Piedmont Files for One-time Bill Credit for North Carolina Customers

Piedmont Natural Gas Company (NYSE:PNY) announced that it has filed a request with the North Carolina Utilities Commission for a one-time gas cost bill credit for its retail sales and transportation customers. If approved the bill credit would be reflected on April bills and would reduce the typical customers bill by approximately $35, with bill credits from lower gas costs totaling about $45 million in the aggregate.

As quoted in the press release:

Piedmont has requested and received approval from the NCUC to reduce the wholesale commodity cost of natural gas in its billing rates in each of the past three months as a result of falling wholesale natural gas prices. The proposed bill credits reflect further reductions in the wholesale commodity cost of natural gas as well as lower transportation and storage costs under third party pipeline capacity contracts.

Today’s request by Piedmont for a one-time bill credit rather than a prospective reduction in billing rates would provide for a more immediate flow-through of the Company’s gas cost savings to its customers.

Click here to read the full Piedmont Natural Gas Company (NYSE:PNY) press release.