Spire Inc 8-K, filed Dec 14, 2020
Spire Inc (SR)
About this 8-K
Spire Inc filed this 8-K on December 14, 2020, reporting on events of December 11, 2020.
Items reported
- Item 7.01: Regulation FD disclosure
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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1-1822 |
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Spire Missouri Inc. |
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Missouri |
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43-0368139 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Exchange Act (only applicable to Spire Inc.):
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
On December 11, 2020, Spire Missouri Inc. (Spire), a wholly owned subsidiary of Spire Inc. (NYSE: SR), filed a general rate case with the Missouri Public Service Commission (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 net base rate increase of $64.2 million. Spire is already recovering $47.3 million from customers through the Infrastructure System Replacement Surcharge (ISRS), resulting in a total base rate increase request of $111.5 million. The proposed rates are calculated on a filed rate base of $2,780 million based on the end of fiscal year 2020.
The rate base has increased by 37% percent since Spire’s last general rate filing test year ended September 30, 2017, reflecting the significant investment made in infrastructure upgrades and other systems. Among other things, the filing changes rate design, proposes new customer programs, and aligns the tariffs of the company’s service areas.
The filing assumes a common equity ratio of 54.25% and a 9.95% return on equity. We anticipate that certain measures, such as rate base, capital structure and operating costs will be updated over the course of the rate proceeding.
In accordance with Missouri law, the MoPSC has 11 months to consider this filing.
The information disclosed in this Item 7.01 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Spire Inc. |
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December 11, 2020 |
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By: |
/s/ Adam W. Woodard |
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Adam W. Woodard Vice President and Treasurer |
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Spire Missouri Inc. |
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December 11, 2020 |
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By: |
/s/ Adam W. Woodard |
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Adam W. Woodard Chief Financial Officer and Treasurer |