Nisource (NI) FY2025 results: revenue $6.6 billion, up 21.8% on the year

NiSource is an energy holding company whose primary subsidiaries are fully regulated natural gas and electric utility companies serving approximately 3.8 million customers in six states. It is the successor to an Indiana corporation organised in 1987 as NIPSCO Industries, which took the NiSource name on 14 April 1999. It has two reportable segments, Columbia Operations and NIPSCO Operations, with the remainder being centralised corporate activities. A third holding company, Generation Holdings I, holds a controlling interest in GenCo; the filing says NiSource will develop through GenCo the generation resources it plans to use in serving data centre customers.

Columbia Operations

Natural gas to approximately 2.4 million residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky and Maryland, through five separate Columbia utilities under a gas distribution holding company. The system is approximately 37,300 miles of distribution main pipeline plus the individual customer service lines attached to it, and 310 miles of transmission main pipeline, along with gate stations and other operations support facilities. Owned storage is three propane and propane-air facilities in Virginia with total capacity of 19,026 MCF.

NIPSCO Operations

NIPSCO has fully regulated gas and electric operations in northern Indiana. The gas business distributes to approximately 0.9 million customers over approximately 18,100 miles of distribution main pipeline and 720 miles of transmission main pipeline, with two owned storage facilities in Indiana holding a combined 11,240,000 MCF: an underground storage field at Royal Center and a liquefied natural gas facility at Rolling Prairie.

The electric business generates, transmits and distributes electricity to approximately 0.5 million customers in 20 counties of northern Indiana, and also engages in wholesale electric and transmission transactions and customised agreements to serve data centre customers. Its transmission system carries voltages from 69,000 to 765,000 volts across approximately 3,000 circuit miles, interconnected with eight neighbouring electric utilities, and it operates 65 transmission and 240 distribution substations and owns approximately 312,500 poles.

Owned generating capacity totals 3,967 MW. Coal is two facilities, R.M. Schahfer at 722 MW and Michigan City at 455 MW. Gas is the Sugar Creek combined cycle plant at 665 MW plus a 155 MW natural gas unit at R.M. Schahfer. Renewables and storage are solar at Dunns Bridge I of 265 MW, Fairbanks of 250 MW, Indiana Crossroads and Gibson of 200 MW each, solar and storage at Dunns Bridge II of 435 MW and Cavalry of 200 MW, wind at Indiana Crossroads of 302 MW and Rosewater of 102 MW, and two small hydro plants at Oakdale and Norway. Dunns Bridge II carries installed battery storage of 56 MW over a four-hour duration and Cavalry 45 MW over the same duration. Eight renewable generation facilities were in service at the end of 2025, three of them placed in service during the year. Multiple power purchase agreements provide approximately 1,200 MW of capacity, with contracts expiring between 2038 and 2045.

In December 2025, before the planned retirement of R.M. Schahfer, the U.S. Secretary of Energy issued an emergency order requiring it to keep operating for 90 days, through 23 March 2026, stating that continued operation was required to meet an energy emergency across MISO's North and Central regions and authorising NIPSCO to recover the cost. Michigan City is scheduled to be retired by the end of 2028.

The data centre contract

In September 2025 NIPSCO entered into an agreement with ADS, a wholly owned subsidiary of Amazon.com, to provide electricity to ADS data centres. The filing says that under the contract, which is pending approval from the Indiana regulator, NIPSCO will provide electric service under a capacity commitment beginning in 2027 and increasing annually to 2,400 MW by the end of 2032, and will construct up to 3,000 MW of dispatchable generation to serve it. The initial term ends 15 years after the initial energisation of the first ADS data centre. From January 2027 ADS pays a fixed capacity charge plus certain pass-through charges, and Amazon.com has guaranteed ADS's payment obligations. The filing says NIPSCO will also propose to the regulator a mechanism to pass savings back to retail customers.

Who else can sell to its customers

Because of open access and the deregulation of gas supplies, customers of the local distribution companies can buy gas directly from producers and marketers, using the NiSource subsidiaries only for transportation. At the end of 2025, 34.9 percent of residential and 41.1 percent of commercial customers in Columbia Operations took part in such programmes, against 6.8 percent of residential and 18.5 percent of commercial customers at NIPSCO Gas. The filing says the company competes with investor-owned, municipal and cooperative electric utilities across its service areas, with other regulated and unregulated intrastate and interstate gas pipelines, and with alternate fuels such as propane and fuel oil.

Sales are seasonal, with gas distribution weighted to the heating season from October through May.

Planning

NIPSCO's 2024 integrated resource plan, submitted to the Indiana regulator in December 2024, informs future generation investments and took in anticipated load growth from data centres and other economic development, new emissions rules and evolving MISO resource accreditation rules. It maintains the retirement decisions and capacity additions identified in the 2018 and 2021 plans and calls for additional generation resources through 2029 to support capacity requirements, along with new gas-fired and other capacity resources for new data centre load.

From NiSource's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 11 February 2026: read the full 10-K.