NiSource

What NiSource does

NiSource Inc. (NYSE: NI) is one of the largest fully-regulated utility companies in the United States, headquartered in Merrillville, Indiana, and operating since 1912 with approximately 7,700 employees. Through its Columbia Gas and NIPSCO sub-brands, the company delivers regulated natural gas distribution to approximately 3.3 million customers and regulated electric distribution and generation to approximately 500,000 customers across six states — Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia. The underlying infrastructure includes 41,000+ miles of pipeline surveyed, 545,000+ advanced smart meters with leak-detection capability, and a generation portfolio transitioning from coal toward renewables (target 0% coal-fired generation by 2028) supplemented by approved combined-cycle gas turbines and battery energy storage systems.

The company's revenue model is fundamentally that of a regulated utility: usage-based tariffs approved by state utility commissions (IURC, PUCO, PAPUC, KPSC, MDPSC, SCC), billed monthly to residential, commercial, and industrial customers. Three primary revenue streams are documented: natural gas distribution (the largest, across Columbia Gas territories), electric distribution and generation through NIPSCO, and a newer data center energy services stream executed through the NIPSCO Generation LLC (GenCo) subsidiary. GenCo ring-fences data center generation costs from the broader regulated balance sheet, enabling hyperscaler customers (Amazon, Alphabet) to fund their own generation and transmission infrastructure while delivering approximately $1.4 billion in projected customer savings over contract life.

NiSource's go-to-market relies on regulated franchise territories and direct utility service rather than traditional sales channels. Recent growth has been driven by direct negotiations with hyperscalers for large-load data center contracts requiring Indiana Utility Regulatory Commission approval. The company has executed a $28 billion 2026-2030 capital plan (with ~$7 billion earmarked for data center infrastructure), sold a 19.9% NIPSCO minority stake to Blackstone Infrastructure Partners for $2.15 billion, and established a $1.5 billion ATM equity program to fund the buildout. Adjusted EPS CAGR guidance has been raised to 9-10% through 2033, with FY2025 GAAP net income of $929.5 million (up 25.7% YoY) and 2026 adjusted EPS guidance of $2.02-$2.07.

Name

NiSource

Legal name

NiSource Inc.

Website

https://nisource.com

Company type

Public

Founded year

1912

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

NiSource is a fully-regulated U.S. utility serving approximately 3.3 million natural gas customers and 500,000 electric customers across six states through its Columbia Gas and NIPSCO brands, with growth increasingly driven by hyperscale data center energy supply via its GenCo subsidiary.

Ownership category

akta.pro rank

Product category

Regulated Utility Services (Natural Gas and Electric Distribution)

NAICS

Natural Gas Distribution (2212), Electric Power Generation, Transmission and Distribution (2211), Fossil Fuel Electric Power Generation (221112)

SIC

Natural Gas Distribution (4924), Natural Gas Transmisison & Distribution (4923), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Investor-Owned Electric Distribution Utilities (IOUs) (EUADABAA)

Keywords

• Natural gas distribution
• Electric utility services
• Regulated utility
• Energy infrastructure
• Utility gas services

Headquarters

HQ city

Merrillville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Natural Gas Distribution: Regulated natural gas distribution services to approximately 3.3 million customers across six states under Columbia Gas and NIPSCO brands. Revenue is generated through base rates approved by state utility commissions plus volume-based charges.
2. Electric Distribution and Generation: Regulated electric distribution and generation services to approximately 500,000 electric customers in northern Indiana through NIPSCO. Includes electric generation transition from coal to renewables with planned 0% coal-fired generation by 2028.
3. Data Center Energy Services (GenCo): Long-term energy agreements with hyperscalers (Amazon, Alphabet) through the GenCo subsidiary, providing dedicated generation capacity for data center operations. Data center customers fund their own infrastructure, with approximately $1.4 billion in customer savings projected.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

NiSource is a fully-regulated utility company that delivers natural gas distribution services to approximately 3.3 million customers and electric distribution and generation services to approximately 500,000 customers across six states (Indiana, Kentucky, Maryland, Ohio, Pennsylvania, Virginia) through its Columbia Gas and NIPSCO brands. The company also operates the GenCo (NIPSCO Generation LLC) subsidiary, which provides dedicated generation capacity to large-load data center customers including Amazon and Alphabet under long-term energy supply agreements.

Product overview

NiSource is one of the largest fully-regulated utility companies in the United States, operating as a single unified regulated utility platform under two primary sub-brands: Columbia Gas (serving approximately 3.3 million natural gas customers across six states) and NIPSCO (serving approximately 500,000 electric customers and additional gas customers in northern Indiana). The company offers the Home Energy Management program as a customer-facing product for energy efficiency, while the GenCo subsidiary handles specialized data center energy infrastructure. Columbia Gas and NIPSCO share operational infrastructure, technology systems, and customer service platforms to deliver gas and electric utility services.

Differentiator

Problem solved

Functional benefit

Brands

• Home Energy Management: Smart savings service combining smart thermostat rebates, data analytics, and personalized efficiency recommendations for residential customers.
• GenCo (NIPSCO Generation LLC)

Products and services

• Columbia Gas Natural Gas Distribution
• NIPSCO Electric and Gas Service
• Home Energy Management Program
• GenCo Data Center Energy Services Long-term dedicated generation capacity provided through the GenCo (NIPSCO Generation LLC) subsidiary to large-load hyperscale data center customers including Amazon and Alphabet. GenCo ring-fences data center costs from the broader utility balance sheet, with customers funding their own generation and transmission infrastructure. Approximately 4 GW of signed capacity with pipeline of additional opportunities.

Quantifiable outcome

• Approximately $1.4 billion in customer savings projected from GenCo data center agreements with Alphabet and Amazon over contract life
• +5 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered major, core and support.

• Hallador EnergymajorStrategic or Co-development Partner · 12 May 2026Hallador Energy signed 12-year, $1-billion deal with NIPSCO to supply 500 MW of coal capacity from Merom generating station starting 2028, with power to serve Amazon and Google data centers. Contract price of $450 per megawatt-day represents more than double recent PJM market rates.
• Alphabet Inc. (Google)coreStrategic or Co-development Partner · 16 April 2026Long-term energy supply agreement through NIPSCO GenCo subsidiary to power large-scale Alphabet data center in northern Indiana, with service expected to begin summer 2026. GenCo-owned pool portfolio of approximately 340 MW plus up to 175 MW in seasonal market purchases. Expected to deliver approximately $1.25 billion in aggregate cost savings for existing customers.
• Amazon Data Services Inc. (AWS)coreStrategic or Co-development Partner · 16 April 2026Expanded agreement with Amazon to accelerate energization of Amazon sites and provide bill credits to households under updated partnership agreement. 3 GW capacity agreement with Amazon for data center campuses in northern Indiana, involving nearly $7 billion in energy infrastructure investments. Amazon data center customers fund their own generation and transmission infrastructure.
• McGuireWoods LLPsupportImplementation/ SI/ Consulting Partner · 17 December 2025McGuireWoods served as legal counsel to NiSource and its subsidiaries on series of transactions related to 3 GW capacity agreement with Amazon, involving nearly $7 billion in energy infrastructure investments including sale of 19.9% equity interest in GenCo to Blackstone.
• Zachry GroupmajorImplementation/ SI/ Consulting Partner · 30 October 2025Awarded EPC (Engineering, Procurement, and Construction) contract for NiSource's combined cycle generation project near Wheatfield, Indiana, involving two gas-fired units totaling 2,600 MW. Project is collaboration between Zachry and Quanta Services to support NiSource's electricity delivery to data center customers.
• Quanta ServicesmajorImplementation/ SI/ Consulting Partner · 29 October 2025Quanta Services engaged for power generation and infrastructure solutions supporting NiSource's data center infrastructure buildout. Selected by NiSource in October to develop approximately 3 GW of generation and grid infrastructure. Large project engagement with continued growth driven by Electric segment demand.
• Edison Electric Institute (EEI)supportOthersIndustry association membership for electric power companies to gain understanding, voice views, and develop positions on public policy issues impacting the company and stakeholders.
• American Gas Association (AGA)supportOthersIndustry association membership for natural gas companies to engage in public policy discussions and industry advocacy. Angela Sanchez previously served as Chair of Communications and Marketing Committee for AGA.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• CenterPoint Energy: Houston-based regulated electric and natural gas utility. T. Rowe Price identified it alongside NiSource as a top utility for AI-driven power demand, making it a directly comparable peer benefiting from hyperscaler data center load growth in its Texas/Midwest service territory.
• Duke Energy: Largest US investor-owned utility serving the Carolinas, Florida, and the Midwest. Duke shares NiSource's regulated electric and gas distribution model, multi-state regulatory footprint, capital-intensive generation transition, and growing data center demand exposure in the Carolinas.
• PPL Corporation: Pennsylvania-based regulated utility with electricity delivery to Kentucky, Pennsylvania, and Rhode Island. T. Rowe Price specifically named it alongside NiSource as a top utility for AI-driven power demand, sharing the multi-state regulated distribution model and dividend growth profile.
• Entergy Corporation: New Orleans-based regulated electric utility serving Louisiana, Arkansas, Mississippi, Texas, and Tennessee. Entergy is a comparable Midwest/South utility with significant hyperscaler data center contracts in its service territory and a similar growth-by-data-center-load thesis.
• Dominion Energy: Virginia-headquartered regulated utility with the largest US data center customer base in Northern Virginia. Dominion is the most direct peer to NiSource's data center strategy given its hyperscaler concentration in Virginia, comparable generation build-out approach, and regulated rate base funding model.
• American Electric Power (AEP): Ohio-headquartered regulated electric utility with the largest US transmission network across 11 states. AEP is a comparable large multi-state regulated utility with overlapping Midwest/Mid-Atlantic service territory and growing data center load from hyperscalers.
• Ameren: Missouri-based regulated electric and gas utility serving Missouri and Illinois. T. Rowe Price flagged it together with NiSource as a top defensive utility stock for AI-driven power demand, with a comparable regulated rate base model and significant data center exposure in the Midwest.

Broad incumbents

• Constellation Energy: Largest US operator of nuclear power plants with significant hyperscaler data center deals (e.g., Microsoft Three Mile Island restart). Constellation is a directly comparable peer leveraging carbon-free generation capacity to serve AI data center demand, competing with NiSource for hyperscaler offtake.
• NextEra Energy: Florida-headquartered regulated utility and world's largest generator of wind and solar energy. NextEra is a comparable peer in renewable generation buildout to serve data center demand, with a much larger scale and broader geographic footprint than NiSource.
• Vistra Corp: Largest US competitive power generator with significant nuclear, gas, and coal capacity. Vistra is a comparable peer pursuing large-scale data center power supply contracts (including with hyperscalers) and represents the broader IPP model that competes with NiSource's GenCo subsidiary structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/NiSourceInc
• YouTubeyoutube.com/@nisource.official/videos
• Facebookfacebook.com/NiSource
• LinkedInlinkedin.com/company/nisource
• Instagraminstagram.com/nisourceinc

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries4 records

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NiSource