Exhibit 23

CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

     As independent public  accountants,  we hereby consent to the incorporation
of our  report  included  in this Form  11-K,  into  NIPSCO  Industries,  Inc.'s
previously  filed  Form  S-8  Registration  Statement  No.  33-30619;  Form  S-8
Registration  Statement  No.  33-30621;  Form  S-8  Registration  Statement  No.
333-08263;  Form S-8 Registration Statement No. 333-19981; Form S-8 Registration
Statement No. 333-19983; Form S-8 Registration Statement No. 333-19985; Form S-3
Registration  Statement  No.  333-22347;  Form S-3  Registration  Statement  No.
333-26847 and Form S-3 Registration Statement No. 333-39911.


/s/ Arthur Andersen LLP

Chicago, Illinois
March 25, 1998