·	changes in industrial, commercial and residential growth in AGL Resources’ service territories;

·	changes in price, supply and demand for natural gas and related products;

·	impact of changes in state and federal legislation and regulation, including orders of various state public service commissions and of the Federal Energy Regulatory Commission on the gas and electric industries and on AGL Resources;

·	actions taken by government agencies, including decisions on base rate increase requests by state regulators;

·	the ultimate impact of the Sarbanes-Oxley Act of 2002 and any future changes in accounting regulations or practices in general with respect to public companies, the energy industry or AGL Resources' operations specifically;

·

the enactment of new accounting standards, or interpretations of existing accounting standards, by the Financial Accounting Standards Board or the Securities and Exchange Commission, or SEC, that could impact the way AGL Resources records revenues, assets and liabilities, which in turn could adversely affect reported results of operations;

·	the enactment of new auditing standards, or interpretations of existing auditing standards, by the Public Company Accounting Oversight Board which could adversely affect AGL Resources' ability to comply with the requirements of Section 404 of the Sarbanes-Oxley Act of 2002;

·

effects and uncertainties of deregulation and competition, particularly in markets where prices and providers historically have been regulated, and unknown issues following deregulation such as the stability of the Georgia retail gas market, including risks related to energy marketing and risk management;

·	concentration of credit risk in marketers that are certificated by the Georgia Public Service Commission to sell retail natural gas in Georgia, as well as concentration of credit risk in customers of our wholesale services segment;

·	utility and energy industry consolidation;

·	performance of equity and bond markets and the impact on pension and post-retirement funding costs;

·	impact of acquisitions and divestitures, including:

o	the risk that the businesses of NUI Corporation and/or Pivotal Jefferson Island Storage & Hub, LLC will not be integrated successfully with AGL Resources or that such integrations may be more difficult, time-consuming or costly than expected;

o	material deficiencies in NUI's internal controls that AGL Resources must address and resolve;

o	revenues following the acquisitions may be lower than expected;

o	expected revenue synergies and cost savings from these two acquisitions may not be fully realized or realized within the expected time frame;

·	direct or indirect effects on AGL Resources' business, financial condition or liquidity resulting from a change in our credit ratings or the credit ratings of our counterparties or competitors;

·	interest rate fluctuations, financial market conditions and general economic conditions;

·	uncertainties about environmental issues and the related impact of such issues;

·	impacts of changes in weather upon the temperature-sensitive portions of the business;

·	impact of ongoing investigations and litigation;

·	impact of changes in prices on the margins achievable in the unregulated retail gas marketing business;

·	increases in competition in the markets served by AGL Resources;

·	the availability and price of insurance;

·	the general effects of deregulation of the energy markets, including industry restructuring and unbundling of services;

·	the ability to attract and retain key executives and employees;

·	fluctuations in energy commodity prices;

·	acts of war or terrorism;

·	AGL Resources’ ability to control operating expenses and to achieve efficiencies in its existing and acquired operations;

·	AGL Resources’ ability to continue to modernize its current and acquired distribution infrastructures as scheduled and budgeted; and

·	other risks described in AGL Resources' documents on file with the SEC.