NiSource Inc. is an energy holding company with fully regulated natural gas and electric utility subsidiaries, serving approximately 3.8 million customers across six states. The company's core strategy focuses on providing safe and reliable service through rate-regulated, asset-based utilities, while also pursuing infrastructure investments and environmental initiatives. NiSource's competitive advantage lies in its established market position and regulated business model. The company operates primarily in the Midwest and Mid-Atlantic regions of the United States.

• Employees: 7,364 full-time and 47 part-time (as of December 31, 2023)
• Geographic Footprint: Six states in the Midwest and Mid-Atlantic
• Headquarters: Merrillville, IN
• Founded: 1987 (as NIPSCO Industries, Inc.)
• Number of locations/facilities: Approximately 55,000 miles of gas distribution pipeline and 2,920 circuit miles of electric transmission lines
• Revenue: $5.5 billion (FY2023)
• Key Subsidiaries/Brands: NiSource Gas Distribution Group, NIPSCO

• CEO: Lloyd M. Yates
• CFO: Shawn Anderson
• Executive Vice President and President, NiSource Utilities: Melody Birmingham
• Executive Vice President, Chief Innovation Officer: Donald E. Brown
• Executive Vice President, Operations and Chief Safety Officer: William Jefferson, Jr.
• Executive Vice President, Strategy and Risk Chief Commercial Officer: Michael S. Luhrs
• Senior Vice President, General Counsel and Corporate Secretary: Kimberly S. Cuccia
• Senior Vice President and Chief Human Resources Officer: Melanie B. Berman
• Senior Vice President and President, NIPSCO: Michael W. Hooper
• Vice President, Chief Accounting Officer and Controller: Gunnar J. Gode

Key executives have diverse backgrounds in the energy industry and finance.

• Annual Revenue: $5.5 billion (FY2023)
• Net Income: $674.4 million (FY2023)
• Total Assets: $31.1 billion (as of December 31, 2023)
• Employees: 7,364 full-time and 47 part-time (as of December 31, 2023)
• Key Financial Highlights: NiSource's revenue decreased by $345.2 million year-over-year, while net income decreased by $117.4 million year-over-year.

• Natural Gas Distribution: Provides natural gas to approximately 3.3 million customers through 55,000 miles of distribution pipelines.
• Electric Generation, Transmission and Distribution: Generates, transmits and distributes electricity to approximately 0.5 million customers in northern Indiana. Owns and operates generation sources and procures power through PPAs.

NiSource operates through two main segments:

• Gas Distribution Operations: Serves approximately 3.3 million customers in six states.
• Electric Operations: Serves approximately 0.5 million customers in northern Indiana.

NiSource's business strategy is focused on providing safe and reliable service through core, rate-regulated, asset-based utilities. Key strategic initiatives include:

• Supporting long-term infrastructure investment and safety programs
• Aligning tariff structures with cost structure
• Driving value and enabling growth in the evolving energy ecosystem
• Transitioning to renewable energy sources
• Lowering methane emissions through infrastructure modernization

The company is also committed to operational excellence and continuous improvement.

NiSource operates in the regulated utilities industry, which is subject to various federal and state regulations. Key market trends include:

• Increasing adoption of renewable energy
• Growing focus on energy efficiency and sustainability
• Technological advancements in energy generation and distribution
• Changes in regulatory policies

NiSource faces competition from other investor-owned, municipal, and cooperative electric utilities, as well as other regulated and unregulated natural gas pipelines and alternate fuel sources. The company is a strong competitor in the energy markets due to strong customer preference for natural gas.

• Operational Risks: Potential incidents, operating risks, supply chain issues, and aging infrastructure.
• Financial Risks: Reliance on debt financing, credit rating downgrades, and adverse economic conditions.
• Regulatory Risks: Changes in laws and regulations, and the impact of regulatory rate reviews.
• Technological Risks: Failure to adapt to advances in technology, including alternative energy sources, and changes in laws or regulations to support such advances.
• Cybersecurity Risks: Potential cyber-attacks or security breaches that could disrupt operations and result in loss or misuse of confidential information.