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."
About NiSource
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
Forward-Looking Statements
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.
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SOURCE NiSource Inc.