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. “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. A handshake and a commitment to serving community launched Piedmont Natural Gas more than 65 years ago. “Our commitment to safety aligns perfectly with our new parent, Duke Energy,” Trusty said. When completed, the line will link gas fields in West Virginia to Duke’s service area in North Carolina. There was just one problem: Piedmont didn’t have $5 million, or the $1 million down payment. Everything you need to know about energy savings and information regarding energy service for your home from Duke Energy. 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. 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. The funding helps support the Y’s efforts on behalf of homeless women and children. There is an entire team of more than 1,900 employees with safety as their top goal.”. “We provide natural gas service safely and deliver on our brand promise of peace of mind. 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. Duke, the largest U.S utility owner by market value, has 7.3 million electric customers in six states. We are partners in a joint venture, Hardy Natural Gas Storage, an underground storage facility in West Virginia. The program helps low-income families pay utility bills. Barclays Plc advised Duke and will provide a bridge loan to finance the purchase. The Piedmont Natural Gas Foundation, established in 2004, recently donated $100,000 to the YWCA Central Carolinas. For Piedmont Natural Gas, which now operates as a subsidiary of Duke Energy, a new chapter begins in a story It employs 29,000 people and has an electric generating capacity of 51,000 megawatts through its regulated Piedmont Natural Gas founded on a handshake, Sign up for updates from Duke Energy | illumination. Our Corporate Reports Take a closer look at our company, our 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. 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. 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. The company’s 1.7 million shares of common stock were held by 7,000 shareholders around the world. “The civic leadership they provide starts at the top but includes folks throughout the organization who are actively engaged.”. “Utilities are going through a period where organic growth is slowing down, so they have to grow through acquisitions. Duke anticipates expanding Piedmont’s system to supply power plants as gas displaces coal as the leading generation source, Good said on the call. Two key acquisitions would turbocharge Piedmont’s growth. 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. Goldman Sachs Group Inc. advised Piedmont. “One of the key cultural elements to Piedmont’s success throughout our history has been our emphasis on community development,” Trusty said. 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.”. Growth was steady through the 1950s and ’60s as demand increased in both residential and commercial sectors. Before it's here, it's on the Bloomberg Terminal. “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. All rights reserved. ), The deal triples Duke's gas customers, boosts pipeline stake, Duke follows Southern, Emera, Black Hills gas takeovers, (Updates share prices in fifth paragraph.). “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.”. Robinson, vice president and general counsel of Duke Power. Predictable, state-regulated profit from Piedmont’s fuel delivery will reduce Duke’s reliance on its international segment, Pourreza said. Media Get a media kit and the latest news and news archives from Piedmont Natural Gas. © Duke Energy Corporation. Duke dropped 2 percent to $72.25. Have a confidential tip for our reporters? We are also partners in an intra-state natural gas pipeline, Cardinal Pipeline.”. Southern agreed to buy AGL Resources Inc. in August for about $7.9 billion in cash. In 1968, Piedmont acquired Carolina Natural Gas Company and had more than 100,000 customers by the end of the turbulent 1960s. The combined company will have three times as many gas customers as Duke. Duke will add one member of Piedmont’s board of directors to its board after the transaction is closed. Piedmont Natural Gas: 1-800-752-7504 Duke Energy Duke Energy (NYSE: DUK) is headquartered in Charlotte, N.C. He rates Duke at buy, doesn’t rate Piedmont and owns neither. The purchase of Nashville Gas Co. in 1985 saw entry into a new market with 61,000 customers. Carolina Natural Gas Corp.'s headquarters in Hickory, N.C., before its acquisition by Piedmont. The promise of safely delivering natural gas into customers’ homes and businesses is Piedmont’s overriding priority and the organization’s most important value. It was an inauspicious beginning that belied the success ahead. (An earlier version of this story corrected a company name in the first paragraph. Why Duke Energy Wants to Buy Piedmont Natural Gas. 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. Duke will assume about $1.8 billion in Piedmont’s net debt, representing an enterprise value of about $6.7 billion. 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. Natural gas storage is an example. 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. Piedmont distributes and sells natural gas in North Carolina, South Carolina and Tennessee, and through subsidiaries markets gas in Georgia. Buell Duncan, Piedmont’s first CEO, purchased the initial 100 shares when the stock listed on Feb. 3, 1970. 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. In 2002, Piedmont bought North Carolina Natural Gas, adding 176,000 customers in southern and eastern North Carolina. Piedmont Natural Gas historian Jerry W. Amos said 1970 was a milestone year for the company. Piedmont will retain its name and operate as a unit of Duke Energy. 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. Gas mains being installed on North Tryon Street in Charlotte, N.C., in 1959. 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. “For many years Piedmont’s primary business was natural gas distribution,” said David Trusty, managing director of public relations for Piedmont. Duke Energy’s acquisition of Piedmont creates a company with electric and natural gas customers in seven states. “While this remains our core business, over time we’ve branched out into complementary joint ventures. Piedmont provides an environment that supports work-life balance and the overall well-being of our employees. 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. Piedmont now operates as a Duke business unit. 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. We are involved in liquefied natural gas storage and partner with other companies. The Charlotte, North Carolina-based company also distributes propane in several 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. Everybody wants to be in the gas infrastructure business.”. 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. The deal “enhances” Duke’s forecast earnings per share growth rate of 4 percent to 6 percent, the company said. Piedmont would buy Duke’s residential gas business serving 34,000 customers for $5 million with a $1 million down payment. Duke Energy’s acquisition of Piedmont creates a company with electric and natural gas customers in seven states. From humble beginnings, company focused on growth and community building. The expanding territory delivered nearly 200,000 customers over the next 10 years. “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 deal increases Duke’s stake in the $5 billion Atlantic Coast Pipeline to 50 percent. 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. 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. Piedmont Natural Gas 4720 Piedmont Row Drive Charlotte, NC 28210 P.O. 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. Permanent financing will include as much as $750 million of equity, as well as debt and cash, according to the statement. Piedmont began service to two Charlotte neighborhoods in 1951, registering a net loss of more than $750,000. The companies are targeting a closing by the end of 2016.

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