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 March 31, 2025, September 30, 2024, and March 31, 2024.


	March 31,		September 30,		March 31,
Spire	2025		2024		2024
Regulatory Assets:
Current:
Unamortized purchased gas adjustments	$	0.3	$	28.9	$	81.4
Other		42.0		86.5		35.5
Total Current Regulatory Assets		42.3		115.4		116.9
Noncurrent:
Pension and postretirement benefit costs		241.3		237.5		251.4
Cost of removal		679.9		668.2		649.2
Future income taxes due from customers		153.7		150.7		146.6
Energy efficiency		63.6		61.0		58.2
Unamortized purchased gas adjustments		—		1.2		—
Other		148.7		133.2		167.3
Total Noncurrent Regulatory Assets		1,287.2		1,251.8		1,272.7
Total Regulatory Assets	$	1,329.5	$	1,367.2	$	1,389.6
Regulatory Liabilities:
Current:
Unamortized purchased gas adjustments	$	46.3	$	42.3	$	19.8
Other		5.3		7.2		5.3
Total Current Regulatory Liabilities		51.6		49.5		25.1
Noncurrent:
Deferred taxes due to customers		107.1		114.2		120.9
Pension and postretirement benefit costs		256.1		232.9		192.6
Accrued cost of removal		138.5		133.6		133.5
Unamortized purchased gas adjustments		100.2		17.2		90.8
Other		35.1		37.6		19.9
Total Noncurrent Regulatory Liabilities		637.0		535.5		557.7
Total Regulatory Liabilities	$	688.6	$	585.0	$	582.8


	March 31,		September 30,		March 31,
Spire Missouri	2025		2024		2024
Regulatory Assets:
Current:
Unamortized purchased gas adjustments	$	—	$	28.1	$	81.0
Other		15.5		55.9		8.2
Total Current Regulatory Assets		15.5		84.0		89.2
Noncurrent:
Future income taxes due from customers		145.9		142.7		138.5
Pension and postretirement benefit costs		175.0		166.5		183.6
Energy efficiency		63.6		61.0		58.2
Unamortized purchased gas adjustments		—		1.2		—
Cost of removal		93.5		97.0		97.0
Other		135.8		119.6		153.2
Total Noncurrent Regulatory Assets		613.8		588.0		630.5
Total Regulatory Assets	$	629.3	$	672.0	$	719.7
Regulatory Liabilities:
Current:
Unamortized purchased gas adjustments	$	12.0	$	10.2	$	—
Total Current Regulatory Liabilities		12.0		10.2		—
Noncurrent:
Deferred taxes due to customers		95.3		101.8		108.3
Pension and postretirement benefit costs		221.6		196.6		165.4
Accrued cost of removal		97.8		94.5		95.8
Unamortized purchased gas adjustments		100.2		17.2		90.8
Other		31.2		33.2		15.0
Total Noncurrent Regulatory Liabilities		546.1		443.3		475.3
Total Regulatory Liabilities	$	558.1	$	453.5	$	475.3


	March 31,		September 30,		March 31,
Spire Alabama	2025		2024		2024
Regulatory Assets:
Current:
Other	$	13.8	$	19.2	$	14.9
Total Current Regulatory Assets		13.8		19.2		14.9
Noncurrent:
Future income taxes due from customers		1.7		1.8		1.9
Pension and postretirement benefit costs		63.9		68.2		64.2
Cost of removal		586.4		571.2		552.2
Other		0.5		0.8		0.8
Total Noncurrent Regulatory Assets		652.5		642.0		619.1
Total Regulatory Assets	$	666.3	$	661.2	$	634.0
Regulatory Liabilities:
Current:
Unamortized purchased gas adjustments	$	33.4	$	30.9	$	18.7
Other		0.5		2.9		—
Total Current Regulatory Liabilities		33.9		33.8		18.7
Noncurrent:
Pension and postretirement benefit costs		23.6		25.1		16.8
Other		2.8		3.2		3.3
Total Noncurrent Regulatory Liabilities		26.4		28.3		20.1
Total Regulatory Liabilities	$	60.3	$	62.1	$	38.8

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


	March 31,		September 30,		March 31,
	2025		2024		2024
Spire
Pension and postretirement benefit costs	$	129.9	$	129.7	$	133.8
Future income taxes due from customers		152.0		148.9		144.7
Unamortized purchased gas adjustments		—		29.3		81.0
Other		113.8		132.5		127.7
Total Regulatory Assets Not Earning a Return	$	395.7	$	440.4	$	487.2

Spire Missouri
Pension and postretirement benefit costs	$	129.9	$	129.7	$	133.8
Future income taxes due from customers		145.9		142.7		138.5
Unamortized purchased gas adjustments		—		29.3		81.0
Other		113.8		132.5		127.7
Total Regulatory Assets Not Earning a Return	$	389.6	$	434.2	$	481.0

Like all the Company’s regulatory assets, these regulatory assets as of March 31, 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 includes 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. Spire’s request, if approved, represents a base rate increase of $289.5. Spire is already recovering $53.6 from customers through the Infrastructure System Replacement Surcharge (ISRS) for its eligible capital projects through August 2024, resulting in a net base rate increase request of $235.9. The proposed rates are calculated on a filed rate base of $4,386.0. The rate base has increased by 32 percent since Spire’s last general rate filing test year ended September 30, 2022, reflecting the significant investment made in infrastructure upgrades and other systems. Among other things, the filing proposes changes in recovery mechanisms to address the impacts of both recent weather trends and customer usage patterns, updates Spire Missouri’s cost of capital, and further aligns the tariffs of its service areas. The filing assumes a common equity ratio of 55.0% and a 10.5% return on equity. Certain measures, such as rate base, capital structure and operating costs may be updated over the course of the rate proceeding. On April 23, the Staff of the MoPSC filed its direct testimony in the case which advocates a gross base rate revenue increase of $246.2 (including an incremental $41.6 estimate for the true-up period) based upon a recommended common equity ratio of 53.2% and a 9.63% return on equity applied to a rate base of $3,939.8 as of December 31, 2024. Additional intervenors have also filed initial testimony advocating a lower revenue increase. Additional rounds of testimony are authorized pursuant to the procedural schedule established on January 9, 2025, and an evidentiary hearing will be held August 4-13, 2025. In accordance with Missouri law, the MoPSC has 11 months to consider this filing.

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.

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. RSE requires Spire Alabama to file an annual rate review based on the utility’s budget for the upcoming fiscal year. 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 is recorded 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, resulting in an annualized refund of $4.0 accrued at year end and reflected in a rate reduction effective December 1, 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. No adjustment to the rates that were effective December 1, 2024 was required. Based on results through March 31, 2025, the March point of test for Spire Alabama was in the allowed range.

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 the fiscal year ended September 30, 2023, Spire Gulf's September RSE point of test reflected that its actual RCE exceeded the allowed RCE, resulting in an annualized refund of $2.0 that reduced rates effective December 1, 2023. 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.