Duke Energy to sell Tennessee Piedmont gas unit to Spire for $2.48 billion
Duke Energy's subsidiary Piedmont Natural Gas agreed on July 27, 2025 to sell its Tennessee natural gas distribution business to Spire Inc. for $2.48 billion in cash, subject to adjustments. The company said net proceeds of $1.5 billion will help fund its $83 billion five-year capital plan, and it reaffirmed its 2025 adjusted EPS guidance.
Key points
- Purchase price is $2.48 billion in cash, subject to adjustments for net working capital, regulatory assets and liabilities, and capital expenditures at closing.
- About $800 million of proceeds will offset debt at Piedmont; net proceeds of $1.5 billion will fund Duke's $83 billion five-year capital plan.
- Closing is expected in the first quarter of 2026, subject to Tennessee Public Utility Commission approval and the Hart-Scott-Rodino waiting period.
- Duke reaffirmed its 2025 adjusted EPS guidance range of $6.17 to $6.42.
The filing
Written by AI on Nov 8, 2026, 1:21 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 29, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.