Nisource Inc.

Company facts

Industry

Electric & Other Services Combined

Headquarters

Merrillville, Indiana

Most recent report

8-K, filed Nov 9, 2026

Incorporated

Delaware

Filings on record

1,002+ filings

On EDGAR

CIK 1111711

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Sep 2026 10-Q

SECSift found 4 of 13 sections worth reading, with 1 positive, 11 notable, and 7 negative flags.

• Part I

  Core financial statements with material new GenCo data center revenue and $1.1B capacity commitment.
  Notable

  • ATM program has $1.15B capacity remaining; two forward sale agreements outstanding for ~$199M potential proceeds.
  • NIPSCO's Schahfer coal plant kept running under emergency orders through Dec 2026; $141.4M deferred as regulatory asset.
  • GenCo committed ~$1.1B for a 20-year capacity agreement and $2.2B tolling agreement for data center load.

• Financial Statements (Item 1)

  Major new Microsoft data center contract, $14B+ capex plan, storm costs, and equity/debt raises.
  Positive

  • New Microsoft contract: 788 MW capacity, 20-year term, expected return above NIPSCO's current electric ops.
  Notable

  • R.M. Schahfer coal plant kept open via emergency orders through Dec 2026; 2026 IRP plan underway.
  • Total data center capex estimated at $14.0-$14.5 billion; $8.0B for GenCo alone through 2033.
  • Raised $1.236B from 4.75% and 5.30% notes (May 2026) and $740.1M from 6.25% junior sub notes (Aug 2026).
  • NIPSCO's Gas TDSIC Plan denied by IURC; appeal filed with Indiana Court of Appeals.
  • Debt to capitalization ratio at 51.3%, well below 70% covenant; net liquidity $1.95B.
  • Net zero GHG goal by 2040 under review; does not include data center load growth.
  Negative

  • August 2026 storm caused $216.9M in costs, 375,000 outages, $162.1M capitalized for restoration.

• Legal Proceedings (Item 1)

  New data center contracts create material financial, operational, and regulatory risks not in the 10-K.
  Notable

  • New York and Texas imposed temporary moratoria on data center development in July/August 2026; Pennsylvania placed constraints.
  • AGP, a special purpose entity, must build a 600 MW / 2,400 MWh battery storage system; its failure could require replacement capacity.
  Negative

  • Significant additional debt and equity needed; credit ratings and cost of capital could be negatively impacted.
  • Return structure differs from regulated utility; no guaranteed rate of return, and disputes with large customers could be costly.
  • At full ramp (2032), data center customers will use ~4,920 MW capacity, far exceeding owned generation of ~3,967 MW at Dec 2025.
  • ADS can terminate or reduce committed capacity by 1,200 MW after March 2029; reimbursement is capped at signing cost estimates.

• Risk Factors (Item 1A)

  New, quantified data-center customer concentration risk with specific downside scenarios.
  Negative

  • New risk: a data center customer default or cut could strand assets built for that contract, with no guarantee of replacement demand.
  • Stock price may swing on AI adoption pace or data center customer health, factors NiSource cannot control.

What changed: Sep 2026 vs. Jun 2026

About 11% of NI's Sep 2026 10-Q is new information. 73 paragraphs were added, 158 changed, and 48 removed. Below are the most important lines SECSift identified.

• Item 1 88
• Part I 70
• Item 6 3
• Item 1A 2
• Item 5 1
• Item 2 1
• Item 4 1