Chesterton Tribune

 

 

NiSource Inc. posts $331.5M profit in 2016

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By KEVIN NEVERS

NiSource Inc. is reporting a net income in 2016 of $331.5 million or $1.03 basic earnings per share, compared to $302.1 million or 90 cents in 2015.

For the fourth quarter of 2016 NiSource is reporting a net income of $88.8 million or 23 cents basic earnings per share, compared to $59.4 million or 19 cents in the year-ago period.

“Our financial and operational results in 2016--our first fiscal year operating exclusively as a regulated utility--demonstrate the strength of our long-term infrastructure investment strategy,” NiSource President and CEO Joseph Hamrock said in a statement released today. “These utility investments enhanced the safety, reliability, and environmental performance of our system, as well as customer service and employee training, all of which supported earnings and dividend growth for our investors.”

NIPSCO in 2016

* On Dec. 28, the Indiana Utility Regulatory Commission (IURC) approved the Northern Indiana Public Service Company’s semi-annual tracker request, to recover $66.6 million in investments made in the first half of the year as part of the company’s seven-year $824 million natural-gas infrastructure modernization program.

* On Nov. 1, NIPSCO filed its Integrated Resource Plan to the IURC, under which it outlines its plan to retire 50 percent of its coal-fired generating fleet, including the closure of both of the units at Bailly Generating Station as soon as the middle of 2018.

* On Oct. 1, new electric rates went into effect under NIPSCO’s electric rate base case settlement. That settlement provides for additional annual revenues of $72.5 million, funded by a rate hike of 6 percent, which raised the average household’s monthly bill by $5.70.

* On Feb. 1, NIPSCO began recovering on approximately $46 million of investments made as part of its seven-year $1.25 billion electric infrastructure modernization program.

Operating Income

NiSource is reporting total operating income of $858.2 million in 2016, compared to $799.9 million in 2015.

Total operating income in the fourth quarter of 2016 was $224.9 million, compared to $219.5 million in the year-ago.

For gas distribution operations, operating income was $574 million in 2016, compared to $555.8 million in 2015; and $181.3 million in the fourth quarter, compared to $160.9 million in the year-ago.

For electric operations, operating income was $291.4 million in 2016, compared to $264.4 million in 2015; and $39.3 million in the fourth quarter, compared to $50.2 million in the year-ago.

 

 

Posted 2/22/2017

 
 
 
 

 

 

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