Scana, tax reform, and the FERC required the utility to rethink its financing plans.
We modestly reduced our outlook for the utility as we think the a renewal of Ohio Distribution Modernization Rider is unlikely and industrial sales growth is expected to slow.
The natural gas explosion at wholly owned Columbia Gas of Massachusetts will likely result in further acceleration of NiSource's safety program to replace bare steel and cast iron pipe.
We think the shares still have room to run following the FES resolution.
Three undervalued utilities are positioned to benefit from the shift to natural gas and renewables.
The main issue for shareholders will be the size of settlement payment to creditors.
Some negative developments driven by regulators and legislators ding growth prospects for the wide-moat utility.