THE
FUTURE
OF
ENERGY
2021 INTEG R ATED A N N UA L R EPO RT
Since printing our 2021 Integrated Annual Report (the “Report”), there have been developments in the
solar panel industry, which are beyond our control. In light of these developments, our expectations have
changed with respect to certain information provided in the Report, specifically the projected timelines
on page 11 of the Report. We continue to evaluate the developments and intend to provide additional
information to our stockholders during our upcoming first quarter 2022 earnings call and in our quarterly
report.
A MESSAGE FROM
OUR PRESIDENT &
CHIEF EXECUTIVE OFFICER
Lloyd Yates
AS WE ADVANCE PLANS LEADING NISOURCE
INTO THE FUTURE OF ENERGY, our team has stayed
focused on the mission of providing reliable, affordable
energy to our customers.
• We invested $1.3 billion in infrastructure
modernization to enhance safe, reliable service
• We modernized our customer service with online
self-service options and a smartphone app, allowing
customers to do business with us using the channels
they prefer
• We completed a third wind generation project, broke
ground on two solar projects and received regulatory
approval to complete another nine renewable energy
projects by the end of 2023
• We retired two of four coal generating units
at Schahfer Generating Station, while helping
employees transition to new roles
• We joined the Low-Carbon Resources Initiative
and Renewable Natural Gas Coalition to evaluate
pathways for further decarbonization
• We were named to the Dow Jones Sustainability
Index for the eighth consecutive year and honored as
one of America’s Most Responsible Companies
NiSource delivered on our commitments to all our
stakeholders in 2021 and, through our key initiatives, is in
a position to consistently deliver on those commitments
going forward. Our employees are at the center of that
success. As we build toward a more sustainable future,
it will be our employees who lead that charge as they
relentlessly focus on our customers, as they did in 2021.
Importantly, we continued to address the risks of climate
change in 2021 by pursuing one of the nation’s fastest
and most aggressive decarbonization plans, targeting
LLOYD YATES
President and CEO
NiSource Inc.
Employee Photos on Cover:
STEPHANIE THOMAS
Leader Field Operations
DANNY FRAZIER
Lineman
a projected 90 percent reduction of our
greenhouse gas emissions from all operations
by 2030 (from 2005 baseline level).
infrastructure to support the distribution of other
fuels such as hydrogen, renewable natural gas
and greener fuels blended with natural gas.
Our plan progressed on a number of fronts
throughout the year: We continued to advance
initiatives aimed at making our electric
generation coal-free by 2026-2028; we worked
to cut methane emissions from our natural gas
system, and to deliver and expand sustainable
gas offerings; we provided customers with
energy efficiency programs; and we supported
research, development and collaboration to
promote sustainable decarbonization all across
the U.S. economy.
NiSource believes that people must be at
the center of any effort aimed at shifting to
a greener, more sustainable energy supply.
This understanding underpins NiSource’s Your
Energy, Your Future initiative, a customer-
centric strategy that ensures the work we
do to satisfy future energy needs provides
financial, economic, social and environmental
benefits to all stakeholders—including our
employees, customers and their communities.
It also means making sure that economically
vulnerable customers are not left behind,
and that they share in the benefits of the new
energy paradigm. Through this effort, NiSource
will continue to work to identify and drive
new decarbonization pathways that deliver
affordable, safe, reliable and resilient energy.
As we advance toward these goals, we also
understand that the transition to renewable
energy sources must balance multiple
factors—including reliability, affordability,
resilience and environmental impact—that
affect current and future stakeholders. That
means we must continue to provide customers
with access to a reliable supply of energy at
an affordable cost as we bring solar, wind and
other cleaner energy sources online.
To accommodate these needs, NiSource is
fortunate to have access to a plentiful supply
of low-cost natural gas to include as part
of our evolving energy mix. Natural gas not
only supports the transition by serving as a
feedstock to help satisfy demand as we deploy
new energy technologies, but also provides the
Moreover, preserving flexibility in our energy
options as we move forward will better equip
our company to swiftly identify and leverage
new opportunities to provide an ever more
affordable and ecologically sound energy mix
in the years ahead. NiSource plans to build
on a 2021 scenario analysis for its regulated
electric utility business by conducting a
subsequent scenario analysis in 2022 for its
regulated natural gas distribution businesses.
This second analysis will include a 2-degree
Celsius or lower scenario using a mix of the
decarbonization pathways—including end-use
energy efficiency, low- and zero-carbon fuel
blending and end-use electrification.
As noted above, NiSource is keenly aware that
people must be at the core of all we do. That
means all people, including our employees,
partners, customers and the communities we
serve. That is why at NiSource we believe
we have a solemn obligation to ensure that
we embrace the fundamental principles
of diversity, equity and inclusion in all of
our activities. We believe that everyone—
customers, employees and partners—must
be welcomed to participate and contribute to
shaping our energy future.
And we believe those efforts must begin “at
home” within our own company. That’s why
we are committed to using communication,
teamwork and other tools to encourage
inclusive behaviors, cultivate an environment
of mutual respect, and ensure that every
employee at NiSource has a voice and an
active seat at the table. We will continue
to work to create a consistently equitable,
inclusive and diverse workplace that is rich and
rewarding for each and every member of our
team.
Over the past year, NiSource also continued
to pursue actions designed to enhance and
strengthen the safety of all our stakeholders.
These efforts included accelerating the
replacement of leak-prone cast iron, wrought
iron and bare steel pipe with modern plastic pipe in order
to boost the safety and reliability of our gas system and
reduce methane emissions. We also have expanded
our leak survey ability through the addition of mobile
technology that is 1,000 times more sensitive than
conventional methods.
We continually improve our ability to keep all
stakeholders safe by managing risk across our natural
gas and electric network assets through our Safety
Management System, which serves as the core
operating model for all of our utilities. We also have
deployed a range of sophisticated technologies across
our operating region that better enable us to detect,
respond to, manage and resolve any issues. And
our Mobile Command Centers are ready to be sent
anywhere they are needed to support NIPSCO and our
Columbia Gas customers.
At the individual and community level, we also are
enhancing safety by working to educate customers on
safe energy use, promote carbon monoxide awareness,
and provide them with information on a range of
emergency response issues.
Thanks to the hard work of our employees, NiSource
delivered results above expectations in 2021. We have
ambitious plans for the years ahead, and I look forward
to working with the team to achieve them.
THANK YOU
FOR YOUR CONTINUED SUPPORT
BOARD OF
DIRECTORS
Kevin T. Kabat
Chairman of the Board, NiSource and Retired
Vice Chairman and CEO, Fifth Third Bancorp
Peter A. Altabef
Chairman and CEO, Unisys Corporation
Sondra L. Barbour
Retired Executive Vice President, Information
Systems & Global Solutions, Lockheed Martin
Corporation
Theodore H. Bunting, Jr.
Retired Group Vice President, Utility
Operations, Entergy Corporation
Eric L. Butler
President and CEO, Aswani-Butler Investment
Associates and Retired Executive Vice
President, Union Pacific Corporation
Aristides S. Candris
Retired President and CEO,
Westinghouse Electric Company
Deborah A. Henretta
Partner, G100 Companies and Retired Group
Vice President, Procter & Gamble Co.
Deborah A. P. Hersman
Former Chief Safety Officer, Waymo LLC
and Former Chair, National Transportation
Safety Board (NTSB)
Michael E. Jesanis
Retired President and CEO, National Grid
USA
William D. Johnson
Retired President and CEO, Pacific Gas &
Electric Corporation
Cassandra S. Lee
Chief Audit Executive, AT&T Inc.
Lloyd M. Yates
President and CEO, NiSource Inc.
BOARD OF DIRECTORS
DIVERSITY STATS
(As of March 1, 2022)
12 Total
67% Men, 33% Women, 33% Diverse
SENIOR
MANAGEMENT TEAM
Lloyd M. Yates
President and Chief Executive Officer
Donald E. Brown
Executive Vice President, Chief Financial Officer and
President, NiSource Corporate Services
Pablo A. Vegas
Executive Vice President, Chief Operating Officer and
President, NiSource Utilities
Kimberly S. Cuccia
Vice President, Interim General Counsel and Corporate
Secretary
Violet G. Sistovaris
Executive Vice President and Chief Experience Officer
Charles E. Shafer
Senior Vice President and Chief Safety Officer
Shawn Anderson
Senior Vice President, Strategy and Chief Risk Officer
SENIOR MANAGEMENT TEAM
DIVERSITY STATS
(As of March 1, 2022)
7 Total
71% Men, 29% Women, 71% Diverse
QUALITY REVIEW BOARD
Cynthia Quarterman
Quality Review Board Chair
Former Administrator, Pipeline and Hazardous
Materials Safety Administration
John Cox
President and CEO, Safety Operating Systems
John Durham
Retired Director, ENERCON Services
Blanton Godfrey
Joseph D. Moore Distinguished University Professor
of Textile and Apparel Technology and Management,
Wilson College of Textiles, North Carolina State
University
Jeff Wiese
Former Senior Vice President for Pipeline Integrity
Services, TRC Companies Inc. and former Associate
Administrator for Pipeline Safety, U.S. Department of
Transportation
KEVIN KABAT
Chairman of the Board
NiSource Inc.
A MESSAGE FROM
OUR CHAIRMAN
Kevin Kabat
RESPONDING TO THE
NEEDS OF STAKEHOLDERS
For a second straight year, the NiSource team
continued to ensure our company’s unwavering, shared
commitment to safety, reliability, affordability and
sustainability by pulling together to tackle and overcome
the challenges presented by the COVID-19 pandemic.
As always, we continued to put people first, pursuing an
aggressive agenda of activities designed to equip the
company to meet the requirements of our shared energy
future and respond to the needs of all stakeholders—
including our employees, partners, customers and their
communities. Our achievements over the course of 2021
extended to nearly every part of the organization.
To expand our energy mix, for example, we completed
our third wind project, broke ground on two solar
projects and received regulatory approval to complete
another nine renewable energy projects by the
end of 2023. To reduce risk and better protect our
employees and customers, we strengthened our
Safety Management System by deploying advanced
leak detection technology, expanding field quality
assessment resources, and installing automated shutoff
valves on low-pressure gas systems. And we enhanced
our position in the renewable natural gas market by
streamlining our process for reviewing renewable natural
gas (RNG) producer requests to interconnect with our
distribution system.
NiSource currently remains on track to make capital
investments of approximately $10 billion during the 2021
through 2024 period. This includes annual investments of
$1.9 billion to $2.2 billion to enhance growth, safety and
reliability, as well as an additional $2 billion in renewable
generation to replace the retiring coal-fired generation
capacity of the Schahfer Generating Station. These
investments will help drive an anticipated 7% to 9% growth of non-GAAP diluted net operating
earnings per share through 2024.
These ongoing investments in renewable generation and infrastructure replacement also will help
to drive the company’s efforts to achieve its emissions reduction targets. We remain on schedule to
achieve a 90% reduction in our greenhouse gas emissions by 2030, as well as a 50% reduction in
methane emissions from gas mains and services by 2025, in each case compared to 2005 baseline
levels.
Thanks to these and other initiatives, NiSource in 2021 continued to gain even greater recognition
for its effort to achieve sustainability. In addition to being named to the Dow Jones Sustainability
Index for the eighth consecutive year, and honored as one of America’s Most Responsible
Companies, NiSource for the first time also was named to the S&P Global Sustainability Yearbook,
recognizing us as one of the world’s most sustainable companies. We are one of only seven U.S.
utilities included in this global list.
I am pleased to congratulate our distinguished utility industry colleague and fellow NiSource board
member Lloyd Yates on his new role as NiSource CEO. I would also like to welcome Sondra
Barbour and Cassandra Lee as the newest members of our board of directors. I am confident the
board will benefit from the contributions and insights of these two proven business leaders.
The board of directors looks forward to engaging with Lloyd and the executive leadership team in
our shared effort to grow the company and enhance its value for our shareholders and stakeholders
in the year ahead.
WHAT’S INSIDE
A DEEP COMMITMENT TO SAFETY
SAFETY THOUGH TECHNOLOGY
PLANNING FOR OUR ENERGY FUTURE
PRESERVING OUR ENVIRONMENT
PROVIDING AN ENHANCED CUSTOMER EXPERIENCE
EMPOWERING OUR EMPLOYEES
SERVING OUR COMMUNITIES
STRENGTHENING OUR CULTURE
EXECUTING OUR PLAN
6
8
10
12
16
19
21
22
24
A DEEP
COMMITMENT TO
SAFETY
Our Safety Management System (SMS) is producing
significant reductions in risk throughout NiSource. Our
SMS continues to mature, driving risk management,
continuous improvement, work planning and regulatory
strategy development.
In 2021, we added our Electric and Corporate Services
segments to our already robust SMS implementation
in the Gas segment. We also embarked on a thorough
external assessment to validate each element of our
SMS.
NiSource is a learning organization. SMS drives learning
from our past experiences, enhanced risk models
and teams on the front lines. These lessons drive
continuous improvement that protects our customers and
communities, along with our employees and contractors.
SMS is anchored by our Core 4 Responsibilities, which
apply to all our employees.
AJ GOLA
Service Technician
6
CORRECTIVE ACTION PROGR AM
Our Corrective Action Program (CAP) is a
foundational part of our SMS. CAP offers a
simple way to document identified risks and a
systematic process to review, prioritize, address
and track progress to reduce risks.
In 2021, NiSource reached 5,000 CAP
submissions since the program launch in late
2018. That is a sign of success: a culture that
empowers every employee with the ability
to identify and report risks, and to stop work
whenever necessary. Many submissions come
from front line workers and make suggestions
that draw on their unique expertise. Every
person has an equal voice when it comes to
safety and reporting risk.
HIGH CONSEQUENCE TASKS
AND STANDARD OPER ATING
PROCEDURE
Some types of work are considered High
Consequence Tasks (HCTs)—critical
operational processes that, if not performed
properly, have the possibility of leading to a
high consequence outcome and putting our
teams, customers and communities at risk. An
initiative in 2021 paid special attention to those
riskiest tasks by developing guides to document
critical operations and safety protocols.
Employees and contractors review these guides
before performing the work, to be certain the
processes and standards that apply are fresh in
their minds.
Standard Operating Procedures were also
implemented for gas operations. Employee
feedback was incorporated into the design,
providing a simple way to consistently navigate
through the critical steps of HCTs.
CONTR ACTOR SAFET Y
SMS extends beyond our employees—our
contractors are another vital part of our Safety
Management System. We are now leveraging
the knowledge and experience of more than 20
contractors to enhance the safety across our
construction footprint. This system is the first of
its kind. Safety expectations of contractors are
the same as for NiSource employees. Pipeline
contractors must incorporate SMS concepts into
their training materials. And, like our employees,
all contractor employees are encouraged to
identify and report risks.
MANAGEMENT OF CHANGE
Even the most beneficial change can introduce
unintended risk if not properly managed.
NiSource has strengthened its Management of
Change (MOC) process to better identify and
mitigate risks associated with planned changes
before they are introduced. In 2021, the MOC
Committee reviewed and approved over 70
changes, each impacting an average of over
1,700 employees across our footprint. The MOC
process brings increased awareness, rigor
and documentation to physical, procedural,
technological and organizational change
initiatives that impact the organization.
CORE 4 RESPONSIBILITIES
1
4
2
3
FOLLOW OUR
PROCESSES AND
PROCEDURES
IDENTIFY AND
REPORT RISKS
CONTINUALLY
IMPROVE PROCESS
AND PROCEDURES
TO PROTECT ONE
ANOTHER, OUR
CUSTOMERS AND
OUR COMMUNITIES
IDENTIFY AND
PROACTIVELY
TAKE ACTION TO
PREVENT THINGS
THAT CAN GO
WRONG
7
SAFETY
THROUGH
TECHNOLOGY
PERSONAL PROTECTION DEVICES
NiSource is assigning personal protection devices
to every field employee and supervisor, adding an
additional layer of protection. These employees often
work alone and face a wide variety of occupational
hazards.
The new personal protection devices will alert
employees to danger and give them a way to quickly
report threats. Remote monitoring can send help even if
the employee can’t respond. The devices:
• Monitor dangerous gases
• Provide fall and no-motion detection
• Allow two-way voice and text messaging, as well as
SOS alerts
ADVANCED GAS LEAK DETECTION
If you look carefully at night, you might see one of our
specially equipped leak detection vehicles making its
rounds. We have deployed seven vehicles equipped
with Picarro methane detection equipment, capable
of identifying leaks from hundreds of feet away.
These vehicles are on the road in Indiana, Ohio and
Pennsylvania to perform pilots of analytics-driven
methane detection, in parallel with our standard leak
survey operations. This will provide additional data for
risk-informed decisions about leak repairs and pipe
replacement. In addition to improving safety, this initiative
will contribute to achieving our commitment to reduce
methane emissions 50% by 2025.
SAMANTHA KINZEL
Service Technician
8
93%
OF GAS SERVICE
LINES MAPPED IN THE
NISOURCE GEOGRAPHIC
INFORMATION SYSTEM
SMS EX TERNAL ASSESSMENT
Lloyd’s Register is one of the world’s leading
providers of professional services for engineering
and technology—improving safety and increasing
the performance of critical infrastructure worldwide.
NiSource engaged Lloyd’s Register to support third-
party external assessment of our Safety Management
System. For a learning organization like NiSource,
external assessments provide the opportunity to deeply
review the critical components of our SMS and identify
opportunities for further maturity and continuous
improvement. Achieving and maintaining certification is
a three-step process. In 2021, we advanced through the
first assessment stage, with plans to advance further
in 2022.
MAP AND RECORD ENHANCEMENTS
Over the past two years, NiSource has increased the
number of gas service lines mapped in its Geographic
Information System (GIS) to about 93% and rising.
This is done by collecting data in the field as well as
searching existing records. Location data is now being
collected while construction is underway, providing the
most complete and accurate records. NiSource has
also adjusted GIS features to align to industry-leading
street centerlines, improving spatial accuracy. This effort
pays off in risk reduction for customers and employees,
providing essential information for emergency response,
marking lines so others can dig safely and planning
maintenance work.
TO VIEW NISOURCE’S
INAUGURAL ANNUAL
SAFETY REPORT,
VISIT NISOURCE.COM
9
PLANNING FOR
OUR ENERGY
FUTURE
The transition to sustainable sources is perhaps the most
complex undertaking energy providers face today. As
one of the nation’s leading fully regulated gas and electric
utilities, NiSource believes it is more important than ever
to encourage active engagement with all stakeholders in
order to develop a balanced transition model that creates
an affordable, safe, reliable, sustainable supply of energy
that will best serve our communities—both now and in
the future.
That is why we created Your Energy, Your Future—a
customer-centric approach that will enable us to
carefully consider the varying needs and viewpoints
of our customers and their communities, and then use
the information we collect to design a fair, sensible and
effective energy strategy that will best balance all of the
diverse requirements of our shared energy future in the
century ahead. As part of this effort, in the second half
of 2022, each of our state operating companies plans
to host discussions with local stakeholder groups and
customer representatives and solicit input that they then
can use to inform their future investments and long-term
path forward.
Initiatives already underway as a result of Your Energy,
Your Future include partnering with state regulatory
teams to create programs for customers to opt into lower
carbon gas supplies, exploring hydrogen and other
technologies that can contribute to decarbonized energy,
and identifying opportunities to support the adoption of
electric vehicles—both for our customers and within our
operations.
10
GENER ATION TR ANSITION PROGRESSES
NIPSCO has reached significant milestones in its transition to cleaner, reliable and less expensive
generation. Coal-fired units 14 and 15 at R.M. Schahfer Generating Station were retired in 2021,
while units 17 and 18 are on track to retire by the end of 2023. An Integrated Resource Plan
completed in late 2021 identified a mix of energy sources to replace Michigan City Generating
Station—NIPSCO’s last remaining coal generation—when it retires between 2026 and 2028.
COUNTY
IN SERVICE
FUTURE GENERATION FACILITIES
PROJECT
DUNNS BRIDGE I
BRICKYARD*
FUEL
SOLAR
SOLAR
GREENSBORO*
SOLAR
INSTALLED
CAPACITY (MW)
265MW
200MW
100MW + 30MW
BATTERY
INDIANA CROSSROADS
SOLAR
200MW
JASPER
BOONE
HENRY
WHITE
GREEN RIVER*
SOLAR
200MW
BRECKINRIDGE
MEADE (KY)
DUNNS BRIDGE II
SOLAR
CAVALRY
GIBSON*
FAIRBANKS
SOLAR
SOLAR
SOLAR
INDIANA CROSSROADS II*
WIND
ELLIOT
SOLAR
435MW
+ 75MW BATTERY
200MW + 60MW
BATTERY
280MW
250MW
204MW
200MW
JASPER
WHITE
GIBSON
SULLIVAN
WHITE
GIBSON
2022
2022
2022
2022
2023
2023
2023
2023
2023
2023
2023
CURRENT GENERATION FACILITIES
GENERATION
FACILITIES
ROSEWATER
JORDAN CREEK*
FUEL
WIND
WIND
INSTALLED
CAPACITY (MW)
102MW
400MW
COUNTY
WHITE
BENTON & WARREN
INDIANA CROSSROADS
WIND
302MW
MICHIGAN CITY
RETIRING 2026-2028
R.M. SCHAHFER
RETIRING 2023
R.M. SCHAHFER
RETIRING 2025-2028
SUGAR CREEK
COAL
COAL
NATURAL
GAS
NATURAL
GAS
469MW
877MW
155MW
535MW
NORWAY HYDRO
WATER
7.2MW
WHITE
LAPORTE
JASPER
JASPER
VIGO
WHITE
OAKDALE HYDRO
WATER
9.2MW
CARROLL
*Projects are Power Purchase Agreements (PPAs)
11
PRESERVING OUR
ENVIRONMENT
We are committed to delivering energy in a safe, reliable
and affordable way, while meeting the increasing
expectations of investors and regulators—and doing all
of this in an environmentally responsible and sustainable
manner. In fact, sustainability is one of our long-term
strategic aspirations, driven by our belief that people
must be at the center of a sustainable energy future.
While electric generation from our coal plants increased
last year as expected, we reaffirmed our commitment
to our aggressive greenhouse gas (GHG) and other
environmental improvement targets. We plan to achieve
our goals by executing on approximately $40 billion of
long-term infrastructure and safety investments over 20
years.
We refined our window to retire all our coal-fired electric
generation to between 2026 and 2028, with our largest
plant retired by 2023. We also reaffirmed our plan to
replace that capacity with lower-cost, cleaner energy
sources. This is projected to result in tremendous
environmental improvement: By 2030—compared to
a base year of 2005—we expect to reduce our direct
(scope 1) GHG emissions by 90%,* reduce our coal
ash generation by 100%, and reduce by 99% our water
withdrawal, wastewater discharge, nitrogen oxides, sulfur
dioxide and mercury air emissions.
The 2021 NIPSCO Integrated Resource Plan (IRP)
illuminated the pathway for even further emission
reductions and environmental improvement, and we are
working hard to create the next level of target.
* Our electric utility, NIPSCO, has sold, and may in the future
sell, renewable energy credits from electric generation to third
parties because this helps keep our energy more affordable for
our customers.
12
ENVIRONMENTAL IMPROVEMENT TARGETS
TARGET
2025
% REDUCTIONS
FROM 2005 LEVELS
TARGET
2030
% REDUCTIONS
FROM 2005 LEVELS
SCOPE 1 GHG
(NISOURCE)
METHANE FROM MAINS
AND SERVICES
NITROGEN OXIDES (NOX)
SULFUR DIOXIDE (SO2)
MERCURY
WATER WITHDRAWAL
WATER DISCHARGE
COAL ASH GENERATED
50%
50%
90%
90%
90%
90%
90%
60%
90%
50%+
99%
99%
99%
99%
99%
100%
ON TARGET
ON TARGET
13
SUSTAINABILIT Y REPORTING RECOGNITION
We continue to be identified as a sustainability leader, as evidenced by the quality of our disclosures
and reporting, and by the recognition we received from environmental, social and governance (ESG)
raters and rankers:
• NiSource was named to the Dow Jones Sustainability North America Index for the eighth
consecutive year. We were one of seven U.S. utility companies on the 2021 list, which validates
the advancements we continue to make in our sustainability strategy.
• We continued our listing in the FTSE4Good Index Series, which identifies us as a company that
demonstrates strong ESG practices.
• MSCI upgraded us from an ‘A’ to an ‘AA’ ESG rating, acknowledging our robust performance on
key issues.
• For the first time, we published a disclosure for our electric and gas operations using the
Sustainability Accounting Standards Board (SASB) framework.
• Newsweek magazine named us one of America’s Most Responsible Companies, recognizing us
as an environmental and social steward to the communities we serve.
COAL PL ANT RETIREMENTS
NIPSCO is retiring coal-fired electric generation and reducing environmental impact using a phased
approach, resulting in a more manageable transition for environmental justice and marginalized
communities. The closure of coal ash ponds is being implemented with enhanced stakeholder
involvement via the most protective method, closure-by-removal, at a lower cost to customer.
NIPSCO plans to remove its coal ash material from five ponds at the Michigan City Generating
Station and replace it with clean fill, via the closure-by-removal method, which meets the strictest
requirements in the Coal Combustion Residuals (CCR) rule. This rule was designed by the
Environmental Protection Agency (EPA) to ensure safe disposal and management of coal ash at
coal-fired electric generating stations across the nation. The excavated coal ash will be beneficially
reused or transported to a CCR rule compliant landfill located at NIPSCO’s R.M. Schahfer
Generating Station.
BIODIVERSIT Y
Together with our communities and conservation groups, we are
striving to be a leader in preserving, protecting and restoring
critical habitats. Using innovative conservation initiatives,
we are committed to maintaining our infrastructure while
protecting the environment.
MONARCH BUT TERFLY
Much of our electric and gas infrastructure is on land where
the monarch butterfly can be found throughout its life cycle.
We manage some of these rights-of-way in a manner that
encourages milkweed growth, a vital component of monarch
habitat. Since the monarch continues to be a candidate for listing
as an endangered species, we proactively applied to the U.S. Fish and
Wildlife Service for a certificate of inclusion in their Nationwide Candidate Conservation Agreement
with Assurances program. We executed this certificate of inclusion in 2021, ensuring both continued
operational flexibility and regulatory compliance. Additionally, we secured approximately $200,000 in
grant funding for pollinator habitat restoration in 2022 and 2023.
14
ENVIRONMENTAL JUSTICE
Addressing Environmental Liability in an Environmental Justice Neighborhood
Portsmouth, Ohio, is a small Appalachian town in southeastern Ohio. This once-bustling community
located on the Ohio River has experienced a 40-year population decline and now has a 36%
poverty rate. It was also a national symbol of the opioid crisis just a few years ago.
As part of NiSource’s program to systematically evaluate and remediate the sites of former
manufactured gas plants (MGPs), Columbia Gas of Ohio voluntarily addressed a former MGP site
located in the heart of downtown Portsmouth. The Portsmouth MGP was located on multiple parcels
of land currently owned and operated by two local small business owners.
Members of the project team sat down multiple times with the property owners to iron out plans
for the remediation of their properties and design the final restoration to their specifications. We
involved representatives from the city (public works, engineering, management, police and fire
departments) and local health department to address any concerns they had with our proposed
remediation.
By including input from all the stakeholders collected during our outreach efforts, Columbia Gas
was able to successfully conduct our project and enable the community to benefit from many
improvements to the site. Some of the aesthetic improvements included the removal of the blighted
auto service station and five underground fuel tanks, a new parking lot, installation of a fence and
replacement of a broken city sewer line.
We are committed to incorporating environmental justice considerations into all future remediation
project planning.
15
Our latest ESG and sustainability documents are available on our website at NiSource.com/Sustainability PROVIDING AN
ENHANCED
CUSTOMER
EXPERIENCE
In 2021, we focused on using digitization to provide an
enhanced experience for customers. Allowing customers
to lead the way, we promoted digital options, like
paperless billing, as well as introduced new technology,
such as Start. Stop. Move. and the Columbia Gas and
NIPSCO mobile apps. We also prepared for the launch
of additional customer tools in 2022, such as live chat
capabilities. These new tools gave customers the ability
to do business in the channel they prefer with ease.
16
22.6%
CUSTOMERS ON
PAPERLESS BILLING
JANUARY 2020
41.8%
CUSTOMERS ON
PAPERLESS BILLING
DECEMBER 2021
$2.77M
SAVINGS
PAPERLESS BILLING
In 2021, our Customer Transformation team focused on
increasing awareness and adoption of paperless billing.
As a result of these efforts, NiSource was able to save
$2.77 million through paperless billing.
Efforts to increase customer participation included
creating a seamless enrollment process for paperless
billing, while also increasing awareness through auto
enrollment and marketing.
The adoption rate was at 22.6% in January 2020 and
since launching the paperless billing initiative, adoption
has increased to 41.8%, or more than 1.365 million
customers as of December 31, 2021.
As a result of the team’s innovative awareness tactics
and subsequent enrollments, NiSource was recognized
by Chartwell with a Silver Award in the category of Billing
and Payments for Best Practices.
START. STOP. MOVE.
To enable more self-service options for our customers,
we launched start, stop and move service capabilities
online and via the mobile apps. This allows customers to
start, stop and move service themselves and provides
them with an enhanced customer experience. Previously,
customers had to call the contact center to complete
these tasks.
By giving customers the ability to lead the way, it freed
up time for customer service representatives to handle
more pressing, urgent calls. As a result of this new
service, we have been able to reduce call volume,
enhance the customer experience and transition
customers to use technology to solve their non-urgent
issues.
Other results of the launch of start, stop and move
include:
100,000 transactions as of December 31, 2021
•
• Cost savings
• Reduced wait times
• More options for customers to engage with NiSource
through their preferred channels
In 2022, NiSource plans to continue to increase adoption
of start, stop and move by making further enhancements
and conducting more marketing outreach.
17
MOBILE APPS
In 2021, we launched Columbia Gas and NIPSCO
mobile apps. These apps closely mirror the functionality
available on our customer-focused websites, including bill
payment, managing enrollments (e.g., Paperless Billing,
AutoPay and Budget Plans), examining usage, reporting
an electric outage (NIPSCO only) and viewing bill history.
The mobile apps also include the newly released start,
stop and move service feature.
As of December 31, 2021, the app had 238,699
downloads and a 4.82 rating (out of 5). The adoption rate
of the mobile apps is over 6.5%, which is well above the
industry average of 3%, according to E Source.
In 2022, NiSource plans to continue to improve the
mobile apps and add additional functionality that is
currently only available on the website.
CHATBOT/LIVE CHAT
As NiSource continues to focus on customer digitization,
we also kicked off the chatbot/live chat project. The
chatbot/live chat will give customers another tool to
engage with customer service representatives. Instead
of calling the contact center, customers can get pressing
questions answered via an automatic and live chat.
This will reduce call volume in the contact center and
give customers more options to self-serve through our
website.
This product also will be very innovative to the energy/
utility industry and set NiSource apart from competitors.
Once it goes live, we will be among a select few utility
companies offering customers the ability to not only
chat with us in an automated way, where they can get
answers to their basic queries within seconds, but also
the ability to chat with a live agent.
Programming of this project occurred in 2021 and the
chatbot/live chat functionality will launch to customers in
2022.
6.5%
MOBILE APP
ADOPTION RATE
DECEMBER 2021
INDUSTRY AVERAGE
3%
18
JOE BENAVIDEZ
Lineman
EMPOWERING
OUR EMPLOYEES
NiSource intends to be a great place to work for our
employees. Trends sparked by the COVID pandemic
continue to affect businesses throughout the U.S. With
traditional working patterns disrupted, it has become
clear many employees want more control over where
and how they work.
NiSource has responded with new hybrid “Ways of
Working” for every position. They are aligned with the
percentage of time needed in the office or the field to
successfully complete work. Ways of Working range
from “onsite”—those employees whose work requires
that they be in the field or at a NiSource facility 90-100%
of the time—to “remote” and “mobile” employees who
will work from a company location as needed. This
introduces greater flexibility and control for employees.
Needs of our customers and employees’ preferences
and ideas were at the heart of our new Ways of
Working. We conducted listening sessions to gather
feedback from people at all levels of the organization
on their current and future working experience. Those
employee voices were heard through the design and
implementation of the new hybrid model. The rollout
featured Ask Me Anything sessions to address employee
questions and reinforce the availability of resources to
support employees as they adjusted to the new hybrid
model.
To sustain the success of our new Ways of Working,
leaders received training in how to manage and support
a hybrid workforce. NiSource remains committed to
supporting work styles where our employees can excel.
19
SAFET Y IS AT THE HEART OF EVERY THING WE DO
Safety is the foundation of our business. It guides all of our actions and is ingrained in everything we
do. We recognize a strong culture is essential for success.
To build and reinforce a culture rooted in safety, a task force evaluated our safety culture messaging
and programs, and then developed a strategy for increasing their effectiveness throughout
NiSource.
Our employees’ ideas and opinions were critical in developing the messaging. Focus groups
gathered valuable data from employees around the company, engaging employee resource groups,
the employee advisory council and front-line employees. Their feedback reinforced a central
theme: our employees care about each other, they care about NiSource and they care about our
customers.
This has shaped our action plan for 2022. We will continue to build on our safety processes and
procedures. We will continue to share stories of our employees making a difference. We will
maintain our focus on providing safety, service and comfort to every customer. Our employees are
committed to building and embracing a culture that cares.
EVERYDAY PERFORMANCE MANAGEMENT
Our people leaders were the focus of our new Everyday Performance Management (EPM) program.
The program was designed to support our safety culture and relentless focus on the Core 4 through
process rigor, alignment and accountability.
EPM helped leaders build the knowledge and skills needed to deliver meaningful and actionable
performance conversations throughout the year. Leaders attended virtual instructor-led courses
focused on building skill and knowledge to clarify expectations and accountabilities, reinforce and
redirect performance through feedback and coaching, hold career aspiration conversations, and
differentiate performance and rewards.
Nearly 1,000 leaders completed the year-long program, consisting of six modules. They were
delivered virtually throughout the year and aligned to our performance cycle to allow for practical
application.
20
SERVING OUR
COMMUNITIES
$7M
DONATED IN 2021
850
GRANTS AWARDED
2.5K+
HOURS VOLUNTEERED BY
EMPLOYEES RESULTING IN A
MONETARY MATCH OF
$70K
NiSource is committed to building and
energizing an inclusive culture where our
success is fueled by a workforce that cares. Our
employees are passionate about investing in
the communities where they live and work. We
strongly believe that a commitment to service is
not simply the right thing to do, but rather part of
a larger moral code.
Driven by this conviction and despite the
challenges and uncertainties our employees
faced in 2021 due to the pandemic, they
volunteered approximately 2,500 hours packing
food at local pantries, collecting toys for families
in need, supporting veterans, and performing
other volunteer service activities that translated
to $70,000 in skilled and in-kind support to local
nonprofit organizations.
In total, the NiSource Charitable Foundation
donated nearly $7 million to worthy causes
across our service territories.
Our community investments primarily targeted
organizations whose missions focused on
safety, economic and workforce development,
environmental stewardship, STEM and energy
education, and basic needs and hardship
assistance.
Addressing educational needs, the NiSource
Employee Scholarship Program last year
provided scholarship assistance to 15 high-
achieving high school seniors—a group that in
this cycle included students pursuing degrees in
biochemistry, molecular biology, and electrical
and computer engineering.
Addressing the aftermath of the Merrimack
Valley event, NiSource also invested $2.1 million
in 2021 as an ongoing community commitment
to serve those in need in the region. Grants
through the program supported organizations
that included the Essex County Habitat for
Humanity’s affordable housing program and
the Merrimack Valley Interfaith Group’s food
security initiative.
With collaboration and support from our
community partners and grantees, NiSource
continues to work to solve some of society’s
most pressing issues by helping to create
strong and sustainable communities where our
employees and customers live and work.
In 2021, the NiSource Charitable Foundation
and NiSource invested nearly $250,000 to help
address issues related to racial and gender
equity and environmental justice. These
investments included supporting organizations
like the Women’s Fund of Central Ohio’s
Enduring Progress initiative, the Urban League
of Central Ohio’s workforce development
programs, and the Shirley Heinze Land Trust’s
Activating Green Spaces through Community
Based Environmental Education initiative.
The NiSource Charitable Foundation has
set bold goals for 2022, and will continue to
prioritize increasing the foundation’s alignment
and support of diversity, equity and inclusion;
reimagining employee engagement; and
bolstering the foundation’s commitment to serve
employees, customers and communities.
21
STRENGTHENING OUR
CULTURE
NiSource is keenly aware that in addition to
being a business entity, we are also a social
and community enterprise that includes our
employees, partners, customers and the
communities we serve. We understand that
we owe much to the individuals in these
populations, and believe that it is our duty
to promote a culture of diversity, equity and
inclusion (DEI) in every area touched by our
activities, both within our ranks and among
those with whom we interact outside the
company. To achieve this, we continue to
engage in efforts aimed at ensuring that our
company, business partners and suppliers
reflect the diversity of the communities we
serve.
Internally, NiSource continues to work to
create a more diverse and representative
workforce across all levels of our enterprise,
and to ensure equal opportunities for growth
and advancement. To further cultivate this
environment, over the course of last year we
pursued a broad range of initiatives designed to
enhance DEI throughout our company.
This included facilitating coffee chats between
our Employee Resource Groups (ERG) and
members of our leadership team, as well
as implementing a working session with
ERG leaders. Throughout the year, we also
maintained our strong focus on advancing
career development initiatives through efforts
such as our diverse talent monitoring program.
And we showcased our diverse workforce
and DEI initiatives in internal and external
communications.
To strengthen our ability to promote DEI within
specific areas and functions, our existing DEI
Framework also has evolved to focus on Five
Key Pillars: Business Operations; Branding &
Communication; two involving our workforce:
Talent Acquisition and Talent Management;
and Strategic Partners. This new approach will
strengthen our ability to ensure that we advance
our diversity goals within all of our corporate
activities.
We also continued to strengthen our
commitment to supplier diversity by partnering
with underrepresented suppliers and
businesses—enterprises that play a critical role
in the communities we serve together.
And we are furthering DEI by investing in our
communities, supporting organizations that
work to advance gender equity, racial and
environmental justice, and other important
goals. Our employee-driven commitment to
their communities has produced meaningful
partnerships and support of organizations
like Dress for Success, the Columbus Urban
League and Latinos Count.
We anticipate even greater successes in
2022 under the leadership of Carlos Ayala,
NiSource’s first vice president and chief
diversity, equity and inclusion officer. Since
coming to NiSource last year from Honeywell,
where he served as global director of inclusion
and diversity, Carlos has used his extensive
experience in DEI, marketing, and retail and
consumer management to further strengthen
NiSource’s diversity, equity and inclusion vision
and strategy.
WE ACCOMPLISHED MUCH IN 2021,
AND AS WE MOVE FORWARD IN OUR
DEI EFFORTS IN 2022, NISOURCE WILL
CONTINUE TO SEEK INPUT AND GUIDANCE
FROM ALL VOICES IN OUR COMMUNITY
22
TARGETED DEVELOPMENT FOR
DIVERSE TALENT
One way we are accelerating the development of female
and ethnically diverse talent is through our Targeted
Development for Diverse Talent Program. Twenty-
eight female and/or ethnically diverse employees are
participating in the 2021-2022 program.
With the support of a career guide and their direct
manager, participants in the program identify and drive
their own development experiences, access internal
networks and gain access to tools that can support their
career growth.
MCKINSEY MANAGEMENT
ACCELER ATOR PROGR AM
Beginning in 2020, the prestigious McKinsey Group
began offering their Connected Leaders Academy
Management Accelerator program to NiSource
employees. The program is designed to build leadership
capabilities including: business strategy, problem solving,
business acumen and critical thinking.
Eleven early- to mid-career Black leaders are currently
participating in the program. This group will enhance
their leadership and general management skills. They
will focus on setting and leading a business strategy and
problem solving for impact. Participants gain access
to program materials, expert webinars and an alumni
newsletter to continue their learning even after the
program ends.
INVESTING
IN A DIVERSE
WORKFORCE
NiSource is strongly
committed to building
and retaining a workforce
that reflects the diversity
of the communities we
serve. The TARGETED
DEVELOPMENT FOR
DIVERSE TALENT
and MCKINSEY
MANAGEMENT
ACCELERATOR
PROGRAMS show the
depth of our commitment.
EMPLOYEE POPULATION
ON DECEMBER 31, 2021
ACTIVE
EMPLOYEES
MANAGEMENT
(MANAGER AND ABOVE)
ACTIVE EMPLOYEES
27% FEMALE
73% MALE
15% DIVERSE
33% FEMALE
67% MALE
16% DIVERSE
<1% TRADITIONALISTS
17% BABY BOOMERS
27% GEN X
54% GEN Y
2% GEN Z
23
EXECUTING
OUR PLAN
Our growth and transformation plans bore fruit in 2021,
propelling NiSource toward a year of strong financial
performance. Earnings growth was complemented
by a common stock dividend increase of nearly 7%
approved in January 2022. As the multi-year NiSource
Next initiative improves our cost structure and drives
efficiencies across the organization, we see continued
opportunities to invest in our core infrastructure
programs as well as our growing fleet of renewable
generation assets.
On a GAAP basis, we reported 2021 net income
available to common shareholders of $529.8 million, or
$1.27 diluted earnings per share, compared to a net loss
available to common shareholders of $72.7 million, or a
$0.19 diluted loss per share, for the same period of 2020.
NiSource delivered 2021 non-GAAP net operating
earnings of $571.2 million, or $1.37* diluted earnings per
share, compared to net operating earnings of $507.5
million, or $1.32 diluted earnings per share, in 2020.
Schedule 1 of this annual report contains a complete
reconciliation of GAAP measures to non-GAAP
measures.
Growing our dividend is consistent with our growing
earnings and commitment to sustainably increase
shareholder value. We continue to target a 60%-70%
payout ratio, and we plan to finance our growth in a
balanced way that’s focused on maintaining our current
investment-grade credit ratings.
An equity unit issuance in April 2021 significantly de-
risked our finance strategy. The $863 million offering
removes all discrete equity needs from our financing
plan, including a planned block issuance in 2022 or
2023. It also offsets a significant portion, if not all,
at-the-market equity needs in 2023. In addition, the
issuance provides price certainty and share price
upside, as well as aligns proceeds with our renewable
investments.
*Diluted net operating earnings per share (non-GAAP); for a reconciliation to GAAP, see Schedule 1 on page 26. See also Regulation G
statement on the inside back cover.
24
With a series of key regulatory approvals in 2021, our safety and asset modernization programs
remain as pillars of our growth strategy. One of the most significant is approval of NIPSCO’s
electric Transmission, Distribution and Storage Improvement Charge (TDSIC) plan for 2021-2026.
It includes $1.6 billion of investments in the safety and reliability of electric infrastructure, as well
as improved customer service. NiSource-wide, we invested $1.3 billion in our gas and electric
utility systems during the year, including replacing 390 miles of priority gas pipeline, 54 miles of
underground electric cable and 2,857 electric poles. Our infrastructure modernization programs are
backed by well-established regulatory trackers, which allow us to begin earning on about 75% of
these capital investments within 18 months.
In 2022, we expect to deliver non-GAAP diluted net operating earnings (NOEPS) in the range of
$1.42 to $1.48 per share. NOEPS is expected to grow by 7 to 9% through 2024 on a compound
annual growth rate basis from 2021’s full year diluted NOEPS of $1.37, including near-term growth
of 5 to 7% through 2023. NiSource reminds investors that it does not provide a GAAP equivalent of
its earnings guidance due to the impact of unpredictable factors such as fluctuations in weather and
other unusual and infrequent items included in GAAP results.
NiSource expects to make capital investments totaling approximately $10 billion through 2024,
consisting of annual investments of $1.9 to $2.2 billion for growth, safety and reliability, and an
additional $2 billion in renewable generation to replace the retiring coal-fired generation capacity of
Schahfer Generating Station. These investments are expected to drive compound annual rate base
growth of 10 to 12% for each of the company’s businesses through 2024.
FINANCIAL METRICS
$1.27
2021 DILUTED
GA AP E ARNINGS
PER SHARE
$1.37
2021 DILUTED
NON - GA AP NET
OPER ATING
E ARNINGS PER
SHARE*
24.75%
2021 TOTAL
SHAREHOLDER
RETURN
$0.94
2022 PER SHARE
ANNUAL DI V I DEND
PRO JECTED
(COMMON STOCK )* *
$0.88
2021 PER
SHARE ANNUAL
DI V I DEND
(COMMON STOCK )
TO
$2.4B
$2.7B
2022 CAPE X
PRO JECTED
*Diluted net operating earnings per share (non-GAAP); for a reconciliation to GAAP, see Schedule 1 on page 26. See also Regulation G
statement on the inside back cover.
**Dividends are subject to board approval.
25
SCHEDULE 1
Reconciliation of Consolidated Net Income (Loss) Available to Common Shareholders to Net
Operating Earnings (Loss) Available to Common Shareholders (Non-GAAP)
(1)Represents costs incurred for estimated third-party claims and related other expenses as a result of the Greater Lawrence Incident.
(2)Represents unrecoverable costs incurred in connection with the partial retirement completed on October 1, 2021 at R.M. Schahfer Generating Station.
(3)Represents incremental severance and third-party consulting costs incurred in connection with the NiSource Next initiative.
(4)2021 primarily represents final net working capital adjustments to the purchase price for the loss incurred on the sale of the Massachusetts Business. 2020
primarily represents loss recorded as a result of measuring the assets and liabilities of the Massachusetts Business at fair value, less costs to sell, including
third-party consulting costs incurred for the separation and transition of the Massachusetts Business, offset by depreciation and amortization expense that was
ceased for GAAP purposes as a result of classifying the Massachusetts Business as held for sale.
(5)Represents income tax expense calculated using the statutory tax rates by legal entity.
(6)2020 represents non-deductible fines and penalties related to the Greater Lawrence Incident and tax discrete adjustments in connection with the sale of the
Massachusetts Business, including (i) deferred taxes on a TCJA regulatory liability divested, (ii) consolidated state deferred taxes and (iii) associated valuation
allowance related to state net operating loss carry forward.
(7)Beginning in 2021, we changed our Non-GAAP measure from Basic to Diluted Net Operating Earnings per Share. Basic Average Common Shares
Outstanding were 387.0M and 384.3M for the three and twelve months ended December 31, 2020. Non-GAAP Net Operating Earnings per Share of $0.34 and
$1.32, respectively, remained unchanged.
(8)The GAAP and Non-GAAP diluted NOEPS numerator for the three and twelve months ended December 31, 2021 is equal to net operating earnings available
to common shareholders adjusted for respective $0.6M and $1.6M add-backs for interest expense incurred, net of tax, related to the Series A Equity Unit
purchase contracts.
26
STOCKHOLDER INFORMATION
Forward-Looking Statements
This document contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained
herein will be or can be realized. Any one of those factors could cause actual results to differ materially from those projected. These forward-looking statements include, but are not limited
to, statements concerning our plans, strategies, objectives, expected performance, expenditures, recovery of expenditures through rates, stated on either a consolidated or segment
basis, and any and all underlying assumptions and other statements that are other than statements of historical fact. Expressions of future goals and expectations and similar expressions,
including “may,” “will,” “should,” “could,” “would,” “aims,” “seeks,” “expects,” “plans,” “anticipates,” “intends,” “believes,” “estimates,” “predicts,” “potential,” “targets,” “forecast,” and “continue,”
reflecting something other than historical fact are intended to identify forward-looking statements. All forward-looking statements are based on assumptions that management believes to be
reasonable; however, there can be no assurance that actual results will not differ materially.
Factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this press release include, among other things, our ability
to execute our business plan or growth strategy, including utility infrastructure investments; potential incidents and other operating risks associated with our business; our ability to adapt to,
and manage costs related to, advances in technology; impacts related to our aging infrastructure; our ability to obtain sufficient insurance coverage and whether such coverage will protect us
against significant losses; the success of our electric generation strategy; construction risks and natural gas costs and supply risks; fluctuations in demand from residential and commercial
customers; fluctuations in the price of energy commodities and related transportation costs or an inability to obtain an adequate, reliable and cost-effective fuel supply to meet customer
demands; the attraction and retention of a qualified workforce and ability to maintain good labor relations; our ability to manage new initiatives, organizational changes, and the actions of
activist stockholders; the performance of third-party suppliers and service providers; potential cyber-attacks; increased requirements and costs related to cybersecurity; any damage to our
reputation; any remaining liabilities or impact related to the sale of the Massachusetts Business; the impacts of natural disasters, potential terrorist attacks or other catastrophic events; the
physical impacts of climate change and the transition to a lower carbon future; our ability to manage the financial and operational risks related to achieving our carbon emission reduction
goals; our debt obligations; any changes to our credit rating or the credit rating of certain of our subsidiaries; any adverse effects related to our equity units; adverse economic and capital
market conditions or increases in interest rates; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; continuing and
potential future impacts from the COVID-19 pandemic; economic conditions in certain industries; the reliability of customers and suppliers to fulfill their payment and contractual obligations;
the ability of our subsidiaries to generate cash; pension funding obligations; potential impairments of goodwill; changes in the method for determining LIBOR and the potential replacement
of the LIBOR benchmark interest rate; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; potential remaining liabilities related to the Greater
Lawrence Incident; compliance with the agreements entered into with the U.S. Attorney’s Office to settle the U.S. Attorney’s Office’s investigation relating to the Greater Lawrence Incident;
compliance with applicable laws, regulations and tariffs; compliance with environmental laws and the costs of associated liabilities; changes in taxation; and other matters set forth in Part
I, Item 1, “Business,” Item 1A, “Risk Factors” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of the company’s annual report
on Form 10-K for the year ended December 31, 2021, many of which risks are beyond our control. In addition, the relative contributions to profitability by each business segment, and the
assumptions underlying the forward-looking statements relating thereto, may change over time.
All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to, and expressly disclaim any such obligation to,
update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to the future results over time or otherwise,
except as required by law.
Regulation G Disclosure Statement
This press release includes financial results and guidance for NiSource with respect to net operating earnings available to common shareholders, which is a non-GAAP financial measure as
defined by the Securities and Exchange Commission’s (SEC) Regulation G. The company includes this measure because management believes it permits investors to view the company’s
performance using the same tools that management uses and to better evaluate the company’s ongoing business performance. With respect to such guidance, it should be noted that
there will likely be a difference between this measure and its GAAP equivalent due to various factors, including, but not limited to, fluctuations in weather, the impact of asset sales and
impairments, and other items included in GAAP results. The company is not able to estimate the impact of such factors on GAAP earnings and, as such, is not providing earnings guidance
on a GAAP basis. In addition, the company is not able to provide a reconciliation of its non-GAAP net operating earnings guidance to its GAAP equivalent without unreasonable efforts.
Investor Relations
(219) 647-5688
Media Relations
media@nisource.com
Anticipated Dividend Record and
Payment Dates* (NiSource Common Stock)
Record Date
02/08/22
04/29/22
07/29/22
10/31/22
02/07/23
Payment Date
02/18/22
05/20/22
08/19/22
11/18/22
02/17/23
Common Stock Dividend Declared
On February 18, 2022, the company paid a quarterly
dividend of $0.235 per share to stockholders of
record as of the close of business on February 8,
2022, equivalent to $0.94 per share on an annual
basis.
Stockholder Services
Questions about stockholder accounts, stock
certificates, transfer of shares, dividend payments,
automatic dividend reinvestment and stock purchase
plan, and electronic deposit may be directed to
Computershare at the following:
Computershare
c/o Shareholder Services
P.O. Box 505000
Louisville, Kentucky 40233
(888) 884-7790
• TDD for Hearing Impaired: (800) 231-5469
• Foreign Stockholders: (201) 680-6578
• TDD Foreign Stockholders: (201) 680-6610
• Computershare.com/investor
*Dividends are subject to board approval.
Investor and Financial Information
Financial analysts and investment professionals should direct written and
telephone inquiries to NiSource Investor Relations, 801 East 86th Avenue,
Merrillville, Indiana 46410 or (219) 647-5688. Copies of NiSource’s financial
reports are available at NiSource.com, or by writing or calling the Investor
Relations department at the address or phone number listed above.
Stock Listing
NiSource Inc common stock is listed on the New York Stock Exchange under
the ticker symbol “NI.”
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
Sustainability
While addressed in the 2021 Integrated Annual Report, additional details on
sustainability and environmental, social and governance (ESG) issues and
related policies can be found under the Sustainability tab at NiSource.com.
Board of Directors
Communications with the Board of Directors may be made generally, to any
director individually, to the non-management directors as a group or the lead
director of the non-management group by writing to the following address:
NiSource Inc.
Attention: Board of Directors, Board Member,
non-management directors or Chairman
c/o Corporate Secretary
801 East 86th Avenue
Merrillville, Indiana 46410
Corporate Governance
At NiSource.com, shareholders can view the company’s corporate governance
guidelines, code of business conduct, political spending policy and charters
of all board-level committees. Copies of these documents are available to
shareholders without charge upon written request to Corporate Secretary at the
above address.
COMPANY LOCATIONS
Corporate Headquarters
NiSource Inc.
801 E. 86th Avenue
Merrillville, Indiana 46410
(219) 647-5990
NiSource.com
Columbia Gas of Ohio
290 W. Nationwide Boulevard
Columbus, Ohio 43215
Emergency: (800) 344-4077
Customer Care: (800) 344-4077
ColumbiaGasOhio.com
NiSource Corporate Services
290 W. Nationwide Boulevard
Columbus, Ohio 43215
(614) 460-6000
NiSource.com
Columbia Gas of Pennsylvania
121 Champion Way
Canonsburg, Pennsylvania 15317
Emergency: (888) 460-4332
Customer Care: (888) 460-4332
ColumbiaGasPA.com
Columbia Gas of Kentucky
2001 Mercer Road
Lexington, Kentucky 40511
Emergency: (800) 432-9515
Customer Care: (800) 432-9345
ColumbiaGasKY.com
Columbia Gas of Maryland
121 Champion Way
Canonsburg, Pennsylvania 15317
Emergency: (888) 460-4332
Customer Care: (888) 460-4332
ColumbiaGasMD.com
Columbia Gas of Virginia
1809 Coyote Drive
Chester, Virginia 2383
Emergency: (800) 544-5606
Customer Care: (800) 543-8911
ColumbiaGasVA.com
NIPSCO
801 E. 86th Avenue
Merrillville, Indiana 46410
Customer Care: (800) 464-7726
Gas Emergency: (800) 634-3524
Electric Emergency: (800) 464-7726
NIPSCO.com
NiSource is a trademark of NiSource Inc. All other trademarks are the property
of their respective owners. Further information about NiSource and its subsidiary
companies can be found at NiSource.com. Information made available on our
website does not constitute a part of this report.
© 2022 NiSource Inc. This report is printed on recycled paper.
NISOURCE
NEW
SAFETY REPORT
2021
Keeping our customers, communities and employees safe each day is essential.
In addition to the safety highlights found in this year’s Integrated Annual Report, be
sure to check out the inaugural edition of our 2021 NiSource Safety Report at
NISOURCE.COM/2021SAFETYREPORT.
USE THE QR CODE ON THE RIGHT TO ACCESS THE NISOURCE SAFETY REPORT