Merrillville-based NiSource Inc. (NYSE: NI) is reporting full-year net income of $328.1 million in 2016, up from $198.6 million the previous year. The utility says performance was driven by execution of its long-term infrastructure programs.
NiSource says it invested $1.5 billion in its gas and electric utilities in 2016, including the replacement of more than 400 miles of pipe across seven states. The utility plans to make an additional $1.6 to $1.7 billion in infrastructure investments in 2017.
"Our financial and operational results in 2016 – our first fiscal year operating exclusively as a regulated utility – demonstrate the strength of our long-term infrastructure investment strategy," said Joseph Hamrock, chief executive officer of NiSource. "These utility investments enhanced the safety, reliability and environmental performance of our system, as well as customer service and employee training, all of which supported earnings and dividend growth for our investors."
NiSource is also reporting fourth quarter net income of $88.8 million, up from $64.4 million during the same month in 2015.