Document:

<PAGE>

                                                                   Exhibit 10.48

                                                     SERVICE AGREEMENT NO. 43847
                                                     CONTROL NO. 1994-07-02-0005

                             FTS 1 SERVICE AGREEMENT

THIS AGREEMENT, made and entered into this 10th day of October, 1994, by and
between:

         COLUMBIA GULF TRANSMISSION COMPANY
         ("TRANSPORTER")
         AND
         NORTH CAROLINA NATURAL GAS CORP
         ("SHIPPER")

WITNESSETH: That in consideration of the mutual covenants herein contained, the
parties hereto agree as follows:

Section 1. Service to be Rendered. Transporter shall perform and Shipper shall
receive the service in accordance with the provisions of the effective FTS 1
Rate Schedule and applicable General Terms and Conditions of Transporter's FERC
Gas Tariff. First Revised Volume No. 1 (Tariff), on file with the Federal Energy
Regulatory Commission (Commission), as the same may be amended or superseded in
accordance with the rules and regulations of the Commission herein contained.
The maximum obligations of Transporter to deliver gas hereunder to or for
Shipper, the designation of the points of delivery at which Transporter shall
deliver or cause gas to be delivered to or for Shipper, and the points of
receipt at which the Shipper shall deliver or cause gas to be delivered are
specified in Appendix A, as the same may be amended from time to time by
agreement between Shipper and Transporter, or in accordance with the rules and
regulations of the Commission. Service hereunder shall be provided subject to
the provisions of Part 284.222 of Subpart G of the Commission's regulations.
Shipper warrants that service hereunder is being provided on behalf of AN
INTERSTATE PIPELINE COMPANY,
COLUMBIA GAS TRANSMISSION CORPORATION.

Section 2. Term. Service under this Agreement shall commence as of November 01,
1994, and shall continue in full force and effect until OCTOBER 31, 2004, and
from YEAR - to- YEAR thereafter unless terminated by either party upon 6 MONTHS'
written notice to the other prior to the end of the initial term granted or any
anniversary date thereafter. Shipper and Transporter agree to avail themselves
of the Commission pre-granted abandonment authority upon termination of this
Agreement, subject to any right of first refusal Shipper may have under the
Commission's regulations and Transporter's Tariff.

Section 3. Rates. Shipper shall pay the charges and furnish Retainage as
described in the above-referenced Rate Schedule, unless otherwise agreed to by
the parties in writing and specified as an amendment to this Service Agreement.

Section 4. Notices. Notices to Transporter under this Agreement shall be
addressed to it at Post Office Box 683, Houston, Texas 77001, Attention:
Director, Planning, Transportation and Exchange and notices to Shipper shall be
addressed to it at:

         NORTH CAROLINA NATURAL GAS CORP
         150 ROWAN STREET
         P O BOX 909
         FAYETTEVILLE, NC 28302

         ATTN: GERALD TEELE AND CALVIN WELLS

until changed by either party by written notice.

<PAGE>

                                                     SERVICE AGREEMENT NO. 43847
                                                     CONTROL NO. 1994-07-02-0005

                             FTS 1 SERVICE AGREEMENT

Section 5. Superseded Agreements. This Service Agreement supersedes and cancels,
as of the effective date hereof, the following Service Agreements: FTS 1 37842

       NORTH CAROLINA NATURAL GAS CORP

By:    /s/ Gerald A. Teele
       -------------------

Name:  Gerald A. Teele

Title: SVP & CFO

Date:  10/11/94

       COLUMBIA GULF TRANSMISSION COMPANY

By:    /s/ Barry J. Lowery
       -------------------

Name:  Barry J. Lowery

Title: Manager - Agreements Administration

Date:  October 18, 1994

<PAGE>

                                                                    Revision No.
                                                   Control No. 1994-07-02 - 0005

Appendix A to Service Agreement No. 43847
Under Rate Schedule FTS 1
Between (Transporter) COLUMBIA GULF TRANSMISSION COMPANY
And (Shipper) NORTH CAROLINA NATURAL GAS CORP

                  Transportation Demand                      20,193 Dth/day

                             Primary Receipt Points

<TABLE>
<CAPTION>
Measuring                   Measuring                          Maximum Daily
Point No.      Footnote     Point Name                       Quantity (Dth/Day)
---------      --------     ----------                       ------------------
<S>            <C>          <C>                              <C>
27000010          01        CGT-RAYNE                              20,193
</TABLE>

<PAGE>

                                                                    Revision No.
                                                   Control No. 1994-07-02 - 0005

Appendix A to Service Agreement No. 43847
Under Rate Schedule FTS 1
Between (Transporter) COLUMBIA GULF TRANSMISSION COMPANY
And (Shipper) NORTH CAROLINA NATURAL GAS CORP

                            Primary Delivery Points

<TABLE>
<CAPTION>
Measuring                   Measuring                  Maximum Daily
Point No.    Footnote       Point Name               Quantity (Dth/Day)
---------    --------       ----------               ------------------
<S>          <C>            <C>                      <C>
801             01          TCO-LEACH                      20,193
</TABLE>

<PAGE>

                                                                    Revision No.
                                                   Control No. 1994-07-02 - 0005

Appendix A to Service Agreement No. 43847
Under Rate Schedule FTS 1
Between (Transporter) COLUMBIA GULF TRANSMISSION COMPANY
And (Shipper) NORTH CAROLINA NATURAL GAS CORP

The Master List of Interconnects (MLI) as defined in Section 1 of the General
Terms and Conditions is incorporated herein by reference for purposes of listing
valid secondary interruptible receipt points and delivery points.

CANCELLATION OF PREVIOUS APPENDIX A

Service changes pursuant to this Appendix A shall become effective as of
NOVEMBER 01, 1994. This Appendix A shall cancel and supersede the previous
Appendix A effective as of N/A to the Service Agreement referenced above. With
the exception of this Appendix A, all other terms and conditions of said Service
Agreement shall remain in full force and effect.

       NORTH CAROLINA NATURAL GAS CORP

By:    /s/ Gerald A. Teele
       -------------------

Name:  Gerald A. Teele

Title: SVP & CFO

Date:  10/11/94

       COLUMBIA GULF TRANSMISSION COMPANY

By:    /s/ Barry J. Lowery
       -------------------

Name:  Barry J. Lowery

Title: Manager - Agreements Administration

Date:  October 18, 1994<PAGE>
                                                                   Exhibit 10.49

                                                     SERVICE AGREEMENT NO. 38103
                                                          CONTROL NO. 930905-120

                              FTS SERVICE AGREEMENT

         THIS AGREEMENT, made and entered into this 1st day of November, 1993,
by and between COLUMBIA GULF TRANSMISSION COMPANY ("Seller") and NORTH CAROLINA
NATURAL GAS CORPORATION ("Buyer").

         WITNESSETH: That in consideration of the mutual covenants herein
contained, the parties hereto agree as follows:

         Section 1. Service to be Rendered. Seller shall perform and Buyer shall
receive service in accordance with the provisions of the effective FTS Rate
Schedule and applicable General Terms and Conditions of Seller's FERC Gas
Tariff, Second Revised Volume No. 1 (Tariff), on file with the Federal Energy
Regulatory Commission (Commission), as the same may be amended or superseded in
accordance with the rules and regulations of the Commission. The maximum
obligation of Seller to deliver gas hereunder to or for Buyer, the designation
of the points of delivery at which Seller shall deliver or cause gas to be
delivered to or for Buyer, and the points of receipt at which Buyer shall
deliver or cause gas to be delivered are specified in Appendix A, as the same
may be amended from time to time by agreement between Buyer and Seller, or in
accordance with the rules and regulations of the Commission. Service hereunder
shall be provided subject to the provisions of Part 284.223 of Subpart G of the
Commission's regulations. Buyer warrants that service hereunder is being
provided on behalf of Buyer.

         Section 2. Term. Service under this Agreement shall commence as of
November 01, 1993, and shall continue in full force and effect until October 31,
2004, and from year-to-year thereafter unless terminated by either party upon
six (6) months' written notice to the other prior to the end of the initial term
granted or any anniversary date thereafter. Pre-granted abandonment shall apply
upon termination of this Agreement, subject to any right of first refusal Buyer
may have under the Commission's regulations and Seller's Tariff.

         Section 3. Rates. Buyer shall pay Seller the charges and furnish
Retainage as described in the above-referenced Rate Schedule, unless otherwise
agreed to by the parties in writing and specified as an amendment to this
Service Agreement.

         Section 4. Notices. Notices to Seller under this Agreement shall be
addressed to it at Post Office Box 1273, Charleston, West Virginia 25325-1273,
Attention: Director, Transportation and Exchange and notices to Buyer shall be
addressed to it at 150 Rowan Street, P O Box 909,Fayetteville, NC 28302,
Attention: President, until changed by either party by written notice.

<PAGE>

                                                     SERVICE AGREEMENT NO. 38103
                                                          CONTROL NO. 930905-120

                         FTS SERVICE AGREEMENT (Cont'd)

         Section 5. Prior Service Agreements. This Agreement is being entered
into by the parties hereto pursuant to the Commission's Order No. 636 and its
orders dated July 14, 1993 and September 29, 1993, with respect to Seller's
Order No. 636 compliance filing and relates to the following existing Service
Agreements:

         CDS Service Agreement No. 36065, effective November 1, 1989, as it may
         have been amended, providing for a bundled sales, transportation and
         storage service under the CDS Rate Schedule.

The terms of Service Agreement No. 38103 shall become effective as of the
effective date hereof, however, the parties agree that neither the execution nor
the performance of Service Agreements 38103 shall prejudice any recoupment or
other rights that Buyer may have under or with respect to the above-referenced
Service Agreements.

NORTH CAROLINA NATURAL GAS CORP               COLUMBIA GULF TRANSMISSION COMPANY

By:    /s/ Gerald A. Teele                    By: /s/ George E. Shriver
       -------------------                        ---------------------

Title: Senior Vice President                  Title: Director T&E

<PAGE>

                                                                    Revision No.
                                                Control No. 1993-09  05 -   0120

                    Appendix A to Service Agreement No. 38103
                             Under Rate Schedule FTS
             Between (Seller) COLUMBIA GAS TRANSMISSION CORPORATION
                   And (Buyer) NORTH CAROLINA NATURAL GAS CORP

       Transportation Demand                                9,801 Dth/day

                             Primary Receipt Points
                             ----------------------

<TABLE>
<CAPTION>
Scheduling       Scheduling        Measuring                                Measuring                   Maximum Daily
Point No.        Point Name        Point No.      Footnote                  Point Name                Quantity (Dth/Day)
---------        ----------        ---------      --------                  ----------                ------------------
<S>              <C>               <C>            <C>                       <C>                       <C>
801              TCO-LEACH            801                                                                      9,801
</TABLE>

<PAGE>

                                                                    Revision No.
                                                 Control No. 1993-00 05 -   0120

                    Appendix A to Service Agreement No. 38103
                             Under Rate Schedule FTS
             Between (Seller) COLUMBIA GAS TRANSMISSION CORPORATION
                   And (Buyer) NORTH CAROLINA NATURAL GAS CORP

                            Primary Delivery Points
                            -----------------------

<TABLE>
<CAPTION>
Scheduling       Scheduling        Measuring                                Measuring                   Maximum Daily
 Point No.       Point Name        Point No.       Footnote                 Point Name                Quantity (Dth/Day)
----------       ----------        ---------       --------                 ----------                ------------------
<S>            <C>                 <C>             <C>                      <C>                       <C>
   30 NC       NC Natural Gas        30 NC                                                                    9,801
</TABLE>

<PAGE>

                                                                    Revision No.
                                              Control No. 1993-09  05 -     0120

                    Appendix A to Service Agreement No. 38103
                             Under Rate Schedule FTS
             Between (Seller) COLUMBIA GAS TRANSMISSION CORPORATION
                   And (Buyer) NORTH CAROLINANATURAL GAS CORP

GFNT /  ALL GAS SHALL BE DELIVERED AT EXISTING POINTS OF INTERCONNECTION WITHIN
        THE MDDO's IN SELLER's CURRENTLY EFFECTIVE SST SERVICE AGREEMENT WITH
        BUYER, WHICH FOR SUCH POINTS SET FORTH ARE INCORPORATED HEREIN BY
        REFERENCE.

<PAGE>

                                                                    Revision No.
                                              Control No. 1993-09  05 -     0120

                    Appendix A to Service Agreement No. 38103
                             Under Rate Schedule FTS
             Between (Seller) COLUMBIA GAS TRANSMISSION CORPORATION
                   And (Buyer) NORTH CAROLINANATURAL GAS CORP

The Master List of Interconnects (MLI) as defined n Section 1 of the General
Terms and Conditions of Seller's Tariff is incorporated herein by reference for
the purposes of listing valid secondary interruptible receipt points and
delivery points.

Service changes pursuant to this Appendix shall become effective as of November
01, 1993. This Appendix A shall cancel and supersede the previous Appendix A
effective as of N/A , to the Service Agreement referenced above. With the
exception of this Appendix A, all other terms and conditions of said Service
Agreement shall remain in full force and effect.

         NORTH CAROLINA NATURAL GAS CORP

By       /s/ Gerald A. Teele
         -------------------

Its      Senior Vice President

Date     November 24, 1993

COLUMBIA GAS TRANSMISSION CORPORATION

By       /s/ George E. Shiver
         --------------------

Its      Director T&E

Date     12/2/93

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