NiSource Inc (NI)

Business Description

NiSource Inc. is an energy holding company that operates through two primary segments: Gas Distribution Operations and Electric Operations. The company provides natural gas distribution services to approximately 3.3 million customers across six states, including Ohio, Pennsylvania, Virginia, Kentucky, Maryland, and northern Indiana, through subsidiaries like NiSource Gas Distribution Group, Inc. and NIPSCO . NiSource also focuses on generating power and transitioning its generation portfolio to include renewable energy and energy efficiency technologies . The company's strategy emphasizes safe and reliable service through rate-regulated utilities, infrastructure investment, and regulatory initiatives to enhance customer experience and reduce emissions .

Gas Distribution Operations - Distributes natural gas to residential, commercial, and industrial customers across six states, operating approximately 55,000 miles of distribution main pipeline and 1,000 miles of transmission main pipeline .
Electric Operations - Generates power at central station power plants and is transitioning to include renewable energy, distributed generation, energy storage, and energy efficiency technologies, with regulatory mechanisms for fuel cost recovery .

Key Metrics

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Executive Team

Name	Position	Start Date	Short Bio
Lloyd M. Yates	President and Chief Executive Officer	February 2022	Lloyd M. Yates has been serving as the President and CEO of NiSource Inc. since February 2022. He has over 40 years of experience in the energy industry .
Shawn Anderson	Executive Vice President and Chief Financial Officer	March 2023	Shawn Anderson is the Executive Vice President and CFO of NiSource, having assumed this role in March 2023. He previously served as the Senior Vice President and Chief Strategy and Risk Officer .
Melody Birmingham	Executive Vice President and President, NiSource Utilities	March 2023	Melody Birmingham has held the position of Executive Vice President and President, NiSource Utilities since March 2023. She was previously the Executive Vice President and Chief Innovation Officer .
Donald E. Brown	Executive Vice President and Chief Innovation Officer	March 2023	Donald E. Brown has been serving as the Executive Vice President and Chief Innovation Officer since March 2023. He was formerly the Executive Vice President and CFO of NiSource .
William Jefferson, Jr.	Executive Vice President, Operations and Chief Safety Officer	July 2022	William Jefferson, Jr. has been serving as the Executive Vice President, Operations and Chief Safety Officer since July 2022. He was previously the Station Director and Plant General Manager at STPNOC .
Michael S. Luhrs	Executive Vice President, Strategy and Risk Chief Commercial Officer	March 2023	Michael S. Luhrs has been serving as the Executive Vice President, Strategy and Risk Chief Commercial Officer since March 2023. He was previously a Senior Vice President at Alliant Energy .
Kimberly S. Cuccia	Senior Vice President, General Counsel and Corporate Secretary	April 2022	Kimberly S. Cuccia has been serving as the Senior Vice President, General Counsel, and Corporate Secretary since April 2022. She has held various positions within NiSource, including Vice President and Interim General Counsel .
Melanie B. Berman	Senior Vice President and Chief Human Resources Officer	June 2021	Melanie B. Berman has been serving as the Senior Vice President and Chief Human Resources Officer since June 2021. She was previously the Executive Vice President and Chief Human Resources Officer of The Michaels Companies, Inc. .
Michael W. Hooper	Senior Vice President and President, NIPSCO	May 2020	Michael W. Hooper has been serving as the Senior Vice President and President of NIPSCO since May 2020. He was previously the Senior Vice President of Regulatory, Legislative Affairs and Strategy at NIPSCO .
Gunnar J. Gode	Vice President, Chief Accounting Officer and Controller	July 2020	Gunnar J. Gode has been serving as the Vice President, Chief Accounting Officer, and Controller since July 2020. He was previously the Vice President and Controller of Washington Gas .

Questions to Ask Management

Given the recent issuance of $500 million in junior subordinated debt with 50% equity credit, how does this impact your planned $600 million ATM equity issuance for 2024, and should we consider this debt as incremental to your equity needs?
With your peer utility receiving a lower ROE in their recent Pennsylvania rate case decision, can you provide more color on how this might impact your own rate case proceedings in the state, and what potential outcomes you foresee regarding settlement and timeline?
Considering the increasing interest in data center development within your Northwest Indiana service area, can you elaborate on the potential challenges to your infrastructure and how you plan to manage the risks associated with accommodating significant new load growth?
You mentioned that preliminary engineering on MISO LRTP tranche 1 projects indicates higher costs exceeding original estimates. How might these potential cost overruns impact your base financial plan, and what strategies do you have to mitigate these risks?
Given your commitment to ESG initiatives, including reducing methane emissions and achieving a top AAA ESG rating, how are you balancing the investments required for ESG initiatives with the need to maintain affordable energy prices for customers, and what challenges do you anticipate in achieving both goals?

Debt Maturity Schedule

Year	Amount Due (Millions)	Debt Type	Interest Rate (%)	% of Total Debt
2029	$600.0	Senior Unsecured Notes	5.200	4.5% = (600.0 / 13,357.5) * 100
2034	$650.0	Senior Unsecured Notes	5.350	4.9% = (650.0 / 13,357.5) * 100
2054	$500.0	Fixed-to-Fixed Reset Rate Junior Sub Notes	6.950	3.7% = (500.0 / 13,357.5) * 100
2055	$500.0	Fixed-to-Fixed Reset Rate Junior Sub Notes	6.375	3.7% = (500.0 / 13,357.5) * 100

Auditor

Name	Start Date	End Date	Reason for Change
Deloitte & Touche LLP	2002	Present	Current auditor