Spire Missouri Inc. filed a general rate case with the Missouri Public Service Commission on November 2, 2026, requesting a total revenue requirement increase of $228 million and proposing the subsidiary's first future test year rates.

Key Highlights

  • Total revenue increase requested: $228 million, according to the filing.
  • ISRS recovery: $57 million of the requested amount is expected to be recovered through the Infrastructure System Replacement Surcharge.
  • Net new revenues: $171 million to be recovered from infrastructure investment and capital structure, as disclosed.
  • Future test year rate base: Proposed rates are calculated on an average fiscal 2028 future test year rate base of $5.1 billion.
  • Assumed equity ratio and return: The filing assumes a common equity ratio of 55.0% and a 10.5% return on equity.
  • Regulatory timeline: The Missouri Public Service Commission has 11 months to consider the filing, with new rates expected to be effective by October 2027.

Spire Missouri's General Rate Case: Key Terms and Regulatory Process

Spire Missouri Inc., a wholly owned subsidiary of Spire Inc. (NYSE:SR), filed a general rate case with the Missouri Public Service Commission under Docket No. GR-2027-0075 on November 2, 2026. According to the filing, this is Spire Missouri's first filing to establish future test year rates and includes mechanisms described as designed to improve revenue stability and predictability for customers.

The filing breaks the $228 million total revenue requirement increase into two components. The company disclosed that $57 million is expected to be recovered from customers through the Infrastructure System Replacement Surcharge, while the remaining $171 million represents net new revenues to be recovered from infrastructure investment and capital structure. The proposed rates are based on an average fiscal 2028 future test year rate base of $5.1 billion. The filing also assumes a common equity ratio of 55.0% and a return on equity of 10.5%.

In accordance with Missouri law, the Missouri Public Service Commission has 11 months to consider the filing. The company reported that new rates are expected to be effective by October 2027. The filing was signed by Adam W. Woodard, Executive Vice President and Chief Financial Officer of Spire Inc., and Melinda S. Rush, Chief Financial Officer of Spire Missouri Inc. A related press release, dated November 2, 2026, was furnished as Exhibit 99.1 to the Current Report.

What Was Disclosed

Spire Missouri Inc. filed a general rate case on November 2, 2026, seeking a $228 million total revenue requirement increase, with rates based on a $5.1 billion average fiscal 2028 future test year rate base and a 10.5% assumed return on equity. New rates are expected effective October 2027.