Duke Energy concludes $2.48 billion divestment of Tennessee gas assets to Spire

Key Takeaways

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

Approximately $800 million of the proceeds will be used to pay down debt at Piedmont Natural Gas.

The remaining $1.5 billion in net proceeds will help fund Duke Energy's $103 billion five-year regulated capital plan.

The divested assets include nearly 3,800 miles of pipeline serving over 200,000 customers in Tennessee.

The transaction was originally announced on July 29, 2025.

Duke Energy (NYSE: DUK) announced the completion of the sale on March 31, 2026, following an agreement originally reached in July 2025. The deal transfers Piedmont Natural Gas's Tennessee operations, which include approximately 3,800 miles of distribution and transmission pipelines serving more than 200,000 customers, to Spire.

Of the $2.48 billion in proceeds, Duke Energy will allocate approximately $800 million to retire debt at Piedmont Natural Gas to maintain its capital structure. The remaining $1.5 billion, net of taxes, is earmarked for the company's $103 billion five-year regulated capital plan, which focuses on grid modernization and meeting increased load demand while managing customer costs.