7% in North Carolina, between 7% and 8% in South Carolina, and by 15% in Tennessee.

Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to residential, commercial and industrial utility customers in North Carolina, South Carolina and Tennessee. Its subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, interstate natural gas storage and intrastate natural gas transportation.

 

 

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