NiSource Inc. is
reporting a net income in the first quarter of 2014 of $266.2 million or 85
cents basic earnings per share, compared to $260.5 million or 84 cents in
the year-ago period.
“Our team delivered
another quarter of solid performance and steady execution on NiSource’s
expansive, infrastructure-focused investment strategy,” NiSource President
and CEO Robert Skaggs Jr. said in a statement released today. “Our utilities
advanced key regulatory, legislative, and long-term system enhancement
programs, while our pipeline, storage, and midstream businesses originated
and executed a robust inventory of growth and modernization projects.”
reported on its subsidiary, the Northern Indiana Public Service Company:
* NIPSCO’s two flue
gas desulfurization projects, one at the Schahfer Electric Generating
Station, the other at the Michigan City station, remain on schedule and on
budget. The investments are part of more than $850 million in environmental
investments, including water quality and emission-control projects, either
completed or planned at the company’s electric generating stations.
* NIPSCO is also in
the first year of its seven-year $1.1-billion electric modernization
program, approved in February by the Indiana Utility Regulatory Commission (IURC).
As part of that program, the company is planning to replace and upgrade
underground circuits, transformers, and poles. The IURC is expected to issue
an order possibly as early as this week on NIPSCO’s proposed seven-year
$700-million natural-gas modernization plan.
* Progress is
continuing as well on two major electric transmission projects “designed to
enhance system flexibility and reliability.” The Reynolds-Topeka project, a
100-mile 345-kilovolt line, is in the right-of-way acquisition phase. The
Greentown-Reynolds project, a 70-mile 765-kilovolt line, is in the public
“With more than $6
billion in investments planned over the next decade, NIPSCO’s infrastructure
investment programs, as well as the company’s continued focus on customer
service and economic development, are on track to provide significant
benefits to customers and communities across our Northern Indiana service
territory,” Skaggs said.
1Q Operating Income
* Gas distribution:
$301.8 million ($234.1 million in the year-ago).
* Columbia Pipeline
Group: $158.9 million ($133.5 million in the year-ago).
* Electric: $78.9
million ($65.2 million in the year-ago).
* Corporate and
other: an operating loss of $5.9 million (an operating loss of $3.9 million
in the year-ago).
* Total operating
income: $533.7 million ($428.9 million in the year-ago).