Investor Presentation December 2021
Our Spire utility portfolio
Alabama
Gulf
Mississippi
Missouri
Primary office
Birmingham
Mobile
Hattiesburg
St. Louis
Employees¹
993
127
41
2,489
Customers¹
428,400
84,300
18,400
1,194,781
Pipeline miles
~24,100
~4,300
~1,200
~31,100
Rate base (Millions)
$6342
$1172
$443
$2,8994
Return on equity
10.4%5
9.95%
9.83%
9.37%4
Equity capitalization
55.5%5
55.5%6
50.0%
49.9%4
¹Employees as of 9/30/21 and average customers for 12 months ended 9/30/21.
2The Rate Stabilization and Equalization (RSE) mechanism in Alabama uses average common equity, rather than rate base, for ratemaking purposes. Amounts shown are actual
average common equity for fiscal 2021.
3Mississippi net plant less deferred taxes for Rate Stabilization Adjustment (RSA) purposes, as of 6/30/21.
4Per amended order issued Nov. 11, 2021, in Spire Missouri's most recent rate case.
5Terms of renewed RSE, effective 10/1/18 through 9/30/22. Allowed ROE range of 10.15% - 10.65%, with a 10.4% midpoint. Spire Alabama is eligible for a 10 bp increase in its
ROE in the current year if it exceeds the threshold number of miles of pipeline replaced in the prior year under the Accelerated Infrastructure Modernization (AIM) mechanism.
Spire Alabama qualified for the additional ROE for fiscal 2022, but does not plan to apply it.
6Terms of revised RSE effective 10/1/21 through 09/30/25.
20 Spire | Investor presentation
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