The company issued common stock, net of issuance costs, resulting in a $507.9 million increase for the nine months ended September 30, 2024. This was done through an ATM program, which allows the company to sell shares up to an aggregate of $900.0 million.

The company redeemed preferred stock for $486.1 million during the nine months ended September 30, 2024.

Capital expenditures were $1,854.0 million for the nine months ended September 30, 2024.

Operational, financial, or regulatory conditions may result in the company's inability to execute its business plan or growth strategy, including investments related to natural gas pipeline modernization and renewable energy projects, and the build-transfer execution goals within its business plan. Additionally, operational, financial or regulatory conditions may result in the company's inability to manage the development and implementation connected to the complex business opportunity associated with growing interest in data centers from customers and potential customers.

The company's enterprise-wide transformation roadmap initiatives are designed to identify long-term sustainable capability enhancements, cost optimization improvements, technology investments and work process optimization, has increased the volume and pace of change and may not be effective as it continues. Our customer and regulatory initiatives may not achieve planned results.

Furthermore, we are evaluating the potential for data center development in our service territory, including ways to effectively manage the potential power demand, generation sources, and transmission capabilities to meet potential load growth from any data center customer, while at the same time focusing on our environmental goals. We expect that management of load growth would require new generation and transmission capabilities.

The company has seen an acceleration of customer interest in its northern Indiana service territory in the form of data center development. The company believes data center development can enhance its local tax base, diversify the employment base across the state of Indiana, and provide greater value to existing customers and shareholders.

Certain environmental activist groups, investors and governmental entities continue to oppose natural gas delivery and infrastructure investments because of perceived environmental impacts associated with the natural gas supply chain and end use.

The company is faced with increased competition for employee and contractor talent in the current labor market which has resulted in increased costs to attract and retain talent.