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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 .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Lloyd M. Yates ExecutiveBoard | President and CEO | Board Member at Marsh & McLennan Companies | Over 40 years of energy industry experience; joined NiSource as CEO in February 2022 after serving on the board since 2020. Formerly held leadership roles at Duke Energy. | View Report → |
Gunnar J. Gode Executive | VP, Chief Accounting Officer, and Controller | None | Joined NiSource in July 2020. Oversees accounting and financial reporting. Previously served as VP and Controller at Washington Gas. | |
Kimberly S. Cuccia Executive | SVP, General Counsel, and Corporate Secretary | None | Serves as General Counsel and Corporate Secretary. No additional details on prior roles or achievements provided in the documents. | |
Melanie B. Berman Executive | SVP, Chief Human Resources Officer | None | Joined NiSource in June 2021. Oversees human resources and administrative functions. | |
Melody Birmingham Executive | EVP and Group President, NiSource Utilities | Board Member at 1st Source Corporation and 1st Source Bank | Joined NiSource in July 2022 as Chief Innovation Officer; promoted to Group President in March 2023. Formerly held leadership roles at Duke Energy, including State President of Indiana operations. | |
Michael S. Luhrs Executive | EVP, Strategy and Risk, and Chief Commercial Officer | None | Joined NiSource in March 2023. Oversees strategy, risk management, sustainability, and customer experience. Previously held leadership roles at Alliant Energy and Duke Energy. | |
Shawn Anderson Executive | EVP and CFO | None | Joined NiSource in 2016; promoted to CFO in March 2023. Oversees financial operations, strategy, and risk management. Previously served as Treasurer and Chief Risk Officer. | |
William Jefferson, Jr. Executive | EVP, Chief Operating and Safety Officer | None | Joined NiSource in July 2022; promoted to Chief Operating and Safety Officer in May 2024. Previously served as Station Director at South Texas Project Nuclear Operating Company. | |
Cassandra S. Lee Board | Director | SVP and Chief Audit Executive at AT&T; Board Member at Andretti Acquisition Corp. | Director since 2022. Brings over 30 years of experience in telecommunications, financial oversight, and operational leadership. | |
Deborah A. Henretta Board | Director | Director at American Eagle Outfitters, Meritage Homes, and Corning Inc. | Director since 2015. Former Group President at Procter & Gamble. Brings expertise in digital transformation and customer-focused innovation. | |
Deborah A. P. Hersman Board | Director | Board Member at One Gas | Director since 2019. Former Chair of the NTSB and CEO of the National Safety Council. Brings extensive safety expertise. | |
Eric L. Butler Board | Director | President and CEO of Aswani-Butler Investment Associates; Director at Eastman Chemical Company and West Fraser Timber Co. Ltd | Director since 2017. Former EVP of Marketing and Sales at Union Pacific Corporation. | |
John McAvoy Board | Director | None | Director since 2024. Former CEO of ConEdison. Brings over 43 years of experience in the utility industry, with expertise in engineering, finance, and operations. | |
Kevin T. Kabat Board | Chair of the Board | Director at Unum Group and Crown Castle Inc. | Chair of NiSource's Board since 2015. Former CEO of Fifth Third Bancorp. Extensive experience in financial services and corporate governance. | |
Michael E. Jesanis Board | Director | Board Member at El Paso Electric Company | Director since 2008. Former CEO of National Grid USA. Brings expertise in regulated utilities and financial management. | |
Peter A. Altabef Board | Director | Chair and CEO of Unisys Corporation; Member of NSTAC; Trustee at CED | Director since 2017. Brings over 25 years of IT leadership experience, including cybersecurity expertise. Currently Chair and CEO of Unisys Corporation. | |
Sondra L. Barbour Board | Director | Director at AGCO Corporation | Director since 2022. Retired EVP of Lockheed Martin. Brings expertise in IT systems, cybersecurity, and risk management. | |
William D. Johnson Board | Director | Director at TC Energy Corp. | Director since 2022. Former CEO of PG&E and Tennessee Valley Authority. Brings extensive leadership experience in the utilities industry. |
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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?
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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?
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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?
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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?
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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?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Rosewater Wind project | 2022 | The 102 MW Rosewater Wind project was acquired as part of NiSource’s renewable initiatives, with contributions totaling $170.1 million and partially financed by a $350 million green bond issuance; in addition, NIPSCO assumed a developer obligation due in 2023 and the project has been in service since December 2020. |
Indiana Crossroads Wind project | 2022 | The 302 MW Indiana Crossroads Wind project was secured through the issuance of $350 million senior unsecured notes (net proceeds of approximately $344.6 million) along with $511.8 million in tax equity contributions; in service since December 2021, it aligns with NiSource’s strategy to transition from coal-fired generation and reduce greenhouse gas emissions. |
Recent developments and announcements about NI.
Earnings
New Earnings (Q4 2024)
·Feb 12, 2025, 10:29 PMView full earnings summary →NiSource sees potential data center demand up to 8,000 MW and expects GENCO returns above regulated levels starting 2025. Management plans to fund growth via cash flow and subordinated notes, avoiding new equity. Delays remain for LaPorte, but outlook strong.
8-K Filings
8-K Filing
·Feb 19, 2025, 9:34 PMFinancial ExhibitsLeadership ChangesView full 8-K filing →NiSource Inc. announced a one-time equity award for Michael Luhrs, Executive VP, Strategy Risk & Chief Commercial Officer. The award is valued at $2M and consists of 52,938 RSUs vesting 33% in 2026, 33% in 2027, and 34% in 2028.