NiSource Inc. is
reporting a net income in the third quarter of 2016 of $27.2 million or 8
cents basic earnings per share, compared to a net loss of $4.9 million or 2
cents per share in the year -ago period.
“The NiSource team
continues to execute on our customer-focused utility investment programs and
regulatory initiatives supporting those programs,” NiSource President and
CEO Joseph Hamrock said in a statement released on Tuesday. “These programs
benefit our customers with a safer, more reliable system that provides
enhanced services and meets their energy needs.”
Highlights from the
* New electric
rates went into effect on Oct. 1, pursuant to an electric base rate case
settlement approved by the Indiana Utility Regulatory Commission (IURC) in
July. That settlement increases NIPSCO’s annual base rate revenues by $72.5
million, by raising the average household’s monthly bill by $5.70 or around
* Also in July, the
IURC approved a settlement related to the company’s seven-year electric
infrastructure modernization program, under which NIPSCO may recover up to
$1.25 billion in periodic rate hikes to pay for a slate of capital
improvements to its electric infrastructure.
* On Tuesday NIPSCO
filed its Integrated Resource Plan with the IURC, under which all of Bailly
Generating Station’s coal-fired units would be retired from service by
mid-2018. The plan also provides for the retirement of two of the Schahfer
Generating Station’s coal-fired units by 2023.
total operating income in the third quarter of $113.7 million, compared to
$109.7 million in the year-ago.
In the past
NiSource has broken out the operating income by segment: gas distribution,
electric, and corporate and other operations. It no longer does so.