Spire Missouri requests $228M natural gas rate hike

The request allocates $57 million to ISRS recovery and $171 million to net new revenues, subject to commission review.

Available on EDGAR 11/02/2026 - 04:55 PM EST Accepted by SEC EDGAR 11/02/2026 - 04:54 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Spire Inc.'s wholly owned subsidiary Spire Missouri Inc. filed a general rate case with the Missouri Public Service Commission on November 2, 2026, seeking a $228 million total revenue requirement increase. The request includes $57 million expected to be recovered through the Infrastructure System Replacement Surcharge (ISRS) and $171 million in net new revenues tied to infrastructure investment and capital structure. Proposed rates are calculated on an average fiscal 2028 future test year rate base of $5.1 billion and assume a 55.0% common equity ratio and a 10.5% return on equity.

If approved as filed and assuming current natural gas market conditions, average residential bills would rise approximately $10 per month, or 11%, in western Missouri and approximately $13 per month, or 15%, in eastern Missouri. The Missouri Public Service Commission has 11 months to consider the request, with new rates expected to take effect by October 2027. The filing establishes Spire Missouri's first future test year rates and includes mechanisms designed to improve revenue stability and predictability for customers. Spire Missouri also reports investing nearly $808 million since its last rate case to maintain and modernize its Missouri natural gas system.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Total revenue requirement increase: $228 million ISRS recovery: $57 million Net new revenues: $171 million +5 more

8 metrics

Total revenue requirement increase $228 million Requested in Spire Missouri's general rate case

ISRS recovery $57 million Expected to be recovered from customers through the Infrastructure System Replacement Surcharge

Net new revenues $171 million Tied to infrastructure investment and capital structure

Future test year rate base $5.1 billion Average fiscal 2028 rate base used to calculate proposed rates

Common equity ratio 55.0% Assumption used in the rate case

Return on equity 10.5% Assumption used in the rate case

Western Missouri average residential bill increase Approximately $10 per month, or 11% If approved as filed and assuming current natural gas market conditions

Eastern Missouri average residential bill increase Approximately $13 per month, or 15% If approved as filed

Key Terms

general rate case, revenue requirement, Infrastructure System Replacement Surcharge (ISRS), future test year, +2 more

6 terms

general rate case regulatory

"filed a general rate case with the Missouri Public Service Commission"

A general rate case is a formal regulatory proceeding where a public utility asks a government agency for permission to change the prices charged to customers. It matters to investors because the outcome determines the company’s allowed revenue and profit margin—similar to a landlord getting approval to raise rent—which directly affects future cash flow, dividend capacity and the valuation of the utility’s stock or bonds.

revenue requirement financial

"total revenue requirement increase of $228 million"

Infrastructure System Replacement Surcharge (ISRS) regulatory

"recovered from customers through the Infrastructure System Replacement Surcharge (ISRS)"

A surcharge added to customer bills to pay specifically for replacing aging infrastructure—such as pipes, power lines, or network equipment—collected separately from regular service charges and directed to capital repairs. Investors care because it creates a predictable, designated revenue stream for necessary projects, affects future cash flow and profit timing, and carries regulatory and public-acceptance risk much like a dedicated maintenance savings account that spreads big repair costs into steady smaller payments.

future test year financial

"average fiscal 2028 future test year rate base"

rate base financial

"average fiscal 2028 future test year rate base of $5.1 billion"

Rate base is the dollar value of the physical assets and capital a regulated utility uses to deliver its service — things like power plants, pipes, or equipment. Regulators use that value as the starting point to set prices the utility can charge by allowing a specific percentage return on that base, so a larger or higher-valued rate base usually means higher permitted revenues and therefore directly affects investor earnings and the company's ability to raise capital.

return on equity financial

"a 10.5% return on equity"

Return on equity shows how effectively a company uses its shareholders' money to generate profit. It is calculated by dividing the company's net profit by its shareholders' equity, indicating how much profit is earned for each dollar invested by owners. Higher return on equity suggests the company is good at turning investments into earnings, which can be an important factor for investors assessing its profitability and efficiency.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much is Spire Missouri requesting in its SR rate case?

Spire Missouri requested a $228 million total revenue requirement increase, including $57 million expected to be recovered through ISRS and $171 million in net new revenues tied to infrastructure investment and capital structure.

How much could residential bills increase under Spire Missouri's SR rate case?

If approved as filed and assuming current natural gas market conditions, average residential bills would increase approximately $10 per month, or 11%, in western Missouri and approximately $13 per month, or 15%, in eastern Missouri.

When could Spire Missouri's proposed rates take effect?

New rates are expected to be effective by October 2027. The Missouri Public Service Commission has 11 months to consider the case.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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 2, 2026

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
6.375% Junior Subordinated Notes due 2086		SRJN		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 2, 2026, Spire Missouri Inc., a wholly owned subsidiary of Spire Inc. (NYSE: SR), filed a general rate case with the Missouri Public Service Commission (Docket No. GR-2027-0075) that includes new proposed rates for its service areas. This filing establishes Spire Missouri’s first future test year rates and includes mechanisms designed to improve revenue stability and predictability for customers.

Spire’s request represents a total revenue requirement increase of $228 million, including $57 million expected to be recovered from customers through the Infrastructure System Replacement Surcharge (ISRS) and $171 million to be net new revenues recovered from infrastructure investment and capital structure. The proposed rates are calculated on an average fiscal 2028 future test year rate base of $5.1 billion.

The filing assumes a common equity ratio of 55.0% and a 10.5% return on equity.

In accordance with Missouri law, the MoPSC has 11 months to consider this filing, with new rates expected to be effective by October 2027.

A copy of the related press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No. Description

99.1 Press Release, dated November 2, 2026, issued by Spire Inc.
 

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 2, 2026		By:	/s/ Adam W. Woodard
				Adam W. Woodard Executive Vice President and Chief Financial Officer

			Spire Missouri Inc.
Date:	November 2, 2026		By:	/s/ Melinda S. Rush
				Melinda S. Rush Chief Financial Officer

Exhibit 99.1

Investor Contact:
Megan L. McPhail
314-309-6563
Megan.McPhail@SpireEnergy.com Media Contact:
Jason Merrill
314-342-3300 Jason.Merrill@SpireEnergy.com

For Immediate Release

Spire Missouri rate case filing supports continued investments in safety and reliability

ST. LOUIS (Nov. 2, 2026) - Today, Spire Missouri filed a rate case with the Missouri Public Service Commission (PSC) to support continued investments in its natural gas system that enhance safety, reliability and service for customers.

“Our focus is on safely and reliably delivering affordable natural gas service to more than 1.2 million Missouri customers,” said Steve Mills, Spire Missouri president. “Since our last rate case, we’ve continued to modernize and upgrade our system, benefiting customers with enhanced reliability and fueling economic growth and job creation. We are fortunate to be both a trusted energy provider and a trusted community partner across Missouri.”

If the request is approved as filed, assuming current natural gas market conditions, the average residential bill would increase approximately $10 per month, or 11%, for Spire customers in western Missouri. In eastern Missouri, the average bill for residential customers would increase approximately $13 per month, or 15%. New rates would go into effect next fall as the PSC typically completes its review of a rate case within approximately eleven months of filing.

Investments to better serve customers

Since Spire Missouri’s last rate case, the utility has continued to make investments in its delivery system and technology to benefit customers. These include:

•Spire has invested nearly $808 million to maintain and modernize its Missouri natural gas system, enhancing safety and reliability of its distribution system while reducing emissions.

•New infrastructure reduces ongoing maintenance costs and enhances reliability and service for the future. It also ensures that Missouri has the energy infrastructure needed to support communities, economic growth and job creation.

•During FY26, Spire helped support 24 publicly announced economic development projects in Missouri, representing an investment of nearly $537 million in the state economy and resulting in the creation of more than 1,400 jobs. Access to natural gas played a key role in securing many of these projects.

Assistance is available for customers

Spire remains committed to keeping bills as low as possible for customers. According to data from the American Gas Association, natural gas continues to be more cost-effective than other energy sources

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as customers who use natural gas to heat homes, dry clothes and heat water save more than $1,000 annually when compared to those who use electricity. In fact, in Missouri, electricity is more than two times more expensive than natural gas.

For some customers who are vulnerable, any cost increase can carry disproportionate impact. That’s why Spire is committed to finding effective ways to help. During fiscal 2026, Spire connected Missouri customers with nearly $14 million in federal, state and Spire energy assistance funding to help pay their natural gas bills, providing even more support to customers amid inflation and rising costs.

Spire continues to provide multiple programs for those with higher energy burdens, including:

•DollarHelp

•Payment Arrangements

•LIHEAP

•Customer Charge Waiver Program

•Payment Partner Program

•Critical Medical Needs

•Budget Billing

Customers who are struggling are encouraged to contact Spire or its community partners to learn more about options by calling 211 or visiting spireenergy.com/assistance.

About Spire

At Spire (NYSE: SR), our vision is to deliver a stronger energy future as an industry-leading natural gas provider. We safely and reliably serve the natural gas needs of close to 2 million homes and businesses through gas utilities in Alabama, Mississippi, Missouri and Tennessee, making us one of the largest publicly traded natural gas companies in the country. We are committed to transforming our business through growing organically, investing in infrastructure and driving continuous improvement. Learn more at SpireEnergy.com.

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Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 24.3 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 56.5 KB