Duke Energy Sells Piedmont Natural Gas Business for $2.48B to Fund $103B Capex Plan
Duke Energy completed the $2.48 billion sale of its Tennessee Piedmont Natural Gas business to Spire, allocating $800 million of proceeds to pay down Piedmont debt. The remaining $1.5 billion net proceeds will fund its $103 billion regulated capital investment plan over the next five years.
1. Sale Completion and Transaction Details
Duke Energy finalized the previously announced July 2025 sale of its Tennessee Piedmont Natural Gas business to Spire for $2.48 billion. The deal transfers nearly 3,800 miles of pipelines and over 200,000 customer connections in the Greater Nashville area to Spire.
2. Allocation of Proceeds
Of the total proceeds, $800 million will be used to reduce debt at Piedmont Natural Gas, preserving its capital structure. The remaining $1.5 billion net of tax is earmarked to support Duke Energy’s ongoing operations and investment strategy.
3. Capital Investment Plan Impact
The net proceeds will bolster Duke Energy’s industry-leading $103 billion regulated capital program through 2030. These investments are designed to expand system capacity, modernize the grid, and serve growing customer demand while managing costs.