NI - Earnings call transcript Q4 2017

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Operator

Good morning ladies and gentlemen, and welcome to the NiSource Fourth Quarter 2017 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to Mr. Randy Hulen, Vice President of Investor Relations. Please proceed.

Randy Hulen

morning, good and Andrew everyone. Thank, quarterly Welcome call. to our investor

financial Joe Executive Officer. drivers. your the and Officer; me review purpose this provide Donald full growth Chief update are morning NiSource's to as is up Financial call questions. Joining year and of fourth well and Hamrock, Brown, open on today's to our call We'll for operations XXXX, then performance the of as quarter The an Chief business

be will are we call, to our slides this During these slides; referring available supplemental nisource.com. on

over expressed turning risks the this and SEC Joe, Before forward-looking. to reminder; concerning in the quick results actual our sections cause statements. some will uncertainties and call the the MD&A call is those such These included on to made and Risk just in Factors are subject could risks periodic of a to statements statements differ be of filings. from that conference uncertainties Information materially

some of In this relate measures. the call on addition, non-GAAP to statements made conference

full that been available schedules document, In information With is yours, most Joe. find and of call of now the directly reconciliation measure a refer our and you'll in please are measures, these the slides also the additional have out which nisource.com. historically our that that financial available also information all release. earnings way, and the additional supplemental on financial comparable segment GAAP For on to

Joseph Hamrock

investments, growth to safety as growth, good customer customer year recognition sustained plan facets the across business and performance, Randy, per and investors. of for share our and all of employee earnings record more best NiSource the for dividend utilities, satisfaction industry Thanks, everyone and across was improved leading place infrastructure all with thanks execution work increased us. joining morning, solid XXXX our

We in part compared to Let's continued per leaks identified some XXXX. $X.X delivered infrastructure investment $X.XX We our $X.XX at methane drove operating share included our more XXX slightly achievements non-GAAP pipeline XXXX. a above earnings net our highlight supplemental gas XXXX, and guidance This which in utility of was X deck billion in emissions. of Slide of for natural look of significant XXXX. in investment opportunities. than replacing This priority our reductions invested miles in long-term record of our and billion of $XX range

Indiana. across billion electric business Employers for $X new America's of reduction most as of the successfully XX% from a also aggressive Best fuels we underground in about environmental electric XX,XXX and nearly well culture. by XXXX. NiSource over will interest performance docile and Forbes reliability our years. which nearly the Virginia Place the electric our as completed replaced industry only 'Best improved strategy [ph] of top gas which Human long-term the a brands, Magazine's earned employee service X,XXX metrics increased settlements to in power added in approvals in including we our to levels XXXX electric indices. satisfaction miles of in safest in I'm year Place Virginia XX return named was next Work' poles of global safety from say time Equality for XXX And we and of We Gas Equality was Gender savings We JD of first one And Columbia cable to Customer that of XXXX, We our for more scores utility total utility recognition our expense Rights improving shareholder achieved customers the core early and Index. utilities. proud top Power ever. Large gas inclusive top Associates as nation's established as XXXX Campaign in than the was improved diverse Work all & base the generation NiSource and growth Bloomberg as in companies ranked case the at by the Foundation. with environmental targets recognized in Maryland as housing to significant Best XXXX, brands gas debt healthy significantly customers emissions more plan Indiana. in greenhouse We inaugural of the NIPSCO regulatory for We one exceeding to supported rates driven major other favorable and for world market. were two by rate investment key the a gas by several delivered and result initiatives and our conversions We XXXX, XX% list LGBTQ for one recognized refinanced

As XXXX communities we value created our serve, for and customers, for continued you the see, we're and can employees well our NiSource's growth. our positioned performance investors, in

that of writer approximately modernization to reflect tracker. the X which benefits or since Ohio, amended not XXXX Because long-term in over to the expect investment I'd being recovered turning increase from most of Before next made and Federal deferred Donald, X our we solution infrastructure we targeted that this pass the provides in the tax by back the the supports This $XX reform balanced for to and program few a recover so. the In effort for of pleased rate industry existing the call in infrastructure requested gas the to communities. states impact the of shape and all reform investments as highlight lowering our the that reform examples NIPSCO constructive note effort; how with capital We're and benefits customer with critical are our tax Indiana, regulators benefits should stakeholders case the play Reform. under I around working months our the million. tax to customers Congress to this like continued over To include out included customers. to discussions solution filing expenditure in key part approach utility capital am utility Tax regulated requests to

remaining over confident expected the shape to of to law solid create provisions, and take financial As I months jurisdictions continue its next our across said, the commitments meet community or ability will in tax as to implementation six the about clarity With these we're regulatory this others efforts as our so. and shareholder the well new value. the

over Donald Now the to financial discuss detail. who will like performance turn to call our I'd in more Donald?

Donald Brown

the Thanks great Joe, by a good like adding I'd to to tax few past around everyone. details has investors start year. and know morning reform we more been which interest over a

the also source $XXX of forward provide million tax we act, is and revalued to which of operating net X, to benefit would Turning the remeasurement will cash of Slide liabilities customers. XXXX. with point increased out carry $X.X to a I expected benefit regulatory cuts adoption liabilities to nice approximately that deferred the loss our provide continue our jobs our which to beyond by billion tax tax our

lowers our our performance As Joe since and positive and critical safety, service the is our it system. investment tax their mentioned, enhancing costs benefits supports for customers of utility by environment reliability the in infrastructure which continued new law all stakeholders

reaffirming credit from we on of understand utilizing necessary changes may debt. get convertibles, on of and to clarity, through the we this hybrids, clarity including With I include $X.XX. the a credit investment the are impact, regulatory to debt puts efficiencies, specifically levers business every us would finalize any funds to our necessary mix will and then this on to our more XXXX reform guidance plan equity. in financing that of will maintain earnings to operations on any we our operating manage our which As add the impact flexibility that plan initiatives our current and confidence metrics, financial near-term of delivering we implementation stated tax work we focused better and have that available ratings. non-GAAP changes our be net to will grade within It commitments, context in effort $X.XX

X% and also non-GAAP We $X.X X% to our XXXX. invest to XXXX programs each utility earnings annually by to to share and per expect $X.X grow year infrastructure billion operating through continue billion in through dividends net to our

net investments, and would X; that sheet were per adjustments $XXX results outcome tax compared note to $X.XX $X.XX of impact about reform. million continues in in earnings and per Slide infrastructure $XXX balance to our share certain modernization million about performance of we've with biggest our to share driver The other financial items delivered XXXX or solid by be non-GAAP by the results impacted solid of operating on XXXX. infrastructure in Moving I regulatory trackers. supported GAAP federal our established long-term our related or

Let's business results now turn for financial to the segments. our non-GAAP

by programs. for revenue revenues about rates operating were and operating million Our from gas infrastructure up in $XXX XXXX. by was had compared offset with about This primarily base driven million. $XXX Net about than earnings of operating the $XXX more $XXX replacement earnings segment million year new cases increased increased distribution expenses million which about rate operations by of

of an Net in revenues rate and of Our was an This driven $XXX revenue XXXX. increased million $XX increase Electric offset XXXX the were about increased the $XXX from about earnings electric approximately Operations transmission million new segment rates in up base investment year, for reported projects. case from the $XX operating by operating million increase million partially expenses. by

were investments our in previously, We're our driven included details on-track and recent release earnings increase make these with by discussed O&M of non-tracked supplemental nisource.com. settlements information enhancements. XXXX. this the managing certain O&M we're for in Full flat fourth in customer performance expenses commitments safety, expenses posted and and results we've expenses morning rate in largely planned available closely quarter case As XXXX compared of to at service reliability earnings our financial details

profile. to Slide credit to I'd briefly debt our turning like X, touch Now and on

December maintained interest sustainability and consisting available of points at XX than of will was which more receivable our end XXX weighted long-term was approximately At average on billion facility investment infrastructure reduced is to Our our The weighted under the and credit capital XX of years debt about This to of about debt long-term of about billion capacity billion XXXX, we cash accounts approximately was our than basis was $X securitizations. long-term our X.X%, provide separation. level debt. liquidity lower $X.X net help available programs. as and cost average maturity rate $X which

Going and continued financial growth. forward, for foundation is our solid poised

to turn few Now the call Joe highlights. back and I'll regulatory discuss a infrastructure customer, to investments

Joseph Hamrock

update that Thanks Donald. for

Now quarter specific fourth early for the on let's operations X. Slide gas from to highlights our some and turn XXXX

the Ohio's lowering The $XX if before we as in January, gas filed. system is supports nearly increase and and improvements infrastructure Indiana In Also pending approved safety in our half a us incorporates program. lines. an the remains which program the Utility the base federal in tax to other January reliability. by Indiana systems commissioned extension case pipe made service investments filed Ohio, tracker mainline order allow annual targeted a Columbia pipeline request This this increased In continued rates. million of An investments which well-established recovering in deferred expected approved in currently case for program replacement benefits in second to begin in priority application technology measures expenditure of capital utilities made upgrades, rate Ohio, Commission. of of supplemental and customer Regulatory year. recovered filing XXXX December revenue not the Our reform Gas replacement five-year of covers since and customer public we capital would

month Our reliability and associated improve infrastructure these revenue million Indiana, designed while modernization effect by further are system programs Maryland and last updates under recovering under Investments increase Virginia. and efficiently tracker application in seeks costs. safety to program new XXXX annual in $XX to took rates Kentucky,

Construction electric by operations these to City Michigan let's to be projects cost December environmental X. covering our related IURC units is approved and approval at end Now and handling expected our for our agreement Slide work residuals Schaefer XXXX. certain investments from and recovery in on of settlement The stations. on complete turn underway is generating the coal-ash to

includes We long-term investments billion and designed planned enhancements safety modernization improve on of to our systems infrastructure electric transmission continue and electric reliability. distribution through infrastructure are which to program $X.XX execute Approximately, to XXXX.

enhance from of The tracker projects was of construction KV million flexibility New XXXX. May is month major region-wide expected filed tracker through made update of be to rates system and under November took XX covers and electric mid-XXXX. request last in $XX two November XXX our transmission update. latest XXX to second mile KV reliability. approximately semi-annual mile in effect And The designed and projects investments our XXX completed are

create value before we to questions. infrastructure programs communities As takeaways your sustainable and for NiSource's key opening some up modernization the the today, to customers, long-term. wrap are and utility call continue just for shareholders

$X.X share we to operating and and through support maintaining to we to more XXXX you We billion non-GAAP expect earnings for For investment billion billion by to in deliver per robust than for remain dividend identified grade in to of in earnings in net and and grow against to $XX expect continue the long-term plans, $X.X to capital our our XXXX ratings. investment annually operating to Thank continue With to participating investment on-track $X.XX complete a a while range execute our of $X.XX today opportunities. credit your interest NiSource. X% all X% both ongoing our investments.

call open questions. the Andrew? let's your to Now

Operator

first Our KeyBanc with Instructions] comes Markets. [Operator question Paul Ridzon from Capital

Your line now open. is

Paul Ridzon

tact; Joe, since you sustainable be a recently kind suggested of predictability kind took and sheet, on headline helm, growth, laid different you solid that balance that pretty of you can of a a protecting you've the the we out comment that? -- story taking saw might

Joseph Hamrock

-- you. Paul but to sure not I'm referring headline what [indiscernible] you're got

activity NiSource the to shareholder an CapEx I'll on calls that always continued for as value Day, should increased to of example rumors; at there. execution recent program and a most result And you of our had current of or year announced I long-term of the remains our M&A market when X%. growth plan, we our last has underpins disciplined X% speculate identified focus So billion in approach or $XX that benefit shareholder Investor know focus long-term that was and our won't elevated of customers say comment will growing grow and investments to communities our value the sustainability that rate

Paul Ridzon

a give a a standpoint, corporate how and from little issues unique you've addressed more And little us the structure bit just because NiSource interest you around of can reform tax detail deductibility? is bit structure

Joseph Hamrock

Sure.

reflects sustainability economic cost and our As the very Donald many with this and XXXX, advocated growth across modernization business it targeted mentioned customer and infrastructure I framework it the benefits well, for bills. of so I by pass-through industry of underpins pleased noted as solutions earlier, our of as touched and -- fundamentally on the the reducing us customers we're one supports strategy that because throughout our which enhances the new

the Donald, conversion was restructuring the initiated level entity LLC we NIPSCO XXXX. this flow So minor other our as we'll subsidiary cash XXXX in do our on changes, so to helps customers that at of provide our just either retain interest things additional guidance looked navigate, retention to so some need while to ability and details there can elements to insights the the retain us. restructuring deductibility evidenced December, is this And near-term or has to framework able is in to which of that early legal that us other no we've but of that through that's on but last of by effect investors any to reaffirmation Donald we're back confident in Among adjustments effort of that to of key completed expense note one week, details includes one that. positioning important overall an that? additional on we're the the at and the

Donald Brown

it interest financing XX% lose forward. I the from some but you from going XX% to from about and offset standpoint levers mechanisms tax and and us shield O&M that other XXXX got deductibility think for standpoint that value allows the we've commitment interest maintain did when earnings going and our of impact think an regulatory to

Paul Ridzon

will or the it did in put $X billion Donald, you hedged place? of interest expense as you that 'XX risk; that you [ph] pedal over amortized you rate indicated be in

Donald Brown

be will That bit late a [ph]. over amortized

Operator

Shah Our question next with Guggenheim from comes [ph] Partners.

now is open. line Your

Unidentified Analyst

utility is an the that so got as the a -- turning is by question which the that a sort you Joe, utilities. inter-company regulated debt, you into in on historically to of NIPSCO how classified basically, carve billion loan NiSource out? LLC One like Holdco $X just

Joseph Hamrock

characterization. fair a That's

Unidentified Analyst

then, the out. balance million And got sheet just on internal opportunistic guided of $XXX through -- me let historically programs, equity over have metrics about and to you've and shake where your have sort $XXX on equity, talked being you to to guys sort depending in million

tax you the could having of commissioners, maybe there discussions are some and any the 'XX? the programs so, repairs guys indications sort importantly, any remind about prelim i.e. sort that internal credits for into change? accelerate range talk it is to the Just potentially savings the Is preliminary deploying infrastructure; there us, what's And more as spending with of this versus some [ph]? of retaining needed immediate of status

Donald Brown

those have customers. I we're with think -- around those made provide tax information conversations our adjustments deferred In reform impacts it's orally tax could in be cases, states to on X we regulators and having most what those regarding and impacts. filings

and in got at the you places, being NIPSCO is having those different I gas the well programs think I states Ohio the an as about got overtime flexibility, the think programs maintain got our CEP what as number infrastructure -- dividend impact and this X case commitments. in point earnings we've think if ability to of program that and cash through we've manage growth we've

Unidentified Analyst

still levers You program? when sort guiding in have current of been And levers on refi flat especially you Columbia program, left then Gas whether there it's the comfortable all you their NIPSCO of sort O&M side well, merger? the outlook, of or is are utilized so guys your even of the first it's towards O&M whether extremely your beyond of the on refinancing utilized sort anything profile,

Donald Brown

XXXX; When about there half refinancing. So, only I'll so XXXX, of if continue refinanced we'll shareholders value but at last May, in to we start and not is our point. in earnings there our opportunity look and and is that contemplated this guidance that see refinance those to for at maturities still provide savings and first debt, the that we are on the debt refinanced XXXX

Joseph Hamrock

made safety, and we've areas of also to largely the at in over we've On of our the XXXX that initiative our quarters, to past In expectation the reliability, trainings the base; due increases to we're growth pretty underpinned O&M aimed both customer value of in a the really our support confidence were couple O&M spot we commitments about in all had there; in customer side, are and significant value the off there. commitments plan customers. planned and and good sustaining vein, for talked our of so XXXX flat increases the off sustainability our the great XXXX of start a strategy which and as O&M

Operator

next Our Suisse. comes Credit from Michael with question Weinstein

line Your is open. now

Michael Weinstein

needed how any and be realized reforms tax about your the that with to a comment about that? that in somewhat as And to sheet year? like go might timing able cash on that regarding of might I perhaps and Can need discussions result regulatory you strengthen more balance preserving or announce bit things of need assets and specifics be around a little that? you discussions flows amortization would Could equity for equity that talk the the be you and that regulators the order throughout dependent when

Donald Brown

on the At we're well X to I scenarios a back. I X same provide provides that conversations FFO. and XXs; Xs, that time. As historically in around having done have in I will from as equity on that we've as time depending with of said, you equity, some equity. Xs, flow and debt before months XX-year expect terms it's some as path are think we and not well and to it look our the changes. regulatory We'd preferred the in into mostly we some them content showing hybrids so savings perspective cash working look at I we financing as be debt shorten at levers across next that we've tenures, would that's of take got the any timing agencies Again, you plan, financing also of would and terms would rating X just states, think clarity going if

think part out the it's financing in probably come then months really on the that to will I and X we're terms plan focusing this So of of point X regulatory, that's that. at the

Michael Weinstein

already rate? growth plans X% inside the contemplated these to earnings are extent X% what To

Donald Brown

All of contemplated. those plans are

and XXXX So long-term. XXXX and our it's our reaffirm in our having hit levers as well flexibility earnings to for I to after reform right confidence as late guidance tax out think plan was coming in

Michael Weinstein

around what's that I is come that there move to range of a it? of might result out any end well is which it does or so no low this X And it all? had at something range that in equity change in been a or mean, the planned is advance X; the essentially as

Donald Brown

essentially There to think got X we change we've the hit levers to no believe -- X, range. got is we've we to that

said what always we've lower regulatory what around our regulatory about are on programs drives our really think year-to-year and those versus you earnings execution programs. range, the If higher,

how case still those that's because of here, those so would programs least execution range going forward the the on us timing at on to come And or out. programs our get higher we

So forward. range no high concerns with going at hitting the or all

Joseph Hamrock

I'd context things that were of just year we Couple keep the in that is, the ago. to picture solution add mind that work reflects whole around all add a little targeted a in advocacy involved

given full those specific across XXXX effect build to and states, into reform rate So had that and it the tax puzzle plans with package; in all into [indiscernible] account or X of regulatory our predict have show have then, hard into take of a on and going relatively our but And rate expectation our that every little -- add regulatory to of timing most rates that mechanisms rates into the runway into developed but going are long have across interest the settled I'd reform cadence ultimately a well the did X we a so of the essentially various each of the over year now. that, side those XXXX. more jurisdictions our been tax pretty factors it's reduced customers rapid up to we

of how those framing think about we're help might the to everything. ends two strategy So book kind

Operator

Morgan. from Our JP comes question next Christopher with Turnure

is Your line open. now

Christopher Turnure

going in have a you a higher to have to impact positively of to offset your been bit going that but now? where to shorter Is pain you have there and will if you wanted that that tax to have long-term you XX%? ask rate higher that answered to the I kind confidence questions that's there an transition of assuming you given guys that update the X% growth you're don't of long-term base be And be my that have into just that's of Most I'm base? positive the benefit of the year a of some doing won't the reform rate tax things in term reform two these but or other of words, that, negative CAGR you

Donald Brown

little plan through as ahead, current think a at It's the year. We We'll through remain of committed to those. to here look continue X% or but the the through reform we to guide to the related especially last go XX% regulatory year early guidance our the growth today, we sit from guidance as previously we with provided, all base holds. to tax rate activity

Joseph Hamrock

to growth rate needs add take a implementation being the of base also where be. to I'd that we're just rate place would committed regulatory this with I'd certainly we're billion that be still a the CapEx not And change higher what base to at will tax plans, a billion equal, state $X.X place we that all to point because not things -- We're at year. will $X.X say to our reform.

Christopher Turnure

question; or and couple last tree of the of from regulatory guys I follow-on disclosures. investor kind think the a key timing the Just decision next you

for interest and beyond point deductibility elements regulatory these look you important at guys are the some out have then clarity that highlighted XXXX on You we coming your also long-term possibly thing probably the three possibly but the most with guidance. in IRS that

have So point time full there early till is XXXX? do a we give we'll to to enough you where kind in wait think update a there or us might mid-year have

Donald Brown

our guiding point -- units long-term clarity capacity, through in what need replacement should about looks and that by big kicking we XXXX. we make and generation XXXX like year of coal looks off decisions on XXXX, the a and some year I plan, our the of able year guide long-term we have XXXX talked of on from this was to that say -- some Last I'd replacement the past any so CapEx we we're coal plan to at program plan of that our IRP be and our capacity. retiring have end of if long-term think

Operator

Our Greg next question Evercore Gordon comes ISI. with from

is line open. Your now

Gregory Gordon

meet When today form the rate in that -- while expressed outcomes is growth be in It your will next what done form of up, regulatory scenario the X% analysis. X% will that confidence so [indiscernible] or ability you've to XXXX, you're to meet for XX and the then I you the presume metric looks months way me of for ability differing all that assumed to your be think those ultimately to try the range; sort X% and most meetings either is back [ph] it I around path sum of of your solving and cases is equity right to continue earnings for to debt about confidence targets? as your

Donald Brown

right, exactly That's Greg.

understand X% as be, well our savings, be, that our financing well of type as O&M growth would As impacts because said provide state by commitments. of see impacts rating looking looking FFO, hit we at and you've what started could changes state, what could earnings thinking as to we're those our X% to of those back commitments kind with about agencies, flopping as then trying to to what tax reform and back the really path the us

Gregory Gordon

that where So there there the the is get of will you minimal outcomes, rate outcomes get needs the scenario end constructive other because those right of but at end the and is it? towards to the the outcomes trip about middle you of more you less range; you you range high the in hold constructive levers more way is -- cost think and equity you're might need low and equity off

Donald Brown

of all could scenarios Yes, those have certainly you directions. in

Joseph Hamrock

true. that's year given any In

Operator

comes Our from Fishman with question Charles next Research. Morningstar

open. line Your now is

Charles Fishman

a I X% dividend dividend? certainly terrific dividend increase, dividend growth based had is you on increase, On assume the the to last Can that new X% annual increase increase month.

Donald Brown

target always was $X.XX. raised growth is we of to -- as stated we'd XX% guidance well as to That about our correct. that with payout a and the XX% XXXX of We've what we've $X.XX dividend have to our earnings XXXX from

dividend in in our XX% next increase payout. was For really the long-term line growth with around year commitments

Charles Fishman

electric the there you're you've had the identified infrastructure realized is does T&D? In time just in middle is for for new is other there? billion? quite billion, question; $XX Indiana but that plan long-term there it there, What and more Second in $XX -- coal billion any I some $XX any is of IRP that in your projects of operations plan other that that gas does words, than are environmental in

Joseph Hamrock

it side We've transmission T&D number that of generation the number across anticipation it that you does there last is call investments so in that distribution, EOG but the next Investor about the point the environment year, spend predominantly the as suite on as and if generation at I -- old was of year at this refreshed the generation Day at decade. on that is and -- tail our well a reflect inside look new a spend, is strategy, full

So you'll see a as all as picture, that growth. that mixed of well some little into customer bit of

Charles Fishman

environmental that of out [ph]? you are at is the work the When spend; units tail say and there or there other some Michigan still need that Schaefer

Joseph Hamrock

but related environmental of a retrofits, stayed. have CPCN $XXX both, CCR No, for so investment side been now, right rule approval EOG investments, the and mind, the part is a cycle that that. on Keep settlement million EOG in piece CCR in the and we're a last filed CCR compliance year we has we

XXXX. So that out the in included beyond billion and likely falls was anticipated, spend $XX is it still

Charles Fishman

new there refine have hope So [ph] you outcome gas it and plant ROP that? I just potentially plug of might drive it. a obviously a you sounds for the in the like

Joseph Hamrock

do -- around $XX new resource earlier, go analysis, but IRP we'll an as year this in but that $XXX picture more market, through and updated see in RFP have expectations the the available we show those and options next planning billion. billion consistent a or through go meeting included in million so touched at we That's we should correct, so as noted so stakeholder this; starting combined cycle $XX we Donald the yes. will first was our a about the much last cycle build did of to end look plan, of it's what's last that year a month, on with cycle month In next this integrated the IRP full market through a the was we'll

Operator

Khan Faisal [Operator Instructions] from comes Our with Citigroup. next

Your is line open. now

Unidentified Analyst

for or your and your adjustments debt [ph] earnings duration your around your help anticipate obligations manage guidance? Ryan help the you group Do to to I comments of is outlook? changing achieve This Faisal. financing tenure heard

Donald Brown

tenure Yes, debt the financings around of that looking is commitments at earnings shorter, think it's our options the ratings. and going I we're one if necessary manage of to our future

Unidentified Analyst

And the what in year? far was issuance fourth your so then this quarter ATM

Donald Brown

$XXX we So did in last million fourth quarter the year for did it the year, forward. we

would it was of our did of forward part program debt, So by mechanism, forward established a about $XXX a we XXXX. close when we million of we ATM the end

Unidentified Analyst

Was there months? last any issuance few in the

Donald Brown

There was not.

for and the did the year So $XXX we of million XXXX forward a XXXX. million for total $XXX for

Unidentified Analyst

formal a stakeholder around more been the the there since you status provide updates has had of of you last the I IRP been meeting earnings any month engagements the but around, process And Indiana it's any next with conversation. in can think call? color

Joseph Hamrock

Ryan, no update.

so first set We haven't month, the stakeholder meeting is the process, next process actually the initiated there. up we'll

Our do intent including solution full in and market into that. alternatives, go through work second at we'll RFP to build sets quarter the diverse a that, the including through portfolio, probably buy look an and is

I'd So say create there that it very not we updates a first picture updates open that to balanced quarter a the it lot status is on watch guide that, for is decision. about want to to second except

Operator

would any am for I no now questions. the Instructions] remarks. to call Hamrock, CEO, [Operator showing to like further back turn Joe further I

Joseph Hamrock

Andrew. of And for you we'll support ongoing next thank great again, Thank a you, in day, participating your NiSource. quarter. all see and today for interest Have you

Operator

concludes Everyone a Ladies participation This you all have conference. great program, day. may thank for disconnect. the your and you today's in gentlemen,

NiSource (NI) 20 Feb 182017 Q4 Earnings call transcript