NI · CIK 1111711
What NiSource Inc. told the SEC could break it.
NiSource's electric business is concentrated in heavy industrial load. NIPSCO Electric remains closely tied to the steel industry, which made up about 49.3% of its total industrial megawatt-hour sales in 2025, so a downturn in steel flows straight to its results. It is also building exposure to a single large data-center customer through the 2025 ADS Contract — supplying electric service via power procured from GenCo — leaving it dependent on that customer's performance and its ability to terminate or cut committed capacity. On the regulatory side, the EPA's May 2024 revisions to the coal-combustion-residuals disposal rule drove a $48.9 million increase in estimated compliance costs at certain sites in 2025, with more possible (though it expects to recover those through depreciation rates).
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- ADS data-center contract (NIPSCO Electric)medium
In 2025 NIPSCO entered the ADS Contract to provide electric service to a large data-center customer (ADS) via power procured from GenCo; risk factors flag dependence on ADS's performance and its ability to terminate or reduce committed capacity.
“In 2025, we entered into the ADS Contract, a customized agreement under which NIPSCO will provide electric service to ADS by procuring power from GenCo, which will develop related generation assets, and we expect our data center operations to continue to grow.”
SEC filing →As of 2026 - steel industry (NIPSCO Electric industrial load)medium
NIPSCO Electric results remain closely tied to the steel industry; steel-related industries were ~49.3% of total industrial MWh sales in 2025.
“NIPSCO Electric results remains closely linked to the performance of the steel industry. MWh sales to steel-related industries accounted for approximately 49.3% and 49.4% of the total industrial MWh sales for the years ended December 31, 2025 and 2024, respectively.”
SEC filing →As of 2026
Regulatory & policy
- EPA coal combustion residuals (CCR) rulemedium
Revisions to the EPA CCR disposal rule (announced May 2024) drove a $48.9M increase in estimated compliance costs for certain sites in 2025, with additional costs possible (expected recoverable via depreciation rates).
“During 2025, we continued to evaluate the applicability of revisions to the EPA rule for disposal of CCRs, which was announced in May 2024. As a result, during 2025, we recorded an increase of $ 48.9 million based on initial assessments of estimated costs to comply with the EPA rule for certain sites.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“Our customers include American Electric Power, Enbridge, Entergy, Exelon, NiSource, National Grid, Sempra Energy and Southern Company, among others.”
Cited →Energy Services of America Corp.
“Energy Services' customers include many of the leading companies in the industries it serves, including: TransCanada Corporation NiSource, Inc. Marathon Petroleum Mountaineer Gas Nucor Steel West Virginia American Electric Power Toyota Motor Manufacturing Bayer Chemical”
Cited →
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