Duke Energy announced on Mar. 31 that it has completed 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 part of Duke Energy’s plan to fund what it describes as the industry’s largest regulated capital plan, involving $103 billion in investments over the next five years aimed at supporting system growth and keeping customer costs down.
Approximately $800 million from the proceeds will be used to pay down debt at Piedmont Natural Gas, while the remaining $1.5 billion after taxes will help finance Duke Energy’s capital projects. “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 thanked employees and the Nashville community for their support over four decades, saying, “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, welcomed new customers and staff: “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 deal covers nearly 3,800 miles of distribution and transmission pipelines serving more than 200,000 customers primarily in Greater Nashville. Employees who supported this business have transitioned to Spire.
Financial advisors JP Morgan Securities LLC and RBC Capital Markets LLC assisted Duke Energy with legal counsel from Skadden Arps Slate Meagher & Flom LLP; Holland & Knight provided additional legal support; McGuireWoods acted as joint regulatory counsel for both companies.
Looking ahead, Duke Energy continues its strategy focused on grid upgrades and efficient generation resources across its electric utilities serving millions in six states.
