NiSource Inc. is
reporting a net loss of $18.5 million or 5 cents per share for the second
quarter of 2020, compared to a net income in the year-ago period of $283.1
million or 76 cents per share.
“2020 is a
transitional year for NiSource,” President and CEO Joe Hamrock said in a
statement released today. “As we mitigate the impacts of the COVID-19
pandemic, and complete the sale of Columbia Gas of Massachusetts, we
continue to execute on our strong core growth plan while re-positioning for
enhanced execution in our key focus areas. We continue to invest in our
asset modernization and safety enhancement programs while advancing our
transition to renewable generation. To build on these transformational
efforts, we have accelerated the initiative to align our capabilities and
cost structure designed to ensure optimal performance as we execute on the
significant opportunities in the NiSource business plan.”
to see modest commercial and industrial load impacts due to COVID-19, which
are partially offset by increases in residential load,” the company said.
“Cost savings and other measures have been implemented to mitigate these
negative impacts on revenues. The company expects to continue to manage
these impacts and update investors in future quarters. Despite challenges
related to the pandemic, NiSource continues to expect to make $1.7 to $1.8
billion in capital investments in 2020.”
Columbia Gas of
Early in July,
NiSource and Eversource Energy filed a joint petition with the Massachusetts
Department of Public Utilities seeking approval of the sale of NiSource
subsidiary Columbia Gas of Massachusetts to Everlast, as part of a
settlement agreement related to the disastrous series of natural-gas
explosions which shook three communities north of Boston in September 2018.
required NiSource to pay $56 million, in lieu of penalties, into an Energy
Relief Fund to “settle and resolve these pending matters” as well as to sell
Columbia Gas of Massachusetts.
reporting, for the first six months of 2020, a $346.6 million loss due to
the re-classification of Columbia Gas of Massachusetts’ assets as held for
remains on track for regulatory approval in the third quarter, with closing
targeted shortly thereafter.
2Q Operating Income
distribution: $1.7 million ($379 million year-ago).
-- Electric: $86.9
million ($85.7 million year-ago).
-- Corporate &
other: $3.1 million (loss of $1.2 million year-ago).
-- Total: $91.7
million ($463.5 million year-ago).