Chesterton Tribune

 

 

NIPSCO reports solid second quarter

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By KEVIN NEVERS

NiSource Inc. has reported a net income in the second quarter of $71.7 million or 23 cents basic earnings per share, compared to $69.4 million or 25 cents in the year-ago period.

The second-quarter results reflect the company’s $340-million forward-sale equity issuance completed in September 2012, which added approximately 24 million common shares outstanding compared to the year-ago.

“Through steady, consistent execution on NiSource’s infrastructure-focused investment strategy, our team delivered second quarter results solidly in line with our expectations and consistent with our full-year earnings guidance,” NiSource President and CEO Robert Skaggs Jr. said in a statement released on July 31. “We continue to deliver on an expanding array of customer, regulatory, and growth initiatives across our business units.”

Skaggs added that NiSource is increasing its planned 2013 capital program from $1.8 billion to $2 billion and that a “significant portion of the increased investment will be allocated to tracked infrastructure replacement and modernization programs.”

Around 75 percent of the capital investment “remains focused on accretive growth and other revenue-generating investments,” NiSource said.

NIPSCO

NiSource also reported on a number of ongoing initiatives being pursued by the Northern Indiana Public Service Company, including the following:

*On July 19, NIPSCO filed a seven-year electric infrastructure modernization plan with the Indiana Utility Regulatory Commission, in line with recently passed legislation which allows for the tracking of a variety of infrastructure investments. “The plan, which is projected to have a minimal impact on customer bills, outlines a program of qualifying system modernization projects, with anticipated investment opportunities of more than $1 billion at NIPSCO’s core electric transmission and distribution infrastructure.”

*NIPSCO plans to file an infrastructure modernization plan for its natural-gas operations later this year. That plan will address system modernization and expansion to areas of Northern Indiana not currently served.

2Q Operating Income

*Gas distribution: $50 million ($43.4 million in the year-ago).

*Columbia Pipeline Group Operations: $88.8 million ($91.5 million in the year-ago).

*Electric: $59.5 million ($70.3 million in the year-ago). The company cited higher operating expenses, due primarily to higher employee and administrative expenses, increased depreciation and amortization, and higher storm damage costs.

*Corporate and other business: an operating loss of $4.8 million (an operating loss of $200,000 in the year-ago).

 

Posted 8/6/2013