Duke Energy Completes Sale of Its Tennessee Piedmont Natural Gas Business to Spire

Duke Energy (NYSE: DUK) announced it has completed the sale of its Tennessee Piedmont Natural Gas business to Spire – one of the largest publicly traded natural gas companies in the country – for $2.48 billion.

The agreement was previously announced July 29, 2025.

Officials said approximately $800 million of the proceeds will be used to pay down debt at Piedmont Natural Gas to maintain its capital structure.

The officials said the remaining $1.5 billion of proceeds, net of tax, will help efficiently fund the industry's largest regulated capital plan – $103 billion of investments over the next five years – to support a growing system and serve increasing load while keeping customer costs as low as possible.

"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."

"We're pleased to welcome Piedmont customers and employees in Tennessee to Spire," said Scott Doyle, president and chief executive officer of 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 agreement for the Piedmont Natural Gas Tennessee business included nearly 3,800 miles of distribution and transmission pipelines serving more than 200,000 customers.

The primary operations will remain in the Greater Nashville area, and the Piedmont Natural Gas employees who primarily support the business have transitioned to Spire to maintain business continuity for its operations and customers.

Duke Energy’s natural gas utilities serve 1.6 million customers in North Carolina, South Carolina, Ohio and Kentucky.

JP Morgan Securities LLC and RBC Capital Markets LLC served as Duke Energy's financial advisors. Skadden, Arps, Slate, Meagher & Flom LLP served as Duke Energy's transactional legal advisor.

In addition, Duke Energy received legal support on certain matters from Holland & Knight. McGuireWoods acted as joint regulatory counsel for both Duke Energy and Spire.