NiSource Inc. is reporting a net income in 2012 of $416.1 million or $1.43 basic earnings per share, compared to $299.1 million or $1.06 in 2011.

For the fourth quarter of 2012, NiSource is reporting a net income of $134 million or 43 cents basic earnings per share, compared to $14.6 million or 5 cents in the year-ago period.

“For NiSource, 2012 was a year of continued disciplined execution across all facets of our established infrastructure-investment-driven business strategy,” NiSource President and CEO Robert Skaggs Jr. said in a statement released on Tuesday. “That strategy generated earnings per growth in line with our guidance and produced total shareholder returns that outperformed utility indices for the fourth consecutive year.”

“Consistent with the plans we shared at NiSource’s Investor Day in September, we are pursuing an even more expansive collection of value-adding investment opportunities in 2013, as reflected by our record $1.8 billion capital program,” Skaggs added.

“At the foundation of these accomplishments are our core financial commitments—stable investment-grade credit ratings, a secure and growing dividend, and long-term, sustainable earnings growth,” Skaggs said. “These commitments remain unwavering as we execute on our long-term infrastructure investment growth strategy, delivering value to our customers, shareholders, and other key stakeholders.”

Meanwhile, NiSource reported on its subsidiary, the Northern Indiana Public Service Company:

•“The company’s electric margins for the year remained strong following implementation of a number of regulatory initiatives,” NiSource said. “NIPSCO also introduced a variety of new customers programs, including an air-conditioning cycling program, a proposed green power rate program, and a program offering customer incentives for those who drive electric vehicles.”

•The $500 million flue gas desulfurization (FGD) project at the Schahfer generating station “remains on scheduled and on budget,” NiSource said. Those FGD units are expected to be put into service late this year and early next year. Construction is also expected to begin this winter on the $250 million FGD project at the Michigan City generating station.

•Over the next decade, NIPSCO anticipates the investment of up to $500 million in two approved electric transmission projects in Northern Indiana.

•And NIPSCO’s capital investment program in 2013 should “reach more than $430 million, primarily focused on environmental investments at its generating stations and maintenance of existing electric infrastructure.”

•Gas distribution: $394.1 million ($378.9 million in 2011).

•Gas transmission and storage: $398.4 million ($360 million in 2011).

•Electric: $250.8 million ($208.4 million in 2011).

•Corporate and other businesses: an operating loss of $600,000 (an operating loss of $57.2 million in 2011).

•Total operating income: $1.042 billion ($890 million in 2011).

•Gas distribution: $128 million ($93.2 million in the year-ago).

•Gas transmission and storage: $129.5 million ($88.9 million in the year-ago).

•Electric: $50.6 million ($39.7 million in the year-ago).

•Corporate and other businesses: an operating loss of $1.6 million (an operating loss of $39.6 million in the year ago).

•Total operating income: $306.5 million ($182.2 million in the year-ago).

Posted 2.20.2013