Investor Presentaiton
Our Spire utility portfolio
Alabama
Gulf
Mississippi
Missouri
Primary office
Birmingham
Mobile
Hattiesburg
St. Louis
Customers¹
430,200
84,000
18,300
1,203,000
Pipeline miles
~24,400
~4,200
~1,200
~31,400
Rate base (Millions)
$47²
$3,4133
Avg. common equity (Millions)
$6784
$1274
Return on equity
9.70%5
9.95%6
9.83%
Equity capitalization
55.5%5
55.5%6
50.0%
1 Average customers for 12 months ended 9/30/23.
2Mississippi net plant less deferred taxes for Rate Stabilization Adjustment (RSA) purposes, as of 6/30/22.
3Actual rate base at March 31, 2023.
4The 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 2022.
5Terms of renewed RSE, effective 10/1/22 through 9/30/25. Allowed ROE range of 9.50% - 9.90%, with a 9.70% 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 2023, but did not plan to apply it.
6 Terms of revised RSE effective 10/1/21 through 09/30/25. Allowed ROE range of 9.7% - 10.3%, with a 9.95% midpoint.
4
Spire | Investor presentation
December 2023View entire presentation