NiSource quarterly loss narrows

(photo courtesy of NiSource)

MERRILLVILLE, Ind. (Inside INdiana Business) — Merrillville-based NiSource Inc. (NYSE: NI) is reporting a third quarter net loss of $7.2 million, compared to a loss of $345 million during the same period last year. Chief Executive Officer Joe Hamrock says the results have positioned the utility to deliver on its financial commitments for 2019.

NiSource is also reporting year-to-date net income of $481 million, compared to a net loss of $45.8 million through the first nine months of 2018. 

“The NiSource teams continue their relentless focus on our core commitments of safety and customer satisfaction, and our long-term utility modernization programs that drive our financial results,” Hamrock said in a news release. “We’ve also made significant progress on our electric generation strategy in Indiana with the approval of the Rosewater wind project and the filing of a second joint venture wind project, Indiana Crossroads.”

In its quarterly earnings report, NiSource says it has accelerated the implementation of its Safety Management System, which was announced following the series of explosions in Massachusetts that killed three people and injured dozens of others. 

The National Transportation Safety Board last month accused NiSource subsidiary Columbia Gas of Massachusetts of “deficiencies in management and oversight” that led to the incident.

“Safety is our foundational commitment and drives all of our actions,” Hamrock said. “Through SMS, we’re increasing our rigor to identify risks and taking actions intended to keep our employees, contractors, customers and communities safe.”

You can view the full earnings report by clicking here.