Utility Duke Energy to sell Tennessee natural gas business for $2.48 billion
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Utility Duke Energy to sell Tennessee natural gas business for $2.48 billion
Duke Energy will sell its Tennessee natural gas distribution business to Spire for $2.48 billion in cash. The sale agreement includes nearly 3,800 miles of distribution and transmission pipelines and a liquefied natural gas facility serving about 205,000 customers. The integration of the Tennessee business is expected to expand Spire’s utility footprint.
July 29 (Reuters) – Duke Energy (DUK.N) , opens new tab said on Tuesday it would sell its Tennessee natural gas distribution business to Spire (SR.N) , opens new tab for $2.48 billion in cash, as the utility aims to streamline operations and unlock capital to invest in electric grid upgrades.
About $800 million of the proceeds will be used to pay down debt at Piedmont Natural Gas, while the remaining $1.5 billion will support Duke’s $83 billion five-year capital plan focused on grid modernization and energy transition, the company said in a statement.
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The sale agreement includes nearly 3,800 miles of distribution and transmission pipelines and a liquefied natural gas facility serving about 205,000 customers.
Piedmont’s primary operations will remain in the Greater Nashville area after the transaction closes, expected in the first quarter of 2026.
The integration of the Tennessee business is expected to expand Spire’s utility footprint. The natural gas company has operations in Missouri, Alabama and Mississippi.
Reporting by Pooja Menon in Bengaluru; Editing by Shilpi Majumdar
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