NiSource Inc. (NYSE:NI) Q1 2024 Earnings Call Transcript

Shawn Anderson: Yes, this is Shawn. I’ll take that. The existing project cost allocation fourth to be about $250 million across NiSource, but that splits itself to the allocation across their jurisdiction. So think about it around $150 million of capital that will flow through NIPSCO, both on the electric side and the gas side. And then yes, it covers the onetime O&M component of it and then some depreciation and amortization.

William Appicelli: Okay. All right. Great. And then just going back to the PHMSA rules and maybe can you just share exactly what you need to see coming out of that final rulemaking to trigger some of the incremental capital opportunities?

Lloyd Yates: Yes. I mean we are actively involved with federal government and I’ll say the PHMSA of rulemaking. As you probably know, PHMSA is about really grading leaks and repair time lines and leak detection methodologies. We think those rules will be finalized by the end of this — by the end of 2024, so far and as we start to develop plans or compliance to those rules, you’ll start to see us have input to our capital plan or additions to our capital plan to facilitate those rules by some time in the middle of the plan. So you have to develop a compliance plan within 18 months. And in 36 months, you kind of have to roll into your capital plan. So we expect to see capital upside from the PHMSA rule sometime in the middle of the plan.

William Appicelli: Okay. All right. And then lastly, and apologies if you said this earlier, but on the ATM issuance, can you just remind us how much you’ve done year-to-date?

Shawn Anderson: We did approximately one third on the ATM to date.

William Appicelli: Okay. Perfect. Thank you very much.

Operator: Thank you. And I will now turn the call back over to management for closing remarks.

Lloyd Yates: Again, thank you for participating in the phone call. We’re optimistic about the NiSource plan. Appreciate the questions. Have a great day.

Operator: Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect.