NiSource battery deal payments expected at about $2.2B

GenCo’s expected $2.2 billion in payments is tied to an agreement conditioned on AGP Group executing construction and interconnection agreements by January 31, 2027.

Rhea-AI Filing Summary

NiSource Inc., through subsidiary NiSource Generation Company LLC (GenCo), entered into a battery storage tolling agreement with Atlas Storage 1 LLC, an indirect subsidiary of AGP Capital Holdings Pte. Ltd. (AGP Group). AGP Group will develop, construct, own and operate a stand-alone battery system with 600 MWAC of capacity and 2,400 MWh of storage, interconnected to the Midcontinent Independent System Operator (MISO) transmission system.

GenCo will supply the electricity used to power the project and may direct its dispatch and receive the economic benefits of its available capacity, discharged energy and services. The delivery term is expected to be approximately twenty and a half years, beginning when the first phase reaches commercial operation, expected by December 1, 2027. GenCo’s aggregate storage payments to AGP Group are expected to be approximately $2.2 billion over the term, based on a fixed rate subject to adjustments and the project’s actual power capacity. The agreement is expected to be accounted for as a finance lease obligation. Its effectiveness is conditioned on AGP Group executing an engineering, procurement and construction contract and an interconnection agreement reasonably satisfactory to AGP Group by January 31, 2027. GenCo also has an exclusive and irrevocable option to purchase the project at specified intervals during and at the end of the delivery term.

8-K Event Classification

2 items: 2.03, 9.01

2 items

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

Battery system capacity: 600 MWAC Energy storage: 2,400 MWh Aggregate storage payments: Approximately $2.2 billion +3 more

6 metrics

Battery system capacity 600 MWAC Capacity of the stand-alone project

Energy storage 2,400 MWh Storage capacity of the stand-alone project

Aggregate storage payments Approximately $2.2 billion Expected over the delivery term

Delivery term Approximately twenty and a half years Expected term beginning on commercial operation of the first phase

Expected commercial operation December 1, 2027 Expected date for the first phase

Agreement condition deadline January 31, 2027 Deadline for AGP Group to execute the specified construction and interconnection agreements

Key Terms

Tolling Agreement, ancillary services, finance lease obligation, commercial operation date, +1 more

5 terms

Tolling Agreement technical

"Battery Storage System Tolling Agreement"

ancillary services technical

"energy storage services, ancillary services"

Ancillary services are the extra goods or services that support and complement a company’s main product or activity, like maintenance, testing, delivery, or billing. For investors they matter because these add-on offerings can create steady, often higher-margin revenue streams that diversify income and make a business less dependent on its core product — think of them like the accessories and service plans that keep a phone useful and also boost the seller’s profits.

finance lease obligation financial

"accounted for as a finance lease obligation"

commercial operation date technical

"commencing on the commercial operation date"

The commercial operation date (COD) is the day a facility, plant, or project begins regular, revenue-generating operations and is declared ready for routine use. For investors, COD is like a factory’s “opening day”: it signals when costs shift from construction to production, revenue and cash flow should start, and contractual triggers (loan repayments, warranties, tax treatment, and performance obligations) typically take effect, affecting valuation and risk.

interconnection agreement technical

"an interconnection agreement reasonably satisfactory to AGP Group"

A written contract that sets the technical, legal and financial rules for linking two networks or pieces of infrastructure so they can work together safely and reliably. Like a handshake plus a rulebook for plugging systems together, it spells out who pays for connection work, who is responsible for outages or upgrades, and how data or power will flow. Investors care because these agreements affect a company’s ability to sell services, meet regulations, control costs and avoid operational disruptions.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much will GenCo pay AGP Group under NiSource’s battery storage agreement?

GenCo’s aggregate storage payments are expected to be approximately $2.2 billion over the delivery term. Payments are based on a fixed rate, subject to certain adjustments, and the project’s actual power capacity.

Can NiSource buy the battery storage project?

GenCo has an exclusive and irrevocable option to purchase the project at specified intervals during and at the end of the delivery term.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/16/2026 - 07:00 AM EDT Accepted by SEC EDGAR 10/16/2026 - 07:00 AM EDT Learn about SEC filing dates

false 0001111711 0001111711 2026-10-15 2026-10-15

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): October 15, 2026

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 (614) 460-6000

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 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On October 15, 2026, NiSource Generation Company LLC (“GenCo”), a subsidiary of NiSource Inc. (the “Company”), entered into a Battery Storage System Tolling Agreement (the “Tolling Agreement”) with Atlas Storage 1 LLC, an indirect subsidiary of AGP Capital Holdings Pte. Ltd. (“AGP Group”), pursuant to which AGP Group will develop, construct, own, and operate a 600 MWAC / 2,400 MWh stand-alone battery energy storage system (the “Project”) interconnected to the electric transmission system operated by the Midcontinent Independent System Operator, Inc. (“MISO”). Under the Tolling Agreement, GenCo will supply, at its expense, the electricity used to power the Project and will have the right to instruct dispatch of the Project and receive the economic benefits of its available capacity, discharged energy, energy storage services, ancillary services and (if applicable) environmental attributes, including revenues generated from the sale of such products into the applicable MISO markets (the “Products”).

The delivery term under the Tolling Agreement is expected to be approximately twenty and a half years, commencing on the commercial operation date for the first phase of the Project (expected by December 1, 2027). In consideration for the Products, GenCo will pay AGP Group regular storage payments based on a fixed rate (subject to certain adjustments) and the Project’s actual power capacity. GenCo’s aggregate storage payments over the delivery term are expected to be approximately $2.2 billion. The Tolling Agreement is expected to be accounted for as a finance lease obligation under FASB ASC Topic 842. Effectiveness of the Tolling Agreement is conditioned upon AGP Group’s execution of a contract for the engineering, procurement, and construction of the Project and an interconnection agreement reasonably satisfactory to AGP Group, in each case by January 31, 2027. The Tolling Agreement also provides GenCo with an exclusive and irrevocable option to purchase the Project at specified intervals during and at the end of the delivery term.

Note regarding forward-looking statements

This Current Report on Form 8-K 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 AGP Group’s construction and operation of the Project, the anticipated capacity of the Project, interconnection of the Project to MISO’s transmission system, GenCo’s purchase of capacity, energy storage, discharging energy, ancillary services and environmental attributes available from the Project, the commencement of the delivery term of the Tolling Agreement and GenCo’s estimated aggregate storage payments over the delivery term. 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 approval in connection with the Tolling Agreement 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 to AGP Group 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; AGP Group’s ability to perform its obligations under the Tolling Agreement, including construction of the Project on-time and effectively; the impact of public involvement, intervention or litigation with respect to these projects 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, 2025 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 in 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: October 16, 2026				By:		/s/ Shawn Anderson
						Shawn Anderson
						Executive Vice President and Chief Financial Officer

Filing Exhibits & Attachments

3 documents

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB