Investor Presentaiton
Gas utilities regulatory jurisdictions
Spire Missouri
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Missouri PSC; average-rated jurisdiction by Regulatory Research Associates (RRA)
Cost-of-service, rate base and capital structure determined using historical test year
Weather mitigated rate designs with riders/trackers for purchased gas costs, pensions,
energy efficiency and property taxes
Infrastructure System Replacement Surcharge (ISRS) enables recovery of (and on)
infrastructure investment with filings typically covering six-month periods
Spire Alabama and Spire Gulf
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Alabama PSC; top-rated jurisdiction by RRA
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Rate Stabilization and Equalization (RSE) annual rate-setting process
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Rates set based on forward-year budget using retained shareholder equity as "rate base"
Includes recovery of planned capex and achievement of allowed ROE
Cost Control Measure (CCM) and recovery mechanisms include gas costs, weather
normalization, Off-System Sales and Capacity Release
Spire Mississippi
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Mississippi PSC; average-rated jurisdiction by RRA
• Rate Stabilization Adjustment (RSA) provides for annual rate performance reviews
5 Spire | Investor presentation December 2023
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