MERRILLVILLE, Ind. (Inside INdiana Business) — NiSource Inc. (NYSE: NI) is reporting a second quarter net loss of $18.5 million, compared to net income of $283 million for the same period a year ago. The utility says energy demand has been impacted by the COVID-19 pandemic with lighter loads from commercial and industrial sectors but increases in residential demand.
“Cost savings and other measures have been implemented to mitigate these negative impacts on revenues,” said a company statement.
The company says it is still on track for the sale of subsidiary Columbia Gas of Massachusetts to Boston-based Eversource Energy Inc. (NYSE: ES) by the end of the third quarter.
“2020 is a transitional year for NiSource,” said NiSource President and Chief Executive Officer Joe Hamrock. “As we mitigate the impacts of the COVID-19 pandemic, and complete the sale of Columbia Gas of Massachusetts, we continue to execute on our strong core growth plan while repositioning for enhanced execution in our key focus areas
Ahead of the pending sale, NiSource and Eversource have filed a joint petition with the Massachusetts Department of Public Utilities seeking approval of the transaction. They are also pursuing a $56 million settlement with state Attorney General’s Office over an explosion in 2018 that killed one person and injured 21 others.
NiSource says the money would be placed into a fund in lieu of civil penalties.
View the earnings report by clicking here.