Exhibit No. 99.1

NEWS RELEASE

                 PIEDMONT NATURAL GAS TO PURCHASE THE ASSETS OF
                     NORTH CAROLINA GAS FROM NUI CORPORATION

CHARLOTTE, NC - (May 15, 2002) - Piedmont Natural Gas (NYSE:PNY) today announced
an agreement to purchase the assets of North Carolina Gas, a natural gas
distribution division of NUI Corporation, for approximately $26 million in cash.
North Carolina Gas serves 14,000 customers in Rockingham and Stokes counties,
which are contiguous to Piedmont's service territory.

The purchase is consistent with Piedmont's core business strategy of continuing
to grow its natural gas distribution business by pursuing profitable acquisition
and business opportunities in its Southeast markets. In 2001, Piedmont completed
the purchase of the natural gas distribution system serving the Gaffney area in
Cherokee County, South Carolina from Atmos Energy Corporation. Also in 2001, the
company began service to new territory in Avery, Mitchell and Yancey counties in
North Carolina.

"We look forward to including the North Carolina Gas customers as part of the
440,000 natural gas customers we now serve in North Carolina," commented
Piedmont CEO Ware F. Schiefer. "As part of our mission, Piedmont intends to
become a vital part of the communities in Rockingham and Stokes counties, and an
exemplary corporate citizen." Completion of the acquisition is contingent upon
approval from several regulatory bodies including the North Carolina Utilities
Commission. These approvals, and closing of the purchase, are expected within
this calendar year.

Piedmont Natural Gas is an energy and services company primarily engaged in the
distribution of natural gas to 710,000 residential, commercial and industrial
customers in North Carolina, South Carolina and Tennessee. The Charlotte-based
company is the second-largest natural gas utility in the Southeast. Piedmont is
also invested in a number of non-utility, energy-related businesses including
companies involved in unregulated retail natural gas and propane marketing, and
interstate and intrastate natural gas storage and transportation. More
information about Piedmont Natural Gas is available on the Internet at
www.piedmontng.com.

This press release contains forward-looking statements. These statements are
based on management's current expectations and information currently available
and are believed to be reasonable and are made in good faith. However, the
forward-looking statements are subject to risks and uncertainties that could
cause actual results to differ materially from those projected in the
statements. Factors that may make the actual results differ from anticipated
results include, but are not limited to, economic conditions; competition from
other providers of similar products; and other uncertainties, all of which are
difficult to predict and some of which are beyond our control. For these
reasons, you should not rely on these forward-looking statements when making
investment decisions. The words "expect," "believe," "project," "anticipate,"
"intend," "should," "could," and variations of such words and similar
expressions, are intended to identify forward-looking statements. We do not
undertake any obligation to update publicly any forward-looking statement,
either as a result of new information, future events or otherwise.

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