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Boardwalk Enters Agreement To Acquire Retail Supplier
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Spire Inc. announced that it has entered into an agreement to sell its gas marketing business, Spire Marketing Inc. (Spire Marketing), to Boardwalk Pipelines, LP (Boardwalk) for $215 million in cash.
Spire Marketing markets natural gas and related services across the United States, including serving end-use customers and, in some jurisdictions, engaging in sales as a retail supplier
Spire Marketing is among the winning retail suppliers in Ohio Standard Choice Offer auctions (including in 2026), which include residential customers in addition to small commercial customers
Spire Marketing has a primary focus on the procurement and physical delivery of natural gas to what it terms a diverse customer base in the central and southern United States. Spire Marketing serves commercial and industrial customers through its retail operations, and serves producers, pipelines, power generators, municipalities, storage operators, and utilities through its wholesale operations.
In a 10-K for the fiscal year ending September 30, 2025, Spire Inc. had said of Spire Marketing (the Gas Marketing segment): "Through its retail operations, Spire Marketing offers natural gas marketing services to large commercial and industrial customers, while its wholesale business consists of producers, pipelines, power generators, municipalities, storage operators, and utility companies. Wholesale activities currently represent a majority of the total Gas Marketing business."
For fiscal 2025 and 2024, Spire Marketing volumes averaged 1.22 Bcf/day and 1.32 Bcf/day, respectively
With respect to natural gas, Boardwalk Pipelines' current operations are focused on natural gas transportation & storage, with the acquisition of Spire Marketing extending Boardwalk's operations into natural gas marketing
Scott Hallam, president and chief executive officer of Boardwalk Pipelines, stated, "This is a step forward for Boardwalk as we continue to expand our participation across the natural gas value chain. By bringing on an experienced team with deep market expertise and established commercial capabilities, we seek to strengthen our asset optimization and more effectively serve our customers' increasingly complex energy needs. We were impressed by the strength and depth of Spire Marketing's management team, and we look forward to partnering with them as we build upon this platform."
Boardwalk further said, "The addition of Spire Marketing would broaden Boardwalk's marketing capabilities and customer reach, increasing flexibility, connectivity, and optionality for customers seeking a variety of energy solutions. This acquisition reflects Boardwalk's continued focus on long-term value creation through disciplined growth initiatives designed to optimize natural gas flows. In doing so, Boardwalk aims to strengthen customer relationships and support America's growing and evolving energy market."
Pat Strange, president of Spire Marketing, said, "We are excited to join Boardwalk which has such a positive industry presence and reputation to go along with a vision that recognizes the value and need for marketing and trading capabilities. We expect a seamless transition for our employees and clients as we join Boardwalk and continue to move our business forward."
The transaction is expected to close in the second calendar quarter of 2026 and is subject to regulatory approvals and completion of other customary closing conditions.
Spire Inc. said that proceeds from the transaction are expected to be used to partially fund the acquisition of the Piedmont Natural Gas Tennessee business and general corporate purposes. Spire continues to evaluate the sale of its natural gas storage facilities to fund the acquisition and expects to provide an update no later than its second quarter fiscal 2026 earnings conference call in May.
Scott Doyle, president and chief executive officer of Spire Inc. said, "As we continue to sharpen our focus on our core regulated utility operations, we have entered into an agreement to sell our gas marketing business. The sale simplifies our business mix, improves our risk profile and enhances long-term earnings visibility."
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March 30, 2026
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Copyright 2026 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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