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Duke Energy: $800M of proceeds going to offset Piedmont debt
ByAinvest
Tuesday, Jul 29, 2025 7:06 am ET1min read
Duke Energy: $800M of proceeds going to offset Piedmont debt
Charlotte, N.C. — Duke Energy (NYSE: DUK) has announced plans to use $800 million of the proceeds from the sale of its Piedmont Natural Gas Tennessee business to offset debt at Piedmont Natural Gas. The transaction, which is expected to close in the first quarter of 2026, will help Duke Energy maintain its capital structure and support its $83 billion five-year capital plan.The sale, which was announced on July 29, 2025, involves the transfer of Piedmont Natural Gas Tennessee's operations to Spire Inc. (NYSE: SR) for $2.48 billion in cash. Approximately $800 million of the proceeds will be used to offset debt at Piedmont Natural Gas, while the remaining $1.5 billion will be used to fund Duke Energy's capital plan. The capital plan is focused on energy modernization investments to deliver value for customers and shareholders.
Harry Sideris, Duke Energy's president and chief executive officer, commented on the transaction, stating that it will allow the company to efficiently fund accelerating investment opportunities driven by record customer growth and a deepening economic development pipeline. Sideris also thanked customers and the Nashville community for their support and recognized the Piedmont Natural Gas team for their commitment to customers and operational excellence.
Scott Doyle, president and chief executive officer of Spire, expressed excitement about the acquisition, stating that it is a natural fit for Spire and will allow the company to expand its utility business and increase its customer base. Doyle also emphasized Spire's commitment to safety and community engagement.
The transaction is subject to customary closing conditions, including regulatory approval by the Tennessee Public Utility Commission and the expiration or termination of the waiting period under the Hart-Scott-Rodino Act. Duke Energy received financial and legal support from JP Morgan Securities LLC, RBC Capital Markets LLC, Skadden, Arps, Slate, Meagher & Flom LLP, McGuireWoods, and Holland & Knight.
References:
[1] https://finance.yahoo.com/news/duke-energy-announces-sale-tennessee-110000277.html
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