NiSource (NI)
Operator of Columbia Gas utilities and NIPSCO’s gas-electric system.
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NiSource delivers natural gas and electricity across six states and is paid rates its regulators approve on the pipes, wires and plants it puts in the ground. The gas franchises are the mature half, growing slowly at best. The new bet is Indiana: power plants built to order for data-center customers on long contracts — a build so large the company must keep raising money from investors to pay for it.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
6 in detail · 15 more below
Columbia Operations
Five state gas utilities under one name — about 2.4 million homes and shops in Ohio, Pennsylvania, Virginia, Kentucky and Maryland. Half of revenue, and the half rolling over: first-half 2026 revenue fell 3.8% and operating profit 10.2%.
Competes with Enbridge Gas Ohio (Enbridge) · Peoples Natural Gas (Essential Utilities) · UGI Utilities (UGI Corp)
In plain English
The unglamorous half that pays for everything else. Columbia Gas owns the buried pipes that carry gas to roughly 2.4 million kitchens and boilers across five states, and nobody on those streets can pick a different pipe.
The gas itself is mostly passed along at what it cost, so the money is in the delivery charge — and in replacing old pipe. State commissions approve what Columbia may bill and approve extra charges for the replacement work, which is how last year's digging becomes this year's revenue. Customer counts barely grow, so earnings come from how much new pipe regulators let it charge for. Its Virginia and Kentucky utilities asked for new base rates in spring 2026.
NIPSCO Gas
Northern Indiana's gas pipes — roughly 900,000 customers, close to a fifth of revenue. Its modernization spending hit a snag in an August 2026 Indiana order, and the company says other approved charges or a new rate case can still recover it.
Competes with CenterPoint Energy Indiana gas service (CenterPoint Energy) · Columbia Gas of Ohio (NiSource)
In plain English
Same trade as Columbia, different state and a different commission. Roughly 900,000 homes and businesses in northern Indiana buy their gas delivery here, billed the same winter-heavy way: fat bills in January, thin ones in July.
What makes Indiana its own story is the paperwork. In August 2026 the state commission ruled on the program NIPSCO uses to bill customers for replacing aging gas lines, and management was still working through what the order means — it says Indiana leaves other approved charges, or a fresh request for base rates, open as a route to get that money back.
NIPSCO Electric
Electricity for about half a million northern Indiana customers, heavy steel mills included — roughly 30% of revenue and the growing side of the company. Two coal plants are meant to close by 2028; a federal order keeps one of them running.
Competes with Indiana Michigan Power retail electric (AEP) · AES Indiana retail electric (AES) · Duke Energy Indiana retail electric (Duke Energy)
In plain English
Poles, wires and power stations across twenty counties of northern Indiana, from the steel belt around Gary and Hammond to small-town main streets. About half a million meters plus heavy industrial load, and NIPSCO owns the generation as well — close to 4,000 megawatts of it, including eight wind, solar and battery sites built since 2020.
Customers pay approved rates covering fuel, upkeep and a return on all that equipment. Owning the plants and the wires together is what management says makes tailor-made deals with very large customers workable. The awkward part: its two coal plants are supposed to retire by 2028, and a federal order in June 2026 requires one to keep operating.
NIPSCO Generation LLC (GenCo)
A separate NIPSCO company building power plants only for very large computing customers, on 15-year contracts kept out of household rates. About 4 gigawatts signed. It is why the long-term profit-growth target is 9–10% a year rather than 6–8%.
Competes with Indiana Michigan Power large-load tariff (AEP) · Duke Energy Indiana large-load service (Duke Energy)
In plain English
Picture a builder who puts up a whole factory for one tenant who signed a fifteen-year lease before the first brick was laid. That is GenCo: a NIPSCO-owned company building gas plants and batteries reserved for huge computing customers, deliberately kept outside the costs ordinary households are billed for.
Those customers pay a fixed amount for having the power held ready for them, year after year, with protections if they walk away. About 4 gigawatts sit under signed contracts and a few more gigawatts are in talks, but the growth targets count only what is signed. Blackstone, an infrastructure investor, is funding just under a fifth of the build.
Amazon Data Services contract
The anchor deal: two 1,300-megawatt gas plants plus 400 megawatts of batteries for Amazon Data Services, about $6–7 billion of building through 2032 on a 15-year term. The largest single-customer exposure in the company, though not yet a tenth of revenue.
Competes with AWS New Carlisle interconnection (AEP) · Alphabet energy infrastructure agreement (NiSource)
In plain English
Amazon's data centers need an enormous, dependable amount of electricity in one place at one time. Rather than serve that out of the pool every other Indiana customer draws on, NiSource agreed to build generation dedicated to this one buyer, paid for by this one buyer.
Indiana's commission approved the deal in June 2026, with power flowing from 2027; Amazon pays across fifteen years for capacity held for it. A further 400 megawatts was filed for approval in July 2026. Roughly a billion dollars of value is contracted to flow back to NIPSCO's existing customers, which is the part regulators weigh.
Alphabet energy infrastructure agreement
An Alphabet subsidiary served from a shared pool of GenCo resources — about 340 megawatts, plus up to 175 megawatts bought seasonally from the regional market, in service from summer 2026. Proof the arrangement works a second time.
Competes with Indiana Michigan Power large-load tariff (AEP) · Amazon Data Services contract (NiSource)
In plain English
The second customer matters more for what it proved than for its size. Instead of dedicated plants, GenCo serves this one out of a shared pool of its own resources, batteries among them, topped up with power bought on the regional market in the hottest and coldest months — a car-share fleet rather than one car per driver.
That shortens the wait between signature and service, which management cited when it raised long-term growth guidance. Together with the Amazon expansion, the two deals are credited with about $1.25 billion of savings for NIPSCO's existing customers over the contract lives — the goodwill that gets the next contract approved.
Columbia OperationsFive state gas utilities under one name — about 2.4 million homes and shops in Ohio, Pennsylvania, Virginia, Kentucky and Maryland. Half of revenue, and the half rolling over: first-half 2026 revenue fell 3.8% and operating profit 10.2%.Five state gas utilities under one name — about 2.4 million homes and shops in Ohio, Pennsylvania, Virginia, Kentucky and Maryland. Half of revenue, and the half rolling over: first-half 2026 revenue fell 3.8% and operating profit 10.2%.
In plain English
The unglamorous half that pays for everything else. Columbia Gas owns the buried pipes that carry gas to roughly 2.4 million kitchens and boilers across five states, and nobody on those streets can pick a different pipe.
The gas itself is mostly passed along at what it cost, so the money is in the delivery charge — and in replacing old pipe. State commissions approve what Columbia may bill and approve extra charges for the replacement work, which is how last year's digging becomes this year's revenue. Customer counts barely grow, so earnings come from how much new pipe regulators let it charge for. Its Virginia and Kentucky utilities asked for new base rates in spring 2026.
Competes with Enbridge Gas Ohio (Enbridge) · Peoples Natural Gas (Essential Utilities) · UGI Utilities (UGI Corp)
NIPSCO GasNorthern Indiana's gas pipes — roughly 900,000 customers, close to a fifth of revenue. Its modernization spending hit a snag in an August 2026 Indiana order, and the company says other approved charges or a new rate case can still recover it.Northern Indiana's gas pipes — roughly 900,000 customers, close to a fifth of revenue. Its modernization spending hit a snag in an August 2026 Indiana order, and the company says other approved charges or a new rate case can still recover it.
In plain English
Same trade as Columbia, different state and a different commission. Roughly 900,000 homes and businesses in northern Indiana buy their gas delivery here, billed the same winter-heavy way: fat bills in January, thin ones in July.
What makes Indiana its own story is the paperwork. In August 2026 the state commission ruled on the program NIPSCO uses to bill customers for replacing aging gas lines, and management was still working through what the order means — it says Indiana leaves other approved charges, or a fresh request for base rates, open as a route to get that money back.
Competes with CenterPoint Energy Indiana gas service (CenterPoint Energy) · Columbia Gas of Ohio (NiSource)
NIPSCO ElectricElectricity for about half a million northern Indiana customers, heavy steel mills included — roughly 30% of revenue and the growing side of the company. Two coal plants are meant to close by 2028; a federal order keeps one of them running.Electricity for about half a million northern Indiana customers, heavy steel mills included — roughly 30% of revenue and the growing side of the company. Two coal plants are meant to close by 2028; a federal order keeps one of them running.
In plain English
Poles, wires and power stations across twenty counties of northern Indiana, from the steel belt around Gary and Hammond to small-town main streets. About half a million meters plus heavy industrial load, and NIPSCO owns the generation as well — close to 4,000 megawatts of it, including eight wind, solar and battery sites built since 2020.
Customers pay approved rates covering fuel, upkeep and a return on all that equipment. Owning the plants and the wires together is what management says makes tailor-made deals with very large customers workable. The awkward part: its two coal plants are supposed to retire by 2028, and a federal order in June 2026 requires one to keep operating.
Competes with Indiana Michigan Power retail electric (AEP) · AES Indiana retail electric (AES) · Duke Energy Indiana retail electric (Duke Energy)
NIPSCO Generation LLC (GenCo)A separate NIPSCO company building power plants only for very large computing customers, on 15-year contracts kept out of household rates. About 4 gigawatts signed. It is why the long-term profit-growth target is 9–10% a year rather than 6–8%.A separate NIPSCO company building power plants only for very large computing customers, on 15-year contracts kept out of household rates. About 4 gigawatts signed. It is why the long-term profit-growth target is 9–10% a year rather than 6–8%.
In plain English
Picture a builder who puts up a whole factory for one tenant who signed a fifteen-year lease before the first brick was laid. That is GenCo: a NIPSCO-owned company building gas plants and batteries reserved for huge computing customers, deliberately kept outside the costs ordinary households are billed for.
Those customers pay a fixed amount for having the power held ready for them, year after year, with protections if they walk away. About 4 gigawatts sit under signed contracts and a few more gigawatts are in talks, but the growth targets count only what is signed. Blackstone, an infrastructure investor, is funding just under a fifth of the build.
Competes with Indiana Michigan Power large-load tariff (AEP) · Duke Energy Indiana large-load service (Duke Energy)
Amazon Data Services contractThe anchor deal: two 1,300-megawatt gas plants plus 400 megawatts of batteries for Amazon Data Services, about $6–7 billion of building through 2032 on a 15-year term. The largest single-customer exposure in the company, though not yet a tenth of revenue.The anchor deal: two 1,300-megawatt gas plants plus 400 megawatts of batteries for Amazon Data Services, about $6–7 billion of building through 2032 on a 15-year term. The largest single-customer exposure in the company, though not yet a tenth of revenue.
In plain English
Amazon's data centers need an enormous, dependable amount of electricity in one place at one time. Rather than serve that out of the pool every other Indiana customer draws on, NiSource agreed to build generation dedicated to this one buyer, paid for by this one buyer.
Indiana's commission approved the deal in June 2026, with power flowing from 2027; Amazon pays across fifteen years for capacity held for it. A further 400 megawatts was filed for approval in July 2026. Roughly a billion dollars of value is contracted to flow back to NIPSCO's existing customers, which is the part regulators weigh.
Competes with AWS New Carlisle interconnection (AEP) · Alphabet energy infrastructure agreement (NiSource)
Alphabet energy infrastructure agreementAn Alphabet subsidiary served from a shared pool of GenCo resources — about 340 megawatts, plus up to 175 megawatts bought seasonally from the regional market, in service from summer 2026. Proof the arrangement works a second time.An Alphabet subsidiary served from a shared pool of GenCo resources — about 340 megawatts, plus up to 175 megawatts bought seasonally from the regional market, in service from summer 2026. Proof the arrangement works a second time.
In plain English
The second customer matters more for what it proved than for its size. Instead of dedicated plants, GenCo serves this one out of a shared pool of its own resources, batteries among them, topped up with power bought on the regional market in the hottest and coldest months — a car-share fleet rather than one car per driver.
That shortens the wait between signature and service, which management cited when it raised long-term growth guidance. Together with the Amazon expansion, the two deals are credited with about $1.25 billion of savings for NIPSCO's existing customers over the contract lives — the goodwill that gets the next contract approved.
Competes with Indiana Michigan Power large-load tariff (AEP) · Amazon Data Services contract (NiSource)
Named in filings, launches and programs
- Columbia Gas of OhioBrandAbout 1.5 million customers — the largest single franchise in the group and the one regulators elsewhere benchmark against.
- Columbia Gas of PennsylvaniaBrandAbout 450,000 customers; faces western-Pennsylvania peers in a state with several sizeable gas utilities.
- Columbia Gas of VirginiaBrandAbout 293,000 customers; asked Virginia regulators for new base rates in spring 2026.
- Columbia Gas of KentuckyBrandAbout 139,000 customers; filed its own request for new base rates in spring 2026.
- Columbia Gas of MarylandBrandAbout 34,000 customers — the smallest franchise, a rounding error beside Ohio.
- NIPSCO wind, solar and battery fleetEcosystemEight owned sites built since 2020 — Jordan Creek and Dunns Bridge among them. Last decade's version of today's build-out.
- Strategic negotiation pipelineCustomer program · AnnouncedRoughly 3 gigawatts being negotiated with customers not yet named; none of it counted in the growth targets.
- Developing opportunitiesCustomer program · AnnouncedAnother ~2 gigawatts of earlier-stage interest sitting behind the negotiation pipeline.
- Microsoft large-load discussionsCustomer program · AnnouncedA joint announcement in 2024 and talks that continued into 2026 — still no contract.
- Pooled resources approachPlatformOne shared portfolio of GenCo capacity matched to several large customers, introduced with the Alphabet deal.
- Blackstone Infrastructure Partners stakeBrandOwns 19.9% of GenCo and funds 19.9% of its spending, with $1.5 billion committed.
- Project ApolloProductAn internal cost and analytics program holding day-to-day operating expense near $1.4 billion, including speech tools for storm calls.
- Advanced metering infrastructureService · RampingMeters that report themselves, started in 2024 with $36 million of NIPSCO gas spending.
- Upside capital portfolioProduct · AnnouncedAbout $2 billion of extra generation, regional transmission, pipeline-safety and metering work beyond the $21 billion five-year base plan.
- Corporate and OtherSegmentThe holding-company leftovers: $10.3 million of revenue in the first half of 2026.
Columbia Gas of OhioBrand
About 1.5 million customers — the largest single franchise in the group and the one regulators elsewhere benchmark against.
Columbia Gas of PennsylvaniaBrand
About 450,000 customers; faces western-Pennsylvania peers in a state with several sizeable gas utilities.
Columbia Gas of VirginiaBrand
About 293,000 customers; asked Virginia regulators for new base rates in spring 2026.
Columbia Gas of KentuckyBrand
About 139,000 customers; filed its own request for new base rates in spring 2026.
Columbia Gas of MarylandBrand
About 34,000 customers — the smallest franchise, a rounding error beside Ohio.
NIPSCO wind, solar and battery fleetEcosystem
Eight owned sites built since 2020 — Jordan Creek and Dunns Bridge among them. Last decade's version of today's build-out.
Strategic negotiation pipelineCustomer program · Announced
Roughly 3 gigawatts being negotiated with customers not yet named; none of it counted in the growth targets.
Developing opportunitiesCustomer program · Announced
Another ~2 gigawatts of earlier-stage interest sitting behind the negotiation pipeline.
Microsoft large-load discussionsCustomer program · Announced
A joint announcement in 2024 and talks that continued into 2026 — still no contract.
Pooled resources approachPlatform
One shared portfolio of GenCo capacity matched to several large customers, introduced with the Alphabet deal.
Blackstone Infrastructure Partners stakeBrand
Owns 19.9% of GenCo and funds 19.9% of its spending, with $1.5 billion committed.
Project ApolloProduct
An internal cost and analytics program holding day-to-day operating expense near $1.4 billion, including speech tools for storm calls.
Advanced metering infrastructureService · Ramping
Meters that report themselves, started in 2024 with $36 million of NIPSCO gas spending.
Upside capital portfolioProduct · Announced
About $2 billion of extra generation, regional transmission, pipeline-safety and metering work beyond the $21 billion five-year base plan.
Corporate and OtherSegment
The holding-company leftovers: $10.3 million of revenue in the first half of 2026.