Spire Expands Footprint with $2.48 Billion Tennessee Natural Gas Acquisition — Spire Inc.

Event summary

Spire Inc. completed the $2.48 billion acquisition of Piedmont Natural Gas's Tennessee operations from Duke Energy on March 31, 2026.
The acquisition adds Spire Tennessee, serving 200,000 customers and operating 3,800 miles of pipelines in the fast-growing Nashville metro area.
Spire Tennessee will represent 20% of Spire's capital investment plan through 2030, supporting 5-7% long-term adjusted earnings per share growth.
Over 200 Piedmont employees transitioned to Spire, with additional roles being recruited for Tennessee operations.

The big picture

Spire's acquisition of Piedmont's Tennessee operations marks a significant expansion of its regulated utility footprint, positioning it as the largest investor-owned natural gas utility in the state. This move aligns with Spire's strategy of organic growth and infrastructure investment, particularly in fast-growing regions. The deal also supports Duke Energy's capital plan, highlighting the strategic realignment within the energy sector as companies focus on meeting growing energy needs while managing costs.

What we're watching

Integration Execution: How Spire will manage the seamless transition of customers, employees, and operations in Tennessee.
Regulatory Dynamics: Whether Tennessee's constructive regulatory environment will continue to support Spire's capital investment plans.
Growth Strategy: The pace at which Spire can drive new customer additions and system integrity investments in the Nashville region.