NiSource Sees Quarterly Loss in Profits
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowMerrillville-based NiSource Inc. (NYSE: NI) is reporting a third quarter net loss of $186.7 million, compared to a loss of $7.2 million during the same period last year. NiSource President and Chief Executive Officer Joe Hamrock says investments in safety and modernization projects for its transition to renewable energy are expected to drive growth in the coming years.
“NiSource continues to execute its plan to deliver premium value from our 100 percent regulated electric and gas utility platform,” said Hamrock. “Our teams are focused on continued execution of our safety and asset modernization programs and our transition to renewable generation. These investments are expected to drive compound annual growth of 7 to 9 percent in net operating earnings per share from 2021 through 2024 while reducing greenhouse gas emissions 90 percent by 2030. Sustaining this level of execution while maintaining safe, reliable energy service through the COVID-19 pandemic is a testament to the thousands of dedicated employees throughout NiSource.
“With the announcement of additional solar and storage energy projects in Indiana and the closing of the sale of Columbia Gas of Massachusetts last month, we have strengthened our foundation for future growth,” Hamrock concluded.
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