Spire Completes $2.48 Billion Acquisition of Duke Energy's Tennessee Gas Assets

Duke Energy has finalized the sale of its Tennessee-based Piedmont Natural Gas business to Spire Inc. for $2.48 billion, a transaction first announced in July 2025. The deal includes approximately 3,800 miles of pipelines serving over 200,000 customers, primarily located in the Greater Nashville area. Regarding the proceeds, $800 million will be used to pay down debt, while the remaining $1.5 billion will fund Duke Energy's capital plan over the next five years. For Spire, the acquisition establishes the company as the largest investor-owned natural gas utility in Tennessee, supporting long-term adjusted EPS growth of 5% to 7%. This move highlights a significant shift in the utility sector as companies realign portfolios to optimize capital allocation and enhance shareholder value. The completion of this deal underscores a strategic effort to improve operational efficiency for both entities within the U.S. energy landscape.