NiSource Swings to Full-Year Loss
Merrillville-based NiSource Inc. (NYSE: NI) is reporting a net loss of $65.6 million in 2018, compared to net income of $129 million the previous year. The utility company says the results are due largely to expenses related to gas explosions that occurred in Massachusetts last September.
The explosions and subsequent fires killed one person and injured nearly two dozen more, according to Reuters. NiSource subsidiary Columbia Gas of Massachusetts spent the next several months restoring gas service to customers in the area.
"We reached a major milestone in Greater Lawrence with gas service restored to nearly all customers in mid-December, and our focus on supporting our customers in those communities continues," NiSource Chief Executive Officer Joe Hamrock said in a news release. "We’re in the next phase of the restoration, with commitments to restoring property and streets and continued engagement with the communities. We remain humbled by the event, and we’re engaged in extensive efforts to enhance the safety and reliability of our gas distribution systems across our seven-state footprint."
NiSource is also reporting a fourth quarter net loss of $19.8 million, compared to a net loss of $52.4 million during the same period in 2017. NiSource is the parent of Northern Indiana Public Service Co.
You can view the full earnings report by clicking here.