NIPSCO, a subsidiary of NiSource Inc. (NYSE: NI), today announced the first phase of its plans to transition to lower-cost renewable energy resources, with the addition of three new wind farms that will be based in Indiana and tied into NIPSCO's electric system serving nearly 500,000 electric customers.
The announcement is part of the energy provider's "Your Energy, Your Future" initiative a customer-centric effort focused on delivering a more affordable and sustainable energy mix.
Under NIPSCO's plans to be coal-free by 2028, the company expects to begin replacing the coal-fired generation with a combination of wind, solar and battery storage technology.
"We're excited for the opportunity to add more home-grown renewable energy in Indiana," said
, NIPSCO president. "In addition to the economic benefits that projects like these add, the transition we're making in our electric generation equates to an estimated $4 billion in cost-savings for customers over the long-term."
NIPSCO has finalized agreements with three experienced renewable energy developers Apex Clean Energy, EDP Renewables North America LLC and NextEra Energy Resources, LLC. The new wind capacity is expected to be in operation by late 2020 with the three announced projects representing approximately 800 megawatts (MW) of nameplate capacity.
Based on NIPSCO's preferred plan, the amount of renewable energy resources NIPSCO is planning to add to its system over the next decade would more than double the amount of existing renewable energy in the state of Indiana, a move that would put the state among the leading renewable producers in the nation.
The three projects were selected following a comprehensive review of bids submitted through the all source Request for Proposal (RFP) solicitation that NIPSCO ran as part of its 2018 Integrated Resource Plan process which concluded 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 in filings with the Indiana Utility Regulatory Commission.
- Jordan Creek The 400 MW wind project, to be developed and constructed by NextEra Energy Resources, LLC will be located in Benton and Warren counties, near Williamsport, Ind. The project will include an estimated 160 wind turbines. NIPSCO will purchase the power directly from Jordan Creek, who will operate and maintain the facilities.
- Roaming Bison The 300 MW wind project, to be developed and constructed by Apex Clean Energy will be located in Montgomery County, near Waynetown, Ind. The project will include an estimated 107 turbines. NIPSCO will purchase the power directly from Roaming Bison, who will operate and maintain the facilities.
- Rosewater The 102 MW wind project, to be developed and constructed by EDP Renewables North America LLC will be located in White County, Ind. The project will include an estimated 25 turbines. EDP Renewables, who will construct the wind farm, and NIPSCO entered into a joint venture and ownership agreement for the Rosewater project.
NIPSCO expects to announce additional renewable projects and plans to issue a second RFP later in the year.
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.
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 8,000 employees are focused on safely delivering reliable and affordable energy to our customers and communities we serve. NiSource has been designated a World's Most Ethical Company by the Ethisphere Institute since 2012, is a member of the Dow Jones Sustainability - North America Index and was named by Forbes magazine as the top-rated utility among America's Best Large Employers in 2017. 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.
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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