Piedmont Natural Gas Company, Inc. was originally founded in New York in 1950. It operated exclusively in the state until 1994, when the company changed its state of incorporation to North Carolina and transferred operations to the state. As of 2015, its headquarters are in Charlotte. In October 2015, Duke Energy Corporation acquired Piedmont for $4.9 billion. Duke Energy is also headquartered in Charlotte.
Piedmont is an independent energy services company whose primary service is the distribution of natural gas to over a million customers across the states of North Carolina, South Carolina and Tennessee. These regulated utilities services account for approximately 88 percent of Piedmont's business. Piedmont is also active in investment opportunities in joint venture, energy-related businesses. Specifically, the company has invested in unregulated retail natural gas marketing and regulated natural gas transportation and storage, both interstate and intrastate. Additionally, Piedmont offers additional services relating to natural gas include the sale, installation and repair of appliances that use natural gas.
As of 2015, Piedmont Natural Gas functions as a business unit of Duke energy but retains its name. Its operations are relatively unchanged, and the company remains headquartered in Charlotte, NC. However, when the sale closed, long-time President and CEO Thomas E. Skains retired.