MERRILLVILLE, Ind.,
Sept. 19, 2018 /PRNewswire/
-- Northern Indiana Public Service Company LLC (NIPSCO), a
subsidiary of NiSource Inc. (NYSE: NI), announced today as part of
its future electric supply planning process, that analysis shows
the most viable option for customers would include moving up the
retirement of a majority of its remaining coal-fired generation in
the next five years and all coal within the next 10 years. Likely
replacement options point toward lower-cost renewable energy
resources such as wind, solar and battery storage technology.
While not yet final, NIPSCO outlined the option for its electric
generation strategy at a public meeting with customers, consumer
representatives, environmental organizations and other stakeholders
taking part in the company's Integrated Resource Planning (IRP)
process.
"This creates a vision for the future that is better for our
customers and it's consistent with our goal to transition to the
best cost, cleanest electric supply mix available while maintaining
reliability, diversity and flexibility for technology and market
changes," said NiSource Executive Vice President and NIPSCO
president, Violet Sistovaris.
The timeline for NIPSCO's five remaining coal-fired units
identified in the analysis shows the expected retirement of its
R.M. Schahfer Generating Station (Units 14, 15, 17 and 18) located
in Wheatfield, Ind., no later than
2023, and its Michigan City Generating Station (Unit 12) located in
Michigan City, Ind., by
2028.
Retiring the approximate 1,800 megawatts (MW) of coal-fired
generation will significantly accelerate carbon reductions across
the NIPSCO footprint and will result in further reductions, both in
timing and magnitude, beyond previously announced targets.
"Technology and market changes continue to transform the energy
industry, opening more competitive options and it's the primary
driver of the changes being considered for our system," added
Sistovaris. "Retiring our aging coal fleet sooner will cost
substantially less compared to our original plans for extending
retirements over a longer duration."
Operation of NIPSCO's existing natural gas-fired Sugar Creek
Generating Station in West Terre Haute,
Ind., and the Norway and
Oakdale Hydroelectric Dams along the Tippecanoe River would
continue.
During today's meeting, NIPSCO leaders said the company has been
– and will continue – working with stakeholders and regulators to
solicit further input to aid in formulating its final plan, which
the company plans to submit to the Indiana Utility Regulatory
Commission by Nov. 1, 2018.
More information about NIPSCO's electric supply strategies and
the IRP process can be found at NIPSCO.com/IRP.
About NIPSCO
Northern Indiana Public Service Company
LLC (NIPSCO), with headquarters in Merrillville, Ind., has proudly served the
energy needs of northern Indiana
for more than 100 years. As Indiana's largest natural gas distribution
company and the second-largest electric distribution company,
NIPSCO serves approximately 820,000 natural gas and 460,000
electric customers across 32 counties. NIPSCO is part of NiSource's
(NYSE: NI) seven regulated utility companies. NiSource is one of
the largest fully regulated utility companies in the United States, serving approximately 4
million natural gas and electric customers through its local
Columbia Gas and NIPSCO brands. More information about NIPSCO and
NiSource is available at NIPSCO.com and NiSource.com.
About NiSource
NiSource Inc. (NYSE: NI) is one of the
largest fully-regulated utility companies in the United States, serving approximately 3.5
million natural gas customers and 500,000 electric customers across
seven states through its local Columbia Gas and NIPSCO brands.
Based in Merrillville, Indiana,
NiSource's approximately 8,000 employees are focused on safely
delivering reliable and affordable energy to our customers and
communities we serve. NiSource has been designated a World's Most
Ethical Company by the Ethisphere Institute since 2012, is a member
of the Dow Jones Sustainability - North America Index and was named
by Forbes magazine as the top-rated utility among America's
Best Large Employers in 2017. Additional information about
NiSource, its investments in modern infrastructure and systems, its
commitments and its local brands can be found at www.nisource.com.
Follow us at www.facebook.com/nisource,
www.linkedin.com/company/nisource or www.twitter.com/nisourceinc.
NI-F
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of federal securities
laws. 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.
Examples of forward-looking statements in this press release
include statements and expectations regarding NiSource's or any of
its subsidiaries' business, performance, growth, commitments,
investment opportunities, and planned, identified, infrastructure
or utility investments. 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, plans,
expectations and strategy discussed in this press release include,
among other things, NiSource's debt obligations; any changes in
NiSource's credit rating; NiSource's ability to execute its growth
strategy; changes in general economic, capital and commodity market
conditions; pension funding obligations; economic regulation and
the impact of regulatory rate reviews; NiSource's ability to obtain
expected financial or regulatory outcomes; any damage to NiSource's
reputation; compliance with environmental laws and the costs of
associated liabilities; fluctuations in demand from residential and
commercial customers; economic conditions of certain industries;
the success of NIPSCO's electric generation strategy; 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 reliability of customers and suppliers
to fulfill their payment and contractual obligations; potential
impairments of goodwill or definite-lived intangible assets;
changes in taxation and accounting principles; potential incidents
and other operating risks associated with our business; the impact
of an aging infrastructure; the impact of climate change; potential
cyber-attacks; construction risks and natural gas costs and supply
risks; extreme weather conditions; the attraction and retention of
a qualified work force; advances in technology; the ability of
NiSource's subsidiaries to generate cash; tax liabilities
associated with the separation of Columbia Pipeline Group, Inc.;
NiSource's ability to manage new initiatives and organizational
changes; the performance of third-party suppliers and service
providers; the availability of insurance to cover all significant
losses and other matters set forth in Item 1A, "Risk Factors"
section of NiSource's Annual Report on Form 10-K for the fiscal
year ended December 31, 2017 and in
other filings with the Securities and Exchange Commission. A credit
rating is not a recommendation to buy, sell or hold securities, and
may be subject to revision or withdrawal at any time by the
assigning rating organization. In addition, dividends are subject
to board approval. NiSource expressly disclaims any duty to update,
supplement or amend any of its forward-looking statements contained
in this press release, whether as a result of new information,
subsequent events or otherwise, except as required by applicable
law.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/nipsco-eyes-plan-for-cleaner-lower-cost-energy-future-300715447.html
SOURCE NiSource Inc.