Plan supports:
- Infrastructure modernization
- Economic development and job creation-related projects
- System improvements that directly benefit customers and
communities
Northern Indiana Public Service Company LLC (NIPSCO), a
subsidiary of NiSource Inc. (NYSE: NI), has made a request with the
Indiana Utility Regulatory Commission (IURC) to adjust its natural
gas base rates. The request is largely driven by federal safety and
compliance regulations, system upgrades to support economic
development and job creation, and infrastructure modernization and
improvements that directly benefit customers and communities –
including an estimated $1.1 billion in investments through the end
of 2024.
“Natural gas is a vital and critical resource to many – ranging
from the manufacturing industry to home heating,” said Mike Hooper,
NIPSCO president. “Required investments such as these align with
our focus to continually improve customer service, enhance the
availability and reliability of our natural gas system, and provide
an infrastructure to support new jobs and economic growth.”
The proposed increase, filed with the IURC today, will undergo a
thorough and nearly yearlong regulatory review process that will
allow for public input in order to strike the right balance of cost
and service for NIPSCO customers.
“As a regulated energy provider, we have a responsibility to
replace older parts of our system, reduce potential risks, meet a
host of federal compliance requirements, and improve the robustness
and safety of our system for our approximately 859,000 natural gas
customers and the communities we serve across 32 counties,” added
Hooper.
How will residential customer bills change? NIPSCO cannot
change any rates or charges to its customers without the approval
of the IURC. NIPSCO’s electric rates are not affected by this
request.
The request to increase gas base rates is related to the costs
associated with delivering natural gas to customers and comprises a
smaller portion of the bill. NIPSCO does not mark up the price it
pays for the natural gas used by homes and businesses, and
customers pay the same dollar-for-dollar cost NIPSCO pays. The cost
of natural gas is one of the largest determining factors of gas
customers’ bills.
Balancing the need for necessary system improvements while
limiting the bill impact on customers is important. Based on
NIPSCO’s proposal, an average natural gas residential customer, as
a result of this case, would see an estimated overall increase of
approximately $8 per month, or 10.6 percent above projected bills
at the time of implementation. Newly approved rates would be spread
over two steps, with the second step occurring no later than March
2025. Actual projected bill impacts for commercial and industrial
customers may differ as it will depend on usage, rate type and
class.
Learn more about NIPSCO’s proposal at
NIPSCO.com/2024gasrates.
Improved service to customers Service to customers has
continued to improve, and NIPSCO has furthered its commitment to
customers in several ways in recent years, including:
- Safety enhancements:
- Introducing smart technologies that allows for better detection
of potential leaks that need to be addressed and the inspection of
pipes to detect abnormal pipe conditions
- Being among the industry leaders for emergency response
times
- Natural gas infrastructure upgrades and modernization,
including:
- Natural gas expansion projects that included the installation
of 26 miles of new 24” natural gas steel pipeline and 7.75 miles of
new 30” natural gas steel pipeline
- Natural gas upgrade to provide critical gas service to support
industrial customers
- Projects that support state and local economic retention,
growth and job creation, including:
- Modernization and upgrade of natural gas lines and regulator
stations in order to continue to meet the needs of large employers
across northern Indiana
- Build out of natural gas pipelines to support new business
investment in our service territory, creating new assessed value
and jobs in local communities, for example:
- Approximately 18.5 miles of 24” steel pipeline to support
StarPlus Energy JV in Kokomo, Ind., a $3.1 billion investment
creating 1,300 jobs in Phase 1. Phase 2 announced in Oct 2023, to
invest an additional $3.2 billion and create 1,400 additional
jobs.
- Refining and expanding customer service, energy efficiency and
energy assistance programs, including:
- Expanded bill payment assistance programs for low-income
customers, including seasonal SILVER (seniors) and SERV
(active-duty military and veterans)
- Live chat and Chatbot functions to assist customers seeking
information
- Enhanced NIPSCO Mobile App features
Help is available Customers who are experiencing
financial difficulties, regardless of their situation, are always
encouraged to visit nipsco.com/assistance or call NIPSCO’s Customer
Care Center at 1-800-464-7726 as soon as possible to determine what
options might be available. Some of those solutions include:
- Low Income Home Energy Assistance Program (LIHEAP):
LIHEAP support is available to households that are at or below 60
percent of the State Median Income (SMI). Customers can learn more
and find out if they qualify by visiting eap.ihcda.in.gov or
calling 2-1-1. Applications are taken through May 20, 2024, at
5p.m. EST.
- Customer Assistance for Residential Energy (CARE) Discount
Program: In addition to the assistance available through
LIHEAP, the NIPSCO CARE program is designed to provide further bill
reductions to LIHEAP-approved customers. Once enrolled in LIHEAP,
customers are automatically enrolled in the program, and reductions
range from 11 to 26 percent, depending on the same criteria used by
the state in determining the level of assistance.
- Flexible Payment Plans: NIPSCO has expanded its payment
plan agreements to offer its most flexible payment plans to
customers that need financial support, including three-, six- and
12-month plans. Customers can learn more and enroll at
NIPSCO.com/PaymentPlans.
- Indiana Emergency Rental Assistance (IERA) Program: IERA
provides financial assistance for rent and utility payments for
Indiana residents whose income has been negatively impacted by the
pandemic. Customers can learn more and find out if they qualify by
calling 2-1-1.
- Township Trustees: A limited amount of energy assistance
funds are available through local Township Trustee offices. NIPSCO
customers are encouraged to contact their local Township Trustee to
see what help may be available.
- Budget Plan: The budget plan is a free service to all
NIPSCO customers to help manage their monthly energy bills by
spreading out gas costs over an entire year. Learn more at
NIPSCO.com/budget.
For more information on billing options and payment assistance,
visit NIPSCO.com/assistance. Customers looking to quickly find
information 24 hours a day, seven days a week, can use NIPSCO’s
chat feature located in the bottom right-hand corner of its website
(NIPSCO.com) or via the mobile app. Customers may also contact the
NIPSCO Customer Care Center at 1-800-4-NIPSCO Monday through
Friday, 7 a.m. to 7 p.m. CT.
In addition to offering a variety of payment assistance options,
NIPSCO offers a number of energy-efficiency programs to help lower
energy usage and bills. Visit NIPSCO.com/Save for more information
on available programs and other ways to save.
About NIPSCO: Northern Indiana Public Service Company LLC
(NIPSCO), with headquarters in Merrillville, Indiana, has proudly
served the energy needs of northern Indiana for more than 100
years. As Indiana’s largest natural gas distribution company and
the second-largest electric distribution company, NIPSCO serves
approximately 859,000 natural gas and 483,000 electric customers
across 32 counties. NIPSCO is part of NiSource’s (NYSE: NI) six
regulated utility companies. NiSource is one of the largest fully
regulated utility companies in the United States, serving
approximately 3.7 million natural gas and electric customers
through its local Columbia Gas and NIPSCO brands. More information
about NIPSCO and NiSource is available at NIPSCO.com and
NiSource.com.
About NiSource: NiSource Inc. (NYSE: NI) is one of the
largest fully-regulated utility companies in the United States,
serving approximately 3.2 million natural gas customers and 500,000
electric customers across six states through its local Columbia Gas
and NIPSCO brands. Based in Merrillville, Indiana, NiSource's
approximately 7,500 employees are focused on safely delivering
reliable and affordable energy to our customers and communities we
serve. NiSource is a member of the Dow Jones Sustainability Index -
North America. Additional information about NiSource, its
investments in modern infrastructure and systems, its commitments
and its local brands can be found at www.nisource.com. Follow us at
www.facebook.com/nisource, www.linkedin.com/company/nisource or
www.twitter.com/nisourceinc. NI-F
Forward-Looking Statement: This press release contains
"forward-looking statements," within the meaning of Section 27A of
the Securities Act of 1933, as amended (the "Securities Act"), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Investors and prospective investors should
understand that many factors govern whether any forward-looking
statement contained herein will be or can be realized. Any one of
those factors could cause actual results to differ materially from
those projected. These forward-looking statements include, but are
not limited to, statements concerning our plans, strategies,
objectives, expected performance, and any and all underlying
assumptions and other statements that are other than statements of
historical fact. Expressions of future goals and expectations and
similar expressions, including "may," "will," "should," "could,"
"would," "aims," "seeks," "expects," "plans," "anticipates,"
"intends," "believes," "estimates," "predicts," "potential,"
"targets," "forecast," and "continue," reflecting something other
than historical fact are intended to identify forward-looking
statements. All forward-looking statements are based on assumptions
that management believes to be reasonable; however, there can be no
assurance that actual results will not differ materially.
Factors that could cause actual results to differ materially
from the projections, forecasts, estimates and expectations
discussed in this press release include, among other things, our
ability to execute our business plan or growth strategy, including
utility infrastructure investments; potential incidents and other
operating risks associated with our business; our ability to adapt
to, and manage costs related to, advances in, or failures of,
technology; impacts related to our aging infrastructure; our
ability to obtain sufficient insurance coverage and whether such
coverage will protect us against significant losses; the success of
our electric generation strategy; construction risks and natural
gas costs and supply risks; fluctuations in demand from residential
and commercial customers; fluctuations in the price of energy
commodities and related transportation costs or an inability to
obtain an adequate, reliable and cost-effective fuel supply to meet
customer demands; the attraction and retention of a qualified,
diverse workforce and ability to maintain good labor relations; our
ability to manage new initiatives and organizational changes; the
actions of activist stockholders; the performance of third-party
suppliers and service providers; potential cybersecurity-attacks;
increased requirements and costs related to cybersecurity; any
damage to our reputation; any remaining liabilities or impact
related to the sale of the Massachusetts Business; the impacts of
natural disasters, potential terrorist attacks or other
catastrophic events; the physical impacts of climate change and the
transition to a lower carbon future; our ability to manage the
financial and operational risks related to achieving our carbon
emission reduction goals; our debt obligations; any changes to our
credit rating or the credit rating of certain of our subsidiaries;
any adverse effects related to our equity units; adverse economic
and capital market conditions or increases in interest rates;
economic regulation and the impact of regulatory rate reviews; our
ability to obtain expected financial or regulatory outcomes;
continuing and potential future impacts from the COVID-19 pandemic;
economic conditions in certain industries; the reliability of
customers and suppliers to fulfill their payment and contractual
obligations; the ability of our subsidiaries to generate cash;
pension funding obligations; potential impairments of goodwill; the
outcome of legal and regulatory proceedings, investigations,
incidents, claims and litigation; potential remaining liabilities
related to the Greater Lawrence Incident; compliance with
applicable laws, regulations and tariffs; compliance with
environmental laws and the costs of associated liabilities; changes
in taxation; and other matters set forth in Part I, Item 1,
"Business," Item 1A, "Risk Factors" and Part II, Item 7,
"Management's Discussion and Analysis of Financial Condition and
Results of Operations," of the company's annual report on Form 10-K
for the year ended December 31, 2022, and matters set forth in our
quarterly reports on Form 10-Q for the quarters ended March 31,
2023 and June 30, 2023, some of which risks are beyond our
control.
All forward-looking statements are expressly qualified in their
entirety by the foregoing cautionary statements. We undertake no
obligation to, and expressly disclaim any such obligation to,
update or revise any forward-looking statements to reflect changed
assumptions, the occurrence of anticipated or unanticipated events
or changes to the future results over time or otherwise, except as
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231025298762/en/
Joshauna Nash (219) 628-6901 jnash@nisource.com
Nisource (NYSE:NI)
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