EXHIBIT 21 NIPSCO INDUSTRIES, INC. LIST OF SUBSIDIARIES AS OF DECEMBER 31, 1998 All subsidiaries are incorporated in Indiana, except for Retyred 99, Ltd., which is incorporated in United Kingdom; Inventory Management and Distribution Company, L.L.C., Laredo Nueces Pipeline Company, MidTex Gas Storage Company, L.L.P. and NFCO Acquisition Company, which are incorporated in Texas; N Squared Aviation LLC, Market Hub Partners, Inc., Market Hub Partners L.P., NI-TEX Gas Services and Bristol Resources Production Company, L.L.C. which are incorporated in Delaware; Sun Power Corporation which is incorporated in California; Progeni, Inc. which is incorporated in Illinois; and NESI Energy Marketing Canada Ltd., NIPSCO Energy Services Canada Limited, NESI Energy Marketing Canada, Inc. and Canor Energy Ltd., which are incorporated in Alberta, Canada; NI Canada ULC which is incorporated in Nova Scotia, Canada; Portland Natural Gas Transmission System which is incorporated in Maine. All subsidiaries are wholly- owned unless otherwise indicated. NIPSCO Industries Management Services Company Hamilton Harbour Insurance Services, Ltd. NIPSCO Capital Markets, Inc. IWC Resources Corporation Its subsidiaries are: Indianapolis Water Company Harbour Water Corporation Liberty Water Corporation Utility Data Corporation Waterway Holdings, Inc. IWC Services, Inc. Its subsidiary is: White River Environmental Partnership (1) SM&P Utility Resources, Inc. Miller Pipeline Corporation Primary Energy, Inc. Its subsidiaries are: Harbor Coal Company Lakeside Energy Corporation North Lake Energy Corporation Portside Energy Corporation Cokenergy, Inc. Whiting Clean Energy, Inc. Ironside Energy Corporation Northern Indiana Public Service Company Its subsidiaries are: NIPSCO Exploration Company, Inc. Shore Line Shops Incorporated NI Energy Services, Inc. (formerly known as NIPSCO Energy Services, Inc.) Its subsidiaries are: Market Hub Partners, Inc. (3) Market Hub Partners, L.P. (2) 37 Inventory Management and Distribution Company, L.L.C. (3) NI Telecomm, Inc. NIPSCO Fuel Company, Inc. Its subsidiaries are: NFCO Acquisition Company Bristol Resources Production Company, L.L.C. (4) NEM Acquisition Corp. Crossroads Pipeline Company NI-TEX, Inc. Laredo Nueces Pipeline Company (5) NESI Energy Marketing, L.L.C. (7) (8) Green Fuels, Inc. NESI Power Marketing, Inc. NESI Integrated Energy Resources, Inc. NIPSCO Energy Services Canada Ltd. Its subsidiary is: NESI Energy Marketing Canada, Ltd. (10) NI-TEX Gas Services, Inc. MidTex Gas Storage Company, L.L.P. (6) NI Energy Services Transportation, Inc. NI Energy Services Development Corp. Its subsidiary is: Portland Natural Gas Transmission System (14) NESI Solutions, Inc. NESI Canadian Holdings, Inc. NI Canada ULC. Its subsidiary is: Canor Energy Ltd. (9) NIPSCO Security Services, Inc. NIPSCO Development Company, Inc. Its subsidiaries are: Analytic Systems Laboratories, Inc. (12) Retyred 99, LTD. Protonics Research, Inc. (12) International Polymer Corp. JOF Transportation Company KOGAF Enterprises, Inc. Lake Erie Land Company, Inc. Its subsidiary is: SCC Services, Inc. N Squared Aviation, LLC (13) NDC Douglas Properties, Inc. NIPSCO International Power Systems Company Cardinal Property Management, Inc. Progeni, Inc. Sun Power Corporation (11) Customer Information Servcies, Inc. Kokomo Gas and Fuel Company Its subsidiary is: KGF Trading Company Northern Indiana Fuel and Light Company, Inc. Its subsidiary is: Northern Indiana Trading Company, Inc. _______________ (1) Majority-owned interest of IWC Services, Inc. (2) Minority-owned partnership of NI Energy Services, Inc. 38 (3) Minority-owned interest of NI Energy Services, Inc. (4) Majority-owned interest of NIPSCO Fuel Company, Inc. (5) 50% owned interest of NI-TEX, Inc. (6) Minority-owned interest of NI-TEX Gas Services, Inc. (7) Majority-owned interest of NI Energy Services, Inc. (8) Minority-owned interest of NEM Acquisition Corporation. (9) Minority-owned interest of NI Canada ULC (10) Majority-owned by NIPSCO Energy Services Canada Ltd. (11) Minority-owned subsidiary of NIPSCO Development Company, Inc. (12) Minority-owned subsidiary of NIPSCO Development Company, Inc. (13) Minority-owned interest of NIPSCO Development Company, Inc. (14) Minority-owned interest of NI Energy Services Development Corp. 39