Duke Energy Sells Tennessee Gas Business to Spire for $2.5 Billion

Duke Energy Corp. agreed to sell its Tennessee natural-gas distribution network, operated under Piedmont Natural Gas, to Spire Inc. for $2.48 billion in cash. The divestiture covers roughly 3,800 miles of pipelines, a liquefied-natural-gas facility and service to about 205,000 customers, mainly in the Greater Nashville area. The transaction is designed to streamline Duke’s portfolio and free up capital for its $83 billion, five-year grid-modernisation and energy-transition plan. Duke said it will apply about $800 million of the proceeds to pay down debt at Piedmont Natural Gas, with the remaining $1.5 billion directed toward the broader capital program. Spire, which already operates regulated gas utilities in Missouri, Alabama and Mississippi, said the acquisition will enlarge its footprint and diversify its customer base. The companies expect the deal to close in the first quarter of 2026, subject to regulatory approvals.