Subsequent Events

9 Months Ended

Jul. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

We monitor significant events occurring after the balance sheet date and prior to the issuance of the financial statements to determine the impacts, if any, of events on the financial statements to be issued. All subsequent events of which we are aware were evaluated. For information on subsequent event disclosure items related to regulatory matters, see Note 2 to the condensed consolidated financial statements in this Form 10-Q.

On September 2, 2014, Piedmont, Duke Energy Corporation (Duke Energy), Dominion Resources, Inc. (Dominion), and AGL Resources, Inc. (AGL) announced the formation of Atlantic Coast Pipeline, LLC (ACP), a Delaware limited liability company. ACP intends to construct, operate and maintain a 550 mile natural gas pipeline, with associated compression, from West Virginia through Virginia into eastern North Carolina. The pipeline will provide wholesale natural gas transportation services for Marcellus and Utica gas supplies into southeastern markets. ACP, which will be regulated by the FERC, will be designed with an initial capacity of 1.5 billion cubic feet per day with a target in-service date of late 2018. The capacity of ACP will be substantially subscribed by utilities and related companies, including us, under twenty-year contracts, subject to state regulatory approval.

We entered into an agreement through a wholly owned subsidiary to become a 10% equity member of ACP. The other members are subsidiaries of Duke Energy, Dominion and AGL. A Dominion subsidiary will be the operator of the pipeline. The cost for the development and construction of the pipeline is expected to be between $4.5 billion to $5 billion.