Duke Energy announced on Mar. 31 that it has finalized the sale of its Tennessee Piedmont Natural Gas business to Spire for $2.48 billion, following an agreement first disclosed in July 2025.
The transaction is intended to support Duke Energy’s investment plans and maintain customer affordability as energy demand grows. Approximately $800 million from the proceeds will be used to pay down debt at Piedmont Natural Gas, while the remaining $1.5 billion, net of tax, will help fund a regulated capital plan involving $103 billion in investments over five years.
“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 said, “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, said: “We’re pleased to welcome Piedmont customers and employees in Tennessee to 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.”
The sale included nearly 3,800 miles of distribution and transmission pipelines serving over 200,000 customers primarily in Greater Nashville. Employees supporting these operations have transitioned from Duke Energy’s Piedmont Natural Gas unit to Spire.
JP Morgan Securities LLC and RBC Capital Markets LLC served as financial advisors on the deal for Duke Energy; Skadden, Arps provided transactional legal advice; Holland & Knight offered additional legal support; McGuireWoods acted as joint regulatory counsel.
Looking ahead, Duke Energy plans substantial investments across its electric grid upgrades and generation resources while maintaining focus on customer value.
