NiSource Inc. is reporting a net income for the first quarter of 2012 of
$193.4 million or 68 cents basic earnings per share, compared to $209.5
million or 75 cents in the year-ago period.
“Following a successful 2011, NiSource teams are continuing to execute a
robust combination of investment-driven growth, modernization, and
regulatory initiatives,” NiSource President and CEO Robert Skaggs Jr. said
in a statement released today. “This well-established and customer-focused
business strategy generated first quarter results squarely in line with our
expectations, as well as our 2012 earnings outlook.”
NiSource reported the following initiatives implemented or pursued by its
subsidiary, the Northern Indiana Public Service Company, in the first
•Environmental investments at NIPSCO’s coal-fired electric generation
facilities—including the construction of a $500-million flue-gas
desulfurization capability at the Schahfer station—remain “on track and on
budget,” NiSource said. The investments are part of a nearly $850-million
program over the next six to eight years.
•NIPSCO has introduced new mobile websites, “which offer convenient,
on-the-go transaction, safety, and customer service access through mobile
phones and other devices,” NiSource said.
•On April 5, NIPSCO introduced its IN-Charge Electric Vehicle Program. “The
pilot program provides a credit for residential electric customers to offset
the cost of installing a home-based electric vehicle charging system,”
NiSource said. “The program also offers customers overnight charging for
their vehicles at home.”
•Kathleen O’Leary was named NIPSCO President. She will be reporting to
NIPSCO CEO Jimmy Staton and leading regulatory and governmental strategies,
economic development, and key stakeholder engagement efforts.
distribution: $212.0 million ($241.5 million in the year-ago period).
NiSource attributed the decrease to the “unseasonably mild winter”—23
percent warmer than normal—and the resultant reduction in deliveries to
residential and commercial customers.
transmission and storage: $138.6 million ($118.4 million in the year-ago
period). NiSource attributed the improvement to an increase in demand margin
revenue “as a result of growth projects” and the impact of a rate case at
million ($50.6 million in the year-ago period). NiSource attributed the
marginally lower results to an increase in operating expenses, notably
employee and administrative expenses, higher electric generation costs, and
an increase in the Midwest Transmission System Operator fees.
million (an operating loss of $4.1 million in the year-ago period).
income: $399.4 million ($406.4 million in the year-ago period).