Solar panels and wind turbines in a field of grass and blue sky
NIPSCO’s parent company, NiSource Inc. (NYSE: NI) today highlights its environmental sustainability commitment in a detailed 2021 Climate Report that outlines the company’s continued trajectory of emissions reductions and initiatives aimed at a sustainable and resilient energy future that is supportive of a just transition for all stakeholders.
Highlights from this year’s report, which are driven by NiSource’s environmental and sustainability performance, include the following goals:
• 100% coal-free by rebalancing its energy mix by 2026-2028
• 90% reduction of greenhouse gas emissions by 2030, with a 63% reduction already accomplished
• 50% reduction in methane emissions from main and service lines by 2025
• 3,300 megawatts of renewable energy added by 2023
• 99% reduction in water withdrawals by 2030
“NiSource is committed to being a partner in addressing climate change and reducing greenhouse gas emissions through smart innovation, new and modernized infrastructure and advanced technologies that maintain reliable, resilient and affordable energy service choices for our customers,” said NiSource President and CEO Joe Hamrock. “People must be at the center of any effort aimed at shifting to a greener, more sustainable energy supply, which is a central focus of the 2021 NiSource Climate Report and a core principle that guides our shared path forward.”
The company continues to advance efforts under the Your Energy, Your Future initiative – a holistic, customer-centric strategic priority aimed at identifying and driving decarbonization pathways that meets the needs of both people and the environment.
Your Energy, Your Future ensures that the work being done to satisfy future energy needs provides financial, economic, social and environmental benefits to all stakeholders—including employees, customers and communities. It focuses on people first, ensuring that economically vulnerable customers are not left behind and share in the benefits of a new energy model.
NiSource has been named to the Dow Jones Sustainability Index for the eighth consecutive year and has also received AA ESG rating from MSCI. In 2021, NiSource joined the Low-Carbon Resources Initiative (LCRI), a five-year initiative jointly led by the Electric Power Research Institute (EPRI) and the Gas Technology Institute (GTI) to accelerate the development and demonstration of low-carbon energy technologies. LCRI's Research Vision focuses on technologies, such as clean hydrogen, bioenergy and renewable natural gas, needed to enable affordable pathways to economy-wide decarbonization.
NiSource is a founding member of the U.S. Environmental Protection Agency’s Methane Challenge Program, a framework through which companies voluntarily make commitments to reduce methane emissions and track their achievements. The company also participates in the Natural Gas Sustainability Initiative (NGSI), a voluntary, collaborative approach for companies to calculate methane emissions intensity by segment through the Methane Emissions Intensity Protocol.
“As the energy landscape continues to transition, equity and a just energy transition must be foundational to any future plan,” added Hamrock. “Our vision of a just energy transition provides universal access to clean, affordable energy for our customers and communities. It also includes public participation in strategy and decision-making, ensures a fair division of costs and benefits and improves workforce development and retraining.”
Throughout 2022 and beyond, NiSource will continue to engage with state commissions, other utilities, customers and interested stakeholders on how to implement a just energy transition as part of the company’s long-term energy strategy.
Visit nisource.com/sustainability to view the NiSource 2021 Climate Report and NiSource’s sustainability progress.
*NIPSCO has sold, and may in the future sell, renewable energy credits from its renewable generation to third parties because this helps keep our energy more affordable for our customers.
Forward-Looking Statements
This press release contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. Any one of those factors could cause actual results to differ materially from those projected. These forward-looking statements include, but are not limited to, statements concerning our plans, strategies, objectives, expected performance, expenditures, recovery of expenditures through rates, stated on either a consolidated or segment basis, and any and all underlying assumptions and other statements that are other than statements of historical fact. Expressions of future goals and expectations and similar expressions, including "may," "will," "should," "could," "would," "aims," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," "forecast," and "continue," reflecting something other than historical fact are intended to identify forward-looking statements. All forward-looking statements are based on assumptions that management believes to be reasonable; however, there can be no assurance that actual results will not differ materially.
Factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this press release include, among other things, our ability to execute our business plan or growth strategy, including utility infrastructure investments; potential incidents and other operating risks associated with our business; our ability to adapt to, and manage costs related to, advances in technology; impacts related to our aging infrastructure; our ability to obtain sufficient insurance coverage and whether such coverage will protect us against significant losses; the success of our electric generation strategy; construction risks and natural gas costs and supply risks; fluctuations in demand from residential and commercial customers; fluctuations in the price of energy commodities and related transportation costs or an inability to obtain an adequate, reliable and cost-effective fuel supply to meet customer demands; the attraction and retention of a qualified workforce and ability to maintain good labor relations; our ability to manage new initiatives and organizational changes; the performance of third-party suppliers and service providers; potential cyber-attacks; any damage to our reputation; any remaining liabilities or impact related to the sale of the Massachusetts Business; the impacts of natural disasters, potential terrorist attacks or other catastrophic events; the impacts of climate change and extreme weather conditions; our debt obligations; any changes to our credit rating or the credit rating of certain of our subsidiaries; any adverse effects related to our equity units; adverse economic and capital market conditions or increases in interest rates; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; continuing and potential future impacts from the COVID-19 pandemic; economic conditions in certain industries; the reliability of customers and suppliers to fulfill their payment and contractual obligations; the ability of our subsidiaries to generate cash; pension funding obligations; potential impairments of goodwill; changes in the method for determining LIBOR and the potential replacement of the LIBOR benchmark interest rate; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; potential remaining liabilities related to the Greater Lawrence Incident; compliance with the agreements entered into with the U.S. Attorney’s Office to settle the U.S. Attorney’s Office’s investigation relating to the Greater Lawrence Incident; compliance with applicable laws, regulations and tariffs; compliance with environmental laws and the costs of associated liabilities; changes in taxation; and other matters set forth in Part I, Item 1, “Business,” Item 1A, “Risk Factors” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of the company's annual report on Form 10-K for the year ended December 31, 2020; and Part II, Item 1A, “Risk Factors,” of the company’s quarterly report on Form 10-Q for the quarter ended March 31, 2021, many of which risks are beyond our control. In addition, the relative contributions to profitability by each business segment, and the assumptions underlying the forward-looking statements relating thereto, may change over time.
All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to the future results over time or otherwise, except as required by law.
Highlights from this year’s report, which are driven by NiSource’s environmental and sustainability performance, include the following goals:
• 100% coal-free by rebalancing its energy mix by 2026-2028
• 90% reduction of greenhouse gas emissions by 2030, with a 63% reduction already accomplished
• 50% reduction in methane emissions from main and service lines by 2025
• 3,300 megawatts of renewable energy added by 2023
• 99% reduction in water withdrawals by 2030
“NiSource is committed to being a partner in addressing climate change and reducing greenhouse gas emissions through smart innovation, new and modernized infrastructure and advanced technologies that maintain reliable, resilient and affordable energy service choices for our customers,” said NiSource President and CEO Joe Hamrock. “People must be at the center of any effort aimed at shifting to a greener, more sustainable energy supply, which is a central focus of the 2021 NiSource Climate Report and a core principle that guides our shared path forward.”
The company continues to advance efforts under the Your Energy, Your Future initiative – a holistic, customer-centric strategic priority aimed at identifying and driving decarbonization pathways that meets the needs of both people and the environment.
Your Energy, Your Future ensures that the work being done to satisfy future energy needs provides financial, economic, social and environmental benefits to all stakeholders—including employees, customers and communities. It focuses on people first, ensuring that economically vulnerable customers are not left behind and share in the benefits of a new energy model.
NiSource has been named to the Dow Jones Sustainability Index for the eighth consecutive year and has also received AA ESG rating from MSCI. In 2021, NiSource joined the Low-Carbon Resources Initiative (LCRI), a five-year initiative jointly led by the Electric Power Research Institute (EPRI) and the Gas Technology Institute (GTI) to accelerate the development and demonstration of low-carbon energy technologies. LCRI's Research Vision focuses on technologies, such as clean hydrogen, bioenergy and renewable natural gas, needed to enable affordable pathways to economy-wide decarbonization.
NiSource is a founding member of the U.S. Environmental Protection Agency’s Methane Challenge Program, a framework through which companies voluntarily make commitments to reduce methane emissions and track their achievements. The company also participates in the Natural Gas Sustainability Initiative (NGSI), a voluntary, collaborative approach for companies to calculate methane emissions intensity by segment through the Methane Emissions Intensity Protocol.
“As the energy landscape continues to transition, equity and a just energy transition must be foundational to any future plan,” added Hamrock. “Our vision of a just energy transition provides universal access to clean, affordable energy for our customers and communities. It also includes public participation in strategy and decision-making, ensures a fair division of costs and benefits and improves workforce development and retraining.”
Throughout 2022 and beyond, NiSource will continue to engage with state commissions, other utilities, customers and interested stakeholders on how to implement a just energy transition as part of the company’s long-term energy strategy.
Visit nisource.com/sustainability to view the NiSource 2021 Climate Report and NiSource’s sustainability progress.
*NIPSCO has sold, and may in the future sell, renewable energy credits from its renewable generation to third parties because this helps keep our energy more affordable for our customers.
Forward-Looking Statements
This press release contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. Any one of those factors could cause actual results to differ materially from those projected. These forward-looking statements include, but are not limited to, statements concerning our plans, strategies, objectives, expected performance, expenditures, recovery of expenditures through rates, stated on either a consolidated or segment basis, and any and all underlying assumptions and other statements that are other than statements of historical fact. Expressions of future goals and expectations and similar expressions, including "may," "will," "should," "could," "would," "aims," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," "forecast," and "continue," reflecting something other than historical fact are intended to identify forward-looking statements. All forward-looking statements are based on assumptions that management believes to be reasonable; however, there can be no assurance that actual results will not differ materially.
Factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this press release include, among other things, our ability to execute our business plan or growth strategy, including utility infrastructure investments; potential incidents and other operating risks associated with our business; our ability to adapt to, and manage costs related to, advances in technology; impacts related to our aging infrastructure; our ability to obtain sufficient insurance coverage and whether such coverage will protect us against significant losses; the success of our electric generation strategy; construction risks and natural gas costs and supply risks; fluctuations in demand from residential and commercial customers; fluctuations in the price of energy commodities and related transportation costs or an inability to obtain an adequate, reliable and cost-effective fuel supply to meet customer demands; the attraction and retention of a qualified workforce and ability to maintain good labor relations; our ability to manage new initiatives and organizational changes; the performance of third-party suppliers and service providers; potential cyber-attacks; any damage to our reputation; any remaining liabilities or impact related to the sale of the Massachusetts Business; the impacts of natural disasters, potential terrorist attacks or other catastrophic events; the impacts of climate change and extreme weather conditions; our debt obligations; any changes to our credit rating or the credit rating of certain of our subsidiaries; any adverse effects related to our equity units; adverse economic and capital market conditions or increases in interest rates; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; continuing and potential future impacts from the COVID-19 pandemic; economic conditions in certain industries; the reliability of customers and suppliers to fulfill their payment and contractual obligations; the ability of our subsidiaries to generate cash; pension funding obligations; potential impairments of goodwill; changes in the method for determining LIBOR and the potential replacement of the LIBOR benchmark interest rate; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; potential remaining liabilities related to the Greater Lawrence Incident; compliance with the agreements entered into with the U.S. Attorney’s Office to settle the U.S. Attorney’s Office’s investigation relating to the Greater Lawrence Incident; compliance with applicable laws, regulations and tariffs; compliance with environmental laws and the costs of associated liabilities; changes in taxation; and other matters set forth in Part I, Item 1, “Business,” Item 1A, “Risk Factors” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of the company's annual report on Form 10-K for the year ended December 31, 2020; and Part II, Item 1A, “Risk Factors,” of the company’s quarterly report on Form 10-Q for the quarter ended March 31, 2021, many of which risks are beyond our control. In addition, the relative contributions to profitability by each business segment, and the assumptions underlying the forward-looking statements relating thereto, may change over time.
All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to the future results over time or otherwise, except as required by law.
