Piedmont Natural Gas

Public hearings are planned Tuesday night in High Point and Wednesday night in Charlotte on Piedmont Natural Gas's first rate hike request in six years.

Piedmont Natural Gas rates are ticking down slightly, thanks to strong sales in recent months, according to a filing Friday with state regulators. 

Updated 3:07 p.m.
Warmer winter weather slowed Duke Energy's electricity sales in the first three months of the year. But profits still rose slightly, and executives say overall Duke is growing.  During the first quarter, the company also logged expenses from its October merger with Piedmont Natural Gas, and saw international revenues disappear, after the December sale of its Latin American operations.

Map shows proposed Atlantic Coast Pipeline route from West Virginia to N.C.
Atlantic Coast Pipeline

Oil and gas pipelines planned or under construction around the country have drawn protests - from neighbors, environmentalists and Native American groups. Now it's North Carolina's turn.

Three protest walks are planned this weekend in Cumberland, Nash and Robeson counties by a group hoping to stop construction of the $5 billion Atlantic Coast Pipeline.

Updated 2:34 p.m.
Duke Energy says its response to Hurricane Matthew last month could end up costing about $200 million. That news came as CEO Lynn Good told Wall Street analysts the company's latest quarterly profits were up.

The nation's largest utility said warmer summer weather boosted energy use - and profits - during the quarter that ended Sept. 30.  Cost-cutting also helped lift profits to just under $1.2 billion dollars, up from $932 million a year earlier.

The North Carolina Utilities Commission has approved Duke Energy's $6.7 billion purchase of Piedmont Natural Gas - the final approval needed for the merger. The companies said Thursday they expect to close the deal on Monday, Oct. 3.

State regulators wrapped up a two-day public hearing in Raleigh Tuesday afternoon on the proposed merger of Duke Energy and Piedmont Natural Gas. The two-day hearing included testimony from company leaders and a protest by merger opponents.

Executives including CEOs Lynn Good of Duke and Thomas Skains of Piedmont argued the $6.7 billion deal would create a stronger company and speed Duke's shift toward cleaner-burning natural gas.

A public hearing starts Monday in Raleigh on Duke Energy's planned acquisition of Piedmont Natural Gas. Approval by the North Carolina Utilities Commission is the deal's final hurdle. 

Duke announced last October it was buying Piedmont for $6.7 billion. That includes $4.9 billion in cash and taking over $1.8 billion in Piedmont debt. Piedmont has two things Duke wants:  

Map shows the Atlantic Coast Pipeline's proposed route through eastern North Carolina. It will orginate in West Virginia and run through Virginia as well.
Atlantic Coast Pipeline

Utilities planning the Atlantic Coast Pipeline have altered the route to avoid environmentally sensitive areas. But they say there's no change in the projected cost or 2018 completion date. 

Duke CEO Lynn Good
Duke Energy

Beginning a few decades ago, Duke Energy began buying up plants outside the U.S. It also acquired companies beyond the Carolinas that sell energy on the open market. Now, Duke wants to tighten its focus on what it calls its core businesses.

Piedmont Natural Gas shareholders have approved the company’s sale to Duke Energy. Two-thirds of the company’s shareholders supported the deal at a special meeting Friday morning at its Charlotte headquarters.

The Federal Trade Commission has given its OK to Duke Energy's planned acquisition of Piedmont Natural Gas, the companies said Tuesday.  

Duke Energy's Profit Down 27 Percent Through September

Nov 5, 2015
Duke Energy/Flickr

Duke Energy's latest earnings report shows profits declined 27 percent from the same period a year ago. The Charlotte-based company's net income was $932 million through the end of September, which missed analyst expectations.

Weak results internationally and legal settlements in the U.S. hurt Duke Energy's bottom line. The settlements in the quarter were related to a coal plant in Indiana and cleaning up coal ash in North Carolina.

April Bethea / Charlotte Observer

If both companies get their way Piedmont Natural Gas will become a wholly-owned subsidiary of Duke Energy by the end of next year. The price: $6.7 billion in cash and debt. The announcement came as a bit of a surprise.

Dominion To Build New Gas Pipeline Into NC

Sep 2, 2014
Energy Information Administration (eia.gov)

Duke Energy and Piedmont Natural Gas have chosen a builder and route for a new, major interstate natural gas pipeline to run through North Carolina, only the second such pipeline in the state. The first was built in 1951.