CHARLOTTE, N.C., March 11, 2020 /PRNewswire/ -- Piedmont Natural Gas has received approval from the Tennessee Public Utility Commission to significantly decrease natural gas rates for all customers in its Tennessee service territory. The decrease is effective immediately and will be reflected in customers' March 2020 bills.
"Piedmont continuously looks for ways to bring more value to our customers, whether it's through exceptional customer service, innovative products and services, or lower costs," said Piedmont Natural Gas Senior Vice President Sasha Weintraub. "And now as natural gas prices continue to decrease, we are pleased to pass these savings along and further add to the many benefits natural gas brings to our customers' homes and businesses."
Piedmont's natural gas rates for customers in Tennessee are now at a record low compared to the last 15 years. This is the second rate decrease the company has enacted in the past 12 months.
Compared to one year ago, the benefit of these rate reductions for the average residential customer will be a savings of approximately 20%, which translates to a savings of around $167 per year, or about $14 per month. Commercial and industrial customers also will see a savings of approximately 20% compared to a year ago.
Piedmont's bill has multiple rate components, one of which is the commodity cost of natural gas. Piedmont requests periodic rate adjustments to reflect changes in the commodity cost of natural gas because, by law, Piedmont must pass through to customers the actual commodity cost on a dollar-for-dollar basis.
Piedmont remains focused on Tennessee storm victims
While this rate decrease is driven by the decreasing cost of natural gas, it comes at a time when many Piedmont Natural Gas customers in Tennessee are recovering from the tornado that hit the area March 3. Piedmont has committed $200,000 to organizations helping Nashville and Mount Juliet residents recover.
Piedmont also said it would provide flexible bill payment arrangements for customers experiencing financial hardship due to the storm. Customers who need assistance or who have questions can call Piedmont Natural Gas at 800.752.7504 to speak with a customer service representative. Visit this link for additional details.
Piedmont Natural Gas
Piedmont Natural Gas, a subsidiary of Duke Energy, is an energy services company whose principal business is the distribution of natural gas to more than 1 million residential, commercial and industrial customers in Tennessee, North Carolina and South Carolina. Piedmont is routinely recognized by J.D. Power for excellent customer satisfaction, and has been named by Cogent Reports as one of the most trusted utility brands in the U.S.
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, and 3,000 megawatts through its nonregulated Duke Energy Renewables unit.
Duke Energy is transforming its customers' experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves.
Duke Energy was named to Fortune's 2020 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
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SOURCE Duke Energy