Menu

TO OUR SHAREHOLDERS
Two thousand nineteen lived up to expectations. We had a 50% increase in earnings, and achieved all our construction, operations, customer service, marketing, and supply goals. We also managed our financial assets effectively, including refinancing nearly all our debt under favorable terms.  To paraphrase a common colloquial expression: we “labored in the trenches” literally and figuratively. Given our size and resources, it is incumbent that we focus on performing core tasks proficiently. We are not a company trying to hit home runs. Rather, we play small ball, hitting singles, bunting, and playing defense. We may not win big, but we deliver a win. In the context of our three utilities, delivering a win means upgrading and maintaining good infrastructure--both physical and technological. We focus on pipe replacement, leak repair, tree trimming, pole replacement, information technology, customer service, supply chain, and employee training.  We try to keep it simple. There are limited layers of management at our companies, and everyone must work together for optimal delivery. Our core task is to deliver critical utility service safely, reliably, efficiently, and with good customer service. The officers’ letters that follow will detail the numbers, but some facts are worth mentioning: 1.our customer service scores are the highest ever; 2. in constant dollars, our gas acquisitions costs are the lowest ever; 3. our older, bare steel pipe and services are being replaced at a record pace; 4. our electric maintenance pole replacement and tree trimming program is the most aggressive that it’s ever been; 5. our customer count is the highest ever; 6. our earnings are the highest ever; 7. our cost of capital is the lowest in at least 50 years; and, 8. we have reduced gas leaks nearly 90% since 2006, important for both safety and environmental purposes. Despite these successes, as many of you are aware, the regulatory and governmental environment is increasingly challenging. Two thousand twenty will be a regulatory year. At Corning Natural Gas, we will file a rate case with the New York Commission. At Pike, we will file an electric Long-Term Infrastructure Improvement Plan, and at Leatherstocking, we will file with the Pennsylvania Commission to approve our purchase of the other 50% of Leatherstocking Gas. These regulatory initiatives are critical to delivering long-term, positive results.  The focus of previous shareholder letters was growth and innovation. Examples included buying Pike, building Leatherstocking, building Corning’s Virgil franchise, connecting local production and storage, and buying a pipeline in Wyalusing, Pennsylvania. Our efforts in 2019 were no different – with the purchase of nine miles of pipe in Steuben County, New York, and signing a term sheet to purchase the other 50% of Leatherstocking Gas. Delivering small wins has facilitated our historic growth and innovation. If we remain focused on core tasks, and only if we remain focused on core tasks, will we succeed in future initiatives.  Our efforts are people dependent; so we will continue to rely on welltrained and dedicated staff. When our people stand up to bat, we deliver a win.
Michael German President & CEO

Contacting Customer Service

Our office in Corning is open from 8:00 AM until 5:00 PM, Monday through Friday.

330 W. William St., Corning, NY  14830

Phone Directory

Corning Area / Emergencies: (607) 936-3755
Addison/Hammondsport Area: (800) 834-2134
Nights, Saturdays, Sundays & Holidays: (607) 936-3755

For further help, email us at custsvc@corninggas.com.

Current Weather
Elmira/Corning Regional Airport
Facebook
Corning Natural Gas Corporation & Leatherstocking Gas Company are subsidiaries of Corning Natural Gas Holding Corporation.

©2020 Corning Natural Gas Corporation. All Rights Reserved.Responsive Website by inCommand Technologies