NiSource reports Q2 earnings dip amid rate hike
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Merrillville-based NiSource Inc. is reporting second quarter net income of of $39.9 million — a drop from the $53.2 million made in the same quarter last year. The earnings report was released on the same day the utility announced an increase in electric rates will begin this month.
NiSource subsidiary Northern Indiana Public Service Co. said Wednesday it received approval from the Indiana Utility Regulatory Commission to raise electric rates, a move that will take place in phases.
NIPSCO originally proposed an increase that would boost the average residential electric customer’s monthly bill by $19. However, the utility said the overall increase will be about $12 per month.
The company said the increase will support its $700 million investment in electric transmission and distribution system upgrades.
“This decision balances new rates in a way that allows NIPSCO to continue making the necessary investments in our infrastructure and technology to serve customers,” said NIPSCO President Mike Hooper. “Meanwhile, this outcome also supports safety, reliability and sustainability, with a significant portion of the investments tied to our energy transition and the addition of new renewable energy projects located in Indiana.”
NiSource announced in June plans to sell a nearly 20% non-controlling interest in NIPSCO to an affiliate of New York-based Blackstone Infrastructure Partners. The deal is valued at $2.1 billion and is called “an important milestone” by NiSource CEO Lloyd Yates.
The utility company is also celebrating the completion of the Crossroads and Dunns Bridge I solar projects in Northern Indiana. The company has three other ongoing solar construction projects in the works.
You can connect to the full earnings report by clicking here.