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Spire Completes Acquisition of Tennessee Piedmont Natural Gas Business from Duke Energy
Expands Regulated Utility Footprint, Becomes Largest Investor-Owned Natural Gas Utility in Tennessee
Mar. 31, 2026 at 11:12pm
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Spire Inc. has completed its $2.48 billion acquisition of the Piedmont Natural Gas business in Tennessee from Duke Energy, expanding Spire's regulated utility footprint. The operations will now do business as Spire Tennessee, serving over 200,000 customers in the fast-growing Nashville metro area and surrounding communities.
Why it matters
This acquisition allows Spire to significantly grow its core utility business, with Spire Tennessee representing about 20% of Spire's capital investment plan through 2030. It supports Spire's long-term adjusted earnings per share growth target of 5-7% by adding a robust service territory with strong customer growth and infrastructure investment opportunities.
The details
As part of the transition, more than 200 of Piedmont's Tennessee employees have joined Spire Tennessee, with additional support roles being added. Spire Tennessee will be integrated into Spire's existing utility business serving customers across Missouri, Alabama, and Mississippi. The acquisition also aligns with Tennessee's constructive regulatory environment that encourages capital investment to support the state's growing service territory.
- The acquisition was completed on March 31, 2026.
- Spire Tennessee will represent approximately 20% of Spire's capital investment plan through the five-year period ending 2030.
The players
Spire Inc.
A Fortune 500 natural gas company that serves close to 2 million homes and businesses across Alabama, Mississippi, Missouri, and Tennessee.
Duke Energy
One of America's largest energy holding companies, serving 8.7 million electric customers and 1.6 million natural gas customers across the Southeast and Midwest.
Piedmont Natural Gas
A subsidiary of Duke Energy that distributed natural gas to over 1 million customers in North and South Carolina.
Scott Doyle
President and Chief Executive Officer of Spire.
Harry Sideris
President and Chief Executive Officer of Duke Energy.
What they’re saying
“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.”
— Scott Doyle, President and Chief Executive Officer, Spire
“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.”
— Harry Sideris, President and Chief Executive Officer, Duke Energy
What’s next
Spire is actively recruiting additional positions to support the Tennessee operations as it integrates the Piedmont business.
The takeaway
This acquisition allows Spire to significantly expand its regulated utility footprint in one of the fastest-growing regions in the U.S., supporting its long-term growth strategy and commitment to safely delivering reliable natural gas to communities.
