----

----

| [      X ] | QUARTERLY      REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF      1934 For the Quarter Ended December 31,2009 |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| [          ] | TRANSITION      REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|----------------------------------|-----------------------------------------------------------------------------------------------------|

|   Commission      File Number |   Registrant       |   State      of Incorporation | I.R.S.Employer      IdentificationNumber |
|-----------------------------------------|------------------------------|-----------------------------------------|------------------------------------------|
| 1-16681                                 | The      Laclede Group, Inc. | Missouri                                | 74-2976504                               |
| 1-1822                                  | Laclede      Gas Company     | Missouri                                | 43-0368139                               |

| The Laclede Group,      Inc.: | Yes    | [      X ] | No     | [          ] |
|-------------------------------|--------|------------|--------|----------------------------------|
|                          |   |       |   |                             |
| Laclede Gas      Company:     | Yes    | [      X ] | No     | [          ] |

| The Laclede Group,      Inc.: | Yes    | [          ] | No     | [          ] |
|-------------------------------|--------|----------------------------------|--------|----------------------------------|
|                          |   |                             |   |                             |
| Laclede Gas      Company:     | Yes    | [          ] | No     | [          ] |

| The Laclede Group,      Inc.: |                         |                             |   |                           |
|-------------------------------|------------------------------|----------------------------------|--------|--------------------------------|
|                          |                         |                             |   |                           |   |
|                          | Large      accelerated filer | [      X ]                       |   | Accelerated      filer         | [          ] |
|                          | Non-accelerated      filer   | [          ] |   | Smaller      reporting company | [          ] |
|                          |                         |                             |   |                           |   |
| Laclede Gas      Company:     |                         |                             |   |                           |
|                          |                         |                             |   |                           |   |
|                          | Large      accelerated filer | [          ] |   | Accelerated      filer         | [          ] |
|                          | Non-accelerated      filer   | [      X ]                       |   | Smaller      reporting company | [          ] |

Table of Contents 

| The Laclede Group,      Inc.: | Yes    | [          ] | No     | [      X ] |
|-------------------------------|--------|----------------------------------|--------|------------|
|                          |   |                             |   |       |
| Laclede Gas      Company:     | Yes    | [          ] | No     | [      X ] |

|                                             |                                | Shares      Outstanding At |
|--------------------------------------------------|-------------------------------------|----------------------------|
|          Registrant               | Description of Common      Stock    | January 28,      2010      |
|     The Laclede      Group, Inc.: | Common      Stock ($1.00 Par Value) | 22,262,436                 |
|     Laclede Gas      Company:     | Common      Stock ($1.00 Par Value) | 11,644  *        |

----

----

Table of Contents 

| TABLE OF CONTENTS                             | Page      No.                                                              |
|-----------------------------------------------|----------------------------------------------------------------------------|
|                                          |                                                                       |   |   |
| PART 1.  FINANCIAL  INFORMATION     |
|                                          |                                                                       |   |   |
| Item 1                                        | Financial Statements                                                       |   |
|                                          |                                                                       |   |   |
|                                          | The      Laclede Group, Inc.:                                              |   |
|                                          |                                                                       | Statements of Consolidated      Income | 5 |
|                                          |                                                                       | Statements of Consolidated      Comprehensive Income | 6 |
|                                          |                                                                       | Consolidated Balance Sheets | 7-8 |
|                                          |                                                                       | Statements of Consolidated Cash Flows | 9 |
|                                          |                                                                       | Notes to Consolidated Financial    Statements | 10-25 |
|                                          |                                                                       |   |   |
|                                          | Laclede Gas Company:                                                       |   |
|                                          |                                                                       | Statements      of Income | Ex.      99.1, p. 1 |
|                                          |                                                                       | Statements      of Comprehensive Income | Ex.      99.1, p. 2 |
|                                          |                                                                       | Balance      Sheets | Ex.      99.1, p. 3-4 |
|                                          |                                                                       | Statements      of Cash Flows | Ex.      99.1, p. 5 |
|                                          |                                                                       | Notes      to Financial Statements | Ex.      99.1, p. 6-16 |
|                                          |                                                                       |   |   |
| Item 2                                        | Management’s Discussion and Analysis of Financial      Condition and |   |
|                                          |                                                                       | Results of Operations (The Laclede Group,      Inc.) | 26-37 |
|                                          | Management’s      Discussion and Analysis of Financial Condition and |   |
|                                          |                                                                       | Results      of Operations (Laclede Gas Company) | Ex.      99.1, p. 17-26 |
|                                          |                                                                       |   |   |
| Item 3                                        | Quantitative and Qualitative Disclosures About Market      Risk            | 38 |
|                                          |                                                                       |   |   |
| Item 4                                        | Controls and Procedures                                                    | 38 |
|                                          |                                                                       |   |   |
| PART II.  OTHER INFORMATION         |                                                                       |
|                                          |                                                                       |   |   |
| Item 1                                        | Legal Proceedings                                                          | 39 |
|                                          |                                                                       |   |   |
| Item 2                                        | Unregistered Sales of Equity Securities and      Use of Proceeds           | 39 |
|                                          |                                                                       |   |   |
|          Item 6                | Exhibits                                                                   | 39 |
|                                          |                                                                       |   |   |
| SIGNATURES – The Laclede Group,    Inc. | 40                                                                         |
|                                          |                                                                       |   |   |
| SIGNATURES – Laclede Gas Company        | 41                                                                         |
|                                          |                                                                       |   |   |
| INDEX TO EXHIBITS                             | 42                                                                         |

Table of Contents 

PART 1. FINANCIAL INFORMATION

10-K

Table of Contents 

Item 1. Financial Statements

|  THE      LACLEDE GROUP, INC.                                                                       |
|----------------------------------------------------------------------------------------------------------|
|  STATEMENTS OF CONSOLIDATED INCOME                                                                  |
|  (UNAUDITED)                                                                                        |
|                                                                                                     |
|                                                                                                     |
|                                                                                                     |   | Three      Months Ended |   |
|                                                                                                     |   | December      31, |   |
| (Thousands,      Except Per Share Amounts)                                                               |   | 2009 |   | 2008 |   |
|                                                                                                     |   |   |   |   |   |   |   |
| Operating      Revenues:                                                                                 |   |   |   |   |   |   |   |
|   Regulated      Gas Distribution                                                              |   | $ | 282,929 |   | $ | 358,101 |   |
|   Non-Regulated      Gas Marketing                                                             |   |   | 197,525 |   |   | 315,040 |   |
|   Other                                                                                        |   |   | 10,712 |   |   | 1,115 |   |
|         Total      Operating Revenues                            |   |   | 491,166 |   |   | 674,256 |   |
| Operating      Expenses:                                                                                 |   |   |   |   |   |   |   |
|   Regulated      Gas Distribution                                                              |   |   |   |   |   |   |   |
|     Natural      and propane gas                                                     |   |   | 182,000 |   |   | 254,897 |   |
|     Other      operation expenses                                                    |   |   | 37,463 |   |   | 36,301 |   |
|     Maintenance                                                                      |   |   | 6,174 |   |   | 6,534 |   |
|     Depreciation      and amortization                                               |   |   | 9,363 |   |   | 9,119 |   |
|     Taxes,      other than income taxes                                              |   |   | 16,224 |   |   | 18,358 |   |
|         Total      Regulated Gas Distribution Operating Expenses |   |   | 251,224 |   |   | 325,209 |   |
|   Non-Regulated      Gas Marketing                                                             |   |   | 194,730 |   |   | 291,601 |   |
|   Other                                                                                        |   |   | 4,548 |   |   | 758 |   |
|         Total      Operating Expenses                            |   |   | 450,502 |   |   | 617,568 |   |
| Operating      Income                                                                                    |   |   | 40,664 |   |   | 56,688 |   |
| Other      Income and (Income Deductions) – Net                                                    |   |   | 1,587 |   |   | 739 |   |
| Interest      Charges:                                                                                   |   |   |   |   |   |   |   |
|   Interest      on long-term debt                                                              |   |   | 6,146 |   |   | 6,146 |   |
|   Other      interest charges                                                                  |   |   | 563 |   |   | 2,646 |   |
|         Total      Interest Charges                              |   |   | 6,709 |   |   | 8,792 |   |
| Income      Before Income Taxes and Dividends                                                            |   |   |   |   |   |   |   |
|   on      Laclede Gas Redeemable Preferred Stock                                               |   |   | 35,542 |   |   | 48,635 |   |
| Income      Tax Expense                                                                                  |   |   | 12,656 |   |   | 17,321 |   |
| Dividends      on Laclede Gas Redeemable Preferred Stock                                                 |   |   | — |   |   | 8 |   |
| Net      Income                                                                                          |   | $ | 22,886 |   | $ | 31,306 |   |
|                                                                                                     |   |   |   |   |   |   |   |
| Average      Number of Common Shares Outstanding:                                                        |   |   |   |   |   |   |   |
|   Basic                                                                                        |   |   | 21,957 |   |   | 21,857 |   |
|   Diluted                                                                                      |   |   | 22,001 |   |   | 21,959 |   |
|                                                                                                     |   |   |   |   |   |   |   |
| Basic      Earnings Per Share of Common Stock                                                            |   | $ | 1.03 |   | $ | 1.42 |   |
|                                                                                                     |   |   |   |   |   |   |   |
| Diluted      Earnings Per Share of Common Stock                                                          |   | $ | 1.03 |   | $ | 1.41 |   |
|                                                                                                     |   |   |   |   |   |   |   |
| Dividends      Declared Per Share of Common Stock                                                        |   | $ | 0.395 |   | $ | 0.385 |   |
|                                                                                                     |   |   |   |   |   |   |   |
| See      Notes to Consolidated Financial      Statements.                                                |   |   |   |   |   |   |   |

Table of Contents 

STATEMENTS OF CONSOLIDATED COMPREHENSIVEINCOME

|                                                                                                                      |               | Three      Months Ended |               |
|---------------------------------------------------------------------------------------------------------------------------|--------------------|-------------------------|--------------------|
|                                                                                                                      |               | December      31,       |               |
| (Thousands)                                                                                                          |          | 2009                    |          | 2008 |   |
|                                                                                                                      |               |                    |               |   |   |   |   |
| Net      Income                                                                                                           |               | $                       | 22,886             |   | $ | 31,306 |   |
| Other      Comprehensive Income (Loss), Before Tax:                                                                       |               |                    |               |   |   |   |   |
|   Net      gains (losses) on cash flow hedging derivativeinstruments:                                           |               |                    |               |   |   |   |   |
|     Net      hedging gain arising during the period                                                   |               |                    | 3,743              |   |   | 2,039 |   |
|     Reclassification      adjustment for gains included in net income                                 |               |                    | (4,051             | ) |   | (8,272 | ) |
|         Net      unrealized losses on cash flow hedging derivative    instruments |               |                    | (308               | ) |   | (6,233 | ) |
|    Amortization      of actuarial loss included in net periodic pension and                                |               |                    |               |   |   |   |   |
|      postretirement      benefit cost                                                            |               |                    | 98                 |   |   | 50 |   |
| Other      Comprehensive Loss, Before Tax                                                                                 |               |                    | (210               | ) |   | (6,183 | ) |
| Income      Tax Benefit Related to Items of Other Comprehensive Loss                                                      |               |                    | (81                | ) |   | (2,380 | ) |
| Other      Comprehensive Loss, Net of Tax                                                                                 |               |                    | (129               | ) |   | (3,803 | ) |
| Comprehensive      Income                                                                                                 |               | $                       | 22,757             |   | $ | 27,503 |   |
|                                                                                                                      |               |                    |               |   |   |   |   |
| See      Notes to Consolidated Financial      Statements.                                                                 |               |                    |               |   |   |   |   |

Table of Contents 

CONSOLIDATED BALANCE SHEETS

|                                                                                |   | Dec.      31, |      |   |   | Sept.      30, |   |      |   | Dec.      31, |   |
|-------------------------------------------------------------------------------------|--------|---------------|-----------|--------|--------|----------------|--------|-----------|--------|---------------|--------|
| (Thousands)                                                                         |   | 2009          |      |   |   | 2009           |   |      |   | 2008          |   |
|                                                                                |   |          |      |   |   |           |   |      |   |          |   |   |   |   |
| ASSETS                                                                              |   |          |      |   |   |           |   |      |   |          |   |   |   |   |
| Utility      Plant                                                                  |   | $             | 1,288,862 |   |   |           | $      | 1,280,238 |   |          |   | $ | 1,239,063 |   |
|   Less:  Accumulated      depreciation and amortization         |   |          | 429,892   |   |   |           |   | 424,309   |   |          |   |   | 410,662 |   |
|         Net      Utility Plant              |   |          | 858,970   |   |   |           |   | 855,929   |   |          |   |   | 828,401 |   |
|                                                                                |   |          |      |   |   |           |   |      |   |          |   |   |   |   |
| Non-utility      property                                                           |   |          | 4,123     |   |   |           |   | 4,061     |   |          |   |   | 4,055 |   |
| Other      investments                                                              |   |          | 46,321    |   |   |           |   | 44,973    |   |          |   |   | 42,995 |   |
|         Other      Property and Investments |   |          | 50,444    |   |   |           |   | 49,034    |   |          |   |   | 47,050 |   |
|                                                                                |   |          |      |   |   |           |   |      |   |          |   |   |   |   |
| Current      Assets:                                                                |   |          |      |   |   |           |   |      |   |          |   |   |   |   |
|   Cash      and cash equivalents                                          |   |          | 80,029    |   |   |           |   | 74,591    |   |          |   |   | 30,080 |   |
|   Accounts      receivable:                                               |   |          |      |   |   |           |   |      |   |          |   |   |   |   |
|     Utility                                                     |   |          | 159,423   |   |   |           |   | 81,262    |   |          |   |   | 208,744 |   |
|     Non-utility                                                 |   |          | 75,317    |   |   |           |   | 42,382    |   |          |   |   | 115,290 |   |
|     Other                                                       |   |          | 15,781    |   |   |           |   | 7,511     |   |          |   |   | 10,629 |   |
|     Allowances      for doubtful accounts                       |   |          | (8,297    | )      |   |           |   | (11,160   | )      |          |   |   | (8,479 | ) |
|   Inventories:                                                            |   |          |      |   |   |           |   |      |   |          |   |   |   |   |
|     Natural      gas stored underground at LIFO cost            |   |          | 88,204    |   |   |           |   | 93,313    |   |          |   |   | 197,423 |   |
|     Propane      gas at FIFO cost                               |   |          | 15,649    |   |   |           |   | 19,847    |   |          |   |   | 19,871 |   |
|     Materials,      supplies, and merchandise at average cost   |   |          | 4,162     |   |   |           |   | 4,158     |   |          |   |   | 5,353 |   |
|   Natural      gas receivable                                             |   |          | 25,026    |   |   |           |   | 28,344    |   |          |   |   | 5,129 |   |
|   Derivative      instrument assets                                       |   |          | 11,234    |   |   |           |   | 17,178    |   |          |   |   | 25,381 |   |
|   Unamortized      purchased gas adjustments                              |   |          | —   |   |   |           |   | —   |   |          |   |   | 24,149 |   |
|   Deferred      income taxes                                              |   |          | —   |   |   |           |   | 1,707     |   |          |   |   | — |   |
|   Prepayments      and other                                              |   |          | 10,171    |   |   |           |   | 9,650     |   |          |   |   | 6,331 |   |
|         Total      Current Assets           |   |          | 476,699   |   |   |           |   | 368,783   |   |          |   |   | 639,901 |   |
|                                                                                |   |          |      |   |   |           |   |      |   |          |   |   |   |   |
| Deferred      Charges:                                                              |   |          |      |   |   |           |   |      |   |          |   |   |   |   |
|   Regulatory      assets                                                  |   |          | 467,130   |   |   |           |   | 482,999   |   |          |   |   | 354,274 |   |
|   Other                                                                   |   |          | 6,785     |   |   |           |   | 5,273     |   |          |   |   | 6,020 |   |
|         Total      Deferred Charges         |   |          | 473,915   |   |   |           |   | 488,272   |   |          |   |   | 360,294 |   |
| Total      Assets                                                                   |   | $             | 1,860,028 |   |   |           | $      | 1,762,018 |   |          |   | $ | 1,875,646 |   |
|                                                                                |   |          |      |   |   |           |   |      |   |          |   |   |   |   |

Table of Contents 

|                                                                                                                                                        |   | Dec.      31, |      |   |   | Sept.      30, |   |          |   | Dec.      31, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|-----------|--------|--------|----------------|--------|---------------|--------|---------------|--------|
| (Thousands,      except share amounts)                                                                                                                      |   | 2009          |      |   |   | 2009           |   |          |   | 2008          |   |
|                                                                                                                                                        |   |          |      |   |   |           |   |          |   |          |   |   |   |   |
| CAPITALIZATION      AND LIABILITIES                                                                                                                         |   |          |      |   |   |           |   |          |   |          |   |   |   |   |
| Capitalization:                                                                                                                                             |   |          |      |   |   |           |   |          |   |          |   |   |   |   |
|   Common      stock (70,000,000 shares authorized, 22,252,467    22,168,120,      and 22,129,166 shares issued, respectively) |   | $             | 22,252    |   |   |           | $      | 22,168        |   |          |   | $ | 22,129 |   |
|   Paid-in      capital                                                                                                                            |   |          | 154,697   |   |   |           |   | 154,218       |   |          |   |   | 150,166 |   |
|   Retained      earnings                                                                                                                          |   |          | 356,910   |   |   |           |   | 342,810       |   |          |   |   | 335,598 |   |
|   Accumulated      other comprehensive income (loss)                                                                                              |   |          | (2,295    | )      |   |           |   | (2,166        | )      |          |   |   | 633 |   |
|       Total      Common Stock Equity                                                                                          |   |          | 531,564   |   |   |           |   | 517,030       |   |          |   |   | 508,526 |   |
|   Laclede      Gas redeemable preferred stock    (less      current sinking fund requirements)                                |   |          | —   |   |   |           |   |  — |   |          |   |   | 467 |   |
|   Long-term      debt – Laclede Gas                                                                                                         |   |          | 364,254   |   |   |           |   | 389,240       |   |          |   |   | 389,196 |   |
|       Total      Capitalization                                                                                               |   |          | 895,818   |   |   |           |   | 906,270       |   |          |   |   | 898,189 |   |
|                                                                                                                                                        |   |          |      |   |   |           |   |          |   |          |   |   |   |   |
| Current      Liabilities:                                                                                                                                   |   |          |      |   |   |           |   |          |   |          |   |   |   |   |
|   Notes      payable                                                                                                                              |   |          | 145,150   |   |   |           |   | 129,800       |   |          |   |   | 263,500 |   |
|   Accounts      payable                                                                                                                           |   |          | 135,108   |   |   |           |   | 72,765        |   |          |   |   | 175,285 |   |
|   Advance      customer billings                                                                                                                  |   |          | 10,421    |   |   |           |   | 21,140        |   |          |   |   | 16,578 |   |
|   Current      portion of long-term debt and preferred stock                                                                                      |   |          | 25,000    |   |   |           |   | —       |   |          |   |   | 160 |   |
|   Wages      and compensation accrued                                                                                                             |   |          | 11,715    |   |   |           |   | 12,682        |   |          |   |   | 14,063 |   |
|   Dividends      payable                                                                                                                          |   |          | 8,928     |   |   |           |   | 8,687         |   |          |   |   | 8,674 |   |
|   Customer      deposits                                                                                                                          |   |          | 12,163    |   |   |           |   | 12,400        |   |          |   |   | 13,772 |   |
|   Interest      accrued                                                                                                                           |   |          | 6,217     |   |   |           |   | 9,943         |   |          |   |   | 6,825 |   |
|   Taxes      accrued                                                                                                                              |   |          | 25,148    |   |   |           |   | 15,951        |   |          |   |   | 37,557 |   |
|   Unamortized      purchased gas adjustments                                                                                                      |   |          | 4,741     |   |   |           |   | 3,130         |   |          |   |   | — |   |
|   Deferred      income taxes current                                                                                                              |   |          | 1,873     |   |   |           |   | —       |   |          |   |   | 7,624 |   |
|   Other                                                                                                                                           |   |          | 21,297    |   |   |           |   | 12,642        |   |          |   |   | 16,680 |   |
|       Total      Current Liabilities                                                                                          |   |          | 407,761   |   |   |           |   | 299,140       |   |          |   |   | 560,718 |   |
|                                                                                                                                                        |   |          |      |   |   |           |   |          |   |          |   |   |   |   |
| Deferred      Credits and Other Liabilities:                                                                                                                |   |          |      |   |   |           |   |          |   |          |   |   |   |   |
|   Deferred      income taxes                                                                                                                      |   |          | 256,051   |   |   |           |   | 256,196       |   |          |   |   | 216,234 |   |
|   Unamortized      investment tax credits                                                                                                         |   |          | 3,700     |   |   |           |   | 3,754         |   |          |   |   | 3,918 |   |
|   Pension      and postretirement benefit costs                                                                                                   |   |          | 201,659   |   |   |           |   | 202,681       |   |          |   |   | 103,507 |   |
|   Asset      retirement obligations                                                                                                               |   |          | 25,885    |   |   |           |   | 25,503        |   |          |   |   | 27,236 |   |
|   Regulatory      liabilities                                                                                                                     |   |          | 44,681    |   |   |           |   | 44,225        |   |          |   |   | 42,639 |   |
|   Other                                                                                                                                           |   |          | 24,473    |   |   |           |   | 24,249        |   |          |   |   | 23,205 |   |
|       Total      Deferred Credits and Other Liabilities                                                                       |   |          | 556,449   |   |   |           |   | 556,608       |   |          |   |   | 416,739 |   |
| Total      Capitalization and Liabilities                                                                                                                   |   | $             | 1,860,028 |   |   |           | $      | 1,762,018     |   |          |   | $ | 1,875,646 |   |
|                                                                                                                                                        |   |          |      |   |   |           |   |          |   |          |   |   |   |   |
| See      Notes to Consolidated Financial      Statements.                                                                                                   |   |          |      |   |   |           |   |          |   |          |   |   |   |   |
|                                                                                                                                                        |   |          |      |   |   |           |   |          |   |          |   |   |   |   |
|                                                                                                                                                        |   |          |      |   |   |           |   |          |   |          |   |   |   |   |

Table of Contents 

STATEMENTS OF CONSOLIDATED CASH FLOWS

|                                                                                                                                                 |               | Three      Months Ended |     |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|-------------------------|----------|
|                                                                                                                                                 |               | December      31,       |     |
| (Thousands)                                                                                                                                          |          | 2009                    |     |   |   | 2008 |   |
|                                                                                                                                                 |               |                    |     |   |   |   |   |   |   |
| Operating      Activities:                                                                                                                           |               |                    |     |   |   |   |   |   |   |
|   Net      Income                                                                                                                          |               | $                       | 22,886   |   |   |   | $ | 31,306 |   |
|   Adjustments      to reconcile net income to net cash provided by (used in)      operating      activities: |               |                    |     |   |   |   |   |   |   |
|     Depreciation,      amortization, and accretion                                                                               |               |                    | 9,434    |   |   |   |   | 9,193 |   |
|     Deferred      income taxes and investment tax credits                                                                        |               |                    | (4,184   | ) |   |   |   | (11,566 | ) |
|     Other      – net                                                                                                       |               |                    | 615      |   |   |   |   | 2,113 |   |
|     Changes      in assets and liabilities:                                                                                      |               |                    |     |   |   |   |   |   |   |
|       Accounts      receivable – net                                                                             |               |                    | (122,229 | ) |   |   |   | (127,225 | ) |
|       Unamortized      purchased gas adjustments                                                                       |               |                    | 1,611    |   |   |   |   | 9,262 |   |
|       Deferred      purchased gas costs                                                                                |               |                    | 23,609   |   |   |   |   | (14,832 | ) |
|       Accounts      payable                                                                                            |               |                    | 63,176   |   |   |   |   | 17,473 |   |
|       Advance      customer billings - net                                                                             |               |                    | (10,719  | ) |   |   |   | (8,970 | ) |
|       Taxes      accrued                                                                                               |               |                    | 9,101    |   |   |   |   | 26,170 |   |
|       Natural      gas stored underground                                                                              |               |                    | 5,109    |   |   |   |   | 8,844 |   |
|       Other      assets and liabilities                                                                                |               |                    | 1,562    |   |   |   |   | 41,002 |   |
|           Net      cash used in operating activities                                               |               |                    | (29      | ) |   |   |   | (17,230 | ) |
|                                                                                                                                                 |               |                    |     |   |   |   |   |   |   |
| Investing      Activities:                                                                                                                           |               |                    |     |   |   |   |   |   |   |
|   Capital      expenditures                                                                                                                |               |                    | (11,198  | ) |   |   |   | (14,332 | ) |
|   Other      investments                                                                                                                   |               |                    | (972     | ) |   |   |   | (837 | ) |
|           Net      cash used in investing activities                                               |               |                    | (12,170  | ) |   |   |   | (15,169 | ) |
|                                                                                                                                                 |               |                    |     |   |   |   |   |   |   |
| Financing      Activities:                                                                                                                           |               |                    |     |   |   |   |   |   |   |
|   Issuance      of short-term debt – net                                                                                             |               |                    | 15,350   |   |   |   |   | 47,600 |   |
|   Changes      in book overdrafts                                                                                                          |               |                    | 11,028   |   |   |   |   | 6,115 |   |
|   Issuance      of common stock                                                                                                            |               |                    | 338      |   |   |   |   | 2,245 |   |
|   Dividends      paid                                                                                                                      |               |                    | (8,535   | ) |   |   |   | (8,240 | ) |
|   Employees’      taxes paid associated with restricted shares withheld upon      vesting                                            |               |                    | (576     | ) |   |   |   | (675 | ) |
|   Excess      tax benefits from stock-based compensation                                                                                   |               |                    | 32       |   |   |   |   | 650 |   |
|   Other                                                                                                                                    |               |                    | —  |   |   |   |   | (115 | ) |
|           Net      cash provided by financing activities                                           |               |                    | 17,637   |   |   |   |   | 47,580 |   |
|                                                                                                                                                 |               |                    |     |   |   |   |   |   |   |
| Net      Increase in Cash and Cash Equivalents                                                                                                       |               |                    | 5,438    |   |   |   |   | 15,181 |   |
| Cash      and Cash Equivalents at Beginning of Period                                                                                                |               |                    | 74,591   |   |   |   |   | 14,899 |   |
| Cash      and Cash Equivalents at End of Period                                                                                                      |               | $                       | 80,029   |   |   |   | $ | 30,080 |   |
|                                                                                                                                                 |               |                    |     |   |   |   |   |   |   |
|                                                                                                                                                 |               |                    |     |   |   |   |   |   |   |
| Supplemental      Disclosure of Cash Paid (Refunded) During the Period for:                                                                          |               |                    |     |   |   |   |   |   |   |
|     Interest                                                                                                                     |               | $                       | 10,294   |   |   |   | $ | 11,961 |   |
|     Income      taxes                                                                                                            |               |                    | 606      |   |   |   |   | (503 | ) |
|                                                                                                                                                 |               |                    |     |   |   |   |   |   |   |
|  See      Notes to Consolidated Finanical Statements.                                                                                           |               |                    |     |   |   |   |   |   |   |

Table of Contents 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

| 1. | SUMMARY      OF SIGNIFICANT ACCOUNTING POLICIES |
|----|-------------------------------------------------|

10-K

EARNINGS PER COMMON SHARE

Note 2

Table of Contents 

10-K

|   |                                             |   |    |   |   | Weighted        |
|--------|--------------------------------------------------|--------|---------|--------|--------|-----------------|
|   |                                             |   |    |   |   | Average         |
|   |                                             |   | Shares/ |   |   | Grant      Date |
|   |                                             |   | Units   |   |   | Fair      Value |
|   |                                             |   |    |   |   |            |   |   |   |
|   | Nonvested      at September 30, 2009        |   | 225,950 |   |   |            | $ | 37.85 |   |
|   |                                             |   |    |   |   |            |   |   |   |
|   | Granted      (maximum shares that can be earned) |   | 95,400  |   |   |            | $ | 25.41 |   |
|   | Vested                                           |   | (58,250 | )      |   |            | $ | 34.75 |   |
|   | Forfeited                                        |   | (3,750  | )      |   |            | $ | 31.27 |   |
|   |                                             |   |    |   |   |            |   |   |   |
|   | Nonvested      at December 31, 2009              |   | 259,350 |   |   |            | $ | 34.07 |   |

|   |                                      |   |    |   |   | Weighted        |
|--------|-------------------------------------------|--------|---------|--------|--------|-----------------|
|   |                                      |   |    |   |   | Average         |
|   |                                      |   | Shares/ |   |   | Grant      Date |
|   |                                      |   | Units   |   |   | Fair      Value |
|   |                                      |   |    |   |   |            |   |   |   |
|   | Nonvested      at September 30, 2009 |   | 90,150  |   |   |            | $ | 39.08 |   |
|   |                                      |   |    |   |   |            |   |   |   |
|   | Granted                                   |   | 27,900  |   |   |            | $ | 30.37 |   |
|   | Vested                                    |   | — |   |   |            | $ | — |   |
|   | Forfeited                                 |   | — |   |   |            | $ | — |   |
|   |                                      |   |    |   |   |            |   |   |   |
|   | Nonvested      at December 31, 2009       |   | 118,050 |   |   |            | $ | 37.02 |   |

Table of Contents 

|   |                                                                        |   |    |   |   |     |    |   | Weighted    |   |   |      |   |
|--------|-----------------------------------------------------------------------------|--------|---------|--------|--------|----------|---------|--------|-------------|--------|--------|-----------|--------|
|   |                                                                        |   |    |   |   |     |    |   | Average     |   |   |      |   |
|   |                                                                        |   |    |   |   | Weighted |    |   | Remaining   |   |   | Aggregate |   |
|   |                                                                        |   |    |   |   | Average  |    |   | Contractual |   |   | Intrinsic |   |
|   |                                                                        |   | Stock   |   |   | Exercise |    |   | Term        |   |   | Value     |   |
|   |                                                                        |   | Options |   |   | Price    |    |   | (Years)     |   |   | ($000)    |   |
|   |                                                                        |   |    |   |   |     |    |   |        |   |   |      |   |   |   |
|   | Outstanding      at September 30, 2009                                      |   | 356,225 |   |   | $        | 30.84   |   |        |   |   |      |   |   |   |
|   |                                                                        |   |    |   |   |     |    |   |        |   |   |      |   |   |   |
|   | Granted                                                                     |   | — |   |   | $        | — |   |        |   |   |      |   |   |   |
|   | Exercised                                                                   |   | — |   |   | $        | — |   |        |   |   |      |   |   |   |
|   | Forfeited                                                                   |   | — |   |   | $        | — |   |        |   |   |      |   |   |   |
|   | Expired                                                                     |   | — |   |   | $        | — |   |        |   |   |      |   |   |   |
|   |                                                                        |   |    |   |   |     |    |   |        |   |   |      |   |   |   |
|   | Outstanding      at December 31, 2009                                       |   | 356,225 |   |   | $        | 30.84   |   |        | 5.1    |   |      | $      | 1,140 |   |
|   |                                                                        |   |    |   |   |     |    |   |        |   |   |      |   |   |   |
|   | Fully      Vested and Expected to Vest  at      December 31, 2009 |   | 354,449 |   |   | $        | 30.82   |   |        | 5.1    |   |      | $      | 1,140 |   |
|   |                                                                        |   |    |   |   |     |    |   |        |   |   |      |   |   |   |
|   | Exercisable      at December 31, 2009                                       |   | 330,850 |   |   | $        | 30.53   |   |        | 5.0    |   |      | $      | 1,140 |   |

|   |                                                               |   | Three      Months Ended |   |   |
|--------|--------------------------------------------------------------------|--------|-------------------------|--------|--------|
|   |                                                               |   | December      31,       |   |   |
|   | (Thousands)                                                        |   |                    | 2009   |   |   | 2008 |   |   |
|   |                                                               |   |                    |   |   |   |   |   |   |
|   | Total      equity compensation cost                                |   | $                       | 868    |   | $ | 842 |   |   |
|   | Compensation      cost capitalized                                 |   |                    | (138   | )      |   | (180 | ) |   |
|   | Compensation      cost recognized in net income                    |   |                    | 730    |   |   | 662 |   |   |
|   | Income      tax benefit recognized in net income                   |   |                    | (282   | )      |   | (256 | ) |   |
|   | Compensation      cost recognized in net income, net of income tax |   | $                       | 448    |   | $ | 406 |   |   |

Table of Contents 

NEWACCOUNTING STANDARDS 

Note 5

Note 2

Table of Contents 

| 2. | EARNINGS      PER COMMON SHARE |
|----|--------------------------------|

New AccountingPronouncements
EarningsPer Common Share

|   |                                                                |   | Three      Months Ended |   |
|--------|---------------------------------------------------------------------|--------|-------------------------|--------|
|   |                                                                |   | December      31,       |   |
|   | (Thousands,      Except Per Share Amounts)                          |   |                    | 2009   |   |   | 2008 |   |
|   |                                                                |   |                    |   |   |   |   |   |
|   | Basic      EPS:                                                     |   |                    |   |   |   |   |   |
|   | Net      Income                                                     |   | $                       | 22,886 |   | $ | 31,306 |   |
|   |   Less:      Income allocated to participating securities |   |                    | 228    |   |   | 320 |   |
|   | Net      Income Available to Common Shareholders                    |   | $                       | 22,658 |   | $ | 30,986 |   |
|   |                                                                |   |                    |   |   |   |   |   |
|   | Weighted      Average Shares Outstanding                            |   |                    | 21,957 |   |   | 21,857 |   |
|   | Earnings      Per Share of Common Stock                             |   | $                       | 1.03   |   | $ | 1.42 |   |
|   |                                                                |   |                    |   |   |   |   |   |
|   | Diluted      EPS:                                                   |   |                    |   |   |   |   |   |
|   | Net      Income                                                     |   | $                       | 22,886 |   | $ | 31,306 |   |
|   |   Less:      Income allocated to participating securities |   |                    | 227    |   |   | 319 |   |
|   | Net      Income Available to Common Shareholders                    |   | $                       | 22,659 |   | $ | 30,987 |   |
|   |                                                                |   |                    |   |   |   |   |   |
|   | Weighted      Average Shares Outstanding                            |   |                    | 21,957 |   |   | 21,857 |   |
|   | Dilutive      Effect of Stock Options                               |   |                    |   |   |   |   |   |
|   |     and      Restricted Stock                   |   |                    | 44     |   |   | 102 |   |
|   | Weighted      Average Diluted Shares                                |   |                    | 22,001 |   |   | 21,959 |   |
|   |                                                                |   |                    |   |   |   |   |   |
|   | Earnings      Per Share of Common Stock                             |   | $                       | 1.03   |   | $ | 1.41 |   |
|   |                                                                |   |                    |   |   |   |   |   |
|   | Outstanding      Shares Excluded from the                           |   |                    |   |   |   |   |   |
|   | Calculation      of Diluted EPS Attributable to:                    |   |                    |   |   |   |   |   |
|   | Antidilutive      stock options                                     |   |                    | 82     |   |   | — |   |
|   | Performance-contingent      restricted stock                        |   |                    | 148    |   |   | 60 |   |
|   | Total                                                               |   |                    | 230    |   |   | 60 |   |

| 3. | PENSION      PLANS AND OTHER POSTRETIREMENTBENEFITS |
|----|-----------------------------------------------------|

Table of Contents 

|   |                                            |   | Three      Months Ended |   |
|--------|-------------------------------------------------|--------|-------------------------|--------|
|   |                                            |   | December      31,       |   |
|   | (Thousands)                                     |   | 2009                    |   | 2008 |   |
|   |                                            |   |                    |   |   |   |   |   |
|   | Service      cost – benefits earned       |   |                    |   |   |   |   |   |
|   |     during      the period  |   | $                       | 2,274  |   | $ | 3,485 |   |
|   | Interest      cost on projected                 |   |                    |   |   |   |   |   |
|   |     benefit      obligation |   |                    | 4,957  |   |   | 5,268 |   |
|   | Expected      return on plan assets             |   |                    | (5,032 | ) |   | (5,235 | ) |
|   | Amortization      of prior service cost         |   |                    | 239    |   |   | 259 |   |
|   | Amortization      of actuarial loss             |   |                    | 2,034  |   |   | 774 |   |
|   | Sub-total                                       |   |                    | 4,472  |   |   | 4,551 |   |
|   | Regulatory      adjustment                      |   |                    | (2,893 | ) |   | (3,002 | ) |
|   | Net      pension cost                           |   | $                       | 1,579  |   | $ | 1,549 |   |

|   |                                                           |   | Three      Months Ended |   |
|--------|----------------------------------------------------------------|--------|-------------------------|--------|
|   |                                                           |   | December      31,       |   |
|   | (Thousands)                                                    |   | 2009                    |   | 2008 |   |
|   |                                                           |   |                    |   |   |   |   |   |
|   | Service      cost – benefits earned                      |   |                    |   |   |   |   |   |
|   |     during      the period                 |   | $                       | 1,610  |   | $ | 1,283 |   |
|   | Interest      cost on accumulated                              |   |                    |   |   |   |   |   |
|   |     postretirement      benefit obligation |   |                    | 1,129  |   |   | 1,170 |   |
|   | Expected      return on plan assets                            |   |                    | (758   | ) |   | (594 | ) |
|   | Amortization      of transition obligation                     |   |                    | 34     |   |   | 34 |   |
|   | Amortization      of prior service credit                      |   |                    | (582   | ) |   | (582 | ) |
|   | Amortization      of actuarial loss                            |   |                    | 995    |   |   | 877 |   |
|   | Sub-total                                                      |   |                    | 2,428  |   |   | 2,188 |   |
|   | Regulatory      adjustment                                     |   |                    | (518   | ) |   | (278 | ) |
|   | Net      postretirement benefit cost                           |   | $                       | 1,910  |   | $ | 1,910 |   |

Table of Contents 

| 4. | FAIR      VALUE OF FINANCIAL INSTRUMENTS |
|----|------------------------------------------|

|   | (Thousands)                                    |   | CarryingAmount |    | FairValue |   |
|--------|------------------------------------------------|--------|----------------|---------|-----------|--------|
|   | As      of December 31, 2009         |   |           |    |      |   |   |   |
|   | Cash      and cash equivalents                 |   | $              | 80,029  |      | $      | 80,029 |   |
|   | Marketable      securities                     |   |           | 11,679  |      |   | 11,679 |   |
|   | Derivative      instrument assets              |   |           | 11,234  |      |   | 11,234 |   |
|   | Derivative      instrument liabilities         |   |           | 1,159   |      |   | 1,159 |   |
|   | Short-term      debt                           |   |           | 145,150 |      |   | 145,150 |   |
|   | Long-term      debt, including current portion |   |           | 389,254 |      |   | 409,216 |   |
|   |                                           |   |           |    |      |   |   |   |
|   | As      of September 30, 2009        |   |           |    |      |   |   |   |
|   | Cash      and cash equivalents                 |   | $              | 74,591  |      | $      | 74,591 |   |
|   | Marketable      securities                     |   |           | 11,110  |      |   | 11,110 |   |
|   | Derivative      instrument assets              |   |           | 17,178  |      |   | 17,178 |   |
|   | Derivative      instrument liabilities         |   |           | 976     |      |   | 976 |   |
|   | Short-term      debt                           |   |           | 129,800 |      |   | 129,800 |   |
|   | Long-term      debt                            |   |           | 389,240 |      |   | 423,375 |   |

Note 5

Table of Contents 

| 5. | FAIR      VALUE MEASUREMENTS |
|----|------------------------------|

|   | (Thousands)                                           |   |   | QuotedPrices      inActiveMarkets(Level      1) |   |   | SignificantObservableInputs(Level      2) |   |   | SignificantUnobservableInputs(Level      3) |   |   | Effects      of Netting and Cash Margin Receivables/Payables |   |   | Total  |   |
|--------|-------------------------------------------------------|--------|--------|-------------------------------------------------|--------|--------|-------------------------------------------|--------|--------|---------------------------------------------|--------|--------|--------------------------------------------------------------|--------|--------|--------|--------|
|   | As      of December 31, 2009                |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   | Assets                                                |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   |   Marketable      securities                |   | $      | 11,679                                          |   | $      | —                                   |   | $      | —                                     |   | $      | —                                                      |   | $      | 11,679 |   |
|   |   Derivative      instruments               |   |   | 3,839                                           |   |   | 292                                       |   |   | 327                                         |   |   | 6,776                                                        |   |   | 11,234 |   |
|   |         Total |   | $      | 15,518                                          |   | $      | 292                                       |   | $      | 327                                         |   | $      | 6,776                                                        |   | $      | 22,913 |   |
|   |                                                  |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   | Liabilities                                           |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   |   Derivative      instruments               |   | $      | 51,563                                          |   | $      | 1,027                                     |   | $      | 536                                         |   | $      | (51,967                                                      | )      | $      | 1,159  |   |
|   |                                                  |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   | As      of September 30, 2009               |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   | Assets                                                |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   |   Marketable      securities                |   | $      | 11,110                                          |   | $      | —                                   |   | $      | —                                     |   | $      | —                                                      |   | $      | 11,110 |   |
|   |   Derivative      instruments               |   |   | 11,081                                          |   |   | 1,688                                     |   |   | 558                                         |   |   | 3,851                                                        |   |   | 17,178 |   |
|   |         Total |   | $      | 22,191                                          |   | $      | 1,688                                     |   | $      | 558                                         |   | $      | 3,851                                                        |   | $      | 28,288 |   |
|   |                                                  |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   | Liabilities                                           |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   |   Derivative      instruments               |   | $      | 55,170                                          |   | $      | 522                                       |   | $      | 659                                         |   | $      | (55,375                                                      | )      | $      | 976    |   |
|   |                                                  |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   | As      of December 31, 2008                |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   | Assets                                                |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   |   Marketable      securities                |   | $      | 8,918                                           |   | $      | —                                   |   | $      | —                                     |   | $      | —                                                      |   | $      | 8,918  |   |
|   |   Derivative      instruments               |   |   | 8,560                                           |   |   | 384                                       |   |   | —                                     |   |   | 16,437                                                       |   |   | 25,381 |   |
|   |         Total |   | $      | 17,478                                          |   | $      | 384                                       |   | $      | —                                     |   | $      | 16,437                                                       |   | $      | 34,299 |   |
|   |                                                  |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   | Liabilities                                           |   |   |                                            |   |   |                                      |   |   |                                        |   |   |                                                         |   |   |   |   |
|   |   Derivative      instruments               |   | $      | 101,738                                         |   | $      | 7                                         |   | $      | —                                     |   | $      | (101,738                                                     | )      | $      | 7      |   |

Table of Contents 

| 6. | DERIVATIVE      INSTRUMENTS AND HEDGING ACTIVITIES |
|----|----------------------------------------------------|

Table of Contents 

|   |                                     |   | Laclede      Gas Company |   | Laclede      EnergyResources,      Inc. |    |
|--------|------------------------------------------|--------|--------------------------|--------|-----------------------------------------|---------|
|   |                                     |   | MMBtu(millions)          |   | Avg.      PricePerMMBtu                 |    | MMBtu(millions) |   | Avg.      PricePerMMBtu |   |
|   | Open      short futures positions        |   |                     |   |                                    |    |   |   |   |   |   |   |   |   |
|   |     Fiscal      2010 |   | —                  |   | $                                       | — |   |   | 6.87 |   | $ | 5.79 |   |   |
|   |     Fiscal      2011 |   | —                  |   |                                    | — |   |   | 0.53 |   |   | 6.11 |   |   |
|   |                                     |   |                     |   |                                    |    |   |   |   |   |   |   |   |   |
|   | Open      long futures positions         |   |                     |   |                                    |    |   |   |   |   |   |   |   |   |
|   |     Fiscal      2010 |   | 9.77                     |   | $                                       | 8.71    |   |   | 1.28 |   | $ | 5.29 |   |   |
|   |     Fiscal      2011 |   | 6.58                     |   |                                    | 8.55    |   |   | 3.88 |   |   | 6.54 |   |   |
|   |     Fiscal      2012 |   | 0.60                     |   |                                    | 8.31    |   |   | 1.37 |   |   | 7.19 |   |   |

Table of Contents 

| The      Effect of Derivative Instruments on the Statements of Consolidated Income      and Statements of Consolidated Comprehensive Income |
|---------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                        |
| (Thousands)                                                                                                                                 | Location      of Gain (Loss) Recorded in Income |   | Three      Months EndedDec.      31, 2009 |   |
|                                                                                                                                        |   |   |   |   |   |   |   |
| Derivatives      in ASC Topic 815 Cash Flow HedgingRelationships                                                                            |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |
|      Effective      portion of gain (loss) recognized in OCI                                                       |   |   |   |   |   |   |   |
|         on      derivatives:                                                                        |   |   |   |   |   |   |   |
|              NYMEX      natural gas contracts                              |   |   |   | $ | 3,577 |   |   |
|              NYMEX      gasoline and heating oil contracts                 |   |   |   |   | 166 |   |   |
|           Total                                                                           |   |   |   | $ | 3,743 |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |
|      Effective      portion of gain (loss) reclassified from                                                       |   |   |   |   |   |   |   |
|         accumulated      OCI to income:                                                             |   |   |   |   |   |   |   |
|              NYMEX      natural gas contracts                              | Non-Regulated      Gas Marketing Operating Revenues |   |   | $ | 4,525 |   |   |
|                                                                                                                                        | Non-Regulated      Gas Marketing Operating Expenses |   |   |   | (536 | ) |   |
|                     Sub-total           |   |   |   |   | 3,989 |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |
|              NYMEX      gasoline and heating oil contracts                 | Other      Regulated Gas Distribution Operating Expenses |   |   |   | 62 |   |   |
|           Total                                                                           |   |   |   | $ | 4,051 |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |
|      Ineffective      portion of gain (loss) on derivatives                                                        |   |   |   |   |   |   |   |
|         recognized      in income:                                                                  |   |   |   |   |   |   |   |
|              NYMEX      natural gas contracts                              | Non-Regulated      Gas Marketing Operating Revenues |   |   | $ | 525 |   |   |
|                                                                                                                                        | Non-Regulated      Gas Marketing Operating Expenses |   |   |   | (2,349 | ) |   |
|                     Sub-total           |   |   |   |   | (1,824 | ) |   |
|                                                                                                                                        |   |   |   |   |   |   |   |
|              NYMEX      gasoline and heating oil contracts                 | Other      Regulated Gas Distribution Operating Expenses |   |   |   | (56 | ) |   |
|           Total                                                                           |   |   |   | $ | (1,880 | ) |   |
|                                                                                                                                        |   |   |   |   |   |   |   |
| Derivatives      Not Designated as Hedging Instruments                                                                                      |   |   |   |   |   |   |   |
| Under      ASC Topic 815 *                                                                                                                  |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |
|      Gain      (loss) recognized in income on derivatives:                                                         |   |   |   |   |   |   |   |
|                                                                                                                                        |   |   |   |   |   |   |   |
|              Natural      gas commodity contracts                          | Non-Regulated      Gas Marketing Operating Revenues |   |   | $ | 3,994 |   |   |
|                                                                                                                                        | Non-Regulated      Gas Marketing Operating Expenses |   |   |   | (3,514 | ) |   |
|              NYMEX      natural gas contracts                              | Non-Regulated      Gas Marketing Operating Expenses |   |   |   | (554 | ) |   |
|           Total                                                                           |   |   |   | $ | (74 | ) |   |

| * | Gains      and losses on Laclede Gas’ NYMEX natural gas derivative instruments, which      are not designated as hedging instruments for financial reporting      purposes, are deferred pursuant to the Utility’s PGA Clause and recorded      as regulatory assets or regulatory liabilities. These gains and losses are      excluded from the table above because they have no direct impact on the      Statements of Consolidated Income. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Table of Contents 

|   | Fair      Value of Derivative Instruments in the Consolidated Balance Sheet at      December 31, 2009  |   |
|--------|--------------------------------------------------------------------------------------------------------|--------|
|   |                                                                                                   |   |   |   |   |   |
|   |                                                                                                   |   | Asset      Derivatives |   | Liability      Derivatives |   |
|   | (Thousands)                                                                                            |   | Balance      Sheet Location |   | FairValue | * | Balance      Sheet Location |   | FairValue | * |
|   | Derivatives      designated as hedging instruments under ASC Topic 815                                 |   |   |   |   |   |   |   |   |   |
|   |                                                                                                   |   |   |   |   |   |   |   |   |   |
|   |   NYMEX      natural gas contracts                                                           |   | Derivative      Instrument Assets | $ | 2,351 |   | Derivative      Instrument Assets | $ | 3,355 |   |
|   |   NYMEX      gasoline and    heating      oil contracts                  |   | Derivative      Instrument Assets |   | 289 |   | Derivative      Instrument Assets |   | — |   |
|   |         Sub-total                                              |   |   |   | 2,640 |   |   |   | 3,355 |   |
|   |                                                                                                   |   |   |   |   |   |   |   |   |   |
|   | Derivatives      not designated as hedging instruments underASC      Topic 815                         |   |   |   |   |   |   |   |   |   |
|   |                                                                                                   |   |   |   |   |   |   |   |   |   |
|   |   NYMEX      natural gas contracts                                                           |   | Derivative      Instrument Assets |   | 1,199 |   | Derivative      Instrument Assets |   | 48,208 |   |
|   |   Natural      gas commodity contracts                                                       |   | Derivative      Instrument Assets |   | 246 |   | Other      Current Liabilities |   | 1,532 |   |
|   |                                                                                                   |   | Other      Current Liabilities |   | 373 |   | Derivative      Instrument Assets |   | 31 |   |
|   |         Sub-total                                              |   |   |   | 1,818 |   |   |   | 49,771 |   |
|   |   Total      derivatives                                                                     |   |   | $ | 4,458 |   |   | $ | 53,126 |   |
|   |                                                                                                   |   |   |   |   |   |   |   |   |   |
|   | Fair      Value of Derivative Instruments in the Consolidated Balance Sheet at      September 30, 2009 |   |
|   |                                                                                                   |   |   |   |   |   |   |   |   |   |
|   |                                                                                                   |   | Asset      Derivatives |   | Liability      Derivatives |   |
|   | (Thousands)                                                                                            |   | Balance      Sheet Location |   | FairValue | * | Balance      Sheet Location |   | FairValue | * |
|   | Derivatives      designated as hedging instruments under ASC Topic 815                                 |   |   |   |   |   |   |   |   |   |
|   |                                                                                                   |   |   |   |   |   |   |   |   |   |
|   |   NYMEX      natural gas contracts                                                           |   | Derivative      Instrument Assets | $ | 3,001 |   | Derivative      Instrument Assets | $ | 2,019 |   |
|   |   NYMEX      gasoline and    heating      oil contracts                  |   | Derivative      Instrument Assets |   | 278 |   | Derivative      Instrument Assets |   | — |   |
|   |         Sub-total                                              |   |   |   | 3,279 |   |   |   | 2,019 |   |
|   |                                                                                                   |   |   |   |   |   |   |   |   |   |
|   | Derivatives      not designated as hedging instruments underASC      Topic 815                         |   |   |   |   |   |   |   |   |   |
|   |                                                                                                   |   |   |   |   |   |   |   |   |   |
|   |   NYMEX      natural gas contracts                                                           |   | Derivative      Instrument Assets |   | 7,802 |   | Derivative      Instrument Assets |   | 53,151 |   |
|   |   Natural      gas commodity contracts                                                       |   | Derivative      Instrument Assets |   | 2,062 |   | Other      Current Liabilities |   | 1,160 |   |
|   |                                                                                                   |   | Other      Current Liabilities |   | 184 |   | Derivative      Instrument Assets |   | 21 |   |
|   |         Sub-total                                              |   |   |   | 10,048 |   |   |   | 54,332 |   |
|   |   Total      derivatives                                                                     |   |   | $ | 13,327 |   |   | $ | 56,351 |   |

| * | The      fair values of Asset Derivatives and Liability Derivatives exclude the      fair value of cash margin receivables or payables with counterparties      subject to netting arrangements. The amounts excluded in receivables at      December 31, 2009 and September 30, 2009 were $58.7      million and $59.2 million, respectively, which were associated with NYMEX      contracts. Fair value amounts of derivative contracts (including the fair      value amounts of cash margin receivables and payables) for which there is      a legal right to set off are presented net on the Consolidated Balance      Sheets. As such, the gross balances presented in the table above are not      indicative of the Company’s net economic exposure. Refer to Note 5, Fair Value Measurements, for information on the      valuation of derivativeinstruments. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Table of Contents 

| 7. | CONCENTRATIONS      OF CREDIT RISK |
|----|------------------------------------|

| 8. | OTHER      INCOME AND (INCOME DEDUCTIONS) –NET |
|----|------------------------------------------------------|

|   |                                                  |   | Three      Months Ended |    |
|--------|-------------------------------------------------------|--------|-------------------------|---------|
|   |                                                  |   | December      31,       |    |
|   | (Thousands)                                           |   | 2009                    |    | 2008 |   |
|   |                                                  |   |                    |    |   |   |   |   |
|   | Interest      income                                  |   | $                       | 535     |   | $ | 1,139 |   |
|   | Net      investment gain (loss)                       |   |                    | 474     |   |   | (1,369 | ) |
|   | Other      income                                     |   |                    | — |   |   | 277 |   |
|   | Other      income deductions                          |   |                    | 578     |   |   | 692 |   |
|   | Other      Income and (Income Deductions) – Net |   | $                       | 1,587   |   | $ | 739 |   |

Table of Contents 

| 9. | INFORMATION      BY OPERATING SEGMENT |
|----|---------------------------------------|

|                          |   |         |      | Non-      |   |    |   |         |    |         |   |
|-------------------------------|--------|--------------|-----------|-----------|--------|---------|--------|--------------|---------|--------------|--------|
|                          |   | Regulated    |      | Regulated |   |    |   |         |    |         |   |
|                          |   | Gas          |      | Gas       |   |    |   |         |    |         |   |
| (Thousands)                   |   | Distribution |      | Marketing |   | Other   |   | Eliminations |    | Consolidated |   |
| Three      Months Ended       |   |         |      |      |   |    |   |         |    |         |   |   |   |   |   |   |
| December      31, 2009        |   |         |      |      |   |    |   |         |    |         |   |   |   |   |   |   |
| Revenues      from external   |   |         |      |      |   |    |   |         |    |         |   |   |   |   |   |   |
|   customers         |   | $            | 281,111   |      | $      | 189,887 |   | $            | 10,452  |         | $      | — |   | $ | 481,450 |   |
| Intersegment      revenues    |   |         | 1,818     |      |   | 7,638   |   |         | 260     |         |   | — |   |   | 9,716 |   |
| Total      Operating Revenues |   |         | 282,929   |      |   | 197,525 |   |         | 10,712  |         |   | — |   |   | 491,166 |   |
| Net      Economic Earnings    |   |         | 17,432    |      |   | 4,612   |   |         | 3,753   |         |   | — |   |   | 25,797 |   |
| Total      assets             |   |         | 1,662,121 |      |   | 174,852 |   |         | 113,172 |         |   | (90,117 | ) |   | 1,860,028 |   |
|                          |   |         |      |      |   |    |   |         |    |         |   |   |   |   |   |   |
| Three      Months Ended       |   |         |      |      |   |    |   |         |    |         |   |   |   |   |   |   |
| December      31, 2008        |   |         |      |      |   |    |   |         |    |         |   |   |   |   |   |   |
| Revenues      from external   |   |         |      |      |   |    |   |         |    |         |   |   |   |   |   |   |
|   customers         |   | $            | 356,623   |      | $      | 305,133 |   | $            | 855     |         | $      | — |   | $ | 662,611 |   |
| Intersegment      revenues    |   |         | 1,478     |      |   | 9,907   |   |         | 260     |         |   | — |   |   | 11,645 |   |
| Total      Operating Revenues |   |         | 358,101   |      |   | 315,040 |   |         | 1,115   |         |   | — |   |   | 674,256 |   |
| Net      Economic Earnings    |   |         | 16,148    |      |   | 12,528  |   |         | 457     |         |   | — |   |   | 29,133 |   |
| Total      assets             |   |         | 1,712,374 |      |   | 195,707 |   |         | 114,492 |         |   | (146,927 | ) |   | 1,875,646 |   |

| Reconciliation      of Consolidated Net Economic Earnings to Consolidated Net      Income |
|-------------------------------------------------------------------------------------------|
|                                                                                      |
|                                                                                      |   |   | Three      Months Ended |   |
|                                                                                      |   |   | December      31, |   |
|                                                                                      | (Thousands) |   | 2009 |   | 2008 |   |
|                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                      | Total      Net Economic Earnings above |   | $ | 25,797 |   | $ | 29,133 |   |
|                                                                                      |   Add:      Unrealized gain (loss) on energy-related |   |   |   |   |   |   |   |
|                                                                                      |     derivative      contracts, net of tax |   |   | (2,911 | ) |   | 2,173 |   |
|                                                                                      | Net      Income |   | $ | 22,886 |   | $ | 31,306 |   |

Table of Contents 

| 10. | COMMITMENTS      AND CONTINGENCIES |
|-----|------------------------------------|

Table of Contents 

Exhibit 99.1

Table of Contents 

ITEM 2.

| • | weather      conditions and catastrophic events, particularly severe weather in the      natural gas producing areas of the country;                                                                                                                                |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | volatility      in gas prices, particularly sudden and sustained changes in natural gas      prices, including the related impact on margin deposits associated with      the use of natural gas derivative instruments;                                            |
| • | the      impact of higher natural gas prices on our competitive position in      relation to suppliers of alternative heating sources, such as      electricity;                                                                                                    |
| • | changes      in gas supply and pipeline availability, particularly those changes that      impact supply for and access to our market area;                                                                                                                         |
| • | legislative,      regulatory and judicial mandates and decisions, some of which may be      retroactive, including those affecting                                                                                                                                  |
|    | •                                                                                                                                                                                                                                                             | allowed      rates of return |
|    | •                                                                                                                                                                                                                                                             | incentive      regulation |
|    | •                                                                                                                                                                                                                                                             | industry      structure |
|    | •                                                                                                                                                                                                                                                             | purchased      gas adjustment provisions |
|    | •                                                                                                                                                                                                                                                             | rate      design structure and implementation |
|    | •                                                                                                                                                                                                                                                             | regulatory      assets |
|    | •                                                                                                                                                                                                                                                             | franchise      renewals |
|    | •                                                                                                                                                                                                                                                             | environmental      or safety matters |
|    | •                                                                                                                                                                                                                                                             | taxes |
|    | •                                                                                                                                                                                                                                                             | pension      and other postretirement benefit liabilities and funding      obligations |
|    | •                                                                                                                                                                                                                                                             | accounting      standards; |
| • | the      results of litigation;                                                                                                                                                                                                                                     |
| • | retention      of, ability to attract, ability to collect from, and conservation efforts      of, customers;                                                                                                                                                        |
| • | capital      and energy commodity market conditions, including the ability to obtain      funds with reasonable terms for necessary capital expenditures and general      operations and the terms and conditions imposed for obtaining sufficient      gas supply; |
| • | discovery      of material weakness in internal controls; and                                                                                                                                                                                                       |
| • | employee      workforce issues.                                                                                                                                                                                                                                     |

Table of Contents 

| • | the      Utility’s ability to recover the costs of distribution of natural gas to      its customers;                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | the      impact of weather and other factors, such as customer conservation, on      revenues and expenses;                                                                                                      |
| • | changes      in the regulatory environment at the federal, state, and local levels, as      well as decisions by regulators, that impact the Utility’s ability to earn      its authorized rate of return; |
| • | the      Utility’s ability to access credit markets and maintain working capital      sufficient to meet operating requirements; and,                                                                      |
| • | the      effect of natural gas price volatility on the  business.                                                                                                                                                |

| • | the      risks of competition;                                    |
|---------|-------------------------------------------------------------------|
| • | regional      fluctuations in natural gas prices;                 |
| • | new      national pipeline infrastructure projects;               |
| • | credit      and/or capital market access;                         |
| • | counterparty      risks; and,                                     |
| • | the      effect of natural gas price volatility on the  business. |

Table of Contents 

Regulatory Matters

Liquidity and Capital Resources

Table of Contents 

| 1) | Changes      in fair values of physical and/or financial derivatives prior to the      period of settlement                                                                                                                                                                                                  |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2) | Ineffective      portions of accounting hedges, required to be recorded in earnings prior      to settlement, due to differences in commodity price changes between the      locations of the anticipated physical purchase or sale transactions and      the locations of the underlying hedge  instruments |

Table of Contents 

| (Millions,      except per share amounts) | Net      Economic Earnings(Non-GAAP)                                                                                                                                                                                                                                                                                                                                                                                                                                          | Add:      Unrealized gain (loss) on energy-related derivative    contracts* | Net      Income(GAAP) |
|-------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|-----------------------|
|                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                        |                  |   |   |   |   |   |   |   |   |   |
| Quarter      Ended December 31, 2009      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                        |                  |   |   |   |   |   |   |   |   |   |
|                                      | Regulated      Gas Distribution                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                        | $                     | 17.4 |   |   | $ | — |   |   | $ | 17.4 |   |
|                                      | Non-Regulated      Gas Marketing                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                        |                  | 4.7 |   |   |   | (2.9 | ) |   |   | 1.8 |   |
|                                      | Other                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                        |                  | 3.7 |   |   |   | — |   |   |   | 3.7 |   |
|                                      |     Total                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                        | $                     | 25.8 |   |   | $ | (2.9 | ) |   | $ | 22.9 |   |
|                                      | Per      Share Amounts **                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                        | $                     | 1.16 |   |   | $ | (0.13 | ) |   | $ | 1.03 |   |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                        |                  |   |   |   |   |   |   |   |   |   |
| Quarter      Ended December 31, 2008      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                        |                  |   |   |   |   |   |   |   |   |   |
|                                      | Regulated      Gas Distribution                                                                                                                                                                                                                                                                                                                                                                                                                                               |                                                                        | $                     | 16.1 |   |   | $ | — |   |   | $ | 16.1 |   |
|                                      | Non-Regulated      Gas Marketing                                                                                                                                                                                                                                                                                                                                                                                                                                              |                                                                        |                  | 12.5 |   |   |   | 2.2 |   |   |   | 14.7 |   |
|                                      | Other                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                        |                  | 0.5 |   |   |   | — |   |   |   | 0.5 |   |
|                                      |     Total                                                                                                                                                                                                                                                                                                                                                                                                                                                 |                                                                        | $                     | 29.1 |   |   | $ | 2.2 |   |   | $ | 31.3 |   |
|                                      | Per      Share Amounts **                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                        | $                     | 1.31 |   |   | $ | 0.10 |   |   | $ | 1.41 |   |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |                                                                        |                  |   |   |   |   |   |   |   |   |   |   |
| *                                         | Amounts      presented net of income taxes. Income taxes are calculated by applying      federal, state, and local income tax rates applicable to ordinary income      to the amounts of unrealized gain (loss) on energy-related derivative      contracts. For the quarters ended December 31, 2009 and 2008,      the amounts of income tax expense (benefit) included in the reconciling      items above are $(1.8) million and $1.4 million,    respectively. |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| **                                        | Net      economic earnings per share is calculated by replacing consolidated net      income with consolidated net economic earnings in the GAAP diluted      earnings per share calculation.                                                                                                                                                                                                                                                                                 |

| • | increased      net investment gains totaling $1.9 million; and,                                     |
|---------|-----------------------------------------------------------------------------------------------------|
| • | higher      Infrastructure System Replacement Surcharge (ISRS) revenues totaling $1.1      million. |

Table of Contents 

|                                                                                                         |   |
|--------------------------------------------------------------------------------------------------------------|--------|
| (Millions)                                                                                                   |   |
| Lower      wholesale gas costs passed on to Utility customers (subject to prudence      review by the MoPSC) |   | $ | (51.9 | ) |
| Lower      system sales volumes and other variations                                                         |   |   | (12.5 | ) |
| Lower      off-system sales volumes                                                                          |   |   | (7.0 | ) |
| Lower      prices charged for off-system sales                                                               |   |   | (4.9 | ) |
| Higher      ISRS revenues                                                                                    |   |   | 1.1 |   |
| Total      Variation                                                                                         |   | $ | (75.2 | ) |

Table of Contents 

REGULATORY MATTERS

Table of Contents 

CRITICAL ACCOUNTING POLICIES

|   | • | Allowances      for doubtful accounts                 |
|--------|---------|-------------------------------------------------------|
|   | • | Employee      benefits and postretirement obligations |
|   | • | Regulated      operations                             |

10-K

|   | Non-Regulated Gas Marketing      Energy Contracts – LER routinely enters into contracts for the      physical purchase or sale of natural gas in a future period. To the extent      LER’s contracts qualify for the normal purchases or normal sales election      under GAAP, they are accounted for in the period the natural gas is      delivered. Many of LER’s contracts are accounted for in this manner.      However, pursuant to GAAP, certain contracts are required to be accounted      for as derivatives with changes in fair value (representing unrealized      gains or losses) recognized in earnings in the periods prior to physical      delivery. Unrealized gains or losses on these contracts are recognized as      either Non-Regulated Gas Marketing operating revenues or Non-Regulated Gas      Marketing operating expenses in the Statements of Consolidated Income. In      addition to these physical contracts, LER also utilizes      exchange-traded/cleared New York Mercantile Exchange (NYMEX) natural gas      futures and swaps contracts to manage the price risk associated with      certain of its fixed-price commitments. These contracts are generally      designated for hedge accounting treatment, as discussed in Note 6 of the Notes to Consolidated Financial      Statements. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

New Accounting Standards

Table of Contents 

|          Type of Facility                 | S&P | Moody’s | Fitch |
|----------------------------------------------------------|---------|---------------|-------|
|          Laclede Group Issuer Rating      | A       |          | A-    |
|          Laclede Gas First Mortgage Bonds | A       | A2            | A+    |
|          Laclede Gas Commercial Paper     | A-1     | P-2           | F1    |

LIQUIDITY AND CAPITAL RESOURCES

Table of Contents 

Table of Contents 

|                                              |   | Payments      due by period |    |
|---------------------------------------------------|--------|-----------------------------|---------|
|                                              |   |                        |    | Remaining |   |   |   |   |   | Fiscal      Years |   |
|  Contractual      Obligations                |   | Total                       |    | Fiscal      Year2010 |   | Fiscal      Years2011-2012 |   | Fiscal      Years2013-2014 |   | 2015      andthereafter |   |
| Principal      Payments on Long-Term Debt         |   | $                           | 390.0   |   | $ | — |   | $ | 25.0 |   | $ | 25.0 |   | $ | 340.0 |   |
| Interest      Payments on Long-Term Debt          |   |                        | 499.6   |   |   | 14.7 |   |   | 46.7 |   |   | 43.5 |   |   | 394.7 |   |
| Operating      Leases (a)                         |   |                        | 15.1    |   |   | 4.2 |   |   | 7.1 |   |   | 3.4 |   |   | 0.4 |   |
| Purchase      Obligations – Natural Gas (b) |   |                        | 1,338.8 |   |   | 567.4 |   |   | 605.4 |   |   | 144.5 |   |   | 21.5 |   |
| Purchase      Obligations – Other (c)       |   |                        | 98.4    |   |   | 13.5 |   |   | 22.7 |   |   | 17.1 |   |   | 45.1 |   |
| Total      (d)                                    |   | $                           | 2,341.9 |   | $ | 599.8 |   | $ | 706.9 |   | $ | 233.5 |   | $ | 801.7 |   |

|          (a) | Operating      lease obligations are primarily for office space, vehicles, and power      operated equipment in the Regulated Gas Distribution segment. Additional      payments will be incurred if renewal options are exercised under the      provisions of certain agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          (b) | These      purchase obligations represent the minimum payments required under      existing natural gas transportation and storage contracts and natural gas      supply agreements in the Regulated Gas Distribution and Non-Regulated Gas      Marketing segments. These amounts reflect fixed obligations as well as      obligations to purchase natural gas at future market prices, calculated      using December 31, 2009 forward market prices. Laclede Gas      recovers the costs related to its purchases, transportation, and storage      of natural gas through the operation of its PGA Clause, subject to      prudence review; however, variations in the timing of collections of gas      costs from customers affect short-term cash requirements. Additional      contractual commitments are generally entered into prior to or during the      heating season.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|          (c) | These      purchase obligations reflect miscellaneous agreements for the purchase of      materials and the procurement of services necessary for normal      operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|          (d) | The      categories of Capital Leases and Other Long-Term Liabilities have been      excluded from the table above because there are no material amounts of      contractual obligations under these categories. Long-term liabilities      associated with unrecognized tax benefits, totaling $1.6 million, have      been excluded from the table above because the timing of future cash      outflows, if any, cannot be reasonably estimated. Also, commitments      related to pension and postretirement benefit plans have been excluded      from the table above. The Company expects to make contributions to its      qualified, trusteed pension plans totaling $1.2 million during the      remainder of fiscal year 2010. Laclede Gas anticipates a $0.3 million      contribution relative to its non-qualified pension plans during the      remainder of fiscal year 2010. With regard to the postretirement      benefits, the Company anticipates Laclede Gas will contribute $8.5 million      to the qualified trusts and $0.3 million directly to participants from      Laclede Gas’ funds during the remainder of fiscal year 2010. For      further discussion of the Company’s pension and postretirement benefit      plans, refer to Note 3, Pension Plans and Other      Postretirement Benefits, of the Notes to Consolidated Financial      Statements. |

Table of Contents 

MARKET RISK

Note 6

Note 6

Note 7

10-K
Note 10

Exhibit 99.1

Table of Contents 

Item 3.

Market Risk

Item 4.

Table of Contents 

PART II

Item 1.

10-K
Note 10
Regulatory Matters

Item 2.

|    Period                            |   Total      No. ofShares      Purchased |   Average      Price PaidPer      Share | Total      No. of SharesPurchased      as Part ofPublicly      AnnouncedPlans | Maximum      No. ofShares      that MayYet      be PurchasedUnder      the Plans |
|-----------------------------------------------------|----------------------------------------------------|---------------------------------------------------|-------------------------------------------------------------------------------|----------------------------------------------------------------------------------|
| October      1, 2009 –October      31, 2009   |  3,650                                        |  $30.71                                      |  -                                                                       |  -                                                                          |
| November      1, 2009 –November      30, 2009 |  15,249                                       |  $30.44                                      |  -                                                                       |  -                                                                          |
| December      1, 2009 –December      31, 2009 |  -                                            |  -                                           |  -                                                                       |  -                                                                          |
| Total                                               | 18,899                                             | -                                                 | -                                                                             | -                                                                                |

Item 6.

| (a) | See      ExhibitIndex |
|-----|-----------------------|

Table of Contents 

SIGNATURES

|   |   |                  | The      Laclede Group, Inc. |
|--------|--------|-----------------------|------------------------------|
|   |   |                  |                         |
| Dated: |   | January      29, 2010 |                         | By:  | /s/      Mark D. Waltermire |
|   |   |                  |                         |   | Mark      D. Waltermire |
|   |   |                  |                         |   | Chief      Financial Officer |
|   |   |                  |                         |   | (Authorized      Signatory and Chief FinancialOfficer) |

Table of Contents 

SIGNATURES

|   |   |                  | Laclede      Gas Company |
|--------|--------|-----------------------|--------------------------|
|   |   |                  |                     |
| Dated: |   | January      29, 2010 |                     | By:  | /s/      Mark D. Waltermire |
|   |   |                  |                     |   | Mark      D. Waltermire |
|   |   |                  |                     |   | Senior      Vice President and |
|   |   |                  |                     |   | Chief      Financial Officer |
|   |   |                  |                     |   | (Authorized      Signatory and Chief FinancialOfficer) |

Table of Contents 

INDEX TO EXHIBITS

| Exhibit      No. |   |                                                                                                                                                                                       |
|------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |   |                                                                                                                                                                                       |
| 10.1             | -      | Amendment      to Supplemental Pension Agreement with Kenneth J. Neises dated      January 7, 2010.                                                                              |
|             |   |                                                                                                                                                                                       |
| 10.2             | -      | Form      of Performance Contingent Restricted Stock Award  Agreement.                                                                                                                     |
|             |   |                                                                                                                                                                                       |
| 12               | -      | Ratio      of Earnings to Fixed Charges.                                                                                                                                                   |
|             |   |                                                                                                                                                                                       |
| 31               | -      | CEO      and CFO Certifications under Exchange Act Rule 13a –  14(a).                                                                                                                |
|             |   |                                                                                                                                                                                       |
| 32               | -      | CEO      and CFO Section 1350 Certifications.                                                                                                                                              |
|             |   |                                                                                                                                                                                       |
| 99.1             | -      | Laclede      Gas Company - Financial Statements, Notes to Financial Statements, and      Management’s Discussion and Analysis of Financial Condition and Results of      Operations. |
|             |   |                                                                                                                                                                                       |

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