Spire Inc. Expands Its Utility Footprint by Acquiring Tennessee's Piedmont Natural Gas

Spire Inc. Completes Acquisition of Piedmont Natural Gas

In a significant move in the energy sector, Spire Inc. (NYSE: SR) announced on March 31, 2026, that it has successfully acquired the Piedmont Natural Gas business in Tennessee from Duke Energy for a total of $2.48 billion. This acquisition marks a major expansion of Spire's footprint in the regulated utilities market, as it now becomes the largest investor-owned natural gas utility in Tennessee.

Expanding Service Capacity

With this acquisition, Spire Tennessee will integrate into Spire’s existing utility operations, which serve customers in Missouri, Alabama, and Mississippi. The addition of Piedmont expands Spire's service capabilities to over 200,000 customers in the Nashville metro area and surrounding regions, which are recognized as some of the fastest-growing areas in the United States.

Spire Tennessee boasts a comprehensive network consisting of nearly 3,800 miles of distribution and transmission pipelines. Scott Doyle, President and CEO of Spire, expressed a warm welcome to Piedmont's customers and employees, emphasizing a commitment to safely delivering reliable natural gas.

Growth and Future Investments

This acquisition is expected to represent about 20% of Spire's capital investment plan through the 2026-2030 period. The integration of Piedmont's operations not only supports customer growth but also aligns with Spire’s long-term goal of achieving an adjusted earnings per share growth of between 5-7%. The opportunity for growth is fueled by the addition of new customers and necessary system integrity investments.

Tennessee's favorable regulatory environment is also expected to encourage capital investments to accommodate its expanding service territory, further solidifying Spire's strategic objectives in the regional market.

Transition and Employee Integration

Harry Sideris, Duke Energy's President and CEO, highlighted the successful transition of the Tennessee natural gas business, which will aid in financing Duke's capital investment plans. He also acknowledged the commitment of Piedmont's employees to provide high-quality service and operational excellence. More than 200 former Piedmont employees will join Spire Tennessee, continuing their roles in delivering natural gas services.

Joe Hampton, President of Spire Alabama, Gulf, and Mississippi, will lead the new utility operation as President of Spire Tennessee. His focus will be on ensuring a seamless transition for customers, allowing them to expect the same high level of service they received from Piedmont.

Community Engagement and Support

Spire has a longstanding tradition of engaging in civic and charitable activities in the communities it serves. The company plans to carry its Spire Serves program over to Tennessee, aiming to enhance community relationships throughout the Nashville area and beyond. Hampton emphasized the importance of being an integral part of the communities where Spire operates.

As Spire moves forward, the successful integration of Piedmont Natural Gas is a significant step towards delivering enhanced services while fostering community trust and support. This merger not only signifies growth for Spire but also reflects its commitment to meeting the energy needs of its customers as Tennessee's landscape continues to evolve.

Conclusion

This acquisition sets a strong foundation for Spire as it embarks on this new chapter of providing energy. The company's strategic initiatives, highlighted by this merger, aim to improve infrastructure and customer experience across the board. For investors and customers alike, Spire Inc.'s acquisition of the Tennessee Piedmont Natural Gas business serves as a promising development in the energy sector.