HomeDecember 21, 2015
Stake in Retail Supplier To Be Sold By Utility
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A subsidiary of AGL Resources has informed Piedmont Natural Gas Co. that the AGL Resources subsidiary has elected to purchase Piedmont's entire interest in SouthStar Energy Services LLC, upon the consummation of various transactions under Piedmont's previously reported acquisition by Duke Energy.
Currently, Piedmont owns 15% of SouthStar, with AGL Resources ultimately owning 85%.
Piedmont specifically said that Georgia Natural Gas Company, an AGL Resources subsidiary, notified Piedmont of its election to purchase Piedmont's entire interest in SouthStar for Fair Market Value, as the term is defined in a prior LLC agreement between the two companies. Piedmont and Georgia Natural Gas Company have not yet agreed on the Fair Market Value, and no date has been set for the consummation of this transaction
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