NiSource Inc. (NI): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

Nisource Inc. (NI) está a la vanguardia de la innovación energética, transformando el panorama de servicios públicos a través de un modelo de negocio estratégico que equilibra la distribución de energía tradicional con soluciones sostenibles de pensamiento a futuro. Al integrar a la perfección los servicios de servicios integrales en múltiples estados, Nisource ha creado un enfoque dinámico que aborde las necesidades energéticas en evolución de los clientes residenciales, comerciales e industriales al tiempo que mantiene un compromiso firme con la modernización de la infraestructura y la transición de energía limpia. Este intrincado lienzo de modelo de negocio revela cómo la compañía navega estratégicamente en entornos regulatorios complejos, aprovecha las tecnologías avanzadas y ofrece soluciones de energía confiables y asequibles que posicionan a Nisource como un jugador fundamental en el ecosistema de servicios públicos contemporáneos.

Nisource Inc. (NI) - Modelo de negocio: asociaciones clave

Reguladores de servicios públicos locales y estatales

Nisource Inc. mantiene asociaciones con organismos regulatorios clave en múltiples estados:

Estado	Agencia reguladora	Supervisión regulatoria
Indiana	Comisión reguladora de servicios públicos de Indiana	Aprobaciones de tarifas e inversiones de infraestructura
Ohio	Comisión de servicios públicos de Ohio	Regulaciones de territorio de servicio
Massachusetts	Departamento de servicios públicos de Massachusetts	Monitoreo del rendimiento de servicios públicos

Proveedores de gas natural e infraestructura eléctrica

Nisource colabora con proveedores críticos de infraestructura:

• TransCanada Corporation - Transporte de gas natural
• Kinder Morgan Inc. - Infraestructura de tuberías
• Enbridge Inc. - Redes de transmisión de gas

Proveedores de tecnología de energía renovable

Las asociaciones estratégicas de energía renovable incluyen:

Pareja	Enfoque tecnológico	Monto de la inversión
Primero solar	Tecnología solar fotovoltaica	$ 15.2 millones
Electric General	Infraestructura de turbina eólica	$ 22.7 millones

Contratistas de construcción y mantenimiento

Detalles clave de la asociación de construcción y mantenimiento:

• Mastec Inc. - Servicios de construcción de infraestructura
• Servicios de Quanta - Mantenimiento de infraestructura de servicios públicos
• EMCOR GROUP - Ingeniería especializada de servicios públicos

Instituciones financieras y socios de inversión

Red de asociación financiera:

Institución	Tipo de asociación	Monto financiero
JPMorgan Chase	Facilidades de crédito	$ 750 millones
Banco de América	Financiación de la deuda a largo plazo	$ 500 millones
Citigroup	Servicios de banca de inversión	$ 250 millones

Nisource Inc. (NI) - Modelo de negocio: actividades clave

Servicios de distribución de gas natural

Nisource atiende a aproximadamente 2.1 millones de clientes de gas natural en seis estados. Ingresos anuales de distribución de gas natural: $ 1.86 mil millones.

Estado	Número de clientes de gas
Ohio	741,000
Pensilvania	376,000
Indiana	534,000

Generación de energía eléctrica y transmisión

Nisource genera y transmite electricidad a través del gas Columbia de Ohio y Nipsco. Capacidad total de generación eléctrica: 2,454 megavatios.

• Generación a carbón: 1.072 megavatios
• Generación de gas natural: 1.382 megavatios

Mantenimiento y actualizaciones de infraestructura

Inversión anual de infraestructura: $ 1.4 mil millones. El programa de reemplazo de tuberías cubre 1,800 millas de infraestructura anualmente.

Tipo de infraestructura	Inversión anual
Reemplazo de la tubería de gas	$ 650 millones
Modernización de la red eléctrica	$ 750 millones

Desarrollo del programa de eficiencia energética

Nisource implementa programas de eficiencia energética en los territorios de servicio. Ahorro anual de energía: 45 millones de kilovatios-hora.

Gestión de cumplimiento regulatorio

Presupuesto de cumplimiento: $ 75 millones anuales. Equipo dedicado de 126 profesionales de cumplimiento regulatorio.

• Monitoreo de cumplimiento ambiental
• Adherencia de regulación de seguridad
• Informes de la Comisión de servicios públicos estatales

Nisource Inc. (NI) - Modelo de negocio: recursos clave

Red de infraestructura de servicios públicos extensos

Nisource opera una infraestructura de servicios públicos integral que abarca 21,000 millas de tuberías de transmisión de gas natural y atiende a aproximadamente 2.2 millones de clientes de gas natural en siete estados.

Activo de infraestructura	Cantidad	Cobertura
Tuberías de transmisión de gas natural	21,000 millas	7 estados
Clientes de distribución de gas natural	2.2 millones	Múltiples estados
Red de distribución eléctrica	4.700 millas de circuito	Indiana

Fuerza laboral técnica y operativa calificada

Nisource emplea a aproximadamente 7.300 trabajadores con habilidades especializadas en gestión de servicios públicos e infraestructura energética.

• Total de empleados: 7,300
• Composición de la fuerza laboral: profesionales técnicos, operativos y administrativos
• Promedio de la tenencia del empleado: 12 años

Instalaciones de generación de energía

La capacidad de generación de Nisource incluye múltiples centrales eléctricas con una capacidad de generación total de aproximadamente 1,100 megavatios.

Tipo de generación	Capacidad	Ubicación
Generación a base de carbón	600 MW	Indiana
Generación de gas natural	500 MW	Múltiples estados

Tecnologías avanzadas de medición y monitoreo

Nisource ha invertido $ 475 millones en infraestructura de medición avanzada (AMI) y tecnologías digitales para una gestión mejorada de la red.

• Implementaciones de medidores inteligentes: más de 500,000 unidades
• Inversión tecnológica: $ 475 millones
• Sistemas de gestión de cuadrícula digital: capacidades de monitoreo en tiempo real

Capital financiero sólido y calificaciones crediticias

Nisource mantiene recursos financieros sólidos con una capitalización de mercado de aproximadamente $ 6.8 mil millones y calificaciones crediticias de grado de inversión.

Métrica financiera	Valor	Agencia de calificación
Capitalización de mercado	$ 6.8 mil millones	bolsa de Nueva York
Calificación crediticia S&P	Bbb	Estándar & Pobre
Calificación crediticia de Moody	Baa2	Servicio de inversores de Moody's

Nisource Inc. (NI) - Modelo de negocio: propuestas de valor

Servicios de distribución de energía confiables

Nisource Inc. atiende a aproximadamente 3.5 millones de clientes en seis estados, entregando gas natural a 2.2 millones de clientes residenciales y comerciales. La compañía opera 35,954 millas de tuberías de transmisión de gas y almacenamiento.

Métrico de servicio	Cantidad
Total de los clientes atendidos	3.5 millones
Clientes de distribución de gas	2.2 millones
Longitud de la red de tuberías	35,954 millas

Compromiso con la transición de energía sostenible y limpia

Nisource tiene como objetivo reducir las emisiones de carbono en un 90% para 2030 en comparación con los niveles de 2005. La compañía ha cometido $ 2 mil millones en inversiones de infraestructura de energía limpia hasta 2026.

• Objetivo de reducción de emisiones de carbono: 90% para 2030
• Inversión de infraestructura de energía limpia: $ 2 mil millones hasta 2026

Tarifas de servicios públicos asequibles para clientes residenciales y comerciales

Las tasas promedio de gas natural residencial para NiSource son de aproximadamente $ 0.90 por término. Los clientes comerciales se benefician de estrategias de precios competitivos en sus territorios de servicio.

Segmento de clientes	Tasa promedio
Gas natural residencial	$ 0.90 por término

Soluciones de energía integrales en múltiples estados

Nisource opera en Indiana, Kentucky, Maryland, Massachusetts, Ohio y Pensilvania, proporcionando servicios diversificados de distribución de energía.

• Estados servidos: 6
• Servicios primarios: distribución de gas natural, transmisión eléctrica

Inversión y modernización de infraestructura consistentes

En 2023, Nisource invirtió $ 1.8 mil millones en modernización de infraestructura y mejoras de confiabilidad del sistema. El plan de gastos de capital de la compañía se centra en la resiliencia de la red y las actualizaciones tecnológicas.

Categoría de inversión	Cantidad
Modernización de infraestructura (2023)	$ 1.8 mil millones

Nisource Inc. (NI) - Modelo de negocios: relaciones con los clientes

Canales directos de soporte de servicio al cliente

Nisource opera el soporte de servicio al cliente a través de múltiples canales:

Tipo de canal	Método de contacto	Volumen de contacto anual
Soporte telefónico	1-800-Nisource	2.3 millones de interacciones con los clientes
Chat en línea	Portal de soporte del sitio web	487,000 interacciones digitales
Soporte por correo electrónico	customercare@nisource.com	215,000 comunicaciones por correo electrónico

Plataformas de gestión de cuentas en línea

Las plataformas digitales proporcionan una gestión integral del cliente:

• MyNisource Web Portal con 68% de inscripción al cliente
• Aplicación móvil con 42% de tasa de adopción del usuario
• Seguimiento de uso de energía en tiempo real
• Capacidades de pago de facturas

Programas de participación comunitaria

Programa	Inversión anual	Comunicación alcance
Talleres de eficiencia energética	$ 1.2 millones	23 condados atendidos
Iniciativas de sostenibilidad local	$750,000	14 áreas metropolitanas

Estrategias de comunicación proactiva

Nisource implementa enfoques de comunicación multicanal:

• Notificaciones de interrupción del servicio automatizado
• Sistemas de alerta de correo electrónico y texto
• Plataformas de participación del cliente de las redes sociales

Información transparente de facturación e uso de energía

Función de transparencia de facturación	Adopción del cliente	Accesibilidad digital
Desglose detallado de la factura en línea	76% de uso del cliente	Acceso digital 24/7
Comparaciones de consumo de energía	62% de compromiso del cliente	Informes digitales mensuales

Nisource Inc. (NI) - Modelo de negocio: canales

Portales de servicio al cliente digital

Nisource opera un portal de servicio al cliente en línea con 1.3 millones de usuarios registrados en sus territorios de servicio en 6 estados. La plataforma digital procesa aproximadamente 78,000 transacciones mensuales, incluidos pagos de facturas, solicitudes de servicio y administración de cuentas.

Métricas del portal digital	Estadísticas anuales
Usuarios registrados	1,300,000
Transacciones digitales mensuales	78,000
Territorios de servicio	6 estados

Interfaces de aplicaciones móviles

La aplicación móvil de Nisource admite la gestión de servicios públicos en tiempo real con 425,000 usuarios mensuales activos. La aplicación habilita funciones como:

• Informes de interrupción
• Pago de facturas
• Seguimiento de uso de energía
• Envíos de solicitudes de servicio

Centros de servicio al cliente local

Nisource mantiene 42 centros de servicio al cliente físico en Indiana, Ohio, Pensilvania, Massachusetts, Virginia y Kentucky. Estos centros manejan aproximadamente 215,000 interacciones de clientes en persona anualmente.

Detalles del centro de servicio al cliente	Cantidad/volumen
Centros de servicio físico	42
Interacciones anuales en persona	215,000
Estados con centros de servicio	6

Sitio web y plataformas de comunicación en línea

El sitio web corporativo de Nisource recibe 1,2 millones de visitantes anuales con una duración de sesión promedio de 4.7 minutos. La plataforma proporciona información integral sobre servicios, facturación, eficiencia energética e iniciativas de sostenibilidad corporativa.

Ventas directas y equipos de atención al cliente

Nisource emplea 1.850 representantes de atención al cliente y ventas en sus regiones operativas. El equipo maneja aproximadamente 3,2 millones de interacciones de clientes anualmente a través de canales de comunicación por correo electrónico, correo electrónico y directo.

Métricas del equipo de ventas y soporte	Estadísticas anuales
Representantes de atención al cliente	1,850
Interacciones anuales del cliente	3,200,000

Nisource Inc. (NI) - Modelo de negocio: segmentos de clientes

Consumidores de servicios públicos residenciales

Nisource atiende a aproximadamente 3.2 millones de clientes de gas natural en siete estados, incluidos Indiana, Kentucky, Maryland, Massachusetts, Ohio, Pensilvania y Virginia.

Estado	Número de clientes residenciales
Indiana	1,100,000
Ohio	740,000
Pensilvania	500,000
Otros estados	860,000

Usuarios de energía comercial e industrial

Nisource brinda servicios de energía a aproximadamente 167,000 clientes comerciales e industriales en sus territorios de servicio.

• Los clientes comerciales representan el 42% del consumo total de energía
• Los clientes industriales representan el 58% del uso total de energía

Entidades municipales y gubernamentales

Nisource sirve a más de 500 clientes municipales y gubernamentales con servicios especializados de infraestructura energética y servicios públicos.

Tipo de cliente	Número de clientes
Gobiernos municipales	350
Agencias gubernamentales estatales	110
Entidades del gobierno federal	40

Operaciones agrícolas y agrícolas

Nisource ofrece soluciones de energía a aproximadamente 22,000 clientes agrícolas en sus regiones de servicio.

• Consumo promedio de energía anual por cliente agrícola: 85,000 pies cúbicos de gas natural
• Estados agrícolas primarios: Indiana, Ohio, Pensilvania

Empresas pequeñas a medianas

Nisource admite alrededor de 95,000 clientes comerciales pequeños a medianos con soluciones de energía a medida.

Categoría de tamaño del negocio	Número de clientes
Pequeñas empresas (1-50 empleados)	72,000
Empresas medianas (51-250 empleados)	23,000

Nisource Inc. (NI) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento de infraestructura

Nisource Inc. informó que los gastos de mantenimiento de la infraestructura de $ 1.16 mil millones en 2022, con inversiones proyectadas de aproximadamente $ 2.1 mil millones para actualizaciones de infraestructura 2023-2024.

Categoría de infraestructura	Costo de mantenimiento anual
Infraestructura de distribución de gas natural	$ 678 millones
Infraestructura de transmisión eléctrica	$ 482 millones

Costos de adquisición de energía

Los costos de adquisición de energía de Nisource para 2022 totalizaron $ 3.47 mil millones, con un desglose en diferentes segmentos de energía.

Segmento de adquisición de energía	Costo de adquisición anual
Adquisición de gas natural	$ 2.13 mil millones
Adquisición de generación eléctrica	$ 1.34 mil millones

Inversiones de cumplimiento regulatorio

Nisource asignó $ 215 millones para inversiones de cumplimiento regulatorio en 2022.

• Cumplimiento ambiental: $ 89 millones
• Inversiones regulatorias de seguridad: $ 72 millones
• Sistemas de cumplimiento tecnológico: $ 54 millones

Compensación y beneficios de los empleados

La compensación total de los empleados y los beneficios para Nisource en 2022 ascendieron a $ 536 millones.

Categoría de compensación	Costo anual
Salario base	$ 312 millones
Beneficios y seguro	$ 124 millones
Contribuciones de jubilación y pensiones	$ 100 millones

Inversiones de tecnología y actualización del sistema

Nisource invirtió $ 287 millones en tecnología y actualizaciones del sistema durante 2022.

• Actualizaciones de infraestructura digital: $ 112 millones
• Mejoras de ciberseguridad: $ 85 millones
• Sistemas de tecnología operativa: $ 90 millones

Nisource Inc. (NI) - Modelo de negocios: flujos de ingresos

Tarifas de servicio de servicios residenciales

Nisource Inc. reportó ingresos por servicios de servicios residenciales de $ 2.85 mil millones en 2022. La compañía atiende a aproximadamente 3.2 millones de clientes residenciales en seis estados.

Estado	Clientes residenciales	Factura mensual promedio
Indiana	1.1 millones	$124.50
Ohio	750,000	$112.75
Massachusetts	320,000	$138.25

Cargos de distribución de energía comercial

Los ingresos de distribución de energía comercial totalizaron $ 1.47 mil millones en 2022, con una base de clientes diversas en múltiples sectores de la industria.

• Sector de fabricación: $ 620 millones
• Bienes inmuebles comerciales: $ 410 millones
• Clientes institucionales: $ 280 millones
• Segmento de pequeñas empresas: $ 160 millones

Inversiones de proyectos de energía renovable

Nisource invirtió $ 425 millones en proyectos de energía renovable en 2022, generando aproximadamente $ 87 millones en ingresos directos.

Tipo de energía renovable	Inversión	Ingresos anuales proyectados
Proyectos solares	$ 245 millones	$ 52 millones
Energía eólica	$ 180 millones	$ 35 millones

Ingresos del programa de eficiencia energética

Los programas de eficiencia energética generaron $ 96 millones en ingresos para Nisource en 2022, con incentivos gubernamentales que respaldan estas iniciativas.

• Programas de eficiencia energética residencial: $ 45 millones
• Gestión de energía comercial: $ 38 millones
• Soluciones de eficiencia industrial: $ 13 millones

Contratos de desarrollo de infraestructura

Los contratos de desarrollo y modernización de infraestructura contribuyeron con $ 312 millones al flujo de ingresos de Nisource en 2022.

Tipo de contrato	Valor total del contrato	Ingresos anuales
Actualizaciones de infraestructura de gas	$ 215 millones	$ 132 millones
Modernización de la red eléctrica	$ 180 millones	$ 98 millones
Mejoras de seguridad de la tubería	$ 92 millones	$ 82 millones

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.