NiSource Extends Plan to 2033 With $40 Billion Capex, Lifts Growth Target After Microsoft Deal

NiSource extended its long-term plan through 2033 on Wednesday, lifting its expected earnings growth rate and laying out $40.0 billion of capital spending, as the utility reported higher third-quarter profit and a new agreement with Microsoft.

The Merrillville, Indiana-based company said it now expects consolidated non-GAAP adjusted earnings per share to grow at a compound annual rate of 10% to 11% from 2027 through 2033, according to its earnings release filed with an 8-K on Wednesday.

A bigger, longer plan

The seven-year, $40.0 billion capital plan breaks down into $32.0 billion of base plan spending and $8.0 billion for data center investments, the company said. NiSource expects that spending to support 9% to 10% consolidated investment base growth from 2027 to 2033.

Excluding data center operations, NiSource expects base plan adjusted EPS to grow 6% to 8% a year, with rate base growth of 8% to 10% over the same period.

The company also said it is expanding expected cost savings for existing customers from its GenCo business to approximately $1.75 billion through the new Microsoft agreement. The release did not give further terms of the agreement.

Guidance for this year and next

For 2026, NiSource narrowed its non-GAAP consolidated adjusted EPS guidance to the upper half of its $2.02 to $2.07 range. It introduced 2027 guidance of $2.22 to $2.30 per share.

Third-quarter results

Net income available to common shareholders rose to $129.5 million, or 27 cents per diluted share, from $94.7 million, or 20 cents, a year earlier. Adjusted net income available to common shareholders was $130.9 million, or 27 cents per share, compared with $91.8 million, or 19 cents.

For the first nine months of 2026, GAAP earnings were $1.42 per diluted share, matching the year-earlier period, on net income available to common shareholders of $685.7 million. Nine-month adjusted EPS rose to $1.49 from $1.38.

NiSource serves approximately 3.3 million natural gas customers and 500,000 electric customers across six states through its Columbia Gas and NIPSCO brands, according to the release.

CEO points to Microsoft and storms

"The extension of our long-term plan reflects the significant opportunities ahead for NiSource and our confidence in our ability to deliver," President and CEO Lloyd Yates said.

Yates said "this year's extreme weather events have reinforced the importance of those investments, while opportunities such as Microsoft and our GenCo pipeline further strengthen the outlook." He added that the signed GenCo agreements are expected to deliver approximately $1.75 billion in customer savings.

He also thanked employees "for their dedication to serving customers and restoring service during severe weather events."

By the numbers

• Q3 GAAP EPS: 27 cents, up from 20 cents
• Q3 adjusted EPS: 27 cents, up from 19 cents
• 2026 adjusted EPS: upper half of $2.02 to $2.07
• 2027 adjusted EPS: $2.22 to $2.30
• 2027-2033 capital plan: $40.0 billion, including $8.0 billion for data centers
• Consolidated adjusted EPS growth target: 10% to 11% a year through 2033

Sources

1. NiSource Form 8-K with third-quarter 2026 earnings release (Exhibit 99.1), filed Oct. 28, 2026 (accession 0001111711-26-000099)

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