EXHIBIT 21 NIPSCO INDUSTRIES, INC. LIST OF SUBSIDIARIES AS DECEMBER 31, 1994 All subsidiaries are incorporated in Indiana, except for Elm Energy and Recycling (UK) Ltd., which is incorporated in United Kingdom and Triumph Natural Gas, Inc., which is incorporated in Delaware. All subsidiaries are wholly-owned unless otherwise indicated. 801 East Corp. Hamilton Harbour Insurance Services, Ltd. Kokomo Gas and Fuel Company Lakeside Energy Corporation NIPSCO Capital Markets, Inc. NIPSCO Development Company, Inc. Its subsidiaries are: Analytic Systems Laboratories, Inc.(1) Elm Energy and Recycling (UK) Ltd.(1) G. R. Clark Corporation Harbor Coal Company JOF Transportation Company KOGAF Enterprise, Inc. Its subsidiary is: Metals Technology Corporation(2) Lake Erie Land Company Its subsidiary is: SCC Services, Inc. NDC Douglas Properties, Inc. NIPSCO International Power Systems Company NIPSCO Security Services, Inc. Process and Control Technology Corporation RIC, Inc. Its subsidiary is: Cardinal Property Management, Inc. Riverside Caloric Company NIPSCO Energy Services, Inc. Its subsidiaries are: Crossroads Pipeline Company NIPSCO Energy Trading Corp. NIPSCO Fuel Company, Inc. Its subsidiary is: NFCO Acquisition Company NI-TEX, Inc. Triumph Natural Gas, Inc.(3) North Lake Energy Corporation Northern Indiana Fuel and Light Company, Inc. Its subsidiary is: Northern Indiana Trading Company Northern Indiana Public Service Company Its subsidiaries are: NIPSCO Exploration Company, Inc. Shore Line Shops, Incorporated ------------- (1) Majority-owned subsidiary of NIPSCO Development Company, Inc. (2) Majority-owned subsidiary of KOGAF Enterprises, Inc. (3) Majority-owned subsidiary of NIPSCO Energy Services, Inc.