Duke Energy Sells Tennessee Gas Unit to Spire for $2.48 Billion
Duke Energy has completed the sale of its Piedmont Natural Gas unit in Tennessee to Spire Inc. for $2.48 billion. This strategic divestiture is aimed at reducing debt and funding Duke's $103 billion investment plan over the next five years.
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Duke Energy finalized the sale of its Piedmont Natural Gas operations in Tennessee to Spire Inc. for $2.48 billion. The transaction, first announced on July 29, 2025, includes approximately 6,115 kilometers of pipelines serving over 200,000 customers in the Greater Nashville area.
Duke plans to allocate around $800 million from the sale to reduce its total debt of $91.1 billion, which has a debt-to-equity ratio of 1.79. The remaining funds will support its extensive investment plan.
Spire, now operating as Spire Tennessee, will integrate over 200 Piedmont employees and expand its utility footprint beyond Missouri, Alabama, and Mississippi. This acquisition is expected to contribute to Spire's long-term earnings growth target of 5 to 7% annually.
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