US EditionDuke Energy to Sell Piedmont Natural Gas Unit in Tennessee for $2.48 ...
DAVIDSON COUNTY, TENNESSEE, JUL 29 – The $2.48 billion acquisition adds Piedmont Natural Gas’s 200,000 customers and 3,800 miles of pipelines to Spire’s growing utility network, expanding its presence in the South.
- On Tuesday, Spire Inc. announced it will purchase Duke Energy’s Tennessee-based gas distribution business, Piedmont Natural Gas, in a transaction valued at nearly $2.5 billion.
- Duke Energy is selling its Tennessee natural gas business to generate funds that will support its $83 billion investment plan over five years aimed at modernizing the electric grid and advancing its energy transition goals.
- Piedmont Natural Gas serves over 200,000 customers and operates nearly 3,800 miles of pipeline in the fast-growing Nashville metro area, which will become Spire Tennessee after closing.
- Spire CEO Scott Doyle commented that the purchase aligns well with the company’s strategy, enabling it to grow its main utility operations and extend service to close to two million residential and commercial customers.
- The transaction, pending regulatory approval, is expected to close in early 2026 and will expand Spire’s utility footprint while supporting Duke Energy’s investment needs.
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·Washington, United States
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Duke sells Piedmont Gas’ Tennessee unit for $2.4B
Duke Energy is selling Piedmont Natural Gas’ Tennessee distribution business to St. Louis-based Spire for $2.4 billion, or 24 times the unit’s 2024 earnings. About $800 million will offset debt and remaining proceeds will help fund Duke’s $83 billion, five-year capital plan. Piedmont has 205,000 customers in Tennessee. It didn’t mention plans for Piedmont’s N.C. business.
·United States
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Total News Sources11
Leaning Left3Leaning Right1Center2Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 33%
R 17%
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