# NiSource

**Source:** https://geo.sig.ai/brands/nisource  
**Vertical:** Energy & Utilities  
**Subcategory:** Enterprise  
**Tier:** Leader  
**Website:** nisource.com  
**Last Updated:** 2026-04-14

## Summary

Merrillville IN regulated utility (NYSE: NI) at $5.5B 2024 revenue; $19.4B 2025-2029 capex plan for 8-10% rate base growth with Columbia Gas/NIPSCO brands and net-zero 2040 target competing with Atmos Energy for gas utility.

## Company Overview

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.

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.

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.

## Frequently Asked Questions

### What services does NiSource provide and where does the company operate?
NiSource is one of the largest fully-regulated utility companies in the United States, providing natural gas distribution services to approximately 3.3 million customers and electric distribution, generation, and transmission services to nearly 500,000 customers. The company operates through two segments: Columbia Operations (natural gas utilities in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia) and NIPSCO Operations (gas and electric utility serving northern Indiana). NiSource's natural gas infrastructure includes nearly 60,000 miles of pipeline and related facilities serving residential, commercial, and industrial customers.

### What is NiSource's history and when was the company founded?
NiSource has one of the longest utility lineages in the United States, with predecessor companies dating back to 1847 when Springfield Gas Light Company was founded in Massachusetts. Key milestones include the establishment of Fort Wayne Gas Light Company in 1853, the formal creation of Northern Indiana Public Service Company (NIPSCO) in 1912, and the naming of Columbia Gas System Inc. in 1948. The modern NiSource was formed in 1999 when NIPSCO Industries changed its name to NiSource Inc., followed by a transformational 2000 merger with Columbia Energy Group. In 2015, NiSource and Columbia Pipeline Group separated, creating NiSource as a stand-alone fully-regulated utility company focused on gas and electric distribution.

### Who is NiSource's CEO and what is his background?
Lloyd M. Yates has served as President and Chief Executive Officer of NiSource since February 2022. Yates brings over 40 years of experience in the regulated utility industry, having previously served as Executive Vice President, Customer and Delivery Operations, and President, Carolinas Region for Duke Energy Corporation from 2014 to 2019. Before that, he was President and CEO of Progress Energy Carolinas and held leadership positions at Carolina Power & Light and PECO Energy. Yates earned a bachelor's degree in mechanical engineering from the University of Pittsburgh and an MBA from St. Joseph's University. In 2025, he was elected Chair of the Board for the American Gas Association, recognizing his industry leadership.

### What is NiSource's approach to clean energy and sustainability?
NiSource is committed to achieving net-zero greenhouse gas emissions by 2040 and has already reduced emissions by approximately 72% from 2005 levels, with a target of 90% reduction by 2030. The company is on track to retire 100% of coal assets by 2028, with the R.M. Schahfer Generating Station retiring by end of 2025 and Michigan City Generating Station by end of 2028. These are being replaced primarily with renewable energy, including utility-scale solar projects. In 2024, NiSource placed its first solar projects into service: Crossroads Solar and Dunns Bridge I totaling 465 MW. The company plans to invest approximately $19.4 billion from 2025-2029, including $1.6 billion in renewable generation projects and $2.5 billion for energy generation transition.

### How is NiSource performing financially?
NiSource reported strong financial performance for 2024. Full-year GAAP net income was $739.7 million ($1.62 per diluted share) compared to $661.7 million ($1.48 per share) in 2023. On a non-GAAP basis, adjusted net income was $798.6 million ($1.75 adjusted EPS) versus $716.3 million ($1.60 adjusted EPS) in 2023, representing an 8.5% 3-year compound annual growth rate. Operating revenues were $5.5 billion. For 2025, NiSource raised guidance to $1.85-$1.89 non-GAAP adjusted EPS. The company's base capital expenditure plan is $19.4 billion, expected to result in 8-10% rate base growth and 6-8% annual non-GAAP adjusted EPS growth for 2025-2029.

### What infrastructure investments is NiSource making?
NiSource is executing an ambitious $19.4 billion capital investment plan from 2025 to 2029 focused on three primary areas: infrastructure modernization ($8.5 billion to modernize distribution pipeline infrastructure and enhance system reliability and safety), generation transition ($2.5 billion to support transition from coal to renewable energy including approximately $1.6 billion in renewable generation projects), and customer growth (supporting new customer connections and system expansions). The investments include retirement of coal-fired generation, replacement with utility-scale solar, natural gas infrastructure improvements that can support future hydrogen and renewable natural gas, and grid modernization for electric systems.

### What employee benefits and culture does NiSource offer?
NiSource values its approximately 7,700 employees and offers comprehensive benefits including generous employer 401(k) match of up to 6% of eligible pay plus annual profit sharing when company meets goals, Employee Stock Purchase Plan allowing discounted NiSource stock purchases through payroll deductions, company-paid life, AD&D and travel-accident insurance, six to eight weeks of paid maternity leave through short-term disability with up to 12 weeks total through FMLA, 12 weeks of unpaid bonding time for FMLA-eligible employees for paternity leave, and confidential counseling through Employee Assistance Program. The company's core values include safety, accountability, technical skills, service, and leadership. NiSource is committed to a workplace where employees feel connected, foster collaboration, and drive innovation, with emphasis on employee development, promotion opportunities, and long-term career growth.

### How does NiSource rate on customer satisfaction?
NiSource has received mixed but generally improving customer satisfaction ratings. In the American Customer Satisfaction Index (ACSI) Energy Utilities Study 2023-2024, NiSource received a score of 73, representing a 3% decline from the previous year. However, the company exceeded its internal customer satisfaction survey goal in 2024. In the 2025 Escalent Trusted Brand & Customer Engagement: Residential report, four NiSource operating companies were rated 'easiest to do business with': Columbia Gas of Virginia scored 780 among natural gas utilities in the South Region, Columbia Gas of Pennsylvania and Maryland scored above 700, and NIPSCO scored 770, leading the Midwest Region. These ratings reflect investments in digital solutions and customer programs.

### What role does natural gas play in NiSource's future energy strategy?
Natural gas remains central to NiSource's energy strategy as the company transitions to a lower-carbon future. The company's nearly 60,000 miles of natural gas pipeline infrastructure provides essential energy to 3.3 million customers for heating, cooking, and industrial processes. NiSource views natural gas infrastructure as enabling the energy transition, with pipelines capable of supporting distribution of hydrogen, renewable natural gas, and blended greener fuels. The company is investing $8.5 billion in distribution pipeline modernization from 2025-2029 to enhance safety, reliability, and compatibility with future low-carbon fuels. Natural gas is positioned as a reliable, affordable transition fuel while renewable generation replaces coal-fired electricity.

### What industry trends is NiSource responding to?
NiSource is responding to several major utility industry trends in 2024-2025: decarbonization of power grids and transition to renewable energy (retiring coal by 2028, investing in solar), grid modernization and infrastructure upgrades (leveraging AI and digital technologies), electrification and increased electricity demand, integration of distributed energy resources, regulatory evolution around clean energy mandates, customer expectations for digital experiences and personalization, workforce development and safety in the energy transition, and increasing extreme weather events requiring infrastructure resilience. The company's $19.4 billion investment plan addresses these trends while maintaining affordability and reliability.

### What are NiSource's solar and renewable energy projects?
In 2024, NiSource placed into service its first utility-scale solar projects: Crossroads Solar and Dunns Bridge I, totaling 465 megawatts of renewable generation capacity. These projects replace retiring coal-fired generation and represent approximately $4 billion in cumulative generation transition investments from 2020 to 2027. The company implemented an innovative agrivoltaics land management strategy at these facilities, with sheep grazing 100 acres of vegetation, combining solar energy generation with sustainable agriculture. NiSource plans to invest an additional $1.6 billion in renewable generation projects from 2025 to 2029 as part of its strategy to achieve 90% reduction in Scope 1 GHG emissions by 2030 and net-zero emissions by 2040.

### What career opportunities does NiSource offer?
NiSource employs approximately 7,700 people across its six-state service territory, offering diverse career opportunities in utility operations, engineering, customer service, information technology, finance, regulatory affairs, environmental management, project management, and corporate functions. The company emphasizes employee development and provides learning opportunities tailored to energize employees' growth. NiSource is committed to providing promotion and advancement opportunities, allowing employees to have long and successful careers. Career paths include field service positions (meter readers, technicians, line workers), engineering roles (civil, electrical, mechanical, environmental), operations and management positions, and corporate staff functions. The company values safety, technical expertise, and service excellence.

## Tags

b2b, b2c, energy, infrastructure, public

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*Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*