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To our employees, communities and shareholders:
Every January, we share Our Story. And while it represents a snapshot in time—with glimpses of the future—similar themes always emerge, painting a far more expansive picture of who we are.
Most prominently, I often share the story of our resilient energy and our people year after year, with FY21 serving as an historic example of our ability to adapt, overcome and continue delivering results.
We kept homes and businesses warm during Winter Storm Uri.
When temperatures plummeted last February and energy blackouts swept across the Midwest, our team banded together, adapting and working around the clock to ensure our Missouri customers stayed safe and warm.
St. Louis-area customers were protected from potentially losing affordable, reliable natural gas this winter.
When the Environmental Defense Fund (EDF) challenged the approval process of the Spire STL Pipeline and the court ruled in the EDF’s favor, we took action. We kept our customers and communities informed and worked with legislators, regulators and businesses throughout the region.
As a result, FERC issued a new temporary certificate, authorizing the continued operation of the Spire STL Pipeline. The Pipeline can continue to operate while the Commission reviews the Pipeline's long-term approval.
Now, our focus is on, once again, securing a permanent certificate to protect the region’s long-term energy supply.
We remained committed to the planet we love.
In FY21, we appointed our first Head of Environmental Commitment. This new role was created to evaluate every aspect of our business, collecting data to assess our overall carbon footprint and creating a plan to meet our goal of being a carbon neutral company by midcentury.
Serving others remained at the heart of what we do.
When challenges arise, we lean into who we are and, as always, focus on serving others. We continued volunteering through our award-winning Day for Good program, following CDC guidelines to keep our employees and customers safe, and helping those struggling to pay their natural gas bills get the assistance they need.
We delivered shareholder value.
Despite a year full of unprecedented challenges, we delivered solid financial and operational results. While working to preserve critical energy infrastructure, we continued to invest in pipeline upgrades, new business, technology and innovation.
Looking forward, we expect to increase our capital spend to $3.1 billion, up about $100 million from our prior five-year forecast through fiscal 2025. This investment drives annual rate base growth of 7-8%, while improving the resiliency, safety and sustainability of our natural gas delivery infrastructure, and delivering even better service to our customers.
Every year, Our Story will be one of resilience. The affordable, reliable and clean energy we provide has fueled communities for more than 100 years. And now, as a key part of a sustainable energy future, it will continue warming homes, fueling businesses and moving us all forward as we focus on innovative solutions that advance communities, enrich lives and protect the planet we love.
That is Our Story. That is who we are.
Suzanne Sitherwood
President and Chief Executive Officer
Spire Inc.