Spire

What Spire does

Spire Inc. (NYSE: SR) is a publicly traded, Missouri-incorporated natural gas utility holding company headquartered in St. Louis. Following the March 31, 2026 closing of its $2.48 billion acquisition of Piedmont Natural Gas's Tennessee business from Duke Energy, Spire distributes natural gas to approximately 2 million homes and businesses across four states (Alabama, Mississippi, Missouri, and Tennessee), operating through state-regulated franchise subsidiaries Spire Alabama, Spire Mississippi (under sale agreement), Spire Missouri, and Spire Tennessee. The regulated business is delivered through owned pipeline infrastructure — including nearly 3,800 miles of Tennessee distribution and transmission mains — supplemented by Automated Meter Reading (AMR) devices that transmit monthly usage data for billing. Customer-facing digital services include the My Account self-service portal and a third-party Paradox-powered chatbot ('Sid') for general inquiries and recruitment support.

The company earns revenue primarily through state PUC-approved tariffs consisting of monthly service charges and volumetric consumption-based rates across residential, commercial, and industrial customer classes. Spire complements rate-based revenue with rebate and low-interest financing programs for high-efficiency appliances, Budget Billing equal-payment plans, and natural-gas backup generator offerings. As part of a 2026 strategic portfolio simplification, Spire divested Spire Marketing (gas marketing, $215M to Boardwalk Pipelines), gas storage assets ($650M to I Squared Capital), and agreed to sell Spire Mississippi ($75M to Delta Utilities), redirecting proceeds toward the Piedmont Tennessee acquisition and an $11.2 billion 10-year regulated capex plan. The company has paid continuous dividends since 1946 and has raised its annualized common stock dividend for 23 consecutive years, with a current quarterly dividend of $0.825/share (4.24% yield). Leadership includes CEO Scott Doyle, COO Steve Greenley (effective Oct 2025), and CFO roles split between Steve Rasche and Adam Woodard.

Name

Spire

Legal name

Spire Inc.

Website

https://spireenergy.com

Company type

Public

Founded year

1946

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Spire Inc. is a publicly traded natural gas utility (NYSE: SR) serving approximately 2 million homes and businesses across Alabama, Mississippi, Missouri, and Tennessee through state-regulated distribution franchises, following its 2026 acquisition of Piedmont Natural Gas's Tennessee business.

Ownership category

akta.pro rank

Headquarters

HQ city

St Louis

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Supply Chain, Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Gas Utility (Regulated): Spire's core revenue stream from regulated natural gas distribution utilities serving approximately 2 million homes and businesses across Alabama, Mississippi, Missouri, and Tennessee. Revenue is derived from regulated tariffs approved by state utility commissions, including base rates, volumetric charges, and infrastructure modernization surcharges. Earnings growth is driven by rate case outcomes, customer growth, and capital investment recovery through mechanisms like Construction Work in Progress (CWIP).
2. Midstream Operations: Natural gas storage operations (Spire Storage West in Wyoming and Spire Storage Salt Plains in Oklahoma, with combined working gas capacity of up to 72 Bcf) providing fee-based storage services. Following strategic portfolio simplification, these assets were agreed to be sold to I Squared Capital for $650 million, expected to close H2 FY2026.
3. Gas Marketing: Spire Marketing Inc. provided gas marketing, supply, transportation, and storage solutions to customers. This business was sold to Boardwalk Pipelines for $215 million (effective April 30, 2026), rebranded as Boardwalk Continuum Marketing, LLC, as part of Spire's strategic shift toward focused regulated utility operations.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Spire is a regulated natural gas utility company that distributes natural gas to approximately 2 million homes and businesses across Alabama, Mississippi, Missouri, and Tennessee through owned pipeline infrastructure. The company earns revenue primarily through state-regulated tariffs approved by utility commissions, offering residential, commercial, and industrial natural gas service along with customer self-service tools (My Account portal), energy efficiency rebates and financing, Budget Billing, and 24/7 emergency response. Following the 2026 acquisition of Piedmont Natural Gas Tennessee, Spire expanded its regulated footprint to become the largest investor-owned natural gas utility in Tennessee.

Product overview

Spire Inc. is a publicly traded natural gas utility company (NYSE: SR) offering regulated natural gas distribution and delivery services to approximately 2 million homes and businesses across four states (Alabama, Mississippi, Missouri, and Tennessee). The company's core product is its gas utility operations, which deliver natural gas through extensive pipeline infrastructure. Spire serves customers through regional sub-brands: Spire Alabama, Spire Mississippi, Spire Missouri, and Spire Tennessee (the latter acquired from Duke Energy in March 2026). Customer-facing digital services include the My Account online portal for bill payment, account management, and usage monitoring. Energy efficiency products include rebates and financing for natural gas appliances (furnaces, water heaters, boilers), smart thermostat offerings, and natural gas generators. The company previously operated midstream businesses (Spire Storage West, Spire Storage Salt Plains, Spire Marketing) which were divested in 2026 as part of Spire's strategic shift toward focused regulated utility operations.

Differentiator

Problem solved

Functional benefit

Brands

• Spire Marketing: Gas marketing business unit (sold to Boardwalk Pipelines LP, completed April 30, 2026)
• Spire Midstream
• Spire Storage
• My Account
• Spire Serves
• DollarHelp
• Day for Good

Products and services

• Residential Natural Gas Distribution Service Regulated delivery of natural gas to homeowners and renters for home heating, cooking, water heating, and appliances. Customers access service through My Account portal, call centers, and in-person service centers. Service is offered under exclusive state-regulated franchise rights in defined geographic territories.
• Commercial and Industrial Natural Gas Service Natural gas supply, transportation, and related solutions for commercial businesses, restaurants, hotels, hospitals, manufacturing facilities, and large industrial operations served through dedicated C&I account management teams.
• My Account Online Customer Portal Digital self-service platform enabling customers to pay bills, manage accounts, view payment history and usage data, enroll in Auto Pay, enroll in Budget Billing, enroll in Paperless Billing, and access account management features 24/7.
• Budget Billing Equal monthly payment plan that averages a customer's estimated annual natural gas usage into 12 predictable monthly payments, helping households smooth seasonal bill volatility.
• Spire Rebates Program Rebate program offering prepaid gift cards upon approval for upgrading to qualifying high-efficiency natural gas appliances, with rebate amounts varying by appliance type, efficiency rating, and state.
• Spire Energy Efficiency Financing Low-interest financing for upgrading to qualifying higher-efficiency natural gas equipment (furnaces, water heaters, insulation). Available in certain regions on select appliances with approved credit, repaid through the customer's Spire bill.
• Natural Gas Backup Generators Permanently installed natural gas backup generators for residential use, providing automatic standby power during outages with reliability, safety, and fuel cost advantages over portable gasoline generators.

Quantifiable outcome

• Households using natural gas for heating, drying, and cooking save more than $1,000 per year on average compared to homes using electricity for the same activities (American Gas Association)
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability1 record

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor, core and flagship.

• Akin (law firm)minorImplementation/ SI/ Consulting Partner · 13 May 2026Law firm Akin Gump served as legal advisor to Spire on its acquisition of the Tennessee Piedmont Natural Gas business from Duke Energy. Akin's four-person team across New York and London, led by Gerald Brant, also advised Apollo-managed funds on acquisitions of Emerald Holding and Questex.
• I Squared Capital (gas storage assets)coreStrategic or Co-development Partner · 8 May 2026In addition to the storage asset sale (announced April 15, 2026), I Squared Capital was noted in April 2026 as part of Spire's portfolio simplification. The sale of natural gas storage assets to I Squared Capital for $650 million was part of Spire's strategic shift toward fully regulated gas utility operations.
• Boardwalk Pipelines, LP (a subsidiary of Loews Corporation)coreStrategic or Co-development Partner · 30 April 2026Boardwalk Pipelines completed the acquisition of Spire Marketing Inc. from Spire Inc. for $215 million in cash, effective April 30, 2026. The acquired business was renamed Boardwalk Continuum Marketing, LLC. The transaction supports Spire's strategic shift to focused regulated utility operations while expanding Boardwalk's natural gas value chain presence into gas marketing, reaching end-use markets including LNG exports and gas-fired power generation. Pat Strange, former president of Spire Marketing, continues to lead the organization under its new name.
• Delta Utilities (a portfolio company of Bernhard Capital Partners)coreStrategic or Co-development Partner · 22 April 2026Delta Utilities, a natural gas utility backed by Bernhard Capital Partners, agreed to acquire Spire Inc.'s Mississippi natural gas distribution business (Spire Mississippi) for $75 million in cash, representing a 1.4x multiple of the 2025 rate base. The transaction includes approximately 745 miles of distribution pipelines serving around 18,000 customers in south-central Mississippi including the Hattiesburg area. More than 35 Spire Mississippi employees are expected to join Delta Utilities. Closing is expected near the end of 2026 (Q1 FY2027), subject to Mississippi Public Service Commission approval.
• I Squared CapitalcoreStrategic or Co-development Partner · 15 April 2026Spire agreed to sell its natural gas storage assets — Spire Storage West (Wyoming) and Spire Storage Salt Plains (Oklahoma) — to I Squared Capital for $650 million, consisting of $600 million in cash at closing and $50 million deferred payment in fiscal 2027. Combined working gas capacity is up to 72 Bcf. The transaction is expected to close in the second half of fiscal 2026, subject to Hart-Scott-Rodino regulatory approval. Proceeds partially fund the Piedmont Tennessee acquisition.
• Duke EnergyflagshipStrategic or Co-development Partner · 31 March 2026Duke Energy completed the sale of its Tennessee Piedmont Natural Gas business to Spire Inc. for $2.48 billion on March 31, 2026. The acquisition transfers nearly 3,800 miles of pipelines and over 200,000 customers in the Greater Nashville area to Spire, making Spire Tennessee the largest investor-owned natural gas utility in the state. The transaction was first announced in July 2025 and required Tennessee Public Utility Commission approval and Hart-Scott-Rodino antitrust clearance. Approximately $800 million of Duke Energy's proceeds were used to repay Piedmont's debt.
• NachaminorGTM or Marketing Partner · 21 October 2025Spire became a Nacha Preferred Partner, integrating ACH Pay-by-Bank payments into its customer commerce. The ACH solution is accepted at 99% of U.S. merchants, offering benefits like faster settlement and lower fees. The partnership supports broader ACH adoption and digital payment convenience for Spire customers.

Scale indicators10 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• Atmos Energy Corporation: Atmos Energy is the largest publicly traded natural gas distribution utility in the U.S., serving over 3 million customers across Texas, Louisiana, Mississippi, Colorado, Kentucky, Tennessee, Virginia, and other states. Closest pure-play peer to Spire given overlapping customer type, regulated gas distribution model, and similar geographic concentration in the South/Midwest.
• ONE Gas, Inc. ONE Gas is a pure-play regulated natural gas utility serving over 2.3 million customers across Oklahoma, Kansas, and Texas. Comparable in size and business model to Spire post-portfolio simplification, with similar reliance on rate case outcomes and weather-driven volumetric risk.
• Southwest Gas Holdings, Inc. Southwest Gas Holdings operates natural gas distribution utilities serving approximately 2 million customers across Arizona, Nevada, and California. Directly comparable as a multi-state regulated gas utility of similar customer scale to Spire.
• Northwest Natural Gas Company: Northwest Natural Holding Company is a regulated natural gas utility serving over 2 million people across Oregon, Washington, and Idaho. Comparable as a smaller pure-play regulated gas utility with similar capital plan / rate case dynamics.
• New Jersey Resources Corporation: New Jersey Resources operates a regulated natural gas distribution business (New Jersey Natural Gas) serving over 560,000 customers, alongside clean energy ventures. Directly comparable for the regulated gas utility segment, with similar business mix patterns to Spire pre-divestiture.
• National Fuel Gas Company: National Fuel Gas Company operates a vertically integrated natural gas business including regulated distribution in Pennsylvania and New York, plus pipeline and exploration. Comparable for the regulated gas distribution segment and multi-state operating model.
• Chesapeake Utilities Corporation: Chesapeake Utilities operates regulated natural gas distribution (Eastern Shore Natural Gas, Florida Public Utilities) and propane distribution. Smaller but directly comparable regulated gas utility with similar franchise model and rate-regulated economics.

Broad incumbents

• Sempra: Sempra is a major multi-utility holding company owning regulated gas utilities (SoCalGas, San Diego Gas & Electric) and Oncor Electric. Broader incumbent with overlapping regulated gas operations, but a diversified portfolio beyond pure gas distribution.
• WEC Energy Group, Inc. WEC Energy Group is a Midwest-focused regulated electric and natural gas utility serving Wisconsin, Illinois, Minnesota, and Michigan. Comparable for regulated utility economics and capital plan / rate case dynamics, though a multi-product utility rather than gas-pure-play.
• Duke Energy Corporation: Duke Energy is one of the largest U.S. utility holding companies, primarily regulated electric with a historic Piedmont Natural Gas business that it sold to Spire for $2.48B in 2026. Comparable as a large regulated utility peer and direct counterparty in Spire's most transformational deal.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/spire_energy
• Facebookfacebook.com/spireenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries6 records

Funding overview

Funding rounds9 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Spire