NiSource Inc. Files 2024 10-K

TL;DR

NiSource dropped its 2024 10-K. All systems go.

AI Summary

NiSource Inc. filed its 2024 10-K on February 12, 2025, reporting on its fiscal year ending December 31, 2024. The company, operating in the electric and other services sector, is headquartered in Merrillville, Indiana. The filing details its financial performance and operational status for the year.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of NiSource's financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags.

Key Numbers

• 2024 — Fiscal Year End (Reporting period for the 10-K)
• 2025-02-12 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• NiSource Inc. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-12 (date) — Filing date
• Merrillville, Indiana (location) — Company headquarters

FAQ

Key Financial Figures

• $0.01 — ich Registered Common Stock, par value $0.01 per share NI NYSE Securities register
• $28.81 — pon the June 30, 2024, closing price of $28.81 on the New York Stock Exchange. There

Filing Documents

• nix-20241231.htm (10-K) — 4364KB
• ni-ex432x20241231.htm (EX-4.32) — 15KB
• ni-ex191x20241231.htm (EX-19.1) — 58KB
• ni-ex21x20241231.htm (EX-21) — 18KB
• ni-ex23x20241231.htm (EX-23) — 2KB
• ni-ex311x20241231.htm (EX-31.1) — 11KB
• ni-ex312x20241231.htm (EX-31.2) — 11KB
• ni-ex321x20241231.htm (EX-32.1) — 5KB
• ni-ex322x20241231.htm (EX-32.2) — 5KB
• ni-ex971x20241231.htm (EX-97.1) — 22KB
• image_0.jpg (GRAPHIC) — 20KB
• nix-20241231_g1.jpg (GRAPHIC) — 125KB
• 0001111711-25-000008.txt ( ) — 23464KB
• nix-20241231.xsd (EX-101.SCH) — 167KB
• nix-20241231_cal.xml (EX-101.CAL) — 167KB
• nix-20241231_def.xml (EX-101.DEF) — 1050KB
• nix-20241231_lab.xml (EX-101.LAB) — 1621KB
• nix-20241231_pre.xml (EX-101.PRE) — 1292KB
• nix-20241231_htm.xml (XML) — 4364KB

Risk Factors

Item 1A. Risk Factors 17

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 31 Item 1C. Cybersecurity 31

Properties

Item 2. Properties 32

Legal Proceedings

Item 3. Legal Proceedings 32

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 32 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33

Reserved

Item 6. Reserved 34

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 56

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 57

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 122

Controls and Procedures

Item 9A. Controls and Procedures 122

Other Information

Item 9B. Other Information 124

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 124 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 125

Executive Compensation

Item 11. Executive Compensation 125

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 125

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 125

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 125 Part IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 126

Form 10-K Summary

Item 16. Form 10-K Summary 133

Signatures

Signatures 134 2 Table of Contents DEFINED TERMS The following is a list of frequently used abbreviations or acronyms that are found in this report: NiSource Subsidiaries and Affiliates (not exhaustive) Columbia of Kentucky Columbia Gas of Kentucky, Inc. Columbia of Maryland Columbia Gas of Maryland, Inc. Columbia of Ohio Columbia Gas of Ohio, Inc. Columbia of Pennsylvania Columbia Gas of Pennsylvania, Inc. Columbia of Virginia Columbia Gas of Virginia, Inc. NIPSCO Northern Indiana Public Service Company LLC NIPSCO Holdings I NIPSCO Holdings I LLC NIPSCO Holdings II NIPSCO Holdings II LLC NIPSCO Generation NIPSCO Generation LLC NiSource ("we," "us" or "our") NiSource Inc. Rosewater Rosewater Wind Generation LLC and its wholly owned subsidiary, Rosewater Wind Farm LLC Indiana Crossroads Solar Indiana Crossroads Solar Generation LLC and its wholly owned subsidiary, Meadow Lake Solar Park LLC Indiana Crossroads Wind Indiana Crossroads Wind Generation LLC and its wholly owned subsidiary, Indiana Crossroads Wind Farm LLC Dunns Bridge I Dunns Bridge I Solar Generation LLC and its wholly owned subsidiary, Dunns Bridge Solar Center LLC Dunns Bridge II Dunns Bridge II Solar Generation LLC Gibson Gibson Solar Generation LLC Fairbanks Fairbanks Solar Generation LLC Cavalry Cavalry Solar Generation LLC Abbreviations and Other AFUDC Allowance for funds used during construction AOCI Accumulated Other Comprehensive Income (Loss) ASC Accounting Standards Codification ASU Accounting Standards Update ATM At-the-market BIP BIP Blue Buyer L.L.C BIP Blue Buyer VCOC L.L.C BIP Blue Buyer VCOC L.L.C., a Delaware limited liability company and also an affiliate of Blackstone Blackstone Blackstone Infrastructure Partners L.P. BTA Build-transfer agreement CCGT Combined Cycle Gas Turbine CCRs Coal Combustion Residuals CEO Chief Executive Officer CEP Capital Expenditure Program CERCLA Comprehensive Environmental Response Compe

BUSINESS

ITEM 1. BUSINESS N I S OURCE I NC .

Business

Business NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states. NiSource is the successor to an Indiana corporation organized in 1987 under the name of NIPSCO Industries, Inc., which changed its name to NiSource Inc. on April 14, 1999. NiSource's principal subsidiaries include NiSource Gas Distribution Group, Inc. (a holding company that owns Columbia of Kentucky, Columbia of Maryland, Columbia of Ohio, Columbia of Pennsylvania, and Columbia of Virginia), and NIPSCO Holdings I (a holding company that owns a controlling interest in NIPSCO, a gas and electric utility). NiSource derives substantially all of its revenues and earnings from the operating results of these rate-regulated businesses. Business Strategy Our business strategy focuses on providing safe and reliable service through our core, rate-regulated, asset-based utilities, with the goal of adding value to all of our stakeholders. Our utilities continue to advance our core safety, infrastructure and environmental investment programs, supported by complementary regulatory and customer initiatives across the six states in which we operate. Our goal is to develop strategies that (i) support long-term infrastructure investment and safety programs to better serve our customers, (ii) align our tariff structures with our cost structure, and (iii) drive value and enable growth in an evolving energy ecosystem. These strategies focus on improving safety and reliability, enhancing customer experience, pursuing regulatory and legislative initiatives to increase accessibility for customers currently not on our gas and electric service, ensuring customer affordability and reducing emissions while generating sustainable returns. We remain committed to the advancement of our SMS for the safety of our customers, communities and emp

BUSINESS

ITEM 1. BUSINESS N I S OURCE I NC . Competition. Due to open access and the deregulation of natural gas supplies, our LDC customers can purchase gas directly from producers and marketers in an open, competitive market. Certain of our subsidiaries are involved in programs that provide our residential and commercial customers the opportunity to purchase their natural gas requirements from third parties and use our subsidiaries for transportation services. As of December 31, 2024, 33.9% of our residential customers and 41.2% of our commercial customers participated in such programs. We compete with (i) investor-owned, municipal, and cooperative electric utilities throughout our service areas, (ii) other regulated and unregulated natural gas intra and interstate pipelines and (iii) other alternate fuels, such as propane and fuel oil. We continue to be a well-positioned competitor in the energy markets in which we operate due to customer preference for natural gas. Additionally, we are subject to seasonal fluctuations in sales. Revenues from our gas distribution operations are more significant during the heating season, which is from October through May. Please refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Results and Discussion of Operations - Columbia Operations," for additional information. NIPSCO Operations NIPSCO Gas NIPSCO Gas distributes natural gas to approximately 0.9 million customers in northern Indiana. We operate approximately 17,900 miles of distribution main pipeline plus the associated individual customer service lines and 690 miles of transmission main pipeline located in our northern Indiana service areas. Throughout northern Indiana, we also have gate stations and other operations support facilities. See below for information on our owned operating facilities. There were no significant disruptions to our system or facilities during 2024. Facility Name Location Type Stora

BUSINESS

ITEM 1. BUSINESS N I S OURCE I NC . NIPSCO Electric We generate, transmit and distribute electricity to approximately 0.5 million customers in 20 counties in the northern part of Indiana and also engage in wholesale electric and transmission transactions. Our transmission system, has voltages from 69,000 to 765,000 volts, and consists of approximately 3,000 circuit miles. We are interconnected with eight neighboring electric utilities. We operate 66 transmission and 250 distribution substations, and own approximately 311,300 poles. We own and operate generation assets as well as source power through PPAs. We continue to transition our generation portfolio from coal-fired generation to lower-emission sources. We currently have six owned renewable generation facilities in service: Rosewater, Indiana Crossroads Wind, Indiana Crossroads Solar, Dunns Bridge I Solar, Cavalry Solar and Storage and Dunns Bridge II Solar and Storage. Cavalry Solar and Storage went into service May 2024 and Dunns Bridge II Solar and Storage went into service in January 2025. As of December 31, 2024, we have multiple PPAs that provide 600 MW of capacity, with contracts expiring between 2038 and 2040. We also operate two hydro electric generation facilities, a CCGT, and two coal generation facilities. The R.M. Schahfer coal facility is scheduled to be retired by the end of 2025 and the Michigan City coal facility is scheduled to be retired by the end of 2028. Our generating facilities had no material unplanned interruptions during 2024. See below for information on our owned generating facilities: Facility Name Location Fuel Type Generating Capacity (MW) (1) R.M. Schahfer Wheatfield, IN Steam - Coal 722 Michigan City Michigan City, IN Steam - Coal 455 Sugar Creek (2) West Terre Haute, IN CCGT 578 R.M. Schahfer Wheatfield, IN Natural Gas 155 Oakdale Carroll County, IN Hydro 9 Norway White County, IN Hydro 7 Rosewater (3) White County, IN Wind 102 Indiana Crossroads Wind (3) Whi

BUSINESS

ITEM 1. BUSINESS N I S OURCE I NC . NIPSCO participates in the MISO transmission service and wholesale energy market. MISO is a nonprofit organization created in compliance with FERC regulations to improve the flow of electricity in the regional marketplace and to enhance electric reliability. Additionally, MISO is responsible for managing energy markets, transmission constraints and the day-ahead, real-time, Financial Transmission Rights and ancillary markets. NIPSCO has transferred functional control of its electric transmission assets to MISO, and transmission service for NIPSCO occurs under the MISO Open Access Transmission Tariff. NIPSCO generating units are dispatched by MISO which takes into account economics, reliability of the MISO system and unit availability. During the year ended December 31, 2024, NIPSCO generating units, inclusive of its owned renewable generation facilities, were dispatched to meet 55.4% of its overall system load, and the remainder of the overall system load was procured through PPAs and the MISO market. Competition. Our NIPSCO Electric utility generally has exclusive service areas under Indiana regulations and retail electric customers in Indian

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View this 10-K filing on SEC EDGAR