Piedmont Natural Gas Company, Inc. (Piedmont) is an energy services company whose principal business is the distribution of natural gas to over one million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee, including 51,600 customers served by municipalities who are the Company's wholesale customers. It is invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, and regulated interstate natural gas storage and intrastate natural gas transportation. Piedmont operates in two segments: regulated utility and non-utility activities. The regulated utility segment is the largest segment of its business. The non-utility activities segment consists of its equity method investments in joint venture, energy-related businesses that are involved in unregulated retail natural gas marketing and regulated interstate natural gas storage and intrastate natural gas transportation.