Duke Energy announces sale of its Tennessee Piedmont Natural Gas business to Spire for $2.48 billion

CHARLOTTE, N.C., July 29, 2025 — Duke Energy (NYSE: DUK) has reached an agreement to sell its Piedmont Natural Gas Tennessee local distribution company business for $2.48 billion in cash to Spire Inc., a prominent publicly traded natural gas company. The transaction is expected to close in the first quarter of 2026.

The sale price reflects a 1.8x multiple of the 2024 year-end rate base and a 24x multiple of 2024 earnings, offering a significant premium over Duke Energy’s common stock. Duke Energy plans to use approximately $800 million of the proceeds to offset debt at Piedmont Natural Gas, maintaining its capital structure.

Harry Sideris, President and CEO of Duke Energy, stated, “The transaction allows us to efficiently fund accelerating investment opportunities driven by record customer growth and a deepening economic development pipeline.”

The agreement includes nearly 3,800 miles of distribution and transmission pipelines and a liquefied natural gas facility serving around 205,000 customers. Operations will remain in the Greater Nashville area, with Duke Energy employees transitioning to Spire to ensure continuity.

Scott Doyle, President and CEO of Spire, commented, “This acquisition is a natural fit for Spire, allowing us to expand our core utility business and increase our utility customer base to nearly two million homes and businesses.”

The transaction is subject to regulatory approval by the Tennessee Public Utility Commission and other customary closing conditions.

For more information, visit duke-energy.com and the Duke Energy News Center.