NiSource
29 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.
Customers
Steel industry
earns fromnamed as a riskIn particular, sales to large industrial customers, such as those in the steel, oil refining, industrial gas and related industries, are impacted by economic downturns and recession; geographic or technological shifts in production or production methods; and other changes in consumer demand, including due to a preference for environmentally friendly products and practices.Risk factors (Item 1A)
ADS
earns fromnamed as a riskOur partnership with ADS exposes us to significant customer concentration risk.Risk factors (Item 1A)
Suppliers
EPC contractors
depends on · two 1,300 MW CCGTsnamed as a riskIn particular, in addition to the capital projects we plan to undertake to support our base business, in connection with the ADS Contract, we expect to construct, through GenCo, 400 MW of new battery storage and a new power generation facility consisting of two 1,300 MW CCGTs, which are expected to reach commercial operation between 2028 and 2032, as well as related transmission and distribution assets.Risk factors (Item 1A)
Power purchase agreements
depends on · approximately 1,200 MW of capacityAs of December 31, 2025, we also have multiple PPAs that provide approximately 1,200 MW of capacity, with contracts expiring between 2038 and 2045.Business (Item 1)
Gas materials suppliers
depends onnamed as a riskWe lack diversity in suppliers of some gas materials.Risk factors (Item 1A)
Partners and platforms
Midcontinent Independent System Operator (MISO)
depends on · 55.4%During the year ended December 31, 2025, NIPSCO generating units, inclusive of its owned renewable generation facilities, were dispatched to meet 55.4% of its overall system load, and the remainder of the overall system load was procured through PPAs and the MISO market.Business (Item 1)
Blackstone
depends onnamed as a riskThe NIPSCO Holdings II LLC Agreement and Generation Holdings II LLC Agreement will allow for additional capital contributions from affiliates of Blackstone to NIPSCO Holdings II and Generation Holdings II in connection with such Blackstone affiliates’ minority interest investments in those entities.Risk factors (Item 1A)
Also named by SRE
Other companies
Competitors
Customer choice programs (third-party gas suppliers)
competes with · 34.9% of our residential customers and 41.1% of our commercial customersAs of December 31, 2025, 34.9% of our residential customers and 41.1% of our commercial customers participated in such programs.Business (Item 1)
Places
Northern Indiana
concentrated in · approximately 0.5 million customersnamed as a riskWe generate, transmit and distribute electricity to approximately 0.5 million customers in 20 counties in the northern part of Indiana.Business (Item 1)
Also named by THO
Hazards
Tornadoes and hurricanes
operates innamed as a riskWe have experienced disruptions in the past from tornadoes, hurricanes and remnants of hurricanes and other events of this nature.Risk factors (Item 1A)
Commodities and inputs
Natural gas
exposed to its pricenamed as a riskOur current electric generating depends on coal and natural gas for fuel, and our gas distribution operations purchase and resell a portion of the natural gas we deliver to our customers.Risk factors (Item 1A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Regulators
Federal Energy Regulatory Commission (FERC)
subject tonamed as a riskThe rates that our electric and natural gas companies charge their customers are determined by their state regulatory commissions and by the FERC.Risk factors (Item 1A)
Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more
Indiana Utility Regulatory Commission (IURC)
subject tonamed as a riskNIPSCO’s and GenCo’s operations under the ADS Contract will be, and under future data center contracts are expected to be, regulated by the IURC in a different way from the regulatory mechanisms applicable to NIPSCO’s historical operations, which affects the manner in which we recover our investment costs and earn a return on our investment.Risk factors (Item 1A)
Maryland Public Service Commission
subject tonamed as a riskIn December 2025, the Maryland Public Service Commission ("MD PSC") issued proposed regulations with the stated purpose of eliminating "subsidies" for the extension of gas mains and service lines to new residential and commercial customers.Business (Item 1)
Laws and programs
Federal Power Act section 202(c)
subject to · 90 daysnamed as a riskIn December 2025, before the planned retirement of the R.M. Schahfer coal facility, the U.S. Secretary of Energy issued an emergency order under section 202(c) of the Federal Power Act requiring R.M. Schahfer to continue operating for 90 days, through March 23, 2026.Business (Item 1)
Also named by CEG
ADS Contract
1,200 MWnamed as a riskIn addition, ADS has a one-time option (exercisable no later than March 31, 2029) to halve committed capacity under the ADS Contract to 1,200 MW commencing January 31, 2032.Risk factors (Item 1A)
Maryland Climate Solutions Now Act of 2022
subject to · 60% by 2031named as a riskThe Climate Solutions Now Act of 2022 ("Act") requires Maryland to reduce GHG emissions by 60% by 2031 (from 2006 levels), and it requires the state to reach net zero emissions by 2045.Business (Item 1)
EPA Carbon Pollution Standards
subject to · approximately $675 millionnamed as a riskIf finalized, this action would remove regulatory constraints that could significantly impact NIPSCO’s planned gas generation, allowing customers to avoid approximately $675 million in additional costs as contemplated through the 2024 NIPSCO IRP.Business (Item 1)
Pennsylvania Public Utility Commission rate case (Columbia of Pennsylvania)
subject to · $55.6Columbia of Pennsylvania 10.00% $110.4 $55.6 March 20, 2025 January 2026Business (Item 1)
NIPSCO Electric rate case
subject to · $257.0NIPSCO - Electric(3) 9.75% $368.7 $257.0 September 12, 2024 July 2025Business (Item 1)
Inflation Reduction Act (IRA)
subject tonamed as a riskOur NIPSCO subsidiary’s renewable portfolio is eligible for tax credits associated with the investment in renewable generation assets and production of power from those assets.Risk factors (Item 1A)
Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more
EPA Coal Combustion Residuals (CCR) Rule
subject tonamed as a riskWe have a pending application with the EPA to continue operation of a CCR impoundment that is tied to operation of R.M. Schahfer Generating Station Units 17 and 18, which are operating under a 202(c) order.Risk factors (Item 1A)
Also named by AES, D, ETR, LNT, MDU, PEG, PNW, SO and 1 more
MISO capacity accreditation rules
subject tonamed as a riskIt is possible that, under future MISO rules, the capacity accreditation for the capacity resources we construct (potentially including the significant capacity resources we plan to construct to serve ADS and any additional data center customers) will be eliminated or reduced, in which case we would need to replace or supplement the accredited generation capacity we plan to build.Risk factors (Item 1A)
TSA Security Directives
subject tonamed as a riskIn November 2024, the TSA issued a Notice of Proposed Rulemaking (NPRM) that would mandate cyber risk management and reporting requirements for the pipeline industry.Risk factors (Item 1A)
Department of Energy furnace rule
subject tonamed as a riskAlternative energy sources, new technologies or alternatives to natural gas space heating, including cold climate heat pumps and/or efficiency of other products, and potential competition supported by changes in laws or regulations, including potential natural gas bans or restrictions, such as the Department of Energy's furnace rule banning non-condensing gas furnaces, could reduce demand and increase customer attrition, which could impact our ability to recover on our investments in our gas distribution assets.Risk factors (Item 1A)