Nisource Inc. (NI): Business Model Canvas [Jan-2025 Mise à jour]

Nisource Inc. (NI) est à l'avant-garde de l'innovation énergétique, transformant le paysage des services publics grâce à un modèle commercial stratégique qui équilibre la distribution d'énergie traditionnelle avec des solutions durables avant-gardistes. En intégrant de manière transparente des services de services publics complets dans plusieurs États, Nisource a conçu une approche dynamique qui répond aux besoins énergétiques en évolution des clients résidentiels, commerciaux et industriels tout en maintenant un engagement ferme en faveur de la modernisation des infrastructures et de la transition énergétique propre. Cette toile de modèle commercial complexe révèle comment l'entreprise navigue stratégiquement des environnements réglementaires complexes, exploite les technologies avancées et fournit des solutions énergétiques fiables et abordables qui positionnent Nisource en tant qu'acteur pivot dans l'écosystème d'utilité contemporaine.

Nisource Inc. (NI) - Modèle d'entreprise: partenariats clés

Régulateurs locaux et des services publics d'État

Nisource Inc. maintient des partenariats avec les principaux organismes de réglementation dans plusieurs États:

État	Agence de réglementation	Surveillance réglementaire
Indiana	Commission de réglementation des services publics de l'Indiana	Approbations des taux et investissements d'infrastructure
Ohio	Commission des services publics de l'Ohio	Règlement sur le territoire de service
Massachusetts	Département des services publics du Massachusetts	Surveillance des performances des services publics

Fournisseurs d'infrastructures au gaz naturel et électriques

Nisource collabore avec les fournisseurs d'infrastructures critiques:

• Transcanada Corporation - Transport de gaz naturel
• Kinder Morgan Inc. - Infrastructure de pipeline
• Enbridge Inc. - Réseaux de transmission de gaz

Fournisseurs de technologies d'énergie renouvelable

Les partenariats stratégiques des énergies renouvelables comprennent:

Partenaire	Focus technologique	Montant d'investissement
Premier solaire	Technologie solaire photovoltaïque	15,2 millions de dollars
Électrique générale	Éolienne	22,7 millions de dollars

Entrepreneurs de construction et d'entretien

Détails du partenariat de construction et d'entretien clé:

• Mastec Inc. - Services de construction d'infrastructures
• Services Quanta - Maintenance des infrastructures utilitaires
• Emcor Group - Ingénierie des services publics spécialisés

Institutions financières et partenaires d'investissement

Réseau de partenariat financier:

Institution	Type de partenariat	Montant du financement
JPMorgan Chase	Facilités de crédit	750 millions de dollars
Banque d'Amérique	Financement de la dette à long terme	500 millions de dollars
Citigroup	Services de banque d'investissement	250 millions de dollars

Nisource Inc. (NI) - Modèle d'entreprise: activités clés

Services de distribution du gaz naturel

Nisource dessert environ 2,1 millions de clients de gaz naturel dans six États. Revenus de distribution annuelle du gaz naturel: 1,86 milliard de dollars.

État	Nombre de clients de gaz
Ohio	741,000
Pennsylvanie	376,000
Indiana	534,000

Génération d'électricité et transmission électrique

Nisource génère et transmet l'électricité à travers le gaz Columbia de l'Ohio et du NIPSCO. Capacité totale de production électrique: 2454 mégawatts.

• Génération au charbon: 1 072 mégawatts
• Génération de gaz naturel: 1 382 mégawatts

Maintenance et mises à niveau des infrastructures

Investissement annuel sur les infrastructures: 1,4 milliard de dollars. Le programme de remplacement du pipeline couvre chaque année 1 800 miles d'infrastructures.

Type d'infrastructure	Investissement annuel
Remplacement du gazoduc	650 millions de dollars
Modernisation de la grille électrique	750 millions de dollars

Développement du programme d'efficacité énergétique

Nisource met en œuvre des programmes d'efficacité énergétique dans tous les territoires de service. Économies d'énergie annuelles: 45 millions de kilowattheures.

Gestion de la conformité réglementaire

Budget de conformité: 75 millions de dollars par an. Équipe dédiée de 126 professionnels de la conformité réglementaire.

• Surveillance de la conformité environnementale
• Adhésion au règlement sur la sécurité
• Rapports de la Commission des services publics

Nisource Inc. (NI) - Modèle d'entreprise: Ressources clés

Réseau d'infrastructure d'utilité étendue

Nisource exploite une infrastructure utilitaire complète couvrant 21 000 miles de pipelines de transmission de gaz naturel et desservant environ 2,2 millions de clients de gaz naturel dans sept États.

Actif d'infrastructure	Quantité	Couverture
Pipelines de transmission du gaz naturel	21 000 miles	7 États
Clients de distribution de gaz naturel	2,2 millions	Plusieurs États
Réseau de distribution électrique	4 700 miles de circuit	Indiana

Main-d'œuvre technique et opérationnelle qualifiée

Nisource emploie environ 7 300 travailleurs ayant des compétences spécialisées en gestion des services publics et en infrastructures énergétiques.

• Total des employés: 7 300
• Composition de la main-d'œuvre: professionnels techniques, opérationnels et administratifs
• Tenure moyenne des employés: 12 ans

Installations de production d'énergie

La capacité de production de Nisource comprend plusieurs centrales électriques avec une capacité de génération totale d'environ 1 100 mégawatts.

Type de génération	Capacité	Emplacement
Génération à base de charbon	600 MW	Indiana
Génération de gaz naturel	500 MW	Plusieurs États

Technologies avancées de mesure et de surveillance

Nisource a investi 475 millions de dollars dans les technologies de mesure avancées (AMI) et les technologies numériques pour une gestion améliorée du réseau.

• Déploiements de compteur intelligent: plus de 500 000 unités
• Investissement technologique: 475 millions de dollars
• Systèmes de gestion du réseau numérique: capacités de surveillance en temps réel

Solides notations financières et de crédit

Nisource maintient des ressources financières solides avec une capitalisation boursière d'environ 6,8 milliards de dollars et des cotes de crédit de qualité en placement.

Métrique financière	Valeur	Agence de notation
Capitalisation boursière	6,8 milliards de dollars	Nyse
Note de crédit S&P	BBB	Standard & Pauvre
Note de crédit Moody's	Baa2	Service d'investisseurs Moody's

Nisource Inc. (NI) - Modèle d'entreprise: propositions de valeur

Services de distribution d'énergie fiables

Nisource Inc. dessert environ 3,5 millions de clients dans six États, fournissant du gaz naturel à 2,2 millions de clients résidentiels et commerciaux. La société exploite 35 954 miles de pipelines de transmission et de stockage de gaz.

Métrique de service	Quantité
Les clients totaux ont servi	3,5 millions
Clients de distribution de gaz	2,2 millions
Longueur du réseau de pipeline	35 954 miles

Engagement envers la transition d'énergie durable et propre

Nisource vise à réduire les émissions de carbone de 90% d'ici 2030 par rapport aux niveaux de 2005. La société a engagé 2 milliards de dollars d'investissements sur les infrastructures d'énergie propre jusqu'en 2026.

• Cible de réduction des émissions de carbone: 90% d'ici 2030
• Investissement d'infrastructure d'énergie propre: 2 milliards de dollars jusqu'en 2026

Tarifs des services publics abordables pour les clients résidentiels et commerciaux

Les taux de gaz naturel résidentiel moyens pour Nisource sont d'environ 0,90 $ par therm. Les clients commerciaux bénéficient de stratégies de tarification compétitives dans leurs territoires de service.

Segment de clientèle	Taux moyen
Gaz naturel résidentiel	0,90 $ par therm

Solutions d'énergie complètes sur plusieurs états

Nisource opère dans l'Indiana, le Kentucky, le Maryland, le Massachusetts, l'Ohio et la Pennsylvanie, fournissant des services de distribution d'énergie diversifiés.

• États servis: 6
• Services primaires: distribution du gaz naturel, transmission électrique

Investissement cohérent et modernisation des infrastructures

En 2023, Nisource a investi 1,8 milliard de dollars dans la modernisation des infrastructures et les améliorations de la fiabilité du système. Le plan de dépenses en capital de l'entreprise se concentre sur la résilience des grilles et les mises à niveau technologiques.

Catégorie d'investissement	Montant
Modernisation des infrastructures (2023)	1,8 milliard de dollars

Nisource Inc. (NI) - Modèle d'entreprise: relations clients

Canaux d'assistance du service client direct

Nisource exploite le support du service client via plusieurs canaux:

Type de canal	Méthode de contact	Volume de contact annuel
Support téléphonique	1-800-nisource	2,3 millions d'interactions client
Chat en ligne	Portail de support du site Web	487 000 interactions numériques
Assistance par e-mail	customercare@nisource.com	215 000 communications par e-mail

Plateformes de gestion de compte en ligne

Les plates-formes numériques fournissent une gestion complète des clients:

• Portail Web Mynisource avec 68% d'inscription client
• Application mobile avec un taux d'adoption des utilisateurs de 42%
• Suivi de consommation d'énergie en temps réel
• Capacités de paiement des factures

Programmes d'engagement communautaire

Programme	Investissement annuel	Portée de la communauté
Ateliers d'efficacité énergétique	1,2 million de dollars	23 comtés servis
Initiatives locales de durabilité	$750,000	14 zones métropolitaines

Stratégies de communication proactives

Nisource implémente les approches de communication multicanaux:

• Notifications d'interruption de service automatisées
• Systèmes d'alerte par e-mail et SMS
• Plateformes d'engagement client sur les médias sociaux

Informations de facturation transparente et de consommation d'énergie

Fonctionnalité de transparence de facturation	Adoption des clients	Accessibilité numérique
Répartition détaillée des factures en ligne	76% d'utilisation du client	Accès numérique 24/7
Comparaisons de consommation d'énergie	62% d'engagement client	Rapports numériques mensuels

Nisource Inc. (NI) - Modèle d'entreprise: canaux

Portails de service client numérique

Nisource exploite un portail de service client en ligne avec 1,3 million d'utilisateurs enregistrés dans ses territoires de service dans 6 États. La plate-forme numérique traite environ 78 000 transactions mensuelles, y compris les paiements de factures, les demandes de services et la gestion des comptes.

Métriques du portail numérique	Statistiques annuelles
Utilisateurs enregistrés	1,300,000
Transactions numériques mensuelles	78,000
Territoires de service	6 États

Interfaces d'application mobile

L'application mobile de Nisource prend en charge la gestion des services publics en temps réel avec 425 000 utilisateurs mensuels actifs. L'application permet des fonctions comme:

• Reportage des panneaux
• Paiement de facture
• Suivi de la consommation d'énergie
• Soumissions de demande de service

Centres de service à la clientèle locaux

Nisource conserve 42 centres de service à la clientèle physiques dans l'Indiana, l'Ohio, la Pennsylvanie, le Massachusetts, la Virginie et le Kentucky. Ces centres gèrent chaque année environ 215 000 interactions des clients en personne.

Détails du centre de service client	Quantité / volume
Centres de service physique	42
Interactions annuelles en personne	215,000
États avec des centres de service	6

Site Web et plateformes de communication en ligne

Le site Web d'entreprise de Nisource reçoit 1,2 million de visiteurs annuels avec une durée de session moyenne de 4,7 minutes. La plate-forme fournit des informations complètes sur les services, la facturation, l'efficacité énergétique et les initiatives de durabilité des entreprises.

Équipes de vente directe et de support client

Nisource emploie 1 850 représentants du support client et des ventes dans ses régions opérationnelles. L'équipe gère environ 3,2 millions d'interactions client par an par le téléphone, par e-mail et les canaux de communication directs.

Métriques de l'équipe de vente et de soutien	Statistiques annuelles
Représentants du support client	1,850
Interactions annuelles du client	3,200,000

Nisource Inc. (NI) - Modèle d'entreprise: segments de clientèle

Consommateurs de services publics résidentiels

Nisource dessert environ 3,2 millions de clients de gaz naturel dans sept États, dont l'Indiana, le Kentucky, le Maryland, le Massachusetts, l'Ohio, la Pennsylvanie et la Virginie.

État	Nombre de clients résidentiels
Indiana	1,100,000
Ohio	740,000
Pennsylvanie	500,000
Autres États	860,000

Utilisateurs d'énergie commerciale et industrielle

Nisource fournit des services énergétiques à environ 167 000 clients commerciaux et industriels dans ses territoires de service.

• Les clients commerciaux représentent 42% de la consommation totale d'énergie
• Les clients industriels représentent 58% de la consommation d'énergie totale

Entités municipales et gouvernementales

Nisource dessert plus de 500 clients municipaux et gouvernementaux ayant des infrastructures énergétiques spécialisées et des services de services publics.

Type de client	Nombre de clients
Gouvernements municipaux	350
Agences gouvernementales de l'État	110
Entités gouvernementales fédérales	40

Opérations agricoles et agricoles

Nisource fournit des solutions énergétiques à environ 22 000 clients agricoles dans ses régions de service.

• Consommation annuelle moyenne d'énergie par client agricole: 85 000 pieds cubes de gaz naturel
• États agricoles primaires: Indiana, Ohio, Pennsylvanie

Petites et moyennes entreprises

Nisource prend en charge environ 95 000 clients commerciaux de petite à moyenne taille avec des solutions d'énergie sur mesure.

Catégorie de taille d'entreprise	Nombre de clients
Petites entreprises (1-50 employés)	72,000
Entreprises moyennes (51-250 employés)	23,000

Nisource Inc. (NI) - Modèle d'entreprise: Structure des coûts

Frais de maintenance des infrastructures

Nisource Inc. a déclaré des frais de maintenance des infrastructures de 1,16 milliard de dollars en 2022, avec des investissements prévus d'environ 2,1 milliards de dollars pour les améliorations des infrastructures 2023-2024.

Catégorie d'infrastructure	Coût de maintenance annuel
Infrastructure de distribution du gaz naturel	678 millions de dollars
Infrastructure de transmission électrique	482 millions de dollars

Coûts d'approvisionnement en énergie

Les coûts d'approvisionnement en énergie de Nisource pour 2022 ont totalisé 3,47 milliards de dollars, avec une rupture sur différents segments d'énergie.

Segment d'approvisionnement en énergie	Coût d'achat annuel
Achat de gaz naturel	2,13 milliards de dollars
Aachat de production d'électricité	1,34 milliard de dollars

Investissements de conformité réglementaire

Nisource a alloué 215 millions de dollars aux investissements de conformité réglementaire en 2022.

• Conformité environnementale: 89 millions de dollars
• Investissements réglementaires de sécurité: 72 millions de dollars
• Systèmes de conformité technologique: 54 millions de dollars

Compensation et avantages sociaux des employés

La rémunération totale des employés et les avantages sociaux pour Nisource en 2022 s'élevaient à 536 millions de dollars.

Catégorie de compensation	Coût annuel
Salaire de base	312 millions de dollars
Avantages et assurance	124 millions de dollars
Contributions de retraite et de retraite	100 millions de dollars

Investissements de mise à niveau de la technologie et du système

Nisource a investi 287 millions de dollars dans les mises à niveau technologiques et système en 2022.

• Mises à niveau des infrastructures numériques: 112 millions de dollars
• Améliorations de la cybersécurité: 85 millions de dollars
• Systèmes technologiques opérationnels: 90 millions de dollars

Nisource Inc. (NI) - Modèle d'entreprise: Strots de revenus

Frais de service de services publics résidentiels

Nisource Inc. a déclaré des revenus de services de services publics résidentiels de 2,85 milliards de dollars en 2022. La société dessert environ 3,2 millions de clients résidentiels dans six États.

État	Clients résidentiels	Facture mensuelle moyenne
Indiana	1,1 million	$124.50
Ohio	750,000	$112.75
Massachusetts	320,000	$138.25

Frais de distribution d'énergie commerciale

Les revenus commerciaux de la distribution d'énergie ont totalisé 1,47 milliard de dollars en 2022, avec une clientèle diversifiée dans plusieurs secteurs de l'industrie.

• Secteur de la fabrication: 620 millions de dollars
• Immobilier commercial: 410 millions de dollars
• Clients institutionnels: 280 millions de dollars
• Segment des petites entreprises: 160 millions de dollars

Investissements du projet d'énergie renouvelable

Nisource a investi 425 millions de dollars dans des projets d'énergie renouvelable en 2022, générant environ 87 millions de dollars de revenus directs.

Type d'énergie renouvelable	Investissement	Revenus annuels prévus
Projets solaires	245 millions de dollars	52 millions de dollars
Énergie éolienne	180 millions de dollars	35 millions de dollars

Revenus du programme d'efficacité énergétique

Les programmes d'efficacité énergétique ont généré 96 millions de dollars de revenus pour Nisource en 2022, les incitations gouvernementales soutenant ces initiatives.

• Programmes d'efficacité énergétique résidentiels: 45 millions de dollars
• Gestion commerciale de l'énergie: 38 millions de dollars
• Solutions d'efficacité industrielle: 13 millions de dollars

Contrats de développement des infrastructures

Les contrats de développement et de modernisation des infrastructures ont contribué 312 millions de dollars à la source de revenus de Nisource en 2022.

Type de contrat	Valeur totale du contrat	Revenus annuels
Mises à niveau des infrastructures de gaz	215 millions de dollars	132 millions de dollars
Modernisation de la grille électrique	180 millions de dollars	98 millions de dollars
Améliorations de la sécurité des pipelines	92 millions de dollars	82 millions de dollars

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.