NiSource Inc. is
reporting a net income in the third quarter of 2017 of $14 million or 4
cents basic earnings per share, compared to $27.2 million in the year-ago
For the first nine
months of the year, NiSource is reporting a net income of $180.9 million or
55 cents, compared to $242.7 million or 74 cents in the year-ago.
“Our teams continue
delivering value for our customers, communities, and investors through
successful execution of our utility infrastructure investment programs,”
NiSource President and CEO Joe Hamrock said in a statement released today.
the multi-year capital plan we previously announced, our 2017 capital
program is on track for investments of $1.6 to $1.7 billion, and our 2018
capital investments are projected to be $1.7 to $1.8 billion,” Hamrock
On Sept. 27, the
Northern Indiana Public Service Company filed a natural-gas base rate case
with the Indiana Utility Regulatory Commission (IURC) seeking an annual
revenue increaseÑinclusive of various tracker programsÑof $143.5 million in
two phases. Under that proposal, the average household paying $50 per month
for natural gas service would see its bill rise by approximately $10 or 20
percent. The first phase of the increase would take effect in mid-2018; the
second by early 2019.
is continuing a seven-year, $850-million gas infrastructure modernization
program, with new rates under a semi-annual tracker update taking effect on
July 1. NIPSCO filed for its next update on Aug. 31, which would cover $58
million in investments made during the first half of 2017.
NIPSCO is also
continuing its seven-year, $1.25-billion electric infrastructure
modernization program. On Tuesday, the IRUC approved the company’s latest
tracker request covering $133 million in investments made from May 2016
through April 2017.
3Q by Segment
* Gas distribution:
an operating loss (non-GAAP) of $17.1 million, compared to operating
earnings of $5.1 million in the year-ago. Operating expenses were $42.6
million higher in the 2017 3Q, driven chiefly by increased employee and
administrative expenses of $25.4 million (a pension settlement charge),
higher outside service costs of $8.4 million (line locating expenses), and
increased depreciation of $3.6 million (higher capital expenditures placed
operations: operating earnings of $129 million, compared to $104.6 million
in the year-ago. Net revenues were up $34 million in the 2017 3Q, driven by
new rates from base-rate proceedings of $22.4 million, increased rates of
$7.4 million from incremental capital spending on electric transmission
projects, and higher regulatory and depreciation trackers of $7.4 million.
* Corporate and
other operations: an operating loss of $900,000, compared to an operating
loss of $3 million in the year-ago.
* Total operating
earnings of $111 million, compared to $106.7 million in the year-ago.