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    NiSource Inc (NI)

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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 .

    1. 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 .
    2. 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 .
    NamePositionStart DateShort Bio
    Lloyd M. YatesPresident and Chief Executive OfficerFebruary 2022Lloyd 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 AndersonExecutive Vice President and Chief Financial OfficerMarch 2023Shawn 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 BirminghamExecutive Vice President and President, NiSource UtilitiesMarch 2023Melody 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. BrownExecutive Vice President and Chief Innovation OfficerMarch 2023Donald 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 OfficerJuly 2022William 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. LuhrsExecutive Vice President, Strategy and Risk Chief Commercial OfficerMarch 2023Michael 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. CucciaSenior Vice President, General Counsel and Corporate SecretaryApril 2022Kimberly 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. BermanSenior Vice President and Chief Human Resources OfficerJune 2021Melanie 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. HooperSenior Vice President and President, NIPSCOMay 2020Michael 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. GodeVice President, Chief Accounting Officer and ControllerJuly 2020Gunnar 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 .
    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2029$600.0Senior Unsecured Notes5.2004.5% = (600.0 / 13,357.5) * 100
    2034$650.0Senior Unsecured Notes5.3504.9% = (650.0 / 13,357.5) * 100
    2054$500.0Fixed-to-Fixed Reset Rate Junior Sub Notes6.9503.7% = (500.0 / 13,357.5) * 100
    2055$500.0Fixed-to-Fixed Reset Rate Junior Sub Notes6.3753.7% = (500.0 / 13,357.5) * 100
    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP2002 PresentCurrent auditor