<ARTICLE> UT <LEGEND> This schedule contains summary financial information extracted from financial statements of NIPSCO Industries and is qualified in its entirety by reference to such financial statements. </LEGEND> <PERIOD-TYPE> 3-MOS 12-MOS <FISCAL-YEAR-END> DEC-31-1997 DEC-31-1996 <PERIOD-START> JUL-01-1997 JAN-01-1996 <PERIOD-END> SEP-30-1997 DEC-31-1996 <BOOK-VALUE> PER-BOOK PER-BOOK <TOTAL-NET-UTILITY-PLANT> 3,607,264 3,194,788 <OTHER-PROPERTY-AND-INVEST> 231,035 250,144 <TOTAL-CURRENT-ASSETS> 523,873 511,079 <TOTAL-DEFERRED-CHARGES> 130,358 86,863 <OTHER-ASSETS> 303,383 231,469 <TOTAL-ASSETS> 4,795,913 4,274,343 <COMMON> 534,782 477,935 <CAPITAL-SURPLUS-PAID-IN> 90,499 31,366 <RETAINED-EARNINGS> 641,424 591,230 <TOTAL-COMMON-STOCKHOLDERS-EQ> 1,266,705 1,100,501 <PREFERRED-MANDATORY> 59,396 61,246 <PREFERRED> 85,620 81,126 <LONG-TERM-DEBT-NET> 495,460 403,983 <SHORT-TERM-NOTES> 87,709 112,780 <LONG-TERM-NOTES-PAYABLE> 1,113,260 723,123 <COMMERCIAL-PAPER-OBLIGATIONS> 77,500 313,205 <LONG-TERM-DEBT-CURRENT-PORT> 111,722 146,052 <PREFERRED-STOCK-CURRENT> 1,828 1,828 <CAPITAL-LEASE-OBLIGATIONS> 0 0 <LEASES-CURRENT> 0 0 <OTHER-ITEMS-CAPITAL-AND-LIAB> 1,496,713 1,330,499 <TOT-CAPITALIZATION-AND-LIAB> 4,795,913 4,274,343 <GROSS-OPERATING-REVENUE> 596,315 1,987,948 <INCOME-TAX-EXPENSE> 20,208 107,125 <OTHER-OPERATING-EXPENSES> 509,480 1,601,640 <TOTAL-OPERATING-EXPENSES> 509,480 1,601,640 <OPERATING-INCOME-LOSS> 86,835 386,308 <OTHER-INCOME-NET> 3,326 11,986 <INCOME-BEFORE-INTEREST-EXPEN> 90,161 398,294 <TOTAL-INTEREST-EXPENSE> 34,084 114,435 <NET-INCOME> 35,869 176,734 <PREFERRED-STOCK-DIVIDENDS> 0 119 <EARNINGS-AVAILABLE-FOR-COMM> 35,869 176,615 <COMMON-STOCK-DIVIDENDS> 28,244 103,981 <TOTAL-INTEREST-ON-BONDS> 0 31,847 <CASH-FLOW-OPERATIONS> 129,908 321,011 <EPS-PRIMARY> 0.28 1.44 <EPS-DILUTED> 0.28 1.43