Piedmont Natural Gas Co was incorporated in New York in 1950 and began operations in 1951. In 1994, it merged into a newly formed North Carolina corporation with the same name for the purpose of changing its state of incorporation to North Carolina. The Company is an energy services company whose principal business is distribution of natural gas to residential, commercial, industrial and power generation clients in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are its wholesale customers. The Company is invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, interstate natural gas storage and intrastate natural gas transportation. It provides service to Anderson, Gaffney, Greenville and Spartanburg in South Carolina and Charlotte, Salisbury, Greensboro, Winston-Salem, High Point, Burlington, Hickory, Indian Trail, Spruce Pine, Reidsville, Fayetteville, New Bern, Wilmington, Tarboro, Elizabeth City, Rockingham and Goldsboro in North Carolina. In North Carolina, it also provides wholesale natural gas service to Greenville, Monroe, Rocky Mount and Wilson. In Tennessee, its service area is the metropolitan area of Nashville, including wholesale natural gas service to Gallatin and Smyrna. It has two reportable business segments, regulated utility and non-utility activities. The non-utility activities segment consists of its equity method investments in joint venture, energy-related businesses that are involved in unregulated retail natural gas marketing, interstate natural gas storage and intrastate natural gas transportation. The regulated utility segment is the largest segment of its business with approximately 97% of its consolidated assets. The Company is subject to various federal regulations that affect our utility and non-utility operations. These federal regulations include regulations that are particular to the natural gas industry, such as regulations of the Federal Energy Regulatory Commission (FERC) that affect the certification and siting of new interstate natural gas pipeline projects.