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 revealed in July 2025.
The transaction is significant as it supports Duke Energy’s plans for large-scale investments in its regulated capital program over the next five years. The proceeds from the sale will be used to pay down debt and help fund $103 billion in investments aimed at meeting increasing energy demands while managing customer costs.
Approximately $800 million from the deal will go toward reducing debt at Piedmont Natural Gas, with the remaining $1.5 billion (net of tax) allocated to support Duke Energy’s capital plan. Harry Sideris, president and chief executive officer of Duke Energy, said, “Today marks a significant milestone with the successful transition of our Tennessee natural gas business to Spire. 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 acknowledged employees and community partners: “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 added, “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 mainly supported this segment have moved over to Spire.
Financial advisors JP Morgan Securities LLC and RBC Capital Markets LLC assisted Duke Energy during this process; Skadden Arps served as legal advisor with additional support from Holland & Knight; McGuireWoods acted as joint regulatory counsel.
