NiSource Inc. has reported a net income in the second quarter of $71.7
million or 23 cents basic earnings per share, compared to $69.4 million or
25 cents in the year-ago period.
The second-quarter results reflect the company’s $340-million forward-sale
equity issuance completed in September 2012, which added approximately 24
million common shares outstanding compared to the year-ago.
“Through steady, consistent execution on NiSource’s infrastructure-focused
investment strategy, our team delivered second quarter results solidly in
line with our expectations and consistent with our full-year earnings
guidance,” NiSource President and CEO Robert Skaggs Jr. said in a statement
released on July 31. “We continue to deliver on an expanding array of
customer, regulatory, and growth initiatives across our business units.”
Skaggs added that NiSource is increasing its planned 2013 capital program
from $1.8 billion to $2 billion and that a “significant portion of the
increased investment will be allocated to tracked infrastructure replacement
and modernization programs.”
Around 75 percent of the capital investment “remains focused on accretive
growth and other revenue-generating investments,” NiSource said.
NiSource also reported on a number of ongoing initiatives being pursued by
the Northern Indiana Public Service Company, including the following:
*On July 19, NIPSCO filed a seven-year electric infrastructure modernization
plan with the Indiana Utility Regulatory Commission, in line with recently
passed legislation which allows for the tracking of a variety of
infrastructure investments. “The plan, which is projected to have a minimal
impact on customer bills, outlines a program of qualifying system
modernization projects, with anticipated investment opportunities of more
than $1 billion at NIPSCO’s core electric transmission and distribution
*NIPSCO plans to file an infrastructure modernization plan for its
natural-gas operations later this year. That plan will address system
modernization and expansion to areas of Northern Indiana not currently
2Q Operating Income
*Gas distribution: $50 million ($43.4 million in the year-ago).
*Columbia Pipeline Group Operations: $88.8 million ($91.5 million in the
*Electric: $59.5 million ($70.3 million in the year-ago). The company cited
higher operating expenses, due primarily to higher employee and
administrative expenses, increased depreciation and amortization, and higher
storm damage costs.
*Corporate and other business: an operating loss of $4.8 million (an
operating loss of $200,000 in the year-ago).