Business
Duke Energy announces sale of its Tennessee Piedmont Natural Gas business to Spire for $2.48 billion
Duke Energy (NYSE: DUK) today announced it reached an agreement to sell its Piedmont Natural Gas Tennessee local distribution company business for $2.48 billion in cash to Spire Inc. ("Spire") – one of the largest publicly traded natural gas companies in the country.
About this update from Duke Energy Corporation (holding Company)
[{"type":"list","items":[{"val":[{"type":"text","content":"Transaction expected to close Q1 2026 ","length":37,"tagName":"p"}]},{"val":[{"type":"text","content":"Proceeds help efficiently fund Duke Energy's $83 billion five-year capital plan ","length":83,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":120,"olType":false},{"type":"text","content":"CHARLOTTE, N.C., July 29, 2025 /PRNewswire/ -- Duke Energy (NYSE: DUK) today announced it reached an agreement to sell its Piedmont Natural Gas Tennessee local distribution company business for $2.48 billion in cash to Spire Inc. ("Spire") – one of the largest publicly traded natural gas companies in the country.","length":324,"tagName":"p"},{"type":"image","alt":"Duke Energy logo (PRNewsfoto/Duke Energy)","displaySize":"","headline":null,"caption":"Duke Energy logo (PRNewsfoto/Duke Energy)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":128,"url":"https://media.zenfs.com/en/prnewswire.com/829a69c01f1ce34f867ba8075a40a22b"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/AZkz2p7IVk.0RFE.fpGQ7Q--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTIyNjtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/829a69c01f1ce34f867ba8075a40a22b","width":400,"height":128}},"href":"https://mma.prnewswire.com/media/660545/Duke_Energy_New_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"The sale price represents a 1.8x multiple of 2024 year-end rate base and a 24x multiple of 2024 earnings – a significant premium to Duke Energy's common stock. Approximately $800 million of the proceeds will be used to offset debt at Piedmont Natural Gas to maintain its capital structure, and Duke Energy expects to utilize existing tax credits to offset a majority of the cash taxes resulting from the transaction. The remaining net proceeds of $1.5 billion will help efficiently fund Duke Energy's $83 billion five-year capital plan – a plan that is focused on energy modernization investments to deliver value for customers and shareholders.","length":653,"tagName":"p"},{"type":"text","content":""The transaction allows us to efficiently fund accelerating investment opportunities driven by record customer growth and a deepening economic development pipeline," said Harry Sideris, Duke Energy president and chief executive officer. "We're confident ...