Duke Energy completed the sale of its Tennessee Piedmont Natural Gas business to Spire Inc. for $2.48 billion on March 31, 2026. The transaction transferred a regulated natural‑gas utility that serves more than 200,000 customers and operates nearly 3,800 miles of pipeline, expanding Spire’s footprint in the Nashville metro area.
The deal will allow Duke Energy to pay down approximately $800 million of debt at Piedmont Natural Gas and to fund its $103 billion five‑year capital plan. The plan, which is 65% focused on grid infrastructure and 35% on generation—including gas‑fired units capable of co‑firing hydrogen or running on 100% hydrogen—will support the company’s goal of adding roughly 14 GW of capacity by 2030 and meeting the growing demand from data centers and advanced manufacturing. The transaction also improves Duke Energy’s debt‑to‑equity ratio, which stood at 1.79 before the sale, by reducing total debt and strengthening the balance sheet.
Spire financed the acquisition with an $800 million term loan and $825 million in senior notes. The company expects Spire Tennessee to represent about 20% of its capital‑investment plan through 2030 and to support long‑term adjusted earnings‑per‑share growth of 5‑7%. The Tennessee Public Utility Commission approved the sale, and the transaction is now fully operational.
Strategically, the sale allows Duke Energy to concentrate on its core regulated electric assets while still maintaining a high‑margin gas portfolio. The $103 billion capital plan is the largest in the industry and is designed to modernize the grid, increase generation capacity, and incorporate hydrogen‑compatible technology, positioning the company to meet future decarbonization mandates and the data‑center‑driven load growth in the region.
"Today marks a significant milestone with the successful transition of our Tennessee natural gas business to Spire," said Harry Sideris, Duke Energy president and CEO. "The transaction helps efficiently fund our capital plan and strengthens our balance sheet while preserving customer service levels." Scott Doyle, Spire president and CEO, added, "We are pleased to welcome Piedmont customers and employees to Spire and look forward to serving the Nashville area with reliable natural gas."
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