Piedmont Natural Gas (NYSE:PNY) announced that it has made a request to reduce its natural gas rates in North Carolina and South Carolina.
As quoted in the press release:
Piedmont’s request to lower its rates comes in response to continuing moderation in wholesale natural gas costs – the costs that Piedmont pays for the natural gas it delivers to its customers. Since 2008, the wholesale cost of natural gas has been driven dramatically lower as a result of increased natural gas production from domestic shale gas supply resources. For Piedmont’s typical residential customer in North Carolina and South Carolina, the reduction in natural gas rates since 2008 has been between 30 percent and 40 percent. As a result, a normal February natural gas bill for a Piedmont Natural Gas residential customer in 2013 would be approximately $45 – $75 less than the same residential bill in 2008.