Chesterton Tribune

 

 

NiSource posts solid 2nd quarter

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By KEVIN NEVERS

NiSource Inc. is reporting a net income in the second quarter of 2014 of $78.2 million or basic earnings per share of 25 cents, compared to $71.7 million or 23 cents in the year-ago period.

“The NiSource team continues its solid execution of our infrastructure investment-driven business plan,” NiSource President and CEO Robert Skaggs Jr. said. “During the second quarter, our system modernization and growth projects continued to progress along with a broad and steadily increasing inventory of new pipeline projects.”

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

* On April 30, the Indiana Utility Regulatory Commission approved NIPSCO’s seven-year, $700-million natural gas modernization program, which among other things will expand natural-gas service in rural areas. The program is a complement to NIPSCO’s in-progress $1.1-billion electric system modernization program.

* NIPSCO’s two flue gas desulfurization projects, one at the Schahfer Electric Generating System, the other at the Michigan City station, remain on schedule and on budget. The investments are part of more than $850 in environmental investments, including water quality and emission control projects, either planned or completed at the company’s electric generating stations.

* Progress also continued on two major electric transmission projects “designed to enhance region-wide system flexibility and reliability,” NIPSCO said. The route has been selected for the Greentown-Reynolds project, a roughly 70-mile, 765-kilovolt line being constructed in a joint development agreement with Pioneer Transmission. The Reynolds-Topeka project, a 100-mile, 345-kilovolt line, remains on schedule with right-of-way acquisition and permitting in process. These projects involve an investment of $500 million and are expected to be in service by the end of 2018.

2Q Operating Income

* Gas distribution: $59.8 million ($50 million in the year-ago).

* Columbia Pipeline Group: $103.7 million ($88.8 million in the year-ago).

* Electric: $62.9 million ($59.5 million in the year-ago).

* Corporate and other: an operating loss of $6.8 million (an operating loss of $4.3 million in the year-ago).

* Total operating income: $219.6 ($194 in the year-ago).

 

Posted 7/31/2014