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
also reported on its subsidiary, the Northern Indiana Public Service
* 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).