Profile: Piedmont Natural Gas Company Inc (PNY.N)
7 Mar 2014
Piedmont Natural Gas Company, Inc. (Piedmont), incorporated on December 14, 1993, is an energy services company whose principal business is the distribution of natural gas to over one million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee, including 51,600 customers served by municipalities who are the Company's wholesale customers. The Company is invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, and regulated interstate natural gas storage and intrastate natural gas transportation. The Company operates in two segments: regulated utility and non-utility activities. The regulated utility segment is the largest segment of the Company's business. The non-utility activities segment consists of the Company's equity method investments in joint venture, energy-related businesses that are involved in unregulated retail natural gas marketing, and regulated interstate natural gas storage and intrastate natural gas transportation.
In the Carolinas, the Company's service area is consists of numerous cities, towns and communities. The Company provides service from resource centers in Anderson, Greenville and Spartanburg in South Carolina and Charlotte, Salisbury, Greensboro, Winston-Salem, High Point, Burlington, Hickory, Indian Trail, Spruce Pine, Reidsville, Fayetteville, New Bern, Wilmington, Tarboro, Elizabeth City, Rockingham and Goldsboro in North Carolina. In North Carolina, the Company also provides wholesale natural gas service to Greenville, Rocky Mount and Wilson. In Tennessee, the Company's service area is the metropolitan area of Nashville, including wholesale natural gas service to Gallatin and Smyrna. During the year ended October 31, 2012 (fiscal 2012), 48% of the Company's operating revenues were from residential customers, 27% from commercial customers, 12% from large volume customers, including industrial, power generation and resale customers, 12% from secondary market activities and 1% from other sources. The Company holds non-exclusive franchises for natural gases service in many of the communities the Company serves.
During fiscal 2012, the amount of natural gas in storage varied from 17 million dekatherms. During fiscal 2012, 246.7 million dekatherms of gas were sold to or transported for large volume customers. As of October 31, 2012, the Company owns or have under contract 36.1 million dekatherms of storage capacity, either in the form of underground storage or LNG. The source of the gas the Company distributes is from the Gulf Coast production region. The Company purchases these natural gas supplies by contracting primarily with major and independent producers and marketers.
Piedmont Natural Gas Company Inc
4720 Piedmont Row Drive
CHARLOTTE NC 28210