Media Get a media kit and the latest news and news archives from Piedmont Natural Gas. Predictable, state-regulated profit from Piedmont’s fuel delivery will reduce Duke’s reliance on its international segment, Pourreza said. All rights reserved. “Our commitment to safety aligns perfectly with our new parent, Duke Energy,” Trusty said. “The civic leadership they provide starts at the top but includes folks throughout the organization who are actively engaged.”. We are involved in liquefied natural gas storage and partner with other companies. Piedmont would buy Duke’s residential gas business serving 34,000 customers for $5 million with a $1 million down payment.

From humble beginnings, company focused on growth and community building. The promise of safely delivering natural gas into customers’ homes and businesses is Piedmont’s overriding priority and the organization’s most important value. Piedmont provides an environment that supports work-life balance and the overall well-being of our employees. The expanding territory delivered nearly 200,000 customers over the next 10 years. Before it's here, it's on the Bloomberg Terminal. Everything you need to know about energy savings and information regarding energy service for your home from Duke Energy. Barclays Plc advised Duke and will provide a bridge loan to finance the purchase. Duke anticipates expanding Piedmont’s system to supply power plants as gas displaces coal as the leading generation source, Good said on the call. Robinson, vice president and general counsel of Duke Power. © Duke Energy Corporation. The deal “enhances” Duke’s forecast earnings per share growth rate of 4 percent to 6 percent, the company said. Duke Energy’s acquisition of Piedmont creates a company with electric and natural gas customers in seven states. Piedmont Natural Gas founded on a handshake, Sign up for updates from Duke Energy | illumination. Black Hills agreed to buy closely held SourceGas Holdings for $1.17 billion in July and Emera last month announced purchase of Teco Energy Inc., an owner of gas utilities in New Mexico and Florida, for $6.5 billion. Have a confidential tip for our reporters? Gas mains being installed on North Tryon Street in Charlotte, N.C., in 1959. The companies are targeting a closing by the end of 2016. That handshake grew into a business with $1.37 billion in annual operating revenue from more than a million customers in North Carolina, South Carolina and Tennessee before its purchase Oct. 3 by Duke Energy in a $6.7 billion transaction. “Utilities are going through a period where organic growth is slowing down, so they have to grow through acquisitions. Duke Energy’s acquisition of Piedmont creates a company with electric and natural gas customers in seven states. A handshake and a commitment to serving community launched Piedmont Natural Gas more than 65 years ago.

“It’s opening Duke’s door into the gas infrastructure business,” Shahriar Pourreza, a New York-based analyst for Guggenheim Securities LLC, said Monday in a phone interview. The program helps low-income families pay utility bills. Duke dropped 2 percent to $72.25.
We want people to go to bed at night and go to work every day not having to worry or give a second thought to their natural gas service. We are transforming our customers’ experience, modernizing our energy grid, generating cleaner energy and expanding our natural gas infrastructure to create a smarter energy future for our customers. Piedmont’s decades-long sponsorship of Nashville’s annual Christmas Parade benefits the Monroe Carell Jr. Children’s Hospital at Vanderbilt University and the Share the Warmth program. Tech Rout Sends Stocks to Worst Week Since March: Markets Wrap, Apple Loses $450 Billion in Value Since Record on iPhone Woes, Record 200 Days With No Local Case Makes Taiwan World’s Envy, Apple Shares Decline After iPhone Sales Miss, China Drops 29%, Walmart Pulls Guns Off Shelves as Precaution Ahead of Election. Piedmont rose 37 percent to $57.82 in New York, the biggest daily gain and the highest price since at least 1980, according to data compiled by Bloomberg. There is an entire team of more than 1,900 employees with safety as their top goal.”. In 2002, Piedmont bought North Carolina Natural Gas, adding 176,000 customers in southern and eastern North Carolina. In 1968, Piedmont acquired Carolina Natural Gas Company and had more than 100,000 customers by the end of the turbulent 1960s. In his book “A History of Piedmont Natural Gas,” Amos reported the company met all the requirements for listing on the New York Stock Exchange with total assets in excess of $100 million. Natural gas storage is an example. Carolina Natural Gas Corp.'s headquarters in Hickory, N.C., before its acquisition by Piedmont. Piedmont Natural Gas: 1-800-752-7504 Duke Energy Duke Energy (NYSE: DUK) is headquartered in Charlotte, N.C.

The combined company will have three times as many gas customers as Duke. Duke, the largest U.S utility owner by market value, has 7.3 million electric customers in six states. At Piedmont Natural Gas, we strive to create a healthy, high-performing culture that enables our employees to provide excellent service to our customers. Piedmont now operates as a Duke business unit. We are also partners in an intra-state natural gas pipeline, Cardinal Pipeline.”. Duke Energy Corp. agreed to acquire Piedmont Natural Gas Co. for $4.9 billion in cash, adding a distributor of cheap shale gas as growth in power demand slows. Why Duke Energy Wants to Buy Piedmont Natural Gas. Duke will assume about $1.8 billion in Piedmont’s net debt, representing an enterprise value of about $6.7 billion. There was just one problem: Piedmont didn’t have $5 million, or the $1 million down payment.

The Piedmont Natural Gas Foundation, established in 2004, recently donated $100,000 to the YWCA Central Carolinas. The company’s 1.7 million shares of common stock were held by 7,000 shareholders around the world. The Charlotte, North Carolina-based company also distributes propane in several states. Buell Duncan, Piedmont’s first CEO, purchased the initial 100 shares when the stock listed on Feb. 3, 1970. We are partners in a joint venture, Hardy Natural Gas Storage, an underground storage facility in West Virginia. “It began with our very first CEO, Buell Duncan, whose philosophy of ‘Build your community and you build your company’ has always been part of our approach in doing business.”. Our Corporate Reports Take a closer look at our company, our Piedmont began service to two Charlotte neighborhoods in 1951, registering a net loss of more than $750,000. For Piedmont Natural Gas, which now operates as a subsidiary of Duke Energy, a new chapter begins in a story Programs as diverse as the annual Triad Holiday Food Drive in Greensboro, Charlotte Metro Heart Walk, and Habitat for Humanity capture the volunteer spirit of Piedmont employees. Piedmont will retain its name and operate as a unit of Duke Energy. (An earlier version of this story corrected a company name in the first paragraph. Goldman Sachs Group Inc. advised Piedmont. Two key acquisitions would turbocharge Piedmont’s growth. It was an inauspicious beginning that belied the success ahead. The deal increases Duke’s stake in the $5 billion Atlantic Coast Pipeline to 50 percent. “One of the key cultural elements to Piedmont’s success throughout our history has been our emphasis on community development,” Trusty said.

Piedmont Natural Gas 4720 Piedmont Row Drive Charlotte, NC 28210 P.O. When completed, the line will link gas fields in West Virginia to Duke’s service area in North Carolina. As natural gas has become an important source of fuel for electric generation, Piedmont’s expertise and established infrastructure complement Duke Energy’s commitment to cleaner, more efficient sources. The purchase of Nashville Gas Co. in 1985 saw entry into a new market with 61,000 customers. Working at Piedmont Natural Gas At Piedmont Natural Gas, we strive to create a healthy, high-performing culture that enables our employees to provide excellent service to our customers. “Piedmont Natural Gas is a ubiquitous and leading presence throughout Charlotte’s civic community and, frankly, in every market they serve,” said Bob Morgan, who leads the Charlotte Chamber.
Southern agreed to buy AGL Resources Inc. in August for about $7.9 billion in cash. Piedmont’s rate base and earnings before interest, taxes, depreciation and amortization and amortization have been rising annually at about 9 percent, Duke Chief Financial Officer Steven Young said on a conference call with analysts and investors. In 1951, Donald S. Russell, a Spartanburg, S.C., lawyer and leader of a group of local businessmen who had recently incorporated Piedmont Natural Gas Company, struck a deal with W.S. Civic and community engagement and involvement routinely extended from the executive suite throughout the entire Piedmont organization. Piedmont shareholders will receive $60 in cash for each share of Piedmont common stock, about a 40 percent premium to the Oct. 23, closing price, the companies said Monday in a statement. For Piedmont Natural Gas, which now operates as a subsidiary of Duke Energy, a new chapter begins in a story that parallels the growth and success of the communities it serves.

Duke follows electric utility owners Southern Co., Emera Inc. and Black Hills Corp. which have acquired gas distributors in the past 12 months. Undeterred and confident in Russell’s reputation from serving in the Roosevelt administration, Robinson told Russell not to worry: “We’ll just have a handshake, and you and I will agree.”. Piedmont distributes and sells natural gas in North Carolina, South Carolina and Tennessee, and through subsidiaries markets gas in Georgia. “While this remains our core business, over time we’ve branched out into complementary joint ventures. Everybody wants to be in the gas infrastructure business.”. Duke Energy makes life better for millions of people every day by providing electric and gas services in a sustainable way – affordable, reliable and clean. It employs 29,000 people and has an electric generating capacity of 51,000 megawatts through its regulated ), The deal triples Duke's gas customers, boosts pipeline stake, Duke follows Southern, Emera, Black Hills gas takeovers, (Updates share prices in fifth paragraph.). “This combination provides us with a growing natural gas platform, benefiting our customers, communities and investors,” Duke Chief Executive Officer Lynn Good said in Monday’s statement. Duke will add one member of Piedmont’s board of directors to its board after the transaction is closed. Growth was steady through the 1950s and ’60s as demand increased in both residential and commercial sectors. Permanent financing will include as much as $750 million of equity, as well as debt and cash, according to the statement. Piedmont wanted to capitalize on the region’s growing manufacturing appetite for energy and foresaw natural gas from the Gulf of Mexico supplanting coal-manufactured gas. The funding helps support the Y’s efforts on behalf of homeless women and children. Completion of the transaction is conditioned upon approval by the North Carolina Utilities Commission, expiration or termination of any applicable waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act of 1976, and Piedmont shareholder approval. He rates Duke at buy, doesn’t rate Piedmont and owns neither. “We provide natural gas service safely and deliver on our brand promise of peace of mind. “For many years Piedmont’s primary business was natural gas distribution,” said David Trusty, managing director of public relations for Piedmont. Duke Energy Corp. agreed to acquire Piedmont Natural Gas Co. for $4.9 billion in cash, adding a distributor of cheap shale gas as growth in power demand slows.

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