Analyst Report: Nisource Inc. (Holding Co.)

Argus

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Mar 28, 2025

Summary

NiSource is simply a regulated state inferior with smaller energy operations successful six states: IN, KY, MD, OH, PA, VA. NiSource has transmission, distribution, and procreation operations. The institution provides earthy state done its Columbia Gas utilities to 3.3 cardinal customers, of which astir 2 thirds of customers are successful Ohio and Pennsylvania. About 70% of earthy state deliveries successful 2024 was to residential customers.

NiSource's Indiana inferior subsidiary, NIPSCO, provides state and electrical organisation to 1.3 cardinal customers and 460,000 electrical customers. As of 2024, NIPSCO had astir 3,300 MW of generating capableness from 11 facilities and astir 55,000 earthy state organisation lines. NI besides has LNG operations successful Indiana. The institution has 2 coal-fired plants, but hopes to destruct ember from its procreation premix by 2028 and beryllium nett zero by 2040. Its generating capaci