Piedmont Natural Gas reduces average residential customer bill by nearly $30 per year in North Carolina and South Carolina

Rhea-AI Summary

Piedmont Natural Gas has received approval to lower customer billing rates due to a decrease in natural gas market costs. This reduction will take effect from March 2023, resulting in savings of approximately $2.33 per month for North Carolina residents and $2.42 for South Carolina residents. Customers may see a larger decrease, up to $4 monthly during winter. Piedmont previously adjusted rates in February 2023. The company ensures that the cost of natural gas is passed on without markup, reflecting market prices. Programs such as the Equal Payment Plan are available to help manage energy expenses.

Positive

• Approval to reduce customer billing rates reflects a decrease in natural gas costs.
• Average savings of $28 annually for North Carolina and $29 for South Carolina residential customers.
• Potential for monthly savings to reach $4 during winter months.
• No markup on natural gas costs, ensuring customers benefit directly from market price decreases.

Negative

• None.

• The decrease will be reflected beginning with customers' March 2023 bills
• Video here: Learn how your natural gas bill works and what factors influence your monthly bill

CHARLOTTE, N.C., Feb. 28, 2023 /PRNewswire/ -- Piedmont Natural Gas has received approval from the North Carolina Utilities Commission and the Public Service Commission of South Carolina to reduce customer billing rates due to a decrease in the market cost of natural gas compared to last fall. The decrease will be reflected beginning with customers' March 2023 bills.

This rate reduction translates to a savings of approximately $2.33 per month, or $28 per year, for the average North Carolina residential customer and approximately $2.42 per month, or $29 per year, for the average South Carolina residential customer. Because natural gas usage often is higher during the winter months, both North Carolina and South Carolina customers may see as much as a $4 reduction each month on their winter bills.

Piedmont previously decreased the benchmark cost in the Carolinas effective with customers' February 2023 bills.

"The downward trend in the cost of natural gas is great news for Piedmont customers," said Sasha Weintraub, senior vice president and president of Piedmont Natural Gas. "Piedmont purchases natural gas at the best price possible so our customers can benefit from those savings."

Piedmont requests periodic rate adjustments to reflect fluctuations in the market price of the natural gas it purchases for its customers. By law, Piedmont does not mark up the cost of natural gas and must pass through the actual cost on a dollar-for-dollar basis to customers.

"We know that even with lower prices, some customers may continue to struggle with paying their monthly bills or may just be looking for opportunities to keep their expenses down. We encourage customers who want more control over their natural gas bills to take advantage of programs such as our Equal Payment Plan, implement energy-saving tips or apply for assistance, if needed," added Weintraub.

Level out your bill with the Equal Payment Plan (EPP) program
This free service helps customers manage their budgets by eliminating high winter bills. The EPP program levels out a customer's natural gas bills, allowing them to pay a predictable, equal monthly amount to help avoid billing surprises. Piedmont determines this payment by adding up a customer's annual natural gas usage and then dividing it into the same payment amount each month. Learn more here.

Assistance for customers in need
Piedmont is reaching out to customers whose bills are past due through email and/or text with information about utility assistance administered by agencies in their state and local communities.

Share the Warmth provides funds to local agencies to assist families with their utility bills, no matter the source of energy they use.

The Low Income Energy Assistance Program (LIEAP) provides winter heating assistance to pay for natural gas, electric and other methods customers use to heat their homes. There are many customers who are eligible but do not apply for this annual federal benefit that can reduce winter heating costs for low-income families. Information on how to apply locally: 

• North Carolina: www.ncdhhs.gov/assistance/low-income-services 
• South Carolina: oeo.sc.gov/liheap.html

Piedmont says anyone in need should apply for this and other newly available programs to see if they qualify. For detailed federal and state-specific information, go to piedmontng.com/WinterBills and click on your state.

Energy-saving tools
Piedmont Natural Gas also offers a variety of energy-saving tools to help customers and our communities identify ways to save money and energy all year long. These programs and tools help customers understand what factors are impacting their natural gas bills and emphasize specific actions they can take to reduce the impacts of high winter usage.­­­­­­­­

Eight low- to no-cost energy-saving tips and projects
Natural gas use typically spikes in the winter as customers combat low temperatures to stay warm. Below are tips to help manage your energy use when temperatures decline. B-roll of energy efficiency measures is available here.

• Set your thermostat to the lowest comfortable setting to help save. Installing a "smart" or programmable thermostat will also help reduce your energy use while you are asleep or away.
• Leave drapes or blinds open during sunny winter days to allow the sun to warm the house. Close them at night to help insulate your home.
• Change air filters regularly. A dirty air filter makes a heating system work harder, which uses more energy.
• Manage water heating. Set your water heater temperature to 120 degrees Fahrenheit or consider installing an on-demand or tankless water heater that only heats water when you need it.
• Learn how to reduce energy use. The first step to reduce energy use in your home is to identify and prioritize energy-saving improvements. This can be accomplished through a certified auditor or by performing your own energy audit.
• Seal air ducts. Make sure the air ducts from your home's furnace and central air conditioner are properly sealed. Ducts that leak into the attic or crawl space can substantially increase your heating and cooling bills.
• Seal your home. One of the quickest energy-saving tasks you can do is caulk, seal and weatherstrip all seams, cracks and openings to the outside. This can save 10% to 20% on your heating and cooling bills.
• Consider insulation. Consider whether you need to add insulation to your ceilings, floors and walls. Insulation between the indoors and outdoors reduces energy demand, saving you money while improving the comfort of your home.

Piedmont Natural Gas

Piedmont Natural Gas, a subsidiary of Duke Energy, distributes natural gas to more than 1.1 million residential, commercial, industrial and power generation customers in North Carolina, South Carolina and Tennessee. Piedmont Natural Gas earned the No. 1 spot in customer satisfaction with residential natural gas service in the South among large utilities, according to the J.D. Power 2022 U.S. Gas Utility Residential Customer Satisfaction Study, and has been named by Cogent Reports as one of the most trusted utility brands in the U.S. More information: piedmontng.com. Follow Piedmont Natural Gas: Twitter, Facebook.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 28,000 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear. 

Duke Energy was named to Fortune's 2022 "World's Most Admired Companies" list and Forbes' "World's Best Employers" list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Media contact: Jason Wheatley
Media line: 877.348.3612
jason.wheatley@duke-energy.com

 

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SOURCE Piedmont Natural Gas

FAQ

What is the impact of the Piedmont Natural Gas rate reduction on DUK shareholders?

The rate reduction is primarily a benefit for customers and may not have a direct financial impact on DUK shareholders.

When will the new natural gas rates take effect for customers?

The new rates will be reflected in bills starting from March 2023.

How much can customers expect to save on their natural gas bills?

Customers can expect to save approximately $2.33 per month in North Carolina and $2.42 in South Carolina.

Is there any assistance available for customers struggling to pay their bills?

Yes, Piedmont Natural Gas offers programs like the Equal Payment Plan and assistance through local agencies.