<ARTICLE> UT
<LEGEND> 
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENTS OF NIPSCO INDUSTRIES, INC. FOR TWELVE MONTHS ENDED DECEMBER
31, 1994, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                12-MOS
<FISCAL-YEAR-END>                        DEC-31-1994  
<PERIOD-START>                           JAN-01-1994  
<PERIOD-END>                             DEC-31-1994  
<BOOK-VALUE>                                PER-BOOK
<TOTAL-NET-UTILITY-PLANT>                  3,230,957 
<OTHER-PROPERTY-AND-INVEST>                  164,010
<TOTAL-CURRENT-ASSETS>                       327,945       
<TOTAL-DEFERRED-CHARGES>                      26,182
<OTHER-ASSETS>                               195,449
<TOTAL-ASSETS>                             3,944,543         
<COMMON>                                     633,737       
<CAPITAL-SURPLUS-PAID-IN>                     28,687      
<RETAINED-EARNINGS>                          445,424       
<TOTAL-COMMON-STOCKHOLDERS-EQ>             1,107,848
<PREFERRED-MANDATORY>                        101,057
<PREFERRED>                                   86,389
<LONG-TERM-DEBT-NET>                         449,851
<SHORT-TERM-NOTES>                           105,400
<LONG-TERM-NOTES-PAYABLE>                    730,487
<COMMERCIAL-PAPER-OBLIGATIONS>               206,100
<LONG-TERM-DEBT-CURRENT-PORT>                 27,600
<PREFERRED-STOCK-CURRENT>                      1,828
<CAPITAL-LEASE-OBLIGATIONS>                        0
<LEASES-CURRENT>                                   0
<OTHER-ITEMS-CAPITAL-AND-LIAB>             1,127,983
<TOT-CAPITALIZATION-AND-LIAB>              3,944,543
<GROSS-OPERATING-REVENUE>                  1,676,401
<INCOME-TAX-EXPENSE>                          97,732
<OTHER-OPERATING-EXPENSES>                 1,317,520
<TOTAL-OPERATING-EXPENSES>                 1,415,252
<OPERATING-INCOME-LOSS>                      261,149
<OTHER-INCOME-NET>                             2,216
<INCOME-BEFORE-INTEREST-EXPEN>               263,365
<TOTAL-INTEREST-EXPENSE>                      99,378
<NET-INCOME>                                 163,987
<PREFERRED-STOCK-DIVIDENDS>                    3,063
<EARNINGS-AVAILABLE-FOR-COMM>                160,924
<COMMON-STOCK-DIVIDENDS>                      94,803
<TOTAL-INTEREST-ON-BONDS>                     31,075
<CASH-FLOW-OPERATIONS>                       336,392
<EPS-PRIMARY>                                   2.48
<EPS-DILUTED>                                   2.48