NiSource looks for minority interest buyer
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Merrillville-based NiSource Inc. (NYSE: NI) says it has begun the process to sell minority interest in its subsidiary, NIPSCO, while also reporting a profitable year for shareholders. The company says it earned full-year net income of $749 million, compared to $530 million during the previous year.
In November, the utility announced it was seeking a buyer to purchase a minority interest for NIPSCO, which provides natural gas and electrical service across the northern third of Indiana.
“We have also officially launched our sale process for a minority interest in NIPSCO, which is expected to de-risk our financing plan and result in a strong balance sheet that positions us for long-term success,” said NiSource President and CEO Lloyd Yates.
NiSource is reporting fourth quarter net income of approximately $231 million, compared to $152 million during the same period a year earlier.
Yates says NIPSCO continues to seek approval from state regulators for an electric rate increase. The company filed its request with the Indiana Utility Regulatory Commission last September. It’s looking to raise revenue by nearly $280 million to pay for new renewable energy production, transmission lines and grid modernization.
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