Duke Energy Finalizes $2.48 Billion Sale of Tennessee Natural Gas Business to Spire

Duke Energy Completes Sale of Tennessee Natural Gas Business to Spire

In a significant move that showcases its focus on growth and financial stability, Duke Energy announced the successful completion of the sale of its Tennessee Piedmont Natural Gas business to Spire, valued at $2.48 billion. This transaction, which was initially revealed in July 2025, is fundamental to the operational strategy of Duke Energy as they continue to align investments with the evolving energy landscape.

With this sale, Duke Energy plans to allocate approximately $800 million from the proceeds to reducing debt within Piedmont Natural Gas, ensuring its capital structure remains robust. The remaining $1.5 billion, after taxes, will play a pivotal role in financing the industry’s largest regulated capital plan, estimated at $103 billion over the next five years. This ambitious initiative aims to support a growing energy system conducive to increased demand while keeping the rates affordable for the company’s more than 10 million customers.

Harry Sideris, the President and CEO of Duke Energy, emphasized the milestone significance of this transition. He stated, “Today marks a significant milestone with the successful transition of our Tennessee natural gas business to Spire. 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.”

Expressing gratitude towards the dedicated team at Piedmont Natural Gas, Sideris acknowledged their commitment to providing excellent customer service, operational efficiency, and safety standards. He also highlighted the company’s enduring bond with the Nashville community developed over more than four decades of service.

Spire, a leading figure in the natural gas sector, is eager to welcome the customers and employees from Piedmont. Scott Doyle, Spire’s President and CEO, voiced his enthusiasm about this acquisition, stating, “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 purchased operations involve a sprawling network comprising nearly 3,800 miles of distribution and transmission pipelines that provide service to more than 200,000 customers in Tennessee. The primary operations will remain concentrated in the Greater Nashville area, and Spire is committed to maintaining business continuity by retaining key Piedmont Natural Gas employees.

Duke Energy’s prudent financial planning is further supported by the expertise of JP Morgan Securities LLC and RBC Capital Markets LLC, who acted as financial advisors during the sale. Legal counsel was provided by Skadden, Arps, Slate, Meagher & Flom LLP, along with Holland & Knight and McGuireWoods covering regulatory concerns for both Duke Energy and Spire.

Duke Energy stands as one of America's largest energy holding companies, providing electric utilities to around 8.7 million customers across multiple states including North and South Carolina, Florida, Indiana, Ohio, and Kentucky, alongside the natural gas services it offers to 1.6 million customers in the same regions. With its headquarters in Charlotte, N.C., Duke Energy is engaged in a process of energy modernization, aiming to enhance customer value while investing in grid upgrades and efficient energy generation systems.

To stay informed on Duke Energy’s endeavors and updates, stakeholders can visit Duke Energy's website or follow them on various social platforms including X, LinkedIn, Instagram, TikTok, and Facebook. Piedmont Natural Gas, a subsidiary of Duke Energy, serves over 1 million customers and can also be followed on Facebook for more insights.

Spire Inc., the new owner of Piedmont Natural Gas, operates with a mission of improving lives through energy, delivering service to nearly 2 million homes and businesses across Alabama, Mississippi, Missouri, and Tennessee. For more information about Spire’s commitments and services, visit Spire's website.