Chesterton Tribune

 

 

NiSource posts 1Q profit of $266 million

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By KEVIN NEVERS

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.”

NiSource also 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 outreach phase.

“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).

 

 

Posted 4/30/2014