Duke Energy rises on $2.48 billion sale of Tennessee natural gas business

Spire

29/07/2025 16:38

** Shares of utility company Duke Energy DUK.N rise 1.4% at $119.15

** Company to sell its Piedmont Natural Gas Tennessee distribution company to Spire Inc SR.N for $2.48 billion in cash

** DUK says that about $800 mln of the purchase will be used to pay down debt at Piedmont Natural Gas

** Company adds remaining net proceeds of $1.5 billion will help fund its $83 billion five-year capital plan

** Piedmont's primary operations will continue in the Greater Nashville area

** Transaction is expected to close in 1Q26

** Including sessions moves, DUK up ~11% YTD

(Reporting by Pranav Mathur in Bengaluru)

((Pranav.Mathur@thomsonreuters.com;))