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  • NIPSCO Announces Retirement of Two Coal-Fired Units in 2021

    MERRILLVILLE, Ind. – Northern Indiana Public Service Company LLC (NIPSCO), a subsidiary of NiSource Inc. (NYSE: NI), announced today plans to retire two coal-fired units representing half of its R.M. Schahfer Generating Station capacity in Wheatfield, Ind. by the end of 2021.
    The retirements are part of NIPSCO’s broader, long-term electric generation strategy and customer-centric plan referred to as “Your Energy, Your Future.” The strategy outlines the company’s plans to become 100 percent coal-free by 2028, while transitioning to reliable, lower-cost and more sustainable energy options. NIPSCO projects the transition will result in an estimated $4 billion in cost savings over the long term.
    The Schahfer Generating Station coal-fired units 14 and 15, designated for retirement this year, are among the oldest in NIPSCO’s fleet having been in service since 1976 and 1979 respectively. NIPSCO’s remaining coal-fired units are currently on track to be retired as previously announced, with the Schahfer Generating Station retiring by May 2023 and the Michigan City Generating Station by the end of 2028. These timelines are consistent with the previous Integrated Resource Plan (IRP) conducted in 2018 – a regulatory process used in Indiana to thoroughly analyze and outline how electric utilities plan to meet the future electric needs of its customers. Workforce planning is underway with the goal to minimize impacts to positions and employees.
    “Our ‘Your Energy, Your Future’ transition plan is dynamic, and based on the simple premise of delivering reliable energy and cost savings to our customers over the long term,” said Mike Hooper, NIPSCO President. “We continue to evaluate the economics of our generating fleet, including recently commissioned renewables projects and secured capacity in the greater energy market alongside the ongoing fuel costs and investments required to operate our coal-fired units. On that basis, it was determined that retiring units 14 and 15 this year was the best decision for customers.”
    To deliver on its promise of service reliability for its customers, NIPSCO has secured the needed lower-cost capacity from the Midcontinent Independent System Operator (MISO) market – the regional entity responsible for ensuring reliability across the broader electric grid – along with additional upgrades to its transmission system to reliably retire units 14 and 15. NIPSCO is also bringing online new lower-cost generating resources from solar, wind and battery technology
    -more-
    to meet its customers’ future energy needs.
    Two wind projects, Rosewater located in White County and Jordan Creek located in Benton and Warren counties, became operational in late 2020, adding 500 MW of installed capacity to NIPSCO’s fleet. The Indiana Crossroads wind project is expected to provide an additional 300 MW by the end of 2021.
    NIPSCO kicks off its 2021 IRP process in March, which includes a public forum involving participation and input from customers, consumer representatives, environmental organizations and other stakeholders that will extend through November, when the latest plan will be submitted to the Indiana Utility Regulatory Commission (IURC).
    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 820,000 natural gas and 470,000 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 470,000 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 - North America Index and the Bloomberg Gender Equality Index and has been named by Forbes magazine among America's Best Large Employers since 2016. 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 Statements
    This press release contains "forward-looking statements" within the meaning of federal securities laws. 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, expenditures, recovery of expenditures through rates, stated on either a consolidated or segment basis, and any and all underlying assumptions and other statements that are other than statements of historical fact. 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 debt obligations; any changes to our credit rating or the credit rating of certain of our subsidiaries; our ability to execute our growth strategy; changes in general economic, capital and commodity market conditions; pension funding obligations; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; our ability to adapt to, and manage costs related to, advances in technology; any changes in our
    assumptions regarding the financial implications of the Greater Lawrence Incident; compliance with the agreements entered into with the U.S. Attorney's Office to settle the U.S. Attorney's Office's investigation relating to the Greater Lawrence Incident; potential incidents and other operating risks associated with our business; continuing and potential future impacts of from the COVID-19 pandemic ; our ability to obtain sufficient insurance coverage and whether such coverage will protect us against significant losses; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; any damage to our reputation, including in connection with the Greater Lawrence Incident; compliance with applicable laws, regulations and tariffs; compliance with environmental laws and the costs of associated liabilities; fluctuations in demand from residential, commercial and industrial customers; economic conditions of certain industries; the success of NIPSCO's electric generation strategy; the price of energy commodities and related transportation costs; the reliability of customers and suppliers to fulfill their payment and contractual obligations; potential impairments of goodwill or definite-lived intangible assets; changes in taxation and accounting principles; the impact of an aging infrastructure; the impact of climate change; potential cyber-attacks; construction risks and natural gas costs and supply risks; extreme weather conditions; the attraction and retention of a qualified workforce; the ability of our subsidiaries to generate cash; our ability to manage new initiatives and organizational changes; the performance of third-party suppliers and service providers; changes in the method for determining LIBOR and the potential replacement of the LIBOR benchmark interest rate; and other matters in the "Risk Factors" section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and our subsequent SEC filings. In addition, the relative contributions to profitability by each business segment, and the assumptions underlying the forward-looking statements relating thereto, may change over time. A credit rating is not a recommendation to buy, sell or hold securities, and may be subject to revision or withdrawal at any time by the assigning rating organization. In addition, dividends are subject to board approval.
    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.
     

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