Duke Energy said its subsidiary Piedmont completed the sale of its Tennessee natural gas local distribution company business to Spire Tennessee Inc. on March 31, 2026 for $2.48 billion in cash. The company explained the amount is subject to customary purchase price adjustments.

1. 01

   Duke Energy said its subsidiary Piedmont completed the sale of its Tennessee natural gas local distribution company business to Spire Tennessee Inc. on March 31, 2026 for $2.48 billion in cash. The company explained the amount is subject to customary purchase price adjustments.

2. 02

   On an unaudited pro forma basis assuming the transaction had occurred on January 1, 2025, Duke Energy disclosed that Piedmont's total operating revenues for 2025 would have changed from $2,237 million to $1,911 million, and net income from $440 million to $887 million.

3. 03

   The company said it calculated the estimated gain on disposal by taking the total consideration of $2.48 billion, less the net assets sold of $1.74 billion and estimated transaction costs of $50 million, and noted the actual gain could differ based on the net book value at closing.

4. 04

   In the pro forma balance sheet assuming the transaction had occurred on December 31, 2025, Duke Energy reflected the repayment of $800 million of company debt from the sale proceeds, and disclosed that cash and cash equivalents would have changed from $1 million to $1,334 million.

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