Spire completes acquisition of Tennessee Piedmont Natural Gas business from Duke Energy

• Expands regulated utility footprint with Spire Tennessee becoming the largest investor-owned natural gas utility in Tennessee
• Committed to providing a seamless transition for customers, community and employees
• More than 200 of Piedmont's Tennessee employees will transition to Spire, with additional support roles being added
• Acquisition supports Spire's long-term adjusted earnings per share growth of 5-7%

ST. LOUIS, March 31, 2026 /PRNewswire/ -- Spire Inc. (NYSE:SR) today announced it has completed its acquisition of the Piedmont Natural Gas business in Tennessee from Duke Energy effective March 31, 2026, for $2.48 billion.

The operations will do business as Spire Tennessee and be integrated into Spire's existing utility business serving customers across Missouri, Alabama and Mississippi, significantly expanding Spire's regulated utility footprint. Spire Tennessee is the largest investor-owned natural gas utility in Tennessee, operating in the Nashville metro area and surrounding communities, one of the fastest-growing regions in the U.S. Spire Tennessee serves more than 200,000 customers and includes nearly 3,800 miles of distribution and transmission pipelines.

"We're pleased to welcome Piedmont customers and employees in Tennessee to Spire," said Scott Doyle, president and chief executive officer of Spire. "This acquisition allows us to expand our core utility business while continuing to do what we do best as a company – safely delivering reliable natural gas to the communities we serve."

As previously announced, Spire Tennessee will represent approximately 20% of Spire's capital investment plan through the five-year period ending 2030, including investments to support customer growth, while supporting long-term adjusted earnings per share growth of 5-7%. The addition of the Piedmont Natural Gas business in Tennessee provides robust growth driven by new customer additions and system integrity investments, while aligning with Spire's investment strategy. Tennessee's constructive regulatory environment encourages capital investment to support its growing service territory.

"Today marks a significant milestone with the successful transition of our Tennessee natural gas business to Spire," said Harry ...

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