Company Reports

Indiana Gov. Mike Braun called for state regulators to review NiSource's preparation and response to an Aug. 11 storm that led to widespread and lengthy electric outages in northern Indiana.

NiSource announced it earned $0.16 per share in the second quarter on an adjusted basis, down from $0.22 in the second quarter of 2025. Earnings are up 3% in the first half and on track to meet our and management's full-year outlooks.

NiSource announced it earned $1.06 per share in the first quarter on an adjusted basis, up 8% from the first quarter of 2025. Earnings are on track to meet our and management's full-year outlooks.

NiSource's focus on electric and gas infrastructure creates growth opportunities that could last for a decade or longer.

NiSource announced on April 16 that it signed a long-term agreement with Alphabet to supply power to what likely is a Google data center in northern Indiana beginning this year. NiSource also expanded its current supply agreement with Amazon.

NiSource announced earning $1.90 per share in 2025, up nearly 9% from 2024. This was in line with our outlook and the high end of management's guidance range.

NiSource's focus on electric and gas infrastructure creates growth opportunities that could last for a decade or longer.

NiSource announced $0.20 earnings per share in the third quarter of 2025, up from $0.19 during the third quarter of 2024. Management also added $9 billion, or nearly 50%, to its five-year investment plan primarily to support Indiana data centers.

The Indiana Utility Regulatory Commission on Sept. 24 unanimously approved NiSource's proposal to create a so-called GenCo subsidiary exclusively to serve large customers like data centers. The subsidiary plans to request approval of its first large data center contract later this year.

Indiana Gov. Mike Braun issued a terse statement Sept. 3 calling on utilities to share more of their profits with customers rather than shareholders.

NiSource announced earnings of $0.22 per share on an adjusted basis during the second quarter of 2025, up from $0.21 during the second quarter of 2024. Year-to-date adjusted earnings are up 12% and on track to meet our and management's full-year outlook.

NiSource's focus on electric and gas infrastructure creates growth opportunities that could last for a decade or longer.

NiSource announced earnings of $0.98 per share on an adjusted basis during the first quarter of 2025, up from $0.85 during the first quarter of 2024. Performance is on track to meet our and management's full-year outlook.

Utilities have limited direct exposure to tariffs announced by the Donald Trump administration, but falling energy demand or regulatory pushback to utilities' investment plans could slow earnings growth if economic conditions deteriorate.

NiSource announced earning $1.75 per share in 2024 on an adjusted basis, up 9% year over year. This is slightly higher than our estimate and management's $1.70-$1.74 earnings per share guidance range.

NiSource's focus on electric and gas infrastructure, including renewable energy, creates growth opportunities that could last for a decade or longer.

NiSource is on track to meet our full-year 2024 earnings outlook and management's $1.70-$1.74 EPS guidance range after reporting $0.20 EPS during the third quarter. Management added more than $500 million to each year of its five-year capital investment plan.

NiSource's focus on electric and gas infrastructure, including renewable energy, creates growth opportunities that could last for a decade or longer.

We reaffirm our fair value estimates and economic moat ratings for US utilities as we assess how they might be affected by renewed interest in nuclear power, particularly small modular reactors. This comes after Google and Amazon announced SMR partnerships this week.

We reaffirm our fair value estimates and economic moat ratings for US utilities as we assess potential partnerships between data centers and nuclear plants.