NiSource Inc. (NI): Business Model Canvas

NiSource Inc. (NI) steht an der Spitze der Energieinnovation und verändert die Versorgungslandschaft durch ein strategisches Geschäftsmodell, das die traditionelle Energieverteilung mit zukunftsweisenden nachhaltigen Lösungen in Einklang bringt. Durch die nahtlose Integration umfassender Versorgungsdienste in mehreren Bundesstaaten hat NiSource einen dynamischen Ansatz entwickelt, der auf den sich verändernden Energiebedarf von Privat-, Gewerbe- und Industriekunden eingeht und gleichzeitig ein unerschütterliches Engagement für die Modernisierung der Infrastruktur und den Übergang zu sauberer Energie aufrechterhält. Dieses komplexe Geschäftsmodell zeigt, wie das Unternehmen strategisch komplexe regulatorische Umgebungen bewältigt, fortschrittliche Technologien nutzt und zuverlässige, erschwingliche Energielösungen liefert, die NiSource als zentralen Akteur im modernen Versorgungsökosystem positionieren.

NiSource Inc. (NI) – Geschäftsmodell: Wichtige Partnerschaften

Lokale und staatliche Versorgungsregulierungsbehörden

NiSource Inc. unterhält Partnerschaften mit wichtigen Regulierungsbehörden in mehreren Bundesstaaten:

Staat	Regulierungsbehörde	Regulierungsaufsicht
Indiana	Indiana Utility Regulatory Commission	Tarifgenehmigungen und Infrastrukturinvestitionen
Ohio	Kommission für öffentliche Versorgungsunternehmen von Ohio	Dienstgebietsvorschriften
Massachusetts	Massachusetts Department of Public Utilities	Überwachung der Versorgungsleistung

Anbieter von Erdgas- und Strominfrastruktur

NiSource arbeitet mit Lieferanten kritischer Infrastruktur zusammen:

• TransCanada Corporation – Erdgastransport
• Kinder Morgan Inc. – Pipeline-Infrastruktur
• Enbridge Inc. – Gastransportnetze

Anbieter von Technologien für erneuerbare Energien

Zu den strategischen Partnerschaften im Bereich erneuerbare Energien gehören:

Partner	Technologiefokus	Investitionsbetrag
Erste Solar	Photovoltaik-Solartechnik	15,2 Millionen US-Dollar
General Electric	Infrastruktur für Windkraftanlagen	22,7 Millionen US-Dollar

Bau- und Wartungsunternehmen

Wichtige Details der Bau- und Wartungspartnerschaft:

• MasTec Inc. – Infrastrukturbaudienstleistungen
• Quanta Services – Wartung der Versorgungsinfrastruktur
• EMCOR Group – Spezialisierte Versorgungstechnik

Finanzinstitute und Investmentpartner

Finanzpartnerschaftsnetzwerk:

Institution	Partnerschaftstyp	Finanzierungsbetrag
JPMorgan Chase	Kreditfazilitäten	750 Millionen Dollar
Bank of America	Langfristige Fremdfinanzierung	500 Millionen Dollar
Citigroup	Investmentbanking-Dienstleistungen	250 Millionen Dollar

NiSource Inc. (NI) – Geschäftsmodell: Hauptaktivitäten

Erdgasverteilungsdienste

NiSource beliefert rund 2,1 Millionen Erdgaskunden in sechs Bundesstaaten. Jährlicher Umsatz aus der Erdgasverteilung: 1,86 Milliarden US-Dollar.

Staat	Anzahl der Gaskunden
Ohio	741,000
Pennsylvania	376,000
Indiana	534,000

Stromerzeugung und -übertragung

NiSource erzeugt und überträgt Strom über Columbia Gas of Ohio und NIPSCO. Gesamte Stromerzeugungskapazität: 2.454 Megawatt.

• Kohlekraftwerke: 1.072 Megawatt
• Erdgaserzeugung: 1.382 Megawatt

Wartung und Upgrades der Infrastruktur

Jährliche Infrastrukturinvestitionen: 1,4 Milliarden US-Dollar. Das Pipeline-Ersatzprogramm umfasst jährlich 1.800 Meilen Infrastruktur.

Infrastrukturtyp	Jährliche Investition
Austausch der Gasleitung	650 Millionen Dollar
Modernisierung des Stromnetzes	750 Millionen Dollar

Entwicklung eines Energieeffizienzprogramms

NiSource implementiert Energieeffizienzprogramme in allen Servicegebieten. Jährliche Energieeinsparung: 45 Millionen Kilowattstunden.

Regulatorisches Compliance-Management

Compliance-Budget: 75 Millionen US-Dollar pro Jahr. Engagiertes Team von 126 Experten für die Einhaltung gesetzlicher Vorschriften.

• Überwachung der Umweltkonformität
• Einhaltung der Sicherheitsvorschriften
• Berichterstattung der staatlichen Versorgungskommission

NiSource Inc. (NI) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Versorgungsinfrastrukturnetzwerk

NiSource betreibt eine umfassende Versorgungsinfrastruktur, die sich über 21.000 Meilen Erdgastransportleitungen erstreckt und etwa 2,2 Millionen Erdgaskunden in sieben Bundesstaaten versorgt.

Infrastrukturanlage	Menge	Abdeckung
Erdgastransportleitungen	21.000 Meilen	7 Staaten
Kunden der Erdgasverteilung	2,2 Millionen	Mehrere Staaten
Stromverteilungsnetz	4.700 Rundstreckenmeilen	Indiana

Qualifizierte technische und operative Arbeitskräfte

NiSource beschäftigt rund 7.300 Mitarbeiter mit Spezialkenntnissen in den Bereichen Versorgungsmanagement und Energieinfrastruktur.

• Gesamtzahl der Mitarbeiter: 7.300
• Zusammensetzung der Belegschaft: Technische, betriebliche und administrative Fachkräfte
• Durchschnittliche Betriebszugehörigkeit: 12 Jahre

Energieerzeugungsanlagen

Die Erzeugungskapazität von NiSource umfasst mehrere Kraftwerke mit einer Gesamterzeugungskapazität von etwa 1.100 Megawatt.

Generationstyp	Kapazität	Standort
Kohlebasierte Stromerzeugung	600 MW	Indiana
Erdgaserzeugung	500 MW	Mehrere Staaten

Fortschrittliche Mess- und Überwachungstechnologien

NiSource hat 475 Millionen US-Dollar in fortschrittliche Messinfrastruktur (AMI) und digitale Technologien für ein verbessertes Netzmanagement investiert.

• Smart-Meter-Einsätze: Über 500.000 Einheiten
• Technologieinvestition: 475 Millionen US-Dollar
• Digitale Netzmanagementsysteme: Echtzeit-Überwachungsfunktionen

Starke Finanzkapital- und Kreditratings

NiSource verfügt über solide Finanzressourcen mit einer Marktkapitalisierung von etwa 6,8 Milliarden US-Dollar und einer Bonitätseinstufung im Investment-Grade-Bereich.

Finanzkennzahl	Wert	Ratingagentur
Marktkapitalisierung	6,8 Milliarden US-Dollar	NYSE
S&P-Kreditrating	BBB	Standard & Arme
Bonitätsbewertung von Moody's	Baa2	Moody's Investors Service

NiSource Inc. (NI) – Geschäftsmodell: Wertversprechen

Zuverlässige Energieverteilungsdienste

NiSource Inc. beliefert rund 3,5 Millionen Kunden in sechs Bundesstaaten und liefert Erdgas an 2,2 Millionen Privat- und Gewerbekunden. Das Unternehmen betreibt 35.954 Meilen an Gastransport- und Speicherpipelines.

Servicemetrik	Menge
Insgesamt betreute Kunden	3,5 Millionen
Kunden im Bereich Gasverteilung	2,2 Millionen
Länge des Pipeline-Netzwerks	35.954 Meilen

Engagement für eine nachhaltige und saubere Energiewende

NiSource hat sich zum Ziel gesetzt, die Kohlenstoffemissionen bis 2030 um 90 % im Vergleich zum Niveau von 2005 zu reduzieren. Das Unternehmen hat bis 2026 Investitionen in saubere Energieinfrastruktur in Höhe von 2 Milliarden US-Dollar zugesagt.

• Ziel zur Reduzierung der CO2-Emissionen: 90 % bis 2030
• Investitionen in saubere Energieinfrastruktur: 2 Milliarden US-Dollar bis 2026

Erschwingliche Nebenkostentarife für Privat- und Gewerbekunden

Die durchschnittlichen Erdgaspreise für Privathaushalte für NiSource liegen bei etwa 0,90 USD pro Therme. Gewerbliche Kunden profitieren von wettbewerbsfähigen Preisstrategien in ihren Servicegebieten.

Kundensegment	Durchschnittspreis
Erdgas für Privathaushalte	0,90 $ pro Therm

Umfassende Energielösungen für mehrere Staaten

NiSource ist in Indiana, Kentucky, Maryland, Massachusetts, Ohio und Pennsylvania tätig und bietet diversifizierte Energieverteilungsdienste an.

• Bediente Staaten: 6
• Primäre Dienstleistungen: Erdgasverteilung, Stromübertragung

Konsequente Infrastrukturinvestitionen und Modernisierung

Im Jahr 2023 investierte NiSource 1,8 Milliarden US-Dollar in die Modernisierung der Infrastruktur und die Verbesserung der Systemzuverlässigkeit. Der Investitionsplan des Unternehmens konzentriert sich auf die Netzstabilität und technologische Modernisierungen.

Anlagekategorie	Betrag
Modernisierung der Infrastruktur (2023)	1,8 Milliarden US-Dollar

NiSource Inc. (NI) – Geschäftsmodell: Kundenbeziehungen

Direkte Kundendienstkanäle

NiSource betreibt Kundendienstunterstützung über mehrere Kanäle:

Kanaltyp	Kontaktmethode	Jährliches Kontaktvolumen
Telefonsupport	1-800-NISOURCE	2,3 Millionen Kundeninteraktionen
Online-Chat	Website-Support-Portal	487.000 digitale Interaktionen
E-Mail-Support	customercare@nisource.com	215.000 E-Mail-Kommunikationen

Online-Kontoverwaltungsplattformen

Digitale Plattformen sorgen für ein umfassendes Kundenmanagement:

• MyNiSource-Webportal mit 68 % Kundenregistrierung
• Mobile Anwendung mit einer Benutzerakzeptanzrate von 42 %
• Verfolgung des Energieverbrauchs in Echtzeit
• Möglichkeiten zur Rechnungszahlung

Community-Engagement-Programme

Programm	Jährliche Investition	Community-Reichweite
Energieeffizienz-Workshops	1,2 Millionen US-Dollar	23 Landkreise bedient
Lokale Nachhaltigkeitsinitiativen	$750,000	14 Ballungsräume

Proaktive Kommunikationsstrategien

NiSource implementiert Multi-Channel-Kommunikationsansätze:

• Automatisierte Benachrichtigungen über Dienstunterbrechungen
• E-Mail- und SMS-Benachrichtigungssysteme
• Social-Media-Plattformen zur Kundenbindung

Transparente Abrechnungs- und Energieverbrauchsinformationen

Funktion zur Rechnungstransparenz	Kundenakzeptanz	Digitale Zugänglichkeit
Detaillierte Online-Rechnungsaufschlüsselung	76 % Kundennutzung	Digitaler Zugriff rund um die Uhr
Vergleiche des Energieverbrauchs	62 % Kundenbindung	Monatliche digitale Berichte

NiSource Inc. (NI) – Geschäftsmodell: Kanäle

Digitale Kundenservice-Portale

NiSource betreibt ein Online-Kundendienstportal mit 1,3 Millionen registrierten Benutzern in seinen Servicegebieten in 6 Bundesstaaten. Die digitale Plattform verarbeitet etwa 78.000 monatliche Transaktionen, darunter Rechnungszahlungen, Serviceanfragen und Kontoverwaltung.

Digitale Portalmetriken	Jährliche Statistik
Registrierte Benutzer	1,300,000
Monatliche digitale Transaktionen	78,000
Servicegebiete	6 Staaten

Mobile Anwendungsschnittstellen

Die mobile Anwendung von NiSource unterstützt die Versorgungsverwaltung in Echtzeit mit 425.000 aktiven monatlichen Benutzern. Die App ermöglicht Funktionen wie:

• Ausfallberichte
• Rechnungszahlung
• Verfolgung des Energieverbrauchs
• Einreichung von Serviceanfragen

Lokale Kundendienstzentren

NiSource unterhält 42 physische Kundendienstzentren in Indiana, Ohio, Pennsylvania, Massachusetts, Virginia und Kentucky. In diesen Zentren werden jährlich etwa 215.000 persönliche Kundeninteraktionen abgewickelt.

Details zum Kundendienstzentrum	Menge/Volumen
Physische Servicezentren	42
Jährliche persönliche Interaktionen	215,000
Staaten mit Servicezentren	6

Website und Online-Kommunikationsplattformen

Die Unternehmenswebsite von NiSource verzeichnet jährlich 1,2 Millionen Besucher mit einer durchschnittlichen Sitzungsdauer von 4,7 Minuten. Die Plattform bietet umfassende Informationen zu Dienstleistungen, Abrechnung, Energieeffizienz und unternehmerischen Nachhaltigkeitsinitiativen.

Direktvertriebs- und Kundensupportteams

NiSource beschäftigt in seinen operativen Regionen 1.850 Kundenbetreuer und Vertriebsmitarbeiter. Das Team wickelt jährlich etwa 3,2 Millionen Kundeninteraktionen über Telefon, E-Mail und direkte Kommunikationskanäle ab.

Kennzahlen des Vertriebs- und Supportteams	Jährliche Statistik
Kundendienstmitarbeiter	1,850
Jährliche Kundeninteraktionen	3,200,000

NiSource Inc. (NI) – Geschäftsmodell: Kundensegmente

Privatverbraucher

NiSource beliefert rund 3,2 Millionen Erdgaskunden in sieben Bundesstaaten, darunter Indiana, Kentucky, Maryland, Massachusetts, Ohio, Pennsylvania und Virginia.

Staat	Anzahl der Privatkunden
Indiana	1,100,000
Ohio	740,000
Pennsylvania	500,000
Andere Staaten	860,000

Gewerbliche und industrielle Energieverbraucher

NiSource bietet Energiedienstleistungen für rund 167.000 Gewerbe- und Industriekunden in seinen Servicegebieten an.

• Auf Gewerbekunden entfällt 42 % des Gesamtenergieverbrauchs
• Auf Industriekunden entfallen 58 % des gesamten Energieverbrauchs

Kommunale und staatliche Stellen

NiSource bedient über 500 kommunale und staatliche Kunden mit spezialisierten Energieinfrastruktur- und Versorgungsdienstleistungen.

Clienttyp	Anzahl der Kunden
Kommunalverwaltungen	350
Landesregierungsbehörden	110
Stellen der Bundesregierung	40

Landwirtschaftliche und landwirtschaftliche Betriebe

NiSource bietet Energielösungen für rund 22.000 landwirtschaftliche Kunden in seinen Serviceregionen.

• Durchschnittlicher jährlicher Energieverbrauch pro Agrarkunde: 85.000 Kubikfuß Erdgas
• Primäre Agrarstaaten: Indiana, Ohio, Pennsylvania

Kleine bis mittlere Unternehmen

NiSource unterstützt rund 95.000 kleine und mittelständische Geschäftskunden mit maßgeschneiderten Energielösungen.

Unternehmensgrößenkategorie	Anzahl der Kunden
Kleine Unternehmen (1-50 Mitarbeiter)	72,000
Mittelständische Unternehmen (51-250 Mitarbeiter)	23,000

NiSource Inc. (NI) – Geschäftsmodell: Kostenstruktur

Kosten für die Instandhaltung der Infrastruktur

NiSource Inc. meldete im Jahr 2022 Ausgaben für die Instandhaltung der Infrastruktur in Höhe von 1,16 Milliarden US-Dollar, wobei für die Modernisierung der Infrastruktur im Zeitraum 2023–2024 Investitionen in Höhe von etwa 2,1 Milliarden US-Dollar prognostiziert werden.

Kategorie „Infrastruktur“.	Jährliche Wartungskosten
Erdgasverteilungsinfrastruktur	678 Millionen US-Dollar
Elektrische Übertragungsinfrastruktur	482 Millionen US-Dollar

Energiebeschaffungskosten

Die Energiebeschaffungskosten von NiSource beliefen sich im Jahr 2022 auf insgesamt 3,47 Milliarden US-Dollar, aufgeteilt auf verschiedene Energiesegmente.

Segment Energiebeschaffung	Jährliche Beschaffungskosten
Erdgasbeschaffung	2,13 Milliarden US-Dollar
Beschaffung von Stromerzeugungsanlagen	1,34 Milliarden US-Dollar

Investitionen in die Einhaltung gesetzlicher Vorschriften

NiSource stellte im Jahr 2022 215 Millionen US-Dollar für Investitionen in die Einhaltung gesetzlicher Vorschriften bereit.

• Umweltkonformität: 89 Millionen US-Dollar
• Investitionen in Sicherheitsvorschriften: 72 Millionen US-Dollar
• Technologie-Compliance-Systeme: 54 Millionen US-Dollar

Vergütung und Zusatzleistungen für Mitarbeiter

Die gesamten Mitarbeitervergütungen und Zusatzleistungen für NiSource beliefen sich im Jahr 2022 auf 536 Millionen US-Dollar.

Vergütungskategorie	Jährliche Kosten
Grundgehalt	312 Millionen Dollar
Leistungen und Versicherung	124 Millionen Dollar
Ruhestands- und Rentenbeiträge	100 Millionen Dollar

Investitionen in Technologie- und System-Upgrades

NiSource investierte im Jahr 2022 287 Millionen US-Dollar in Technologie- und System-Upgrades.

• Modernisierung der digitalen Infrastruktur: 112 Millionen US-Dollar
• Verbesserungen der Cybersicherheit: 85 Millionen US-Dollar
• Operationelle Technologiesysteme: 90 Millionen US-Dollar

NiSource Inc. (NI) – Geschäftsmodell: Einnahmequellen

Gebühren für Wohnversorgungsdienste

NiSource Inc. meldete im Jahr 2022 einen Umsatz mit Versorgungsdienstleistungen für Privathaushalte in Höhe von 2,85 Milliarden US-Dollar. Das Unternehmen betreut rund 3,2 Millionen Privatkunden in sechs Bundesstaaten.

Staat	Privatkunden	Durchschnittliche monatliche Rechnung
Indiana	1,1 Millionen	$124.50
Ohio	750,000	$112.75
Massachusetts	320,000	$138.25

Gebühren für die gewerbliche Energieverteilung

Die Einnahmen aus der kommerziellen Energieverteilung beliefen sich im Jahr 2022 auf insgesamt 1,47 Milliarden US-Dollar, mit einem vielfältigen Kundenstamm in mehreren Branchen.

• Fertigungssektor: 620 Millionen US-Dollar
• Gewerbeimmobilien: 410 Millionen US-Dollar
• Institutionelle Kunden: 280 Millionen US-Dollar
• Kleinunternehmenssegment: 160 Millionen US-Dollar

Investitionen in Projekte für erneuerbare Energien

NiSource investierte im Jahr 2022 425 Millionen US-Dollar in Projekte im Bereich erneuerbare Energien und generierte damit etwa 87 Millionen US-Dollar an direkten Einnahmen.

Art der erneuerbaren Energie	Investition	Prognostizierter Jahresumsatz
Solarprojekte	245 Millionen Dollar	52 Millionen Dollar
Windenergie	180 Millionen Dollar	35 Millionen Dollar

Einnahmen aus dem Energieeffizienzprogramm

Energieeffizienzprogramme generierten für NiSource im Jahr 2022 Einnahmen in Höhe von 96 Millionen US-Dollar, wobei staatliche Anreize diese Initiativen unterstützen.

• Programme zur Energieeffizienz von Wohngebäuden: 45 Millionen US-Dollar
• Kommerzielles Energiemanagement: 38 Millionen US-Dollar
• Industrielle Effizienzlösungen: 13 Millionen US-Dollar

Verträge zur Infrastrukturentwicklung

Infrastrukturentwicklungs- und Modernisierungsverträge trugen im Jahr 2022 312 Millionen US-Dollar zur Einnahmequelle von NiSource bei.

Vertragstyp	Gesamtvertragswert	Jahresumsatz
Modernisierung der Gasinfrastruktur	215 Millionen Dollar	132 Millionen Dollar
Modernisierung des Stromnetzes	180 Millionen Dollar	98 Millionen Dollar
Verbesserungen der Pipeline-Sicherheit	92 Millionen Dollar	82 Millionen Dollar

NiSource Inc. (NI) - Canvas Business Model: Value Propositions

Reliable and Safe Energy: Core promise of uninterrupted natural gas and electric service.

NiSource Inc. maintains its commitment to safety and reliability through specific operational benchmarks and certifications. The company retained its certification for the American Petroleum Institute Recommended Practice (API RP) 1173, making it only one of two utilities in the world with this conformance certification. Furthermore, NiSource is leveraging technology to enhance field operations; as of Q2 2025, AI-driven solutions improved field productivity by 24%, which translates to 83,000 incremental work hours. The company also uses software to assess gas distribution lines and other assets across water bodies to proactively prepare for weather-related events that may impact service.

Decarbonization Leadership: Targeting 90% GHG reduction by 2030 and net-zero electric by 2040.

NiSource Inc. is advancing toward its goal of achieving net zero greenhouse gas (GHG) emissions from its operations by 2040. As of the end of 2024, the company had reduced Scope 1 GHG emissions by approximately 72% from 2005 levels. This progress keeps NiSource on track to meet the interim target of a 90% reduction of Scope 1 GHG emissions by 2030 from 2005 levels. The electric generation transition plan supports the retirement of all coal operations by 2028.

Customer Affordability: Passing through $1 billion in bill savings from GenCo data center projects.

Through the Indiana Utility Regulatory Commission (IURC)-approved GenCo structure, NiSource Inc. is isolating the cost of new large-load growth from existing customers. The initial agreement with a large data center customer is expected to generate approximately $1 billion in cost savings for current NIPSCO customers. These savings are structured to be returned as credits on monthly electric bills over a 15-year period. For residential customers specifically, this translates to roughly $7 in monthly savings.

Modernized Service: Smart meter technology deployed to 85% of the customer base.

NiSource Inc. is modernizing service through the deployment of Advanced Metering Infrastructure (AMI) technology across its NIPSCO service area. The electric AMI mass deployment, which began in May 2024, covers 490,000 electric meters and is expected to extend through 2027. For the gas system, approximately 870,000 meters are eligible for an AMI communications module upgrade, with exchanges expected to run from July 2024 through the end of 2026.

Economic Development Capacity: Providing large-scale power for new industrial and data center loads.

The GenCo structure is designed to attract major investment by providing dedicated generation capacity for large customers like data centers. The first major partnership is set to provide up to 3 gigawatts (GW) of new generation capacity for data center campuses. This infrastructure investment is nearly $7 billion. The total consolidated capital expenditure plan announced by NiSource Inc. is $28.0 billion, which includes approximately $7.0 billion specifically for strategic data center investments. For comparison, NIPSCO expects its non-data center load in 2028 to be about 2.3 GW.

Here are the key quantitative metrics supporting these Value Propositions as of late 2025:

Value Proposition Metric	Target/Scope/Status	Associated Financial/Statistical Number
GHG Reduction from 2005 Levels (Scope 1)	As of End of 2024	72% Reduction
GHG Reduction Target (Scope 1)	By 2030	90% Reduction
Net Zero GHG Emissions Goal (Scope 1 & 2)	By Year	2040
Coal Fleet Retirement Completion	By Year	2028
Customer Bill Savings from GenCo Deal	Total Expected Over Contract Life	$1 billion
Monthly Bill Savings for Residential Customers	Average Credit	Roughly $7
Electric AMI Deployment Scope	Total Meters in Mass Deployment	490,000 meters
Gas AMI Deployment Scope	Total Meters Eligible for Upgrade	Approximately 870,000 meters
New Generation Capacity for Data Centers	Up To	3 gigawatts (GW)
Data Center Infrastructure Investment (GenCo)	Total Expected Investment	Nearly $7 billion
Total Consolidated Capital Expenditure Plan	Through 2033	$28.0 billion, inclusive of ~$7.0 billion for data centers

The commitment to operational excellence is also shown by AI-driven solutions improving field productivity by 24%, equating to 83,000 incremental work hours as of Q2 2025.

NiSource Inc. (NI) - Canvas Business Model: Customer Relationships

You're looking at how NiSource Inc. manages the connection with the millions of people and businesses relying on their gas and electric service across the Midwest and Mid-Atlantic. It's a relationship defined by regulation, but increasingly driven by digital tools.

Direct, Regulated Service: Non-competitive, long-term relationship managed by state commissions.

The core relationship is non-competitive because NiSource Inc. operates as a fully regulated utility. This means state commissions set the rules and rates, creating a long-term, essential service bond with customers. As of late 2025, NiSource Inc. serves approximately 3.3 million natural gas customers and 500,000 electric customers across six states: Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia.

This regulated structure underpins the investment strategy, with NiSource Inc. planning for approximately $20 billion in regulated utility infrastructure investment opportunities spanning the next five years.

Digital Self-Service: Encouraging use of mobile apps and website for billing and requests.

NiSource Inc. is heavily pushing digital adoption to make doing business easier. This focus paid off, as its subsidiaries were named among the easiest to do business with in Escalent's 2025 Cogent Syndicated Utility Trusted Brand & Customer Engagement: Residential study. The Customer Effort Score (CES) reflects this success:

Subsidiary/Region	Customer Effort Score (2025)
Columbia Gas of Virginia (South Region)	780
NIPSCO (Midwest Region)	770

The company uses AI-powered chatbots to enhance customer relationships, enabling 24x7 customer service and personalized support, with the ability to complete 4 distinct transactions directly within the chat interface. Honestly, customers expect this level of digital access now.

Proactive Communication: Real-time outage and service updates via text, email, and chat.

To keep customers informed, NiSource Inc. engages through multichannel, real-time communication options. They focus on connecting customers with updates via text, email, and chat. This commitment to communication helped NiSource Inc. and its operating companies exceed their customer satisfaction survey goal in 2024, which measures satisfaction across various interactions, including the MyAccount website and mobile app use.

Key communication and service touchpoints include:

• Top-ranked websites and mobile apps.
• Live or automated chat support.
• Bill payment options and assistance programs.

Energy Efficiency Programs: Annual investment of around $42 million to help customers save.

NiSource Inc. continues to support customer savings through energy efficiency initiatives, which are often recovered through regulator-approved alternative revenue programs. The planned annual investment level to support these customer programs is around $42 million. In 2023, nearly 600,000 customers participated in these programs, saving them more than $7 million on their energy bills.

Dedicated Account Management: For large commercial and industrial customers.

The Gas Distribution Operations segment serves residential, commercial, and industrial customers across its service territory. While specific account manager headcounts aren't public, the structure dedicates resources to these larger users, who are a significant portion of the company's revenue base. The company is also navigating new, large-scale customer relationships, such as the agreement with Amazon for a data center campus, which involves nearly $7.0 billion in capital investment related to data centers within the consolidated capital expenditure plan.

Finance: draft 13-week cash view by Friday.

NiSource Inc. (NI) - Canvas Business Model: Channels

You're looking at how NiSource Inc. gets its energy-gas and electricity-to its customers, which is a massive physical and digital undertaking across six states. The channels here are less about selling a product and more about reliable, regulated delivery and service access.

Physical Infrastructure: Gas pipelines and electric transmission/distribution lines

The core channel is the physical network itself. NiSource operates as one of the largest natural gas utility companies, delivering gas to approximately 3.3 million customers across its Columbia Gas and NIPSCO brands in six states. Additionally, the NIPSCO segment provides electric distribution, generation, and transmission services to nearly 500,000 electric customers in northern Indiana.

The scale of the gas network is significant. As of the end of 2024, NIPSCO Gas alone operated approximately 17,900 miles of distribution main pipeline and the associated customer service lines, plus 690 miles of transmission main pipeline in its service areas. Across all operations, the company distributes natural gas through approximately 55,000 miles of distribution main pipeline and about 1,000 miles of transmission main pipeline.

This infrastructure is the subject of heavy capital deployment. NiSource expects to make capital investments totaling approximately $19.4 billion during the 2025-2029 period, and the extended base plan through 2030 calls for $21.0 billion in base plan capital expenditures. This investment is aimed at systematic modernization and replacement of utility infrastructure.

Infrastructure Component	Metric Detail	Latest Available Figure
Total Natural Gas Customers Served	Across six states (Columbia Gas & NIPSCO)	Approximately 3.3 million
Total Electric Customers Served	NIPSCO segment only	Approximately 500,000
Total Natural Gas Distribution Main Pipeline	Across all operating companies	Approximately 55,000 miles
NIPSCO Gas Distribution Main Pipeline	Northern Indiana only (as of 12/31/2024)	Approximately 17,900 miles
Planned Capital Investment	2025-2029 period	Approximately $19.4 billion

Digital Platforms: Company website and mobile applications for self-service

You access a lot of service functions digitally now, which is a key channel for efficiency. NiSource is definitely leaning into this; they even won the SAP Innovation Award in 2024 for using digitization to serve customers. The company continually enhances its websites and mobile apps for self-service options like bill payment and program enrollment.

The focus on digital ease is measurable. In the 2025 Cogent Syndicated Utility Trusted Brand & Customer Engagement: Residential study, NiSource companies were recognized as 'easiest to do business with.' For example, NIPSCO scored a 770 on the Customer Effort Score in the Midwest Region, and Columbia Gas of Virginia scored 780 in the South Region. These scores reflect user-friendliness of online tools and accessibility of information.

• Website access for reviewing Q3 2025 financial results conference call replay.
• Ongoing deployment of Advanced Metering Infrastructure (AMI) system upgrades across the NIPSCO service area.
• Use of data and analytics through artificial intelligence in upgraded work and asset management systems.

Customer Contact Centers: Traditional call centers for service inquiries and emergencies

When digital channels don't cut it, the traditional call center remains a vital connection point. While specific 2025 call volume metrics aren't public, the commitment to service is evident in the overall customer satisfaction rankings. The company supports customer care agents for live or automated chat interactions as part of its service enhancements.

For investor relations, the company hosts conference calls to discuss performance, such as the one for third quarter 2025 results on October 29, 2025, at 11 a.m. EDT, with a dedicated replay line available: +1 (800) 770-2030, conference ID 5571489. This shows the structured process for high-level communication.

Field Operations: Technicians and crews for maintenance, meter reading, and emergency response

Field operations are the boots-on-the-ground channel, essential for maintenance and emergency response, which is tied directly to safety performance. NiSource has approximately 7,700 valued employees focused on delivering energy safely. The company's strategy includes using technology to raise productivity and efficiency across the dispatch of its operations team.

In 2024, NiSource added 21,000 new customers, requiring field deployment for service connections and infrastructure checks. The company is focused on maintaining industry-leading safety and performance, which is a key component of its value proposition to stakeholders.

Here's a look at the scale of the workforce and financial commitment to the field:

Operational Metric	Period/Scope	Value
Total Employees	As of early 2025	Approximately 7,700
2024 Infrastructure Investment	System growth, maintenance, generation transition	$1.5 billion (reported for 2024 infrastructure modernization)
2024 Total Capital Expenditures	All capital spending	$3.7 billion
2024 New Customers Added	Total across segments	21,000

Finance: draft 13-week cash view by Friday.

NiSource Inc. (NI) - Canvas Business Model: Customer Segments

You're looking at the core of NiSource Inc.'s operations, which centers on serving distinct energy needs across its regulated footprint. The customer base is segmented to manage service delivery, regulatory strategy, and capital investment effectively.

Residential Customers represent the bedrock of the utility business, demanding consistent and reliable natural gas and electric service across the six states where NiSource operates through its Columbia Gas and NIPSCO brands. As of late 2025, the scale of this segment is quite clear.

Customer Type	Service Provided	Approximate Account Count (Late 2025)
Natural Gas	Distribution	3.3 million customers
Electric	Distribution, Generation, Transmission	Approximately 500,000 customers

For NIPSCO specifically, which handles the electric utility operations in northern Indiana, you are looking at about 500,000 electric customers.

Commercial Customers are the businesses that require medium-scale energy supply to run their daily operations. This group relies on NiSource Inc. for dependable service to support local economies in the service territories.

Industrial Customers are the large-scale manufacturers and heavy users of both natural gas and electricity. For instance, in 2024, Columbia Operations saw total sales and transportation volumes increase, primarily due to higher industrial usage. This segment's demand profiles are crucial for load forecasting.

The Strategic Large-Load Customers segment is a newer, high-growth focus, specifically targeting major economic projects like data centers. This is where NiSource Inc. is making significant directed capital plays, primarily through its NIPSCO subsidiary and the newly approved GenCo entity, which is designed to serve these loads flexibly while shielding existing retail customers from capacity expansion costs.

Here are the concrete figures tied to this strategic focus area as of late 2025:

• GenCo Strategy: Approved by the IURC to own, build, and manage generation assets for the data center industry.
• Investment Plan: NiSource announced a $7 billion plan specifically to power data center growth in northern Indiana.
• Contract Value: One major data center contract is estimated to represent approximately $6 billion to $7 billion in capital investment.
• Capacity Commitment: The contract involves a capacity commitment starting in 2027, increasing annually through 2032, potentially reaching 2,400 MW by 2032.
• New Generation: The investment includes construction of two 1,300-megawatt combined-cycle, natural gas-fired turbines and 400 megawatts of battery storage.

This new segment is supported by a consolidated capital expenditure plan of $28.0 billion over five years, with the data center component being a major driver.

NiSource Inc. (NI) - Canvas Business Model: Cost Structure

You're looking at the major expenses driving NiSource Inc.'s operations as of late 2025. For a regulated utility, the cost structure is heavily weighted toward long-term asset investment and the associated financing costs.

Capital Expenditures (CapEx)

NiSource Inc. has a massive, multi-year investment plan driving significant cash outflows. The company extended its base capital plan to cover the period through 2030, totaling $28.0 billion. This new consolidated plan is a substantial increase over prior projections. A major driver for this elevated CapEx is the strategic investment in infrastructure to support data center development, which accounts for nearly $7.0 billion of the total. The base plan capital expenditures specifically projected for 2026 to 2030 amount to $21.0 billion. This heavy investment is necessary to modernize the grid and gas infrastructure for safety, reliability, and future load growth.

Fuel and Purchased Power

Fuel and purchased power represent a significant variable cost, especially for the electric generation side of the business, though much of this is a pass-through cost to customers. For the Columbia Operations segment specifically, the cost of energy for the three months ended September 30, 2025, was $379.8 million. It's important to note that for NIPSCO's electric operations, the planned retirement of Units 17 and 18 at the R.M. Schahfer Generating Station by the end of 2025 is projected to result in an approximate cost reduction of $70 million from eliminated fuel and purchase power costs. For gas distribution, the cost of natural gas is passed through dollar-for-dollar to customers via approved recovery mechanisms.

Operating and Maintenance (O&M)

Operating and Maintenance (O&M) costs cover the day-to-day running of the systems, including ensuring system integrity, safety compliance, and personnel expenses. For the Columbia Operations segment, O&M expenses for the three months ended September 30, 2025, were $243.0 million. Like fuel costs, certain O&M components are subject to regulatory trackers, meaning fluctuations can be offset by adjustments in future customer billings.

Interest Expense

Given the high capital requirements, NiSource Inc. relies on debt financing, leading to substantial interest expense. The company is characterized by high leverage, with a stated debt-to-equity ratio of 1.77 as of late 2025, although the ratio for the quarter ending September 30, 2025, was reported as 1.729. For the three months ended September 30, 2025, the reported interest expense, net, was $132.8 million (reported as $(132.8) million in the income statement line item). Managing the cost of this debt is critical, especially in an environment where refinancing or issuing new bonds is necessary to fund ongoing infrastructure programs.

Depreciation and Amortization

Depreciation and Amortization (D&A) is a non-cash expense that directly reflects the size and age of the utility's asset base, which is growing due to the massive CapEx program. For the three months ended March 31, 2025, Depreciation and amortization expense for the Columbia Operations segment was $108.2 million. The overall D&A expense is tied to the gross property, plant, and equipment (PPE), which is projected to grow significantly as the $28.0 billion capital plan is executed.

Here is a snapshot of some key cost components based on recent reporting periods:

Cost Component	Period/Scope	Amount (in millions USD)
Capital Expenditures (Plan through 2030)	Total Consolidated	$28,000.0
Interest Expense, Net	Three Months Ended September 30, 2025	$132.8
Cost of Energy (Fuel/Purchased Power)	Columbia Operations - Three Months Ended September 30, 2025	$379.8
Operating and Maintenance (O&M)	Columbia Operations - Three Months Ended September 30, 2025	$243.0
Depreciation and Amortization	Columbia Operations - Three Months Ended March 31, 2025	$108.2

You should keep an eye on how the regulatory recovery mechanisms are tracking against these large fixed and variable costs. If onboarding for new projects takes longer than planned, the depreciation expense will start before the associated rate base growth is fully realized in revenue.

• Debt-to-Equity Ratio (Target/Reported): 1.77 / 1.729 (as of Q3 2025)
• Projected Base CapEx (2026-2030): $21.0 billion
• Data Center Investment within Total CapEx: Nearly $7.0 billion
• Projected Customer Growth Rate (Rate Base 2026-2030): 8% to 10% annually

Finance: draft 13-week cash view by Friday.

NiSource Inc. (NI) - Canvas Business Model: Revenue Streams

You're looking at how NiSource Inc. brings in its money as of late 2025, which is heavily anchored in regulated utility service across its footprint. The core of the business is collecting revenue through rates approved by regulators, which provides a good degree of stability, even if growth is managed by regulatory cycles.

The Trailing Twelve Months (TTM) revenue figure gives you the big picture of the company's scale leading up to the latest reports. The most recent TTM revenue reported as of Q3 2025 shows significant growth compared to the prior year.

Metric	Amount
Trailing Twelve Months Revenue (as of Q3 2025)	$6.33 billion
Q3 2025 Total Operating Revenue	$1,273.1 million

Regulated Natural Gas Sales is a primary component, covering revenue recovered through approved rates in six states. NiSource Inc. serves approximately 3.5 million natural gas customers through its Columbia Gas brands across states like Ohio, Pennsylvania, Virginia, Kentucky, and Maryland. The revenue from these sales is directly tied to the volume of gas delivered and the approved cost recovery mechanisms in those jurisdictions.

Regulated Electric Sales come from the NIPSCO Operations segment, which handles generation, transmission, and distribution primarily in northern Indiana. This segment serves about 500,000 electric customers. Revenue here is also subject to Indiana Utility Regulatory Commission (IURC) approvals, which recently included a favorable electric rate case approval that is expected to positively influence performance.

You're seeing a new, emerging revenue component from Fixed-Rate Contracts, specifically tied to the GenCo strategy involving regulated data center assets. While the major capacity commitment for a large data center contract starts in 2027, the development is already factored into forward guidance. For 2026, management initiated consolidated Adjusted EPS guidance that includes $0.01 to $0.02 per share coming directly from these Genco-related assets.

Revenue from Wholesale and Transmission involves transactions that occur outside of the core regulated retail sales to end-users. While this is a standard utility revenue component, specific dollar amounts for these transactions outside of the main regulated segments aren't explicitly broken out in the high-level summaries you're seeing. Still, the overall revenue growth in Q3 2025 was driven by higher customer revenues and other revenues, suggesting activity across all streams.

Here's a quick look at the drivers influencing recent revenue changes:

• New rates from base rate proceedings contributed $24.8 million to the change in operating revenues for the three months ended June 30, 2025, versus 2024.
• The Q3 2025 revenue of $1.27 billion was above the consensus estimate of $983.25 million.
• The TTM revenue growth of 19.62% year-over-year as of Q3 2025 is a strong indicator of recent performance.
• NiSource Inc. is reaffirming its 2025 non-GAAP adjusted EPS guidance in the upper half of the $1.85 to $1.89 range.

The company's customer base is also a direct input to these revenue streams, showing modest growth. For example, in Q2 2025, there was a 1% increase in the electric business and a 0.6% rise in the gas business customer base.