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Company Overview
About NiSource
NiSource Inc. is a Merrillville, Indiana-based fully regulated utility company — publicly traded on the New York Stock Exchange (NYSE: NI) as an S&P 500 component — serving approximately 3.3 million natural gas customers and 500,000 electric customers across six states (Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia) through its Columbia Gas brands and the NIPSCO (Northern Indiana Public Service Company) electric utility. NiSource employs approximately 7,700 people and operates through nearly 60,000 miles of natural gas pipeline and distribution infrastructure. In fiscal year 2024, NiSource reported operating revenues of $5.5 billion and net income of $739.7 million ($1.62 EPS), up from $661.7 million in 2023. NiSource provided 2025 non-GAAP adjusted EPS guidance of $1.85-$1.89 and announced an increased $19.4 billion capital expenditure plan for 2025-2029 targeting 8-10% rate base growth and 6-8% EPS annual growth. NiSource is committed to a net-zero emissions target by 2040, has reduced greenhouse gas emissions by approximately 72% from 2005 levels, and is on track to retire 100% of its coal assets by 2028, replacing them with utility-scale solar and renewable energy.
Business Model & Competitive Advantage
NiSource's fully regulated utility model addresses energy delivery reliability and infrastructure modernization requirements in its multi-state service territory: natural gas distribution utilities (Columbia Gas's six state franchises) operate as regulated monopolies where state public utility commissions set rates through periodic rate cases that allow utilities to recover prudent capital investment plus an authorized return on equity. NiSource's $19.4 billion capex plan (the largest capital program in company history) focuses on replacing aging cast iron and bare steel natural gas mains that create methane leak and safety risks — infrastructure replacement that regulators approve as qualifying for rate recovery because system safety improvements directly benefit customers. NIPSCO's coal plant retirement (replacing aging NIPSCO coal generation with solar and battery storage contracted through long-term PPAs) reduces future fuel cost volatility while meeting Indiana's evolving renewable energy portfolio requirements.
Competitive Landscape 2025–2026
In 2025, NiSource competes in the US regulated natural gas and electric utility market with Dominion Energy (NYSE: D, $15.2B revenue, Virginia/Southeast gas and electric), Atmos Energy (NYSE: ATO, $4.5B revenue, largest US natural gas distributor), and CenterPoint Energy (NYSE: CNP, $8.5B revenue, Texas and Midwest gas/electric) for regulatory rate recovery approval, infrastructure capital investment returns, and natural gas customer growth in industrial and residential markets. The $19.4B capex plan creates the 8-10% annual rate base growth that drives earnings per share expansion for income-oriented utility investors — with NiSource's six-state regulated footprint providing geographic diversification across multiple state utility commissions. The coal retirement strategy (completing the Indiana generation transition before 2028) positions NiSource ahead of federal Clean Air Act compliance requirements and potential carbon pricing. The 2025 strategy focuses on executing the record capital plan, growing natural gas customer count through residential development in Ohio and Pennsylvania, and completing the NIPSCO renewable energy transition.
Recent Activity
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Major milestones in NiSource's journey
Leadership Team
Meet the leaders behind NiSource
Lloyd M. Yates
Lloyd M. Yates has served as President and Chief Executive Officer of NiSource Inc. since February 2022, leading more than 7,000 employees in providing energy to nearly four million natural gas and electric customers across six states. With over 40 years of experience in the regulated utility industry, Yates brings extensive operational and leadership expertise to NiSource. Prior to joining NiSource, he served as Executive Vice President, Customer and Delivery Operations, and President, Carolinas Region for Duke Energy Corporation from 2014 until his retirement in 2019. Before the Duke Energy and Progress Energy merger in July 2012, Yates served as President and Chief Executive Officer for Progress Energy Carolinas starting in July 2007, after serving for more than two years as Senior Vice President of Energy Delivery for Progress Energy Carolinas. Yates joined Progress Energy's predecessor, Carolina Power & Light, in 1998, and served for five years as Vice President of Fossil Generation. Before joining Progress Energy, he worked for PECO Energy for 16 years in several line operations and management positions. Yates earned a bachelor's degree in mechanical engineering from the University of Pittsburgh and a master's degree in business administration from St. Joseph's University in Philadelphia. He has been an active member of NiSource's Board of Directors since 2020. In 2025, the American Gas Association (AGA) Board of Directors elected Yates to serve as Chair of the Board for 2025, recognizing his industry leadership and expertise.
Shawn Anderson
Shawn Anderson serves as Executive Vice President and Chief Financial Officer of NiSource Inc., overseeing all financial operations including financial planning and analysis, accounting, treasury, tax, investor relations, and enterprise risk management. As CFO, Anderson plays a critical role in NiSource's strategic planning, capital allocation decisions, and execution of the company's $19.4 billion infrastructure investment plan. He provides financial leadership during NiSource's significant transformation period as the company modernizes infrastructure and transitions to clean energy sources while maintaining financial discipline and delivering consistent earnings growth.
Michael Luhrs
Michael Luhrs joined NiSource in March 2023 as Executive Vice President of Strategy and Risk and Chief Commercial Officer. In this role, Luhrs leads NiSource's strategic planning, enterprise risk management, and commercial operations, ensuring alignment between the company's long-term vision and execution capabilities. His responsibilities include overseeing strategy development, risk assessment and mitigation, and commercial initiatives that support NiSource's growth and transformation objectives.
Melody Birmingham
Melody Birmingham serves as Executive Vice President and Group President of NiSource Utilities, providing leadership oversight for NiSource's utility operating companies including Columbia Gas operations in multiple states and NIPSCO operations in Indiana. Birmingham is responsible for ensuring safe, reliable service delivery to approximately 3.8 million customers while advancing infrastructure modernization and clean energy transition initiatives across the company's service territories.
Key Differentiators
Market Leader
NiSource is recognized as a market leader in the Energy & Utilities sector, demonstrating strong industry presence and customer trust.
Frequently Asked Questions
Estimated Visibility Trend (Beta)
Simulated 8-week rolling score
Based on estimated brand signals. Historical tracking coming soon.
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