Piedmont Natural Gas reaches agreement on rate review request in North Carolina

Piedmont Natural Gas recently reached an agreement with consumer and industrial groups in North Carolina on its rate review request.

Filed in April of this year, the request calls for Piedmont to implement the increase in November 2024.

If the agreement is approved by the North Carolina Utilities Commission, the net annual increase in revenues for Piedmont will be approximately $88 million, about 40 percent less than the $149 million Piedmont originally requested.

Piedmont also requested concurrent rate reductions for pass-through natural gas costs and to accelerate the flowback to customers of the remaining eligible balance of excess deferred income taxes, which will help mitigate the overall impact to customer bills. The average residential customer in North Carolina will pay about $7.50 more per month, or $90 more per year.

“We appreciate the consideration the Public Staff and all other parties have shown toward our customers and Piedmont’s business needs,” Brian Weisker, senior vice president and president of Piedmont Natural Gas, said. “Raising rates is never a decision we take lightly, particularly during challenging economic times. These investments in strengthening and enhancing our natural gas delivery system will help ensure we continue to provide safe, reliable service to our customers while meeting the rising demand for natural gas throughout our North Carolina footprint.”

The agreement was developed in collaboration with the staff of the North Carolina Utilities Commission, the Carolina Utility Customers Association, and the Carolina Industrial Group for Fair Utility Rates IV.

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