Duke Energy announced on Mar. 31 that it has completed the sale of its Tennessee Piedmont Natural Gas business to Spire for $2.48 billion, following an agreement previously disclosed in July 2025.
The transaction is significant as it will help Duke Energy fund what it describes as the industry’s largest regulated capital plan, with $103 billion in investments planned over the next five years. These investments aim to support a growing energy system and address increasing demand while managing costs for more than 10 million customers.
Approximately $800 million from the proceeds will be used to pay down debt at Piedmont Natural Gas, with the remaining $1.5 billion after taxes going toward Duke Energy’s capital plan. “Today marks a significant milestone with the successful transition of our Tennessee natural gas business to Spire,” said Harry Sideris, Duke Energy president and chief executive officer. “As we enter a period of record investment, this transaction helps efficiently fund our capital plan – a plan built on safely and reliably meeting our communities’ growing energy needs while managing costs for our more than 10 million customers.”
Sideris also thanked employees and the Nashville community: “I want to thank our Tennessee natural gas teammates for their commitment to industry-leading customer service, safety and operational excellence, as well as the Nashville community for trusting us to serve its growing energy needs for more than 40 years. Spire will carry forward best-in-class service and continue delivering value for Tennessee employees, customers and communities.”
Scott Doyle, president and chief executive officer of Spire, welcomed new customers: “We’re pleased to welcome Piedmont customers and employees in Tennessee to Spire,” he said. “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.”
The sale included nearly 3,800 miles of distribution and transmission pipelines serving over 200,000 customers in Greater Nashville; employees supporting these operations have transitioned to Spire.
JP Morgan Securities LLC and RBC Capital Markets LLC acted as financial advisors on the deal; Skadden Arps Slate Meagher & Flom LLP served as transactional legal advisor.
