Risk Sleuth
NI · 10-K filed 11 Feb 2026 · year to 31 Dec 2025

NiSource

29 named things its latest annual report says its results depend on, each in the company's own words. 16 of them are also named by other companies we've read.

Customers

Steel industry

earns fromnamed as a risk
In particular, sales to large industrial customers, such as those in the steel, oil refining, industrial gas and related industries, are impacted by economic downturns and recession; geographic or technological shifts in production or production methods; and other changes in consumer demand, including due to a preference for environmentally friendly products and practices.Risk factors (Item 1A)

Also named by MLM, VPG

ADS

earns fromnamed as a risk
Our partnership with ADS exposes us to significant customer concentration risk.Risk factors (Item 1A)

Suppliers

EPC contractors

depends on · two 1,300 MW CCGTsnamed as a risk
In particular, in addition to the capital projects we plan to undertake to support our base business, in connection with the ADS Contract, we expect to construct, through GenCo, 400 MW of new battery storage and a new power generation facility consisting of two 1,300 MW CCGTs, which are expected to reach commercial operation between 2028 and 2032, as well as related transmission and distribution assets.Risk factors (Item 1A)

Power purchase agreements

depends on · approximately 1,200 MW of capacity
As of December 31, 2025, we also have multiple PPAs that provide approximately 1,200 MW of capacity, with contracts expiring between 2038 and 2045.Business (Item 1)

Also named by DLR, EQIX, HASI

Gas materials suppliers

depends onnamed as a risk
We lack diversity in suppliers of some gas materials.Risk factors (Item 1A)

Partners and platforms

Midcontinent Independent System Operator (MISO)

depends on · 55.4%
During the year ended December 31, 2025, NIPSCO generating units, inclusive of its owned renewable generation facilities, were dispatched to meet 55.4% of its overall system load, and the remainder of the overall system load was procured through PPAs and the MISO market.Business (Item 1)

Also named by AEE, DTE, DUK, ETR, LNT, NEE, XEL

Blackstone

depends onnamed as a risk
The NIPSCO Holdings II LLC Agreement and Generation Holdings II LLC Agreement will allow for additional capital contributions from affiliates of Blackstone to NIPSCO Holdings II and Generation Holdings II in connection with such Blackstone affiliates’ minority interest investments in those entities.Risk factors (Item 1A)

Also named by SRE

Other companies

Collective bargaining agreements

32%named as a risk
Of our total workforce, 32% were subject to collective bargaining agreements with various labor unions.Business (Item 1)

Also named by APG, BALL, CAG, CARR, HLT, HSY, IEX, KR and 10 more

Competitors

Customer choice programs (third-party gas suppliers)

competes with · 34.9% of our residential customers and 41.1% of our commercial customers
As of December 31, 2025, 34.9% of our residential customers and 41.1% of our commercial customers participated in such programs.Business (Item 1)

Places

Northern Indiana

concentrated in · approximately 0.5 million customersnamed as a risk
We generate, transmit and distribute electricity to approximately 0.5 million customers in 20 counties in the northern part of Indiana.Business (Item 1)

Also named by THO

Ohio

operates in · approximately 2.4 million
Columbia Operations provides natural gas to approximately 2.4 million residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland.Business (Item 1)

Also named by AM, AR, BBSI, CINF, DRVN, ELV, FE, INTC and 6 more

Hazards

Tornadoes and hurricanes

operates innamed as a risk
We have experienced disruptions in the past from tornadoes, hurricanes and remnants of hurricanes and other events of this nature.Risk factors (Item 1A)

Commodities and inputs

Natural gas

exposed to its pricenamed as a risk
Our current electric generating depends on coal and natural gas for fuel, and our gas distribution operations purchase and resell a portion of the natural gas we deliver to our customers.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Coal

exposed to its pricenamed as a risk
Some of our generation is dependent on natural gas and coal, and we pass through the costs for these energy sources to our customers.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AES, ARLP, BKH, BRK/B, CNP and 19 more

Regulators

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk
The rates that our electric and natural gas companies charge their customers are determined by their state regulatory commissions and by the FERC.Risk factors (Item 1A)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Indiana Utility Regulatory Commission (IURC)

subject tonamed as a risk
NIPSCO’s and GenCo’s operations under the ADS Contract will be, and under future data center contracts are expected to be, regulated by the IURC in a different way from the regulatory mechanisms applicable to NIPSCO’s historical operations, which affects the manner in which we recover our investment costs and earn a return on our investment.Risk factors (Item 1A)

Also named by AES, CNP, DUK, TLN

Maryland Public Service Commission

subject tonamed as a risk
In December 2025, the Maryland Public Service Commission ("MD PSC") issued proposed regulations with the stated purpose of eliminating "subsidies" for the extension of gas mains and service lines to new residential and commercial customers.Business (Item 1)

Also named by EXC, FE, PEG, UGI

NERC reliability standards

subject tonamed as a risk
Our electric business is subject to mandatory reliability and critical infrastructure protection standards established by NERC and enforced by the FERC.Risk factors (Item 1A)

Also named by AEP, CEG, CNP

Laws and programs

Federal Power Act section 202(c)

subject to · 90 daysnamed as a risk
In December 2025, before the planned retirement of the R.M. Schahfer coal facility, the U.S. Secretary of Energy issued an emergency order under section 202(c) of the Federal Power Act requiring R.M. Schahfer to continue operating for 90 days, through March 23, 2026.Business (Item 1)

Also named by CEG

ADS Contract

1,200 MWnamed as a risk
In addition, ADS has a one-time option (exercisable no later than March 31, 2029) to halve committed capacity under the ADS Contract to 1,200 MW commencing January 31, 2032.Risk factors (Item 1A)

Maryland Climate Solutions Now Act of 2022

subject to · 60% by 2031named as a risk
The Climate Solutions Now Act of 2022 ("Act") requires Maryland to reduce GHG emissions by 60% by 2031 (from 2006 levels), and it requires the state to reach net zero emissions by 2045.Business (Item 1)

EPA Carbon Pollution Standards

subject to · approximately $675 millionnamed as a risk
If finalized, this action would remove regulatory constraints that could significantly impact NIPSCO’s planned gas generation, allowing customers to avoid approximately $675 million in additional costs as contemplated through the 2024 NIPSCO IRP.Business (Item 1)

Pennsylvania Public Utility Commission rate case (Columbia of Pennsylvania)

subject to · $55.6
Columbia of Pennsylvania 10.00% $110.4 $55.6 March 20, 2025 January 2026Business (Item 1)

NIPSCO Electric rate case

subject to · $257.0
NIPSCO - Electric(3) 9.75% $368.7 $257.0 September 12, 2024 July 2025Business (Item 1)

Inflation Reduction Act (IRA)

subject tonamed as a risk
Our NIPSCO subsidiary’s renewable portfolio is eligible for tax credits associated with the investment in renewable generation assets and production of power from those assets.Risk factors (Item 1A)

Also named by AEE, AMGN, ARWR, BIIB, BKNG, BMY, CAH, CI and 26 more

EPA Coal Combustion Residuals (CCR) Rule

subject tonamed as a risk
We have a pending application with the EPA to continue operation of a CCR impoundment that is tied to operation of R.M. Schahfer Generating Station Units 17 and 18, which are operating under a 202(c) order.Risk factors (Item 1A)

Also named by AES, D, ETR, LNT, MDU, PEG, PNW, SO and 1 more

MISO capacity accreditation rules

subject tonamed as a risk
It is possible that, under future MISO rules, the capacity accreditation for the capacity resources we construct (potentially including the significant capacity resources we plan to construct to serve ADS and any additional data center customers) will be eliminated or reduced, in which case we would need to replace or supplement the accredited generation capacity we plan to build.Risk factors (Item 1A)

TSA Security Directives

subject tonamed as a risk
In November 2024, the TSA issued a Notice of Proposed Rulemaking (NPRM) that would mandate cyber risk management and reporting requirements for the pipeline industry.Risk factors (Item 1A)

Department of Energy furnace rule

subject tonamed as a risk
Alternative energy sources, new technologies or alternatives to natural gas space heating, including cold climate heat pumps and/or efficiency of other products, and potential competition supported by changes in laws or regulations, including potential natural gas bans or restrictions, such as the Department of Energy's furnace rule banning non-condensing gas furnaces, could reduce demand and increase customer attrition, which could impact our ability to recover on our investments in our gas distribution assets.Risk factors (Item 1A)