Market Overview

Piedmont Nat Gas Reports Added $22.5M Investment in AGL Venture, Maintains 15% Stake in Venture

Share:

Piedmont Natural Gas (NYSE: PNY) today announced an additional $22.5 million cash contribution to its existing investment in SouthStar Energy Services, a joint venture with AGL Resources (NYSE: GAS).  The additional investment, effective September 1, maintains Piedmont's 15 percent ownership level in SouthStar, which markets and sells unregulated retail natural gas to customers in the southeastern United States, as well as Ohio, New York and Maryland.    

Simultaneous with the cash contribution by Piedmont, AGL Resources will contribute to SouthStar the unregulated retail natural gas customer accounts and related assets it acquired from Nicor Inc. in December, 2011 and the unregulated retail natural gas customer accounts it acquired in a separate transaction in June 2013, both in Illinois. The addition of this Illinois book of business to SouthStar's market footprint will expand the retail energy marketer's customer base by approximately 108,000 customers.

Posted-In: News

 

Related Articles (GAS + PNY)

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com

What the Fed's Tapering Will Do to Auto Stocks and More

Supply and Demand Metrics Suggest a Bright Future for Gold Ahead