Chesterton Tribune

 

 

NiSource Inc. posts solid third quarter

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By KEVIN NEVERS

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 third quarter:

* 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 6 percent.

* 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.

Operating Income

NiSource posted 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.

 

Posted 11/2/2016

 
 
 
 

 

 

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