NiSource Inc (NYSE: NI) is a regulated utility company that distributes natural gas and generates and distributes electric power to customers across multiple U.S. states. It earns revenue through rate-regulated tariffs set by state utility commissions, charging residential, commercial, and industrial customers for gas distribution and electric service. Its natural gas distribution subsidiaries operate under the Columbia Gas brand in Kentucky, Maryland, Ohio, Pennsylvania, and Virginia, while its electric utility, Northern Indiana Public Service Company (NIPSCO), serves customers in Indiana. The company also holds interests in renewable generation assets including wind and solar facilities in Indiana, such as Rosewater Wind Generation, Indiana Crossroads Solar, Indiana Crossroads Wind, Dunn's Bridge I Solar, Gibson Solar, and Fairbanks Solar Energy Center. NiSource has a contract with Amazon Data Services (ADS) for NIPSCO to supply electricity to data center operations. The business is capital-intensive, funded through a combination of rate base investment and debt, with returns governed by regulatory proceedings in each state jurisdiction.

Revenue model

Rate-regulated utility tariffs. Customers pay fixed and volumetric charges for natural gas distribution and electric service, with rates approved by state public utility commissions. Revenue is tied to allowed returns on rate base rather than market pricing.

Products and services

Natural gas distribution (Columbia Gas brand in Kentucky, Maryland, Ohio, Pennsylvania, and Virginia). Electric generation and distribution (NIPSCO in Indiana). Renewable generation assets including Rosewater Wind Farm, Indiana Crossroads Wind Farm, Meadow Lake Solar Park, Dunns Bridge Solar Center, Gibson Solar, and Fairbanks Solar Energy Center.

Customers and end markets

Residential, commercial, and industrial natural gas and electric customers across Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia. NIPSCO holds a contract with Amazon Data Services (ADS) for electricity supply to data center operations.

Value-chain role

Regulated utility operator. Owns and operates gas distribution pipeline infrastructure and electric generation and transmission assets. End-to-end delivery from transmission interconnection to end customer meter.

Geographic exposure

United States only. Natural gas distribution in Kentucky, Maryland, Ohio, Pennsylvania, and Virginia (Columbia Gas subsidiaries). Electric utility operations in Indiana (NIPSCO).

Source: SEC 10-K, filed 2026-02-11

Industry: Electric & Other Services Combined Peers: Ameren Corp Avista Corp Black Hills Corp CenterPoint Energy Inc CMS Energy Corp Dominion Energy Inc DTE Energy Co NORTHWESTERN CORP PUBLIC SERVICE ENTERPRISE GROUP INC Unitil Corp