UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 25, 2024
Commission File Number | | Name of Registrant, Address of Principal Executive Offices and Telephone Number | | State of Incorporation | | IRS Employer Identification No. |
| | | | | | | |
| 1-16681 | | Spire Inc.
700 Market Street
St. Louis, MO 63101
314-342-0500 | | Missouri | | 74-2976504 |
| | | | | | | |
| 1-1822 | | Spire Missouri Inc.
700 Market Street
St. Louis, MO 63101
314-342-0500 | | Missouri | | 43-0368139 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Exchange Act (only applicable to Spire Inc.):
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| | | | | |
| Common Stock $1.00 par value | | SR | | New York Stock Exchange LLC |
| | | | | |
Depositary Shares, each representing a 1/1,000th interest in a share of 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $25.00 per share | | SR.PRA | | New York Stock Exchange LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On November 25, 2024, Spire Missouri Inc. (Spire), a wholly owned subsidiary of Spire Inc. (NYSE: SR), filed a general rate case with the Missouri Public Service Commission (MoPSC) that includes new proposed rates for its service areas. The case proposes an increase in base rates, reflecting recovery of system investments and operating costs necessary to maintain the safety and reliability of its natural gas distribution systems, as well as to support enhancements to customer service.
Spire’s request, if approved, represents a base rate increase of $289.5 million. Spire is already recovering $53.6 million from customers through the Infrastructure System Replacement Surcharge (ISRS), resulting in a net base rate increase request of $235.9 million. The proposed rates are calculated on a filed rate base of $4,386 million.
The rate base has increased by 32 percent since Spire’s last general rate filing test year ended September 30, 2022, reflecting the significant investment made in infrastructure upgrades and other systems. Among other things, the filing proposes changes in recovery mechanisms to address the impacts of both weather and conservation, updates the Company’s cost of capital, and further aligns the tariffs of the company’s service areas.
The filing assumes a common equity ratio of 55.0% and a 10.5% return on equity. We anticipate that certain measures, such as rate base, capital structure and operating costs will be updated over the course of the rate proceeding.
In accordance with Missouri law, the MoPSC has 11 months to consider this filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | Spire Inc. |
| Date: | November 26, 2024 | | By: | /s/ Adam W. Woodard |
| | | | | Adam W. Woodard Vice President and Treasurer |
| | | | Spire Missouri Inc. |
| Date: | November 26, 2024 | | By: | /s/ Adam W. Woodard |
| | | | | Adam W. Woodard Vice President, Chief Financial Officer and Treasurer |
