Piedmont Natural Gas Files to Reduce Natural Gas Sales Rates in North Carolina and South Carolina

Piedmont Natural Gas PNY today filed to further reduce its natural gas sales rates for customers in North Carolina and South Carolina. The Company's filings mark the third such request in as many months. Piedmont previously requested and received approval in both December and January to reduce its sales rates for customers in the two states as a result of declining wholesale natural gas costs which Piedmont passes through to customers on a dollar for dollar basis. If approved, today's filings before both the North Carolina Utilities Commission and the Public Service Commission of South Carolina would result in natural gas sales rates that are the lowest in more than a decade in each state. The proposed rates reflect further declines in the Company's wholesale natural gas costs and would go into effect March 1. For the average residential customer of Piedmont Natural Gas in North Carolina or South Carolina, the proposed reduction in the natural gas sales rate would result in a savings of approximately $10 to $12 on their March natural gas bill. If approved, the new rates would reflect a decrease of approximately 22% to 24% in residential natural gas sales rates since the start of the winter billing period in November.