PR Newswire·Mar 31, 2026, 4:30 PM ET

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

Spire Inc. completed the $2.48 billion acquisition of Piedmont Natural Gas's Tennessee business from Duke Energy on March 31, 2026.
The acquired operations now function as Spire Tennessee, becoming the largest investor-owned natural gas utility in the state.
Spire Tennessee serves over 200,000 customers in the Nashville metro area & surrounding communities via nearly 3,800 miles of pipelines.
More than 200 former Piedmont Tennessee employees transitioned to Spire, with additional support roles being recruited to expand the workforce.
Joe Hampton, currently president of Spire Alabama, Gulf & Mississippi, assumed leadership as president of Spire Tennessee.
The transaction supports Spire's long-term adjusted earnings per share growth target of 5-7%.
Spire Tennessee represents approximately 20% of Spire's capital investment plan for the five-year period ending 2030.
The deal expands Spire's regulated utility footprint to include Missouri, Alabama, Mississippi & Tennessee.
Spire plans to implement its Spire Serves program in Tennessee to continue civic & charitable support in the region.
BMO Capital Markets served as exclusive financial advisor, Sidley Austin LLP acted as lead legal counsel, & McGuireWoods provided joint regulatory counsel for the transaction.