Piedmont Natural Gas files to reduce rates
Piedmont Natural Gas Company said today it has filed to reduce billing rates for customers in North Carolina and South Carolina.
If approved by regulators, the new rates would begin Jan. 1 and residential bills would be reduced by about 7 percent in North Carolina, according to a news release.
The filings follow recent declines in the wholesale cost of natural gas. Earlier this month, Piedmont filed a request to reduce customer billing rates in Tennessee.
The wholesale cost of gas represents the single largest portion of a residential or commercial customer's monthly natural gas bill, typically making up between 65 percent and 70 percent of the total bill. As a regulated natural gas distribution company, Piedmont Natural Gas is required to pass through the wholesale cost of gas to its customers on a dollar-for-dollar basis, without adding on any additional profit margin.
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