Spire Sells Natural Gas Storage Businesses for $650M, Sharpens Utility Focus — Spire Inc.

Event summary

Spire Inc. completed the sale of its natural gas storage businesses in Wyoming and Oklahoma to I Squared Capital for $650 million on June 30, 2026.
The transaction included $600 million in cash at closing and a $50 million deferred payment due in fiscal year 2027.
Proceeds from the sale partially funded Spire's acquisition of the Piedmont Natural Gas Tennessee business, closed on March 31, 2026.
Spire Storage employees and customers transitioned to Bear River Midstream LLC, a new I Squared portfolio company.

The big picture

Spire's sale of its natural gas storage businesses aligns with a broader industry trend of utilities divesting non-core assets to sharpen focus on regulated operations. The $650 million transaction reflects the strategic value of energy storage infrastructure, particularly in key markets like Wyoming and Oklahoma. With proceeds funding the Piedmont Natural Gas Tennessee acquisition, Spire aims to strengthen its position as one of the largest publicly traded natural gas companies in the U.S.

What we're watching

Strategic Focus: How Spire's shift to regulated utility businesses will impact its long-term growth and shareholder value.
Market Demand: Whether Bear River Midstream can capitalize on increasing market demand for energy storage in the Western and Mid-Continent regions.
Financial Position: The pace at which Spire can deliver sustainable value with its enhanced financial position post-transaction.