This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Piedmont Natural Gas Announces Agreement To Acquire Natural Gas System Serving Fort Bragg In North Carolina

Stocks in this article: PNY

CHARLOTTE, N.C., Oct. 1, 2013 /PRNewswire/ -- Piedmont Natural Gas (NYSE: PNY) today announced that it has reached agreement with the United States Department of Defense (DOD) to purchase, expand and operate the natural gas pipeline distribution system serving Fort Bragg near Fayetteville, North Carolina.  The agreement follows a trend of public/private partnerships that serve to privatize utility infrastructure located on U.S. military bases across the country. The agreement and its associated tariffs have been filed with the North Carolina Utilities Commission for approval.

Piedmont Natural Gas Chairman, President, and CEO, Thomas E. Skains, commented on the agreement, "We are pleased to have reached this agreement with the DOD to acquire and improve the natural gas distribution systems at Fort Bragg. We look forward to providing safe and reliable natural gas service to the important members of this community for many years to come.  We are especially honored to serve the men and women of our armed services with the benefits of comfortable, affordable and clean-burning natural gas."

Greg Bean, Fort Bragg's Director of Public Works, said, "We are pleased to have a world-class partner in Piedmont Natural Gas, to help meet the readiness needs of one of the U.S. military's most important strategic installations."

Piedmont currently owns, operates, and maintains approximately eight miles of natural gas pipelines used to serve residential and commercial buildings on the base.  The new agreement transfers ownership and operational responsibility to upgrade and maintain an additional 75 miles of existing natural gas pipeline facilities on Fort Bragg property after an initial transition period of approximately two and a half years.  During the transition period, Piedmont will be reviewing system operations and service requirements, enhancing existing facilities, and constructing new pipeline infrastructure to ensure the continued safe, reliable, and efficient operation of the natural gas pipeline distribution system.

About Piedmont Natural Gas Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation utility customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, and regulated interstate natural gas transportation and storage and intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.

SOURCE Piedmont Natural Gas

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs