Piedmont Natural Gas Concludes Agreement to Sell One-Half of Ownership Interest in SouthStar Energy Services to AGL Resources

Piedmont receives $57.5 million for one-half of its ownership interest in SouthStar

Jan 04, 2010, 10:26 ET from Piedmont Natural Gas

CHARLOTTE, N.C., Jan. 4 /PRNewswire-FirstCall/ -- Piedmont Natural Gas (NYSE: PNY) announced today that it completed the sale of one-half of its 30 percent ownership interest in SouthStar Energy Services to AGL Resources (NYSE: AGL) effective January 1, 2010. Under the terms of the agreement, announced at the end of July 2009, Piedmont sold one-half of its ownership interest to AGL Resources for $57.5 million and retains a 15 percent ownership and earnings interest in SouthStar, which is no longer subject to any purchase option in favor of AGL Resources.

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 and industrial utility customers in North Carolina, South Carolina and Tennessee, including 61,000 customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, interstate natural gas storage and intrastate natural gas transportation.

Additional information about Piedmont is available on the Internet at http://www.piedmontng.com.

SOURCE Piedmont Natural Gas