As explained in Note 1, Summary of Significant Accounting Policies, the Utilities account for regulated operations in accordance with FASB ASC Topic 980, Regulated Operations. The following regulatory assets and regulatory liabilities were reflected in the balance sheets of the Company, Spire Missouri and Spire Alabama as of June 30, 2025, September 30, 2024, and June 30, 2024.


	June 30,		September 30,		June 30,
Spire	2025		2024		2024
Regulatory Assets:
Current:
Unamortized purchased gas adjustments	$	1.2	$	28.9	$	58.0
Other		33.8		86.5		31.8
Total Current Regulatory Assets		35.0		115.4		89.8
Noncurrent:
Pension and postretirement benefit costs		236.4		237.5		243.2
Cost of removal		687.2		668.2		658.0
Future income taxes due from customers		155.0		150.7		149.0
Energy efficiency		63.7		61.0		59.1
Unamortized purchased gas adjustments		—		1.2		—
Other		151.1		133.2		173.5
Total Noncurrent Regulatory Assets		1,293.4		1,251.8		1,282.8
Total Regulatory Assets	$	1,328.4	$	1,367.2	$	1,372.6
Regulatory Liabilities:
Current:
Unamortized purchased gas adjustments	$	44.0	$	42.3	$	33.3
Other		4.6		7.2		4.6
Total Current Regulatory Liabilities		48.6		49.5		37.9
Noncurrent:
Deferred taxes due to customers		103.7		114.2		117.5
Pension and postretirement benefit costs		261.1		232.9		192.3
Accrued cost of removal		138.3		133.6		135.4
Unamortized purchased gas adjustments		44.8		17.2		83.6
Other		34.1		37.6		18.7
Total Noncurrent Regulatory Liabilities		582.0		535.5		547.5
Total Regulatory Liabilities	$	630.6	$	585.0	$	585.4


	June 30,		September 30,		June 30,
Spire Missouri	2025		2024		2024
Regulatory Assets:
Current:
Unamortized purchased gas adjustments	$	—	$	28.1	$	57.6
Other		8.7		55.9		5.4
Total Current Regulatory Assets		8.7		84.0		63.0
Noncurrent:
Future income taxes due from customers		147.2		142.7		140.8
Pension and postretirement benefit costs		172.5		166.5		177.5
Energy efficiency		63.7		61.0		59.1
Unamortized purchased gas adjustments		—		1.2		—
Cost of removal		91.4		97.0		97.0
Other		138.7		119.6		159.7
Total Noncurrent Regulatory Assets		613.5		588.0		634.1
Total Regulatory Assets	$	622.2	$	672.0	$	697.1
Regulatory Liabilities:
Current:
Unamortized purchased gas adjustments	$	14.0	$	10.2	$	—
Total Current Regulatory Liabilities		14.0		10.2		—
Noncurrent:
Deferred taxes due to customers		92.0		101.8		105.1
Pension and postretirement benefit costs		227.2		196.6		165.7
Accrued cost of removal		96.9		94.5		97.1
Unamortized purchased gas adjustments		44.8		17.2		83.6
Other		30.2		33.2		14.2
Total Noncurrent Regulatory Liabilities		491.1		443.3		465.7
Total Regulatory Liabilities	$	505.1	$	453.5	$	465.7


	June 30,		September 30,		June 30,
Spire Alabama	2025		2024		2024
Regulatory Assets:
Current:
Other	$	13.2	$	19.2	$	14.7
Total Current Regulatory Assets		13.2		19.2		14.7
Noncurrent:
Future income taxes due from customers		1.6		1.8		1.8
Pension and postretirement benefit costs		61.8		68.2		62.3
Cost of removal		595.7		571.2		561.0
Other		0.5		0.8		0.9
Total Noncurrent Regulatory Assets		659.6		642.0		626.0
Total Regulatory Assets	$	672.8	$	661.2	$	640.7
Regulatory Liabilities:
Current:
Unamortized purchased gas adjustments	$	29.3	$	30.9	$	32.2
Other		—		2.9		—
Total Current Regulatory Liabilities		29.3		33.8		32.2
Noncurrent:
Pension and postretirement benefit costs		23.0		25.1		16.4
Other		2.8		3.2		3.2
Total Noncurrent Regulatory Liabilities		25.8		28.3		19.6
Total Regulatory Liabilities	$	55.1	$	62.1	$	51.8

A portion of the Company’s and Spire Missouri’s regulatory assets are not earning a return, as shown in the table below:


	June 30,		September 30,		June 30,
	2025		2024		2024
Spire
Pension and postretirement benefit costs	$	127.2	$	129.7	$	135.9
Future income taxes due from customers		153.4		148.9		147.1
Unamortized purchased gas adjustments		—		29.3		57.6
Other		111.7		132.5		132.3
Total Regulatory Assets Not Earning a Return	$	392.3	$	440.4	$	472.9

Spire Missouri
Pension and postretirement benefit costs	$	127.2	$	129.7	$	135.9
Future income taxes due from customers		147.2		142.7		140.8
Unamortized purchased gas adjustments		—		29.3		57.6
Other		111.7		132.5		132.3
Total Regulatory Assets Not Earning a Return	$	386.1	$	434.2	$	466.6

Like all the Company’s regulatory assets, these regulatory assets as of June 30, 2025 are probable of recovery from customers in future rates. The recovery period for the future income taxes due from customers and pension and other postretirement benefit costs could be 20 years or longer, based on current Internal Revenue Service guidelines and average remaining service life of active participants, respectively. The recovery period for the PGA assets is about one year. The other items not earning a return are expected to be recovered over a period not to exceed 15 years, consistent with precedent set by the MoPSC, except for certain debt costs expected to be recovered over the related debt term (currently up to 2051). Spire Alabama does not have any regulatory assets that are not earning a return.

On November 12, 2024, the MoPSC approved a PGA decrease of approximately 30% for both the eastern and western service territories of Spire Missouri effective November 15, 2024 reflecting changes in natural gas commodity prices.

On November 25, 2024, Spire Missouri filed a general rate case with the MoPSC that included 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. On July 10, 2025, the parties reached a settlement agreement in principle and filed a joint motion to suspend the procedural schedule for the case which the Commission adopted on July 14, 2025. The parties subsequently filed a unanimous stipulation and agreement on August 4, 2025 detailing the material terms to settle all aspects of the case. The stipulation and agreement, if approved by the MoPSC, represents a base rate increase of $210.0. Spire is already recovering $72.6 from customers through ISRS for its eligible capital projects through February 2025, resulting in a net base rate increase request of $137.4. We do not expect terms of the agreement to impact any amounts previously recorded. The stipulation and agreement reflects rates based on a total rate base of $4,379.6, reflecting the significant investment made in infrastructure upgrades and other systems since Spire’s last general rate filing, and a 7.05% post-tax total rate of return for future ISRS purposes.

The ISRS allows Spire Missouri expedited recovery for its investment to replace qualifying components of its infrastructure without the necessity of a formal rate case. On January 17, 2025, Spire Missouri initiated an ISRS case reflecting eligible capital projects from September 2024 through February 2025 (including estimates for January and February). On April 17, the MoPSC Staff recommended an increase of $19.0, to which no party objected. The MoPSC authorized new rates to take effect on May 14, 2025 reflecting a total annual revenue of $72.6. All ISRS charges will be reset to zero once new base rates are established in the general rate case described above.

On November 1, 2023, Spire Missouri filed a revised tariff sheet docket (GR-2023-0217) for the Missouri East and Missouri West PGA rider covering the 2022-2023 period reflecting changes to its ACA. On December 13, 2024, the MoPSC staff issued its recommendation and memorandum in the case. Spire filed its response to the recommendations and proposed a settlement conference be held between the parties. The MoPSC approved a full and unanimous stipulation and agreement on March 26, 2025, with no material impact on historically reported results.

The Rate Stabilization and Equalization (RSE) mechanism, which requires Spire Alabama to file an annual rate review based on the utility’s budget for the upcoming fiscal year, was last renewed in 2022, and absent a Commission order modifying Spire Alabama’s tariff, the existing RSE terms shall continue in effect beyond September 30, 2025. Filings are reviewed by the APSC and Office of the Attorney General and approved by the APSC. Revenue requirements are calculated to include Spire Alabama’s anticipated cost of service in addition to an updated return on common equity (RCE) within the allowed range. Rates are set by allocating the revenue requirements among the volumes budgeted for each of Spire Alabama’s customer classes. In addition, the utility is subject to points of test to periodically measure whether fiscal year earnings are projected to be above the allowed RCE range. If so, a revenue adjustment and corresponding regulatory liability are recorded in the period the test was performed and the excess is returned to customers as stipulated by the APSC as a rate reduction commonly referred to as an “RSE giveback.”

In October 2023, Spire Alabama made its annual RSE rate filing presenting the utility’s budget for the fiscal year ended September 30, 2024, and new rates designed to provide an annualized revenue increase of $14.3 became effective January 1, 2024. At the September 30, 2024 point of test, the RCE was above the allowed range, and resulted in an annualized refund of $4.0 that was reflected in a rate reduction effective December 1, 2024. This refund was accrued for as an RSE giveback as of September 30, 2024.

On October 24, 2024, Spire Alabama made its annual RSE rate filing, presenting the utility’s preliminary budget for the fiscal year ending September 30, 2025. The final budget was filed and approved on November 26, 2024. The filing included an increase to the Company’s return on equity that was offset by cost reductions due to customer affordability efforts, and therefore no adjustment was required to base rates that went into effect on December 1, 2024. Based on results through December 31, 2024, Spire Alabama’s RCE for fiscal year 2025 was projected to be above the allowed range as of the March point of test, and a provision of $4.1 reducing revenue that was recorded in the first quarter in anticipation of an RSE giveback. Contribution margins in the second quarter of the fiscal year were lower than projected, and based on actual results through March 31, 2025, the March point of test for Spire Alabama, was in the allowed range. As a result, the provision recorded was reversed in the second quarter.

Spire Alabama’s rate schedules for natural gas distribution charges contain a GSA rider which permits the pass-through to customers of changes in the cost of gas supply. In fiscal 2024 and 2025, GSA rate decreases were effective October 1, 2023, January 1, 2024, April 1, 2024, and October 1, 2024, primarily attributable to changes in natural gas commodity prices.

In addition to those discussed above for Spire Missouri and Spire Alabama, Spire is affected by the following regulatory matters.

Spire Gulf operates under an RSE mechanism similar to that of Spire Alabama. In October 2023, Spire Gulf made its annual RSE filing, presenting the utility’s budget for the fiscal year ended September 30, 2024, and new rates designed to provide an annualized revenue increase of $2.7 became effective December 13, 2023. On October 25, 2024, Spire Gulf made its annual RSE rate filing, presenting the utility’s preliminary budget for the fiscal year ending September 30, 2025. The final budget was filed and approved on December 2, 2024, reflecting an approved increase in annual revenues of $1.3, with new rates effective December 4, 2024.

The Mississippi Public Service Commission (MSPSC) approved stipulation agreements between the Mississippi Public Utility Staff (MPUS) and Spire Mississippi that provided for increased annual revenues of $1.0 and $0.6 through rates effective on January 1, 2024 and 2025, respectively.