To meet the growing energy demands in the Rockies and Western U.S., Spire Storage is proceeding with the expansion of its facilities in Wyoming, with partial availability of additional natural gas storage capacity in fiscal 2024 and more in 2025. Consistent with the Federal Energy Regulatory Commission (FERC) 7(c) project approval and FERC's issuance of a Notice to Proceed, Spire Storage started limited construction of the initial project phase in mid-August. Full project completion is expected to take place over the next two years during construction seasons that run April through October in Wyoming.

The expansion project will increase Spire Storage underground working gas storage capacity from 23 Bcf to 39 Bcf, and involves the addition of injection and withdrawal wells, compression, pipeline infrastructure, and gas processing capability. Capital expenditures for the project are expected to total $195 million. With this expansion, Spire Storage will be in a stronger position to serve Western U.S. markets, given its interconnects with five pipelines serving California, the Rockies, and the Southwest and Northwest.

The project is anticipated to deliver expanded services to existing and new customers, as well as a strong return on investment. Company anticipate earnings per share accretion beginning in fiscal 2025.