Spire to sell natural gas storage assets to I Squared for $650 million
15/04/2026 12:44
April 15 (Reuters) - Spire SR.N said on Wednesday it would sell its natural gas storage assets in Wyoming and Oklahoma to infrastructure investor I Squared Capital for $650 million, as the utility sharpens focus on regulated operations. The deal comes as higher electricity demand and the enduring importance of gas-fired power in balancing grids and meeting peak loads are underpinning demand for reliable natural gas infrastructure. Spire said proceeds from the deal are expected to partially fund Spire's $2.48 billion acquisition of Piedmont Natural Gas Tennessee. The deal is expected to close in the second half of 2026. The sale includes Spire Storage West in Wyoming and Spire Storage Salt Plains in Oklahoma, with a combined authorized working gas capacity of about 72 billion cubic feet. The deal comprises $600 million in cash at closing and a fixed $50 million deferred payment due in fiscal 2027. Last month, Spire sold its gas marketing unit Spire Marketing to Boardwalk Pipelines for $215 million in cash. (Reporting by Dharna Bafna in Bengaluru; Editing by Sahal Muhammed) ((Dharna.Bafna@thomsonreuters.com))