Major data center power deal for NiSource (NYSE: NI) disclosed in 8-K

Rhea-AI Filing Summary

NiSource Inc., through subsidiary Northern Indiana Public Service Company LLC, has entered into a long-term electric service contract with a large, investment grade customer to serve new data centers. The contract provides for a capacity commitment starting in 2027 and increasing annually through the end of 2032, and will be submitted to the Indiana Utility Regulatory Commission for approval, including a mechanism to return savings to retail customers for use of the existing system beginning in 2027.

To meet this demand, NIPSCO Generation LLC expects to construct new dispatchable generation and has signed engineering, procurement, construction, and equipment supply contracts. The company plans to finance the related projects with a mix of debt and equity, potentially including minority equity stakes in subsidiaries, and plans to give more detail and update its financial plan in its earnings call and Form 10-Q for the quarter ending September 30, 2025.

Insights

Utility sector and infrastructure analyst

NiSource secures a long-term data center power contract, driving new generation build and financing needs.

NiSource reports that NIPSCO has agreed to supply power to a large, investment grade data center customer, with capacity commitments beginning in 2027 and rising each year through 2032. This introduces a sizable, multi‑year load source tied to a single counterparty, with terms subject to approval by the Indiana Utility Regulatory Commission, including a mechanism to flow savings back to retail customers for use of the existing system.

To serve this contract, NIPSCO Generation LLC expects to construct new dispatchable generation and has already entered into engineering, procurement, construction, and equipment supply contracts. The company plans to finance these investments with a mix of debt and equity, potentially including minority equity investments in subsidiaries and other structures depending on market conditions.

The impact on leverage, allowed returns, and rate design will depend heavily on the IURC’s approval timing and conditions, as well as the customer’s execution of its data center plans. Additional color is expected when management updates its financial plan in disclosures associated with the quarter ending September 30, 2025.

8-K Event Classification

2 items: 7.01, 9.01

2 items

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 22, 2025

NiSource Inc.

(Exact name of registrant as specified in its charter)

DE		001-16189		35-2108964
(State or other jurisdiction of incorporation)		Commission File Number		(I.R.S. Employer Identification No.)

801 East 86th Avenue
Merrillville, IN		46410
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (877) 647-5990

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share		NI		NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure

On September 18, 2025, Northern Indiana Public Service Company LLC (“NIPSCO”) (the “Company”), a subsidiary of NiSource Inc., entered into an agreement (the “Contract”) with a large, investment grade company (the “Customer”), pursuant to which the Company has agreed to provide electric service to Customer’s data centers pursuant to a capacity commitment beginning in 2027 and increasing annually to the end of 2032. The Contract will be submitted to the Indiana Utility Regulatory Commission (“IURC”) for approval, which will include a mechanism to flow savings back to retail customers for use of the existing system beginning in 2027.

In order to meet demand under the Contract, NIPSCO Generation LLC, a subsidiary of NiSource Inc., expects to construct new dispatchable generation and has entered into engineering, procurement, and construction contracts, and equipment supply contracts, with respect thereto.

The Company expects to finance the project through a combination of debt and equity financing, which may include minority equity investments in subsidiaries, and may also pursue other funding sources, structures, or partnerships as market conditions and strategic considerations evolve.

The Company expects to provide additional information regarding the Contract, including updating its financial plan to incorporate the financial ramifications of the Contract, in connection with its earnings conference call for the quarter ending September 30, 2025 and its Quarterly Report on Form 10-Q for such quarter.

The information set forth in this Item 7.01 of this Report is being furnished pursuant to Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.

Note regarding forward-looking statements

This Report contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements concerning our provision of power to the Customer under the Contract and our construction of new generation and battery storage facilities. Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. 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 and expectations discussed in this Report include, but are not limited to, the receipt, timing and terms of required regulatory approvals in connection with the Contract and the ability to comply with any conditions associated with such regulatory approvals; the ability of key suppliers and contractors to timely satisfy their obligations under existing or future contracts and in compliance with the terms of such contracts; the impact of applicable tariffs, if any, and other economic factors; the impact of natural disasters or other severe weather events; our ability to perform our obligations under the Contract, including construction of new generation on-time and effectively and their technological feasibility; capital market conditions, including the availability of credit and our ability to obtain financing on acceptable terms; the performance of Customer of its obligations under the Contract; the ability of Customer to implement its plans to construct data centers; the impact of public involvement, intervention or litigation with respect to these projects; any early termination of the Contract and other matters as set forth in Part I, Item 1A, “Risk Factors” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and matters set forth in our subsequent Quarterly Reports on Form 10-Q, some of which are beyond our control.

All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changes assumptions, the occurrence of anticipated or unanticipated events or changes to the future results over time or otherwise, except as required by law.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
104		Cover page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						NiSource Inc. (Registrant)
Date: September 22, 2025				By:		/s/ Kimberly S. Cuccia
						Kimberly S. Cuccia
						Executive Vice President, General Counsel and Corporate Secretary

FAQ

What contract did NiSource (NI) announce in this 8-K?

NiSource reported that subsidiary Northern Indiana Public Service Company LLC (NIPSCO) entered into a contract with a large, investment grade customer to provide electric service to the customer’s data centers under a capacity commitment that begins in 2027 and increases annually through 2032.

How long does NiSource’s new data center power commitment run?

The capacity commitment under the contract begins in 2027 and increases each year through the end of 2032, creating a multi‑year power supply arrangement for the customer’s data centers.

Does the NiSource data center contract require regulatory approval?

Yes. The contract will be submitted to the Indiana Utility Regulatory Commission (IURC) for approval. That submission will include a mechanism designed to flow savings back to retail customers for use of the existing system beginning in 2027.

What new investments will NiSource make to serve this data center load?

NIPSCO Generation LLC expects to construct new dispatchable generation to meet demand under the contract and has entered into engineering, procurement, and construction contracts as well as equipment supply contracts related to these new facilities.

How does NiSource plan to finance the new generation for the data center contract?

The company expects to finance the project with a mix of debt and equity financing. This may include minority equity investments in subsidiaries and potentially other funding sources, structures, or partnerships as market conditions and strategic considerations evolve.

When will NiSource provide more financial detail on this data center contract?

NiSource plans to provide additional information on the contract and to update its financial plan to reflect its effects in connection with its earnings conference call and its Form 10-Q for the quarter ending September 30, 2025.

What risks to NiSource are highlighted regarding this data center project?

The company notes risks related to the receipt, timing, and terms of required regulatory approvals, supplier and contractor performance, economic factors and tariffs, severe weather events, construction and technological feasibility of new generation and storage, capital market conditions, the customer’s ability to build data centers and perform under the contract, potential public intervention or litigation, and any early termination of the contract.