Duke Energy sells Piedmont Natural Gas Tennessee business to Spire for $2.48B

Duke Energy CORP

Purchase price represents 1.8x 2024 year-end rate base and 24x 2024 earnings.
Approximately $800M of proceeds to offset Piedmont debt; net $1.5B to fund $83B capital plan.
Transaction subject to TN Public Utility Commission approval and HSR waiting period; expected close Q1 2026.
Duke Energy reaffirms 2025 adjusted EPS guidance of $6.17-$6.42 and 5-7% long-term growth rate.
After-tax proceeds of $1.5B satisfy vast majority of common equity needs through 2026.

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