Last $35.79 USD
Change Today -0.01 / -0.03%
Volume 338.0K
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As of 8:04 PM 04/17/14 All times are local (Market data is delayed by at least 15 minutes).

piedmont natural gas co (PNY) Snapshot

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04/4/14 - $36.36
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piedmont natural gas co (PNY) Details

Piedmont Natural Gas Company, Inc., an energy services company, distributes natural gas in the United States. It operates in two segments, Regulated Utility and Non-Utility Activities. The company also operates energy-related businesses comprising unregulated retail natural gas marketing, regulated interstate natural gas transportation, and storage and regulated intrastate natural gas transportation. It distributes natural gas through transmission pipelines and distribution mains. As of December 23, 2013, the company served approximately one million residential, commercial, industrial, and power generation customers in of North Carolina, South Carolina, and Tennessee, including wholesale customers served by municipalities. Piedmont Natural Gas Company, Inc. was founded in 1949 and is headquartered in Charlotte, North Carolina.

1,788 Employees
Last Reported Date: 03/6/14
Founded in 1949

piedmont natural gas co (PNY) Top Compensated Officers

Chairman, Chief Executive Officer and Preside...
Total Annual Compensation: $842.5K
Chief Financial Officer and Senior Vice Presi...
Total Annual Compensation: $404.5K
Chief Commercial Operations Officer and Senio...
Total Annual Compensation: $425.3K
Chief Utility Operations Officer and Senior V...
Total Annual Compensation: $380.3K
Chief Administrative Officer and Senior Vice ...
Total Annual Compensation: $365.0K
Compensation as of Fiscal Year 2013.

piedmont natural gas co (PNY) Key Developments

Piedmont Natural Gas Announces Agreement with Marine Corps Base Camp Lejeune to Greatly Expand its Natural Gas Facilities

Piedmont Natural Gas announced an agreement with Marine Corps Base Camp Lejeune to greatly expand its natural gas facilities at the historic base located in Jacksonville, North Carolina. The three-year and approximately $15 million expansion project will involve the construction of more than 55 miles of new natural gas mains, services, and other facilities to approximately 500 existing structures to help increase the energy efficiency on the base. Construction is currently underway and is scheduled for completion in 2016. The new natural gas facilities will allow Camp Lejeune to 'decentralize' and reduce inefficiencies associated with its existing 'centralized' coal and fuel-oil fired steam system. Each decentralized building will be disconnected from the existing steam system and replaced with a more efficient natural gas boiler unit, resulting in substantial annual cost savings. Natural gas, on an energy equivalent basis, emits approximately 50% less CO(2) than coal and 30% less CO(2) than fuel-oil, making it the best fossil fuel source available to reduce greenhouse gas emissions.

North Carolina Department of Utilities Commission Issues Order Approving Rate Adjustments Effective April 1, 2014 of Piedmont Natural Gas Company, Inc

Piedmont Natural Gas Company Inc. filed an application requesting authority to adjust its rates effective April 1, 2014, pursuant to its Margin Decoupling Tracker (MDT) mechanism. These adjustments are filed in compliance with Appendix C of Piedmont's Service Regulations, which was approved in Piedmont's last general rate case in Docket No. G-9, Sub 631, and are based on the MDT Deferred Account balance as of January 31, 2014. According to the MDT, Piedmont is to compare actual residential and small and medium commercial margins with the margins contained in the approved rates from Docket No. G-9, Sub 631. Piedmont is then to apply for, on a bi-annual basis, authority to implement temporary rate increments and/or decrements (temporaries) to collect or refund any differences in the MDT Deferred Account.

Duke Energy and Piedmont Natural Gas to Build Second Major Natural Gas Pipeline into North Carolina

Duke Energy and Piedmont Natural Gas will jointly issue a solicitation for proposals to build and operate a second major wholesale natural gas pipeline into North Carolina to meet growing demand for the fuel in the Carolinas and possibly surrounding states. Duke Energy's increasing reliance on natural gas to generate electricity, coupled with Piedmont's growing customer demand, warrant investment in a new pipeline that would bolster reliability and diversity of natural gas supplies, the two companies state in their solicitation. Currently, North Carolina is served primarily by a single major wholesale interstate natural gas pipeline that runs through the state. A new pipeline would expand Duke Energy's and Piedmont's 'access to competitive, secure, diverse and abundant supplies,' and 'enhance the reliability of future natural gas deliveries into the state'. The two companies have 'a strong preference' for a new pipeline route that provides geographical diversity relative to the path of North Carolina's existing major wholesale interstate pipeline, the solicitation states. Additionally, the new pipeline should allow for 'future low-cost expansions with minimal environmental impact.' In addition, the construction of numerous natural gas-fired power plants nationwide in the wake of coal-fired power plant closures - due to environmental regulations and low natural gas prices - has significantly increased demand for natural gas. Duke Energy also has proposed a new natural gas-fired power plant in South Carolina. Duke Energy and Piedmont both view a new supply of natural gas as a powerful engine for statewide economic development and job growth, potentially helping North Carolina attract new, gas-dependent companies and industries. The new pipeline would generate a significant number of construction jobs during its building process, as well as new tax revenue for the communities through which it passes. Duke Energy and Piedmont will consider 'a joint venture, ownership interest, strategic partnership or other financial-based arrangement' in support of the selected proposal. Specifically, the two companies seek an initial natural gas pipeline capacity of as much as 900 million cubic feet per day, with a target in-service date of late 2018. The companies expect to select a proposal by late 2014.


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