NiSource Inc. (NYSE:NI) Q4 2023 Earnings Call Transcript

Some of those are signaled on the slides that Michael shared from the upside plan itself. But the way I would think about it is nearly all of the CapEx that we spend from a gas standpoint, absent a small amount is driven for safety, compliance, reliability upgrades across our system.

Travis Miller: Okay. That makes sense. And then similar question of that, how much do you expect to flow through some of the mechanisms you have that are non-base rate case related?

Shawn Anderson: Yes. We do have mechanisms in different jurisdictions that enable recovery of whether you’re calling economic development type projects. We have legislation that’s supported in Ohio have had for a number of years to support economic development expansion as well as in Indiana. But some of the forward-look test years, such as that in Pennsylvania can enable us to project these types of projects, if we have line of sight to where economic development is going to come into place. And we can work through the regulatory mechanisms themselves or the rate cases themselves to ensure that we can get quick recovery or prompt recovery of those. So we haven’t seen economic development or business expansion be a drag on our earnings power across any of our businesses. And in fact, it often is one of the components that leads us to an upside within our range.

Travis Miller: Okay. That’s great. Thanks so much.

Shawn Anderson: Thanks, Travis.

Operator: We have our next question from Barclays. Your line is now open.

Nick Campanella: Hey, it’s Nick Campanella again. I just had a quick follow-up, if you don’t mind. Just I’m looking through your regulatory kind of outlook slides here, and I just wanted to know if you’re still planning to file a rate case in Pennsylvania this year.

Lloyd Yates: Melody, you want to handle that one?

Melody Birmingham: Hi there, Nick. We did file a notice of intent for Pennsylvania. And so we are working through the details of when we file for this year.

Operator: Right. We don’t have any raised hands as of the moment. I’d now like to hand back over to the management for their final remarks.

Lloyd Yates: So before I close, I want to take a minute here to thank Donald Brown. Donald is our EVP and Chief Innovation Officer, our former CFO. And after nearly a decade with NiSource, Donald informed us that he’ll be leaving the company to pursue other professional opportunities. I would say we’re extremely grateful to Donald for his service to NiSource and for helping us build a strong financial foundation and to help us evolve and execute our transformation strategy. And we wish him well in his future endeavors. I want to thank all of you for great questions and your support of NiSource and look forward to continue to update you on future business activities. Thank you very much.

Operator: For attending today’s call, we hope you have a wonderful day. Goodbye.