NiSource reports Q1 earnings

Merrillville-based NiSource Inc. (NYSE: NI) is reporting first quarter net income of $319 million, down from the $413 million reported during the same period a year ago. The utility also says it expects to receive final approval in August from the Indiana Utility Regulatory Commission to proceed with proposed rate hikes for electric service.

In September 2022, the company filed a request with the IURC as it looked to raise revenue by $292 million to pay for new renewable energy production, transmission lines and grid modernization.

The utility says costs to provide electric service to its 483,000 customers across northern Indiana have increased. The company has also announced $840 million in renewable energy projects and $700 million in transmission and distribution systems.

The increases would go into effect in late 2023 and 2024.

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