MERRILLVILLE, Ind., July 17, 2020 /PRNewswire/ -- NIPSCO, a subsidiary of NiSource Inc. (NYSE: NI), today announced the next phase of its plans to transition to lower-cost, cleaner energy resources, with the addition of two new solar farms that will be based in central Indiana.
The announcement is part of the energy provider's "Your Energy, Your Future" initiative – a customer-centric effort focused on delivering a more affordable, reliable and sustainable energy mix for the future.
"Renewable energy technology continues to advance and it plays an essential role in our progression toward providing lower-cost energy resources, while maintaining the reliability our customers expect," said Mike Hooper, NIPSCO president. "This latest addition is another exciting step forward for our customers and the state of Indiana as we look toward the future."
NIPSCO plans to be coal-free by 2028, and the company is adding a combination of renewable energy sources including wind, solar and battery storage technology to its existing natural gas generation resources. Several Indiana-based wind projects have previously been announced and construction activity is underway.
NIPSCO has finalized two 20-year purchase power agreements (PPAs) with subsidiaries of experienced renewable energy developer NextEra Energy Resources, LLC, for the electricity generated by these latest solar projects. The new solar capacity is expected to be in operation by mid-2023 with the two announced projects representing approximately 300 megawatts (MW) of nameplate capacity.
"We are pleased to work with our partners at NIPSCO to bring low-cost, renewable energy to customers and economic growth to the state of Indiana," said Matt Handel, senior vice president of development for NextEra Energy Resources. "These two solar projects will provide exciting new job opportunities, economic growth and clean, homegrown electricity in Indiana for decades to come."
The two projects were selected following a comprehensive review of bids submitted through the all source Request for Proposal (RFP) process that NIPSCO underwent in late 2019 – which continues to affirm the conclusions of the 2018 NIPSCO Integrated Resource Plan (IRP), that wind and solar resources were shown to be lower cost options for customers compared to other energy resource options.
NIPSCO has requested the addition of these new projects to its supply portfolio in filings with the Indiana Utility Regulatory Commission.
NIPSCO expects to announce additional renewable projects later this year. Learn about NIPSCO's "Your Energy, Your Future" plans and the latest information at NIPSCO.com/future.
About NIPSCO: Northern Indiana Public Service Company LLC (NIPSCO), with headquarters in Merrillville, Indiana, has proudly served the energy needs of northern Indiana for more than 100 years. As Indiana's largest natural gas distribution company and the second-largest electric distribution company, NIPSCO serves approximately 820,000 natural gas and 460,000 electric customers across 32 counties. NIPSCO is part of NiSource's (NYSE: NI) seven regulated utility companies. NiSource is one of the largest fully regulated utility companies in the United States, serving approximately 4 million natural gas and electric customers through its local Columbia Gas and NIPSCO brands. More information about NIPSCO and NiSource is available at NIPSCO.com and NiSource.com.
About NiSource: NiSource Inc. (NYSE: NI) is one of the largest fully-regulated utility companies in the United States, serving approximately 3.5 million natural gas customers and 500,000 electric customers across seven states through its local Columbia Gas and NIPSCO brands. Based in Merrillville, Indiana, NiSource's approximately 8,400 employees are focused on safely delivering reliable and affordable energy to our customers and communities we serve. NiSource is a member of the Dow Jones Sustainability - North America Index and the Bloomberg Gender Equality Index and has been named by Forbes magazine among America's Best Large Employers since 2016. Additional information about NiSource, its investments in modern infrastructure and systems, its commitments and its local brands can be found at www.nisource.com. Follow us at www.facebook.com/nisource, www.linkedin.com/company/nisource or www.twitter.com/nisourceinc. NI-F
This press release contains forward-looking statements within the meaning of federal securities laws. 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. Examples of forward-looking statements in this press release include statements and expectations regarding NiSource's or any of its subsidiaries' business, performance, growth, commitments, investment opportunities, and planned, identified, infrastructure or utility investments. 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, plans, expectations and strategy discussed in this press release include, among other things, NiSource's debt obligations; any changes in NiSource's credit rating; NiSource's ability to execute its growth strategy; changes in general economic, capital and commodity market conditions; pension funding obligations; economic regulation and the impact of regulatory rate reviews; NiSource's ability to obtain expected financial or regulatory outcomes; any damage to NiSource's reputation; compliance with environmental laws and the costs of associated liabilities; fluctuations in demand from residential and commercial customers; economic conditions of certain industries; the success of NIPSCO's electric generation strategy; 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 reliability of customers and suppliers to fulfill their payment and contractual obligations; potential impairments of goodwill or definite-lived intangible assets; changes in taxation and accounting principles; potential incidents and other operating risks associated with our business; the impact of an aging infrastructure; the impact of climate change; potential cyber-attacks; construction risks and natural gas costs and supply risks; extreme weather conditions; the attraction and retention of a qualified work force; advances in technology; the ability of NiSource's subsidiaries to generate cash; tax liabilities associated with the separation of Columbia Pipeline Group, Inc.; NiSource's ability to manage new initiatives and organizational changes; the performance of third-party suppliers and service providers; the availability of insurance to cover all significant losses and other matters set forth in Item 1A, "Risk Factors" section of NiSource's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and in other filings with the Securities and Exchange Commission. A credit rating is not a recommendation to buy, sell or hold securities, and may be subject to revision or withdrawal at any time by the assigning rating organization. In addition, dividends are subject to board approval. NiSource expressly disclaims any duty to update, supplement or amend any of its forward-looking statements contained in this press release, whether as a result of new information, subsequent events or otherwise, except as required by applicable law.
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