The proposed rate reduction would also save the average PNG residential customer approximately $8 to $10 on their upcoming February natural gas bill.
The Greer Commission of Public Works did not approve a rate hike on natural gas for the 2013 budget. It did raise rates on electricity (7 percent), sewer (5 percent) and water (5 percent).
Piedmont's request to lower its rates comes in response to continuing moderation in wholesale natural gas costs – the costs that Piedmont pays for the natural gas it delivers to its customers.
Since 2008, the wholesale cost of natural gas has been driven lower as a result of increased natural gas production from domestic shale gas supply resources, the company said.