NiSource reports Q3 profit growth
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Merrillville-based NiSource Inc. is reporting third quarter net income of $85.7 million, up from $77 million during the same period last year.
CEO Lloyd Yates said the utility provider saw several examples of constructive partnerships that are benefitting the company during the quarter.
NiSource is the parent of Northern Indiana Public Service Co., or NIPSCO, which serves 900,000 natural gas customers and about 500,000 electric customers across the northern third of the state.
“We are making progress in our rate cases, advanced NIPSCO Integrated Resource Plan dialogue and received approvals for several Indiana investments that will improve reliability and lower costs to customers,” Yates said in a news release. “These and future partnerships are the foundation for our updated 5-year financial plan and the extension of our elevated investment opportunity.”
During the quarter, NIPSCO implemented its previously approved natural gas rate hike, while also seeking approval for an increase in its electric rates from the Indiana Utility Regulatory Commission.
The utility said it is updating its five-year capital expenditure base plan to $19.3 billion, an increase of about $2.9 billion from its previous plan.
You can connect to the full earnings report by clicking here.