MERRILLVILLE, Ind., April 15, 2020 /PRNewswire/ -- NiSource Inc. (NYSE: NI) has distributed its 2019 Integrated Annual Report, outlining how the company has recommitted itself to delivering value for its customers, the communities it serves, employees, business partners and investors.
"As we distribute our Integrated Annual Report outlining the work we did in 2019, the entire world is dealing with the COVID-19 pandemic," said NiSource CEO Joe Hamrock. "This crisis demonstrates how essential our service is to the customers and communities we serve. At the same time, the energy world is changing rapidly and during 2019 we continued to adapt, driven by our goal of ranking among the country's most premier regulated electric and gas companies. That work continues in 2020, as we are committed to continually improving the safety, reliability and environmental performance of our systems, as well as service quality for our customers, and our employee experience, all with a goal of delivering increasing value for our customers."
Highlights of the report, which can be read in its entirety at NiSource.com, include:
- Safety leadership as a foundational commitment. NiSource is advancing safety across the company through accelerated implementation of a Safety Management System (SMS), aligned with a framework developed for pipeline operators by the American Petroleum Institute. SMS is increasing our rigor in identifying risks and taking action to keep our customers, communities, employees and contractors safe.
- Rebuilding trust. While safety is the company's No. 1 priority, NiSource is also working to regain the trust of all its stakeholders following that tragic September 2018 event in Massachusetts' Merrimack Valley. It has acted on safety recommendations by the National Transportation Safety Board, and is making safety-enhancing investments across its seven-state operating area.
- Transforming the electric business. NiSource has three wind projects in progress in Indiana and is actively seeking additional renewable resources to replace its coal-fired generating capacity, all of which is scheduled to be retired by 2028. These initiatives are expected to save customers more than $4 billion over 30 years.
- Supporting sustainability. NiSource was named to the Dow Jones Sustainability North America Index for the sixth consecutive year in 2019, and was one only of three U.S. multi-utility companies on the list. This recognition acknowledges advancements NiSource continues to make in its sustainability strategy, including an expected 90 percent reduction in greenhouse gas emissions by 2030 compared to 2005 levels and executing against more than $30 billion of long-term infrastructure and safety investments over 20 years.
- Long-term growth for investors. NiSource delivered 2019 full-year non-GAAP net operating earnings per share near the top of its guidance range for the year. It made $1.9 billion in capital infrastructure and safety investments in its gas and electric systems, while maintaining its current investment-grade credit ratings and executing on its regulatory plan.
- Creating the next chapter for Columbia Gas of Massachusetts. In 2019, NiSource substantially completed the restoration in the Merrimack Valley, settled all major civil claims and resolved the criminal investigation stemming from the September 2018 event. And in February 2020, the company announced an agreement to sell its assets in Massachusetts to Eversource Energy, New England's largest energy delivery company. The sale is in the best interests of all stakeholders, and provides Columbia Gas of Massachusetts employees an opportunity to join a strong organization with deep roots in the region, and a commitment to further enhance safety, pipeline integrity and reliability.
"I want to thank the entire NiSource team for its dedication and hard work that contributed to our success in 2019, as well as its efforts to maintain safe, reliable energy service during the current pandemic," Hamrock said. "I believe that NiSource is well-positioned to get through these challenging days, and for sustainable long-term growth."
NiSource Inc. (NYSE: NI) is one of the largest fully-regulated utility companies in the United States, serving approximately 3.5 million natural gas customers and 500,000 electric customers across seven states through its local Columbia Gas and NIPSCO brands. Based in Merrillville, Indiana, NiSource's approximately 8,400 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
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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; the pending sale of the Columbia of Massachusetts business, including the terms and closing conditions under the Asset Purchase Agreement; potential incidents and other operating risks associated with our business; potential impacts 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 and commercial 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, many of which risks are beyond our control. 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. 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.
SOURCE NiSource Inc.