Duke Energy announced on Mar. 31 that it has finalized 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 significant as it will help fund what Duke Energy describes as the industry’s largest regulated capital plan, with $103 billion in investments planned over the next five years to support a growing system and serve increasing energy demand while aiming to keep customer costs low.
According to Duke Energy, approximately $800 million from the proceeds will be used to pay down debt at Piedmont Natural Gas, maintaining its capital structure. The remaining $1.5 billion, net of tax, is intended for investment in grid upgrades and efficient generation resources across its service areas.
“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 said: “I want to thank our Tennessee natural gas teammates for their commitment to industry-leading customer service, safety and operational excellence, as well as the Nashville community for trusting us to serve its growing energy needs for more than 40 years. 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, said: “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 includes nearly 3,800 miles of distribution and transmission pipelines serving over 200,000 customers primarily in Greater Nashville. Employees who supported these operations have transitioned from Duke Energy’s Piedmont unit over to Spire.
Financial advisors JP Morgan Securities LLC and RBC Capital Markets LLC assisted Duke Energy on this transaction; Skadden Arps served as transactional legal advisor; Holland & Knight provided additional legal support; McGuireWoods acted as joint regulatory counsel.
