Dive Brief:
- NiSource, parent to Northern Indiana Public Service Co. (NIPSCO), expects to spend about $2.5 billion on electric infrastructure projects, company officials said during an earnings conference call with analysts. Officials see the potential for about $6.4 billion in spending.
- Earlier this week, Indiana regulators approved a roughly $1.1 billion plan to upgrade the grid in NIPSCO's service territory.
- NIPSCO also expects to spend $850 million on pollution control projects at its power plants and $500 million on two transmission projects.
Dive Insight:
Like other utility companies, NiSource is pouring billions into its basic infrastructure. There's nothing flashy here, but it shows where the company's priorities are. “We’re planning for the future today through smart investments and replacing critical parts of our electric system to help ensure a more modern system for homes and businesses across northern Indiana,” Jim Stanley, NIPSCO CEO, said.
Robert Skaggs, NiSource president and CEO, declined to comment directly about rumors that Dominion Resources may be looking to buy a Midwestern utility company like NiSource. Here's what he would say: “Number one, we’re an $11 billion equity value company with I think an extraordinarily strong standalone plan. So everything we do is kind of measured against what I think is a really, really strong, strong plan that we know we can execute on.”