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• 2022 guidance and long term earnings growth reaffirmed
• Generation transition from coal remains on track for 2026-2028; however, short term solar project delays expected
• Regulatory progress supporting enhanced safety and environmental performance continues, with a rate case settlement in Indiana and new cases filed in Pennsylvania and Virginia
• Investor Day, focused on extending NiSource's growth plan, will take place this fall
• Safety, reliability, customer affordability and sustainability remain top priorities

NiSource Inc. (NYSE: NI) today announced, on a GAAP basis, net income available to common shareholders for the three months ended March 31, 2022 of $413.0 million, or $0.94 diluted earnings per share, compared to net income available to common shareholders of $281.7 million, or $0.72 diluted earnings per share, for the same period of 2021.

NiSource also reported non-GAAP net operating earnings available to common shareholders of $328.7 million, or $0.75 diluted earnings per share, for the three months ended March31, 2022, compared to non-GAAP net operating earnings available to common shareholders of $304.8 million, or $0.77 diluted earnings per share, for the same period of 2021. Schedule 1 of this press release contains a complete reconciliation of GAAP measures to non-GAAP measures.

"The NiSource team continues to execute on plans for the growth and sustainability of our business while delivering safe and reliable service to our customers," said Lloyd Yates, President and CEO. "Despite the expected delays in solar projects, the resiliency and flexibility of our business plan continues to support our commitment to deliver 7 - 9% compound annual growth in non-GAAP NOEPS from 2021 through 2024. I also look forward to sharing details around the extension of this growth plan at our Investor Day event this fall."

Reaffirming 2022 and long-term financial guidance

Consistent with its near and long-term growth commitments, NiSource reaffirms its 2022 non-GAAP diluted net operating earnings per share (NOEPS) guidance of $1.42 to $1.48.

NiSource also continues to expect non-GAAP diluted NOEPS to grow by 7 to 9 percent, from 2021's full year results of $1.37 through 2024, on a compound annual growth rate basis, including near-term annual growth of 5 to 7 percent through 2023. NiSource reminds investors that it does not provide a GAAP equivalent of its earnings guidance due to the impact of unpredictable factors such as fluctuations in weather and other unusual and infrequent items included in GAAP results.

Renewable generation transition

The U.S. Commerce department circumvention investigation related to the import of solar components from select geographies has brought uncertainty and delays to the solar panel market. NiSource is working with its renewable generation developers to better understand the potential project impacts. The company anticipates that most solar projects originally scheduled for completion in 2022 and 2023 will experience delays of approximately 6 to 18 months. In connection with these delays, the company now expects to retire Schahfer Generating Station's remaining two coal units by the end of 2025. However, NiSource continues to expect that Michigan City Generating Station will retire on schedule between 2026-2028.

As NiSource evaluates potential adjustments to renewable generation project timing, the company remains on track to make capital investments totaling approximately $10 billion during the 2021-2024 period. Capital investments for renewable projects of approximately $2.0 billion are expected, primarily between 2022 and 2024, with any remainder expected in 2025. NiSource has flexibility in the timing of other gas and electric infrastructure capital investments that can allow adjustments to compensate for delays in renewable generation projects. In total, capital investments are expected to drive compound annual rate base growth of 10 to 12 percent for each of the company's businesses through 2024.

Environmental impact targets update

In addition to retiring all coal-fired generation by 2026-2028, NiSource is on track to achieve its environmental goals, including:

• Reduce scope 1 greenhouse gas emissions 90% (from 2005 levels) by 2030
• Achieve 50% reduction (from 2005 levels) in methane emissions from gas mains and services by 2025

In 2021, NiSource's energy efficiency programs enabled nearly 1.1 million customers to manage their energy use. Energy efficiency upgrades, home check-ups, weatherization services and other activities helped customers save about $18.5 million on their energy bills and reduce emissions.

Inaugural annual Safety Report

NiSource's inaugural annual Safety Report outlines the company's continued commitment to safety. The report highlights risk management and continuous improvement activities, continued safety investments and technology integration to enhance safety. It is available on the company's website, nisource.com.

Among the advances highlighted in the report is the launch of a collaborative effort among safety-focused energy companies, the Natural Gas Safety Management System Collaborative. Its aim is to drive progress and maturity of safety management systems at member companies. NiSource will benefit from sharing information and learning from the experiences of others.

First quarter 2022 and recent business highlights

Electric operations

Northern Indiana Public Service Company (NIPSCO)filed a petition with the Indiana Utility Regulatory Commission seeking approval of NIPSCO's federally mandated costs for remediation of the coal combustion residuals ash pond at Michigan City Generating Station. The federally mandated costs include a total estimated $40.0 million of retirement costs.

Gas distribution operations

Columbia Gas of Virginia filed a rate case on April 29 to continue its safety and modernization investments. The case seeks an increase in annual revenues of approximately $58.2 million.

Columbia Gas of Ohio is preparing its response to the Public Utilities Commission of Ohio staff report filed on April 6, 2022 in its rate case. The June 2021 filing requested a $221.4 million increase net of the Capital Expenditure Program (CEP) and Infrastructure Replacement Program (IRP) riders.

Columbia Gas of Pennsylvaniahas filed a rate case to further upgrade and replace gas lines for the long-term safety of customers and communities. The case requests additional revenues of $82.2 million. It also seeks to provide additional energy efficiency options while balancing costs.

NIPSCO has filed a proposed settlement in its gas rate case. The agreement would provide a revenue increase of approximately $72 million annually. In addition to infrastructure modernization, the proposal would enable NIPSCO to continue to serve customers with a safe, reliable supply of natural gas, while remaining in compliance with state and federal safety requirements.

NiSource has joined the Coalition for Renewable Natural Gas. The company believes natural gas infrastructure will play an important role in America's energy future, potentially carrying renewable natural gas as well as other low-carbon fuels such as hydrogen. As NiSource explores opportunities to further decarbonize its natural gas system, its local distribution companies are pursuing programs that would allow customers to reduce the carbon intensity of their natural gas usage through the renewable natural gas and carbon offsets. Regulatory filings seeking approval for these programs are under way, similar to the NIPSCO Green Power Rate program that has been in place for several years.

Additional information for the quarter ended March 31, 2022, is available on the Investors section of www.nisource.com, including segment and financial information and our presentation to be discussed at the company's first quarter 2022 earnings conference call scheduled for May 4, 2022 at 11 a.m. ET.