NI - Earnings call transcript Q4 2020

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Q4 2020 NiSource Earnings Conference Call. All lines have been placed on mute to prevent any background noise. And after the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]. I would now like to turn the call over to your speaker today, Randy Hulen, Vice President of Investor Relations and Treasurer. you. Thank sir. ahead, go Please

Randy Hulen

you, and XXXX NiSource quarter to welcome, call. everyone, investor the fourth Thank

and Joining operations, Joe Shawn XXXX year today of performance our an Strategy me for are provide Risk as this Chief growth Donald Executive and on financing quarter review update Financial well Brown, presentation Officer; the is plans. as Officer; NiSource's The fourth of and Officer. Anderson, drivers to Chief Hamrock, our our purpose our financial Chief full and

Following on the Slides our call to for today's remarks, we'll prepared open your call nisource.com. questions. are available

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

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

and information measure directly the our slides like call segment financial all With including on Joe. most at of turn that refer available reconciliation the nisource.com. comparable schedules the way, and information, measures, GAAP of out supplemental the full additional to to these For please a I'd over to

Joseph Hamrock

full to serve, enhancing on at position of core remained team the the same fourth today. like growth communities and challenges joining you've earlier of all execute providing Hopefully, a quarter we the focused year you while earnings historic had NiSource and we us. pandemic, safe, Good to to Despite long-term energy Randy. reliable no customers for and our opportunities. chance read everyone, mission the was our significant Thanks, our thank morning, release, XXXX a our other. issued time, year on which global

two continue And programs, asset XXXX our generation XXXX. financial reflect and and as in greenhouse the results of of to and of and our XXXX, generation. infrastructure execution in our In from power earnings share transition XXXX safety XX% gas from away well we continued X% projects while modernization coal business, wind will completed we Our as operational by resiliency our annual emission December. reducing drive expect growth to per X% through net compound that operating investments Indiana, by

earnings X to at turn Let's cost as and we our a per our share financial the mitigation XXXX, Slide of reduced and In pandemic. look management operating the now COVID-XX key efforts of closer take delivered impact non-GAAP takeaways. $X.XX net regulatory

our more strong our to and natural and than already, initiatives our in are In Gas some continue liquidity Columbia of Safety number and state advanced addition We asset our mentioned of systems and net the capabilities our by our low-pressure $X.X protected demand modernization, COVID-XX to lowered I've transaction X enhancement of and a we other We efficiency. debt through gain gas gas X enhanced completing and experiencing in devices support our we interest XX,XXX billion and invested on average our transformative We months. XX points a build We with primarily pandemic, the weighted matured sold see on in initiative safety now Next gas, Massachusetts System across safety milestones and priority. remote utilities, achieved which remains automatic of initiatives, electric footprint. monitoring. enhance launched to organizational NiSource a shutoff top rate safety business, long-term Management basis our We for XX% the XXXX. key the customers and

$X.X Investor of XXXX. net investments billion Day, operating to we with case Consistent retroactive XXXX, the to billion share. generation in plan and reaffirming XXXX quarter, $X.XX are our note billion to with at in long-term rates the annual investments would make modernization growth, growth per I first billion do safety asset non-GAAP and today order January $X.X earnings rate provided We guidance through we in XXXX $X.XX that $X renewable to $X.X from that to XX. will be our base an we in through expect Pennsylvania expect

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

Donald Brown

Thanks, Joe, everyone. morning, and good

million at sale or to on in XXXX. approximately by net earnings per of of of the we fourth $XXX earnings note reduced had CMA about share operating compared I about of non-GAAP Slide results X, XXXX non-GAAP related $X.XX operating or per Looking would our earnings net earnings loss quarter XXXX $X.XX. share share per million the $X.XX $XXX to non-GAAP

XX-month revenues million million, Looking lower partially the XX-month program up results due increased non-GAAP up Slide tracked Operating tracked the about by expenses, late case, expenses partially Operating $XX cost expenses to were partially depreciation more approximately expenses, the segment expenses. usage, to our of X, approximately our revenues, increased from the our nearly operating energy reconnection also administrative $XX net were closely due and offset operating infrastructure employee of and impacts by cost due million net the of operating of fees. from offset cost year on were expenses, expenses million $XX recent electric expenses for $XX were rate and the by mostly gas and about the In to down sale and Operating $XX were about due CMA, energy new by of the customer fees down at revenues, energy an net earnings growth. CMA by to non-GAAP in rates of by earnings $XX sale tracked energy payment net increase increased in tracked primarily offset COVID-related million, COVID-related of of driven costs. the million down of segment, customer and and and segment. cost

financial of the details provide Turning COVID-XX. about additional impact to Slide X, we

total offset by partially We're approximately also non-GAAP commercial share. regulatory approximately bringing Consistent solutions, This sales. can impact impact non-safety-related and was COVID-XX we As expenses. management we're seeing which COVID currently our partially seeing XXXX offset range. payment of late our by net impact share. into residential which to well COVID-XX as growth XXXX EPS reduced of with $X.XX as an share debt case, and are reconnection XXXX fees base $X.XX in was per The you factored see, lower $X.XX per and is increased impact the of per in bad other and sales, cost higher expect guidance additional XXXX approximately industrial

our infrastructure modernization closely, growth. has and programs it pandemic the date, barriers our long-term not or monitoring we're While to to presented significant safety

both As the reaffirming and that Joe we CapEx guidance XXXX in are and EPS it CAGR mentioned, earnings deck long-term today. our guidance outlined we for

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

level debt December debt. XX billion long-term as was was about $X.X Our about of billion $X.X of which

weighted transaction other of the Following $X.X approximately liquidity in rate credit fourth was quarter, receivable the average end of securitization years, accounts quarter, weighted third our XX and average approximately the maturity and capacity successful cash we long-term X.X%. interest liability our the programs. facility, about billion, consisting of management maintained debt available At the under was available on and our net

major we our to three all remain rating grade ratings. maintaining investment grade current agencies committed from rating credit are Our investment and

and this investments. infrastructure long-term together, financial foundation a Taken to solid represents support safety our

current to that a plan. financing Let's quick highlights financing which look continue the we just at optimize growth ways X, Slide take our would of strategy. I note look our at to

a for the convertible equity We hybrids our agencies need or the offering the first hybrid with are next and needs program currently half utilizing XXXX. a more minimize to anticipate rating satisfy market sometime file XX% scenarios, ATM evaluating years. or could that for also in that or offering get to we the ATM of XXXX. note block week, convertibles and/or I XXXX plan equity would the credit We X or next at new in would equity

our to of this financing inclusive guidance remind plan. everyone, Just is

Now, to businesses. our some gas regulatory electric over turn back call investment and updates infrastructure will and I'd Joe, for to provide like who the

Joseph Hamrock

Thank you, Donald.

million Public of in pending to fourth our an existing in, gas application originally million natural starting of invest upgrade safety to early become Commission the annual Now, as NiSource new first to approved revenue system. $X.X as expected revenue highlights continued supports gas the XXXX, January operations our retroactive to distribution of look increase let's settlement approved request Utility the further the base In remains November was in by before our XX, in effective $XX.X maintain Pennsylvania, the now Service Maryland, quarter XXXX with in expected expected on base our and of and December XX. our XXXX. a some order XXXX is of take upgrading current The case for and the first Public pipelines rates XXXX. in the at In quarter annual and quarter April rate with An utilities seeks modernize modified well increase is filed million, settlement $X.X tracker Commission. revenue. and including replacement of The rate system Slide

existing recovered capital gas latest became program of Commission long-term incremental to in infrastructure was approved a XXXX. XXXX. investments through Regulatory our $XXX Charge In under and January effective in planned including of extension program, New or in of approved between invested December rates in The Distribution Transmission, adjustments XXXX capital June nearly tracker $XX update January and the gas to Indiana, Improvement TDSIC became The December and XXXX update semiannual rates program. the X-year Utility our be in in effective modernization the tracker. Indiana covers XXXX, in million Storage new million through

at the more The Regulatory our our million and renewable and Commission made infrastructure ask made look program to to July well-established Utility about modernization electric covers includes and Anderson between The XXXX latest the electric let's electric IURC and incremental This $X.X safety than XXXX, tracker billion TDSIC approved June reliability. distribution In request Slide this generation be electric new our I'll became investments on January, program effective originally an approximately further by update provide Now designed electric plan. XXXX. approved through XXXX projects. $XXX our expected enhancements system rates update in update to to enhance long-term month. includes And in operations XX. Shawn the approved Indiana infrastructure in investments in capital transmission now, tracker

Shawn Anderson

Joe. Thank you,

time Purchase milestone Renewables our Wells with NextEra powering in Jordan homes on an joint than Energy Power with XXX,XXX which represents projects completed wind As cleaner, tax North Joe first venture executing December, across our is EDP Indiana Jordan or PPA Rosewater Creek earlier, energy. Rosewater more These now transition. partner, Fargo. are cost-effective exciting more and America a is equity Agreement Resources. shared completed in our with and we generation X our Creek projects,

the at end generation generation and XXXX remains is in by Our XXXX a our be EDP renewable this greenhouse our XX% with pathway retire within reliable third lower XX% coal our $X under XXXX expected Indiana is resource The their year. to an plans venture to XXXX emissions project options. expected to These of with cost, by wind service coal-fired electric consistent billion retire expected joint replaced plan integrated gas preferred reduction This be to is are all remaining cleaner over estimated save nearly XX and the Crossroads drive construction. projects of plan, to which and customers by by in years.

investment. combined storage generation make to $X agreements Commercial and earlier, The $X.XX of placed are be owned Indiana service $X.X as to projects and XXXX, representing and equity XXXX. be I ventures capacity renewable represent through into plan or of Dunns energy members. to Resources noted for capital million targeted NIPSCO projects new expected build approximately billion Joe As balance XXXX. we anticipated IURC of executed for and we will the II Cavalry X the for of capacity Energy expected These the that NextEra In To date, XXXX applications across billion is to PPAs. be negotiations is approval form have billion with to expect of solar and of we filed continue centers. transfer in additional investment $XXX to with and These this investments agreements include partners of to primarily NIPSCO. a joint the advance. the solar tax replacement November by capacity continue Bridge the approximately the and Half

second form facilities, with expected own, plan and joint operate NextEra will XXXX. we to the IURC storage quarter and ventures assets. solar An order these investors maintain equity the construct to of tax in is and

of capacity. fill IURC storage continue We January, the and In Greensboro our to out approved the our solar Brickyard balance PPAs. and

in a solar mid-XXXX. this are of filed develop develop Solar, PPA XXX-megawatt Gibson Energy long-term December County, Indiana. the XXXX, transfer IURC a NextEra the completed And is the of Resources in for our January approval Green operations Also in with Construction agreements in for to NIPSCO commercial business Dynamics IURC of in negotiations in project PPA. NIPSCO be application filed XXXX. will energy XXXX. begin project XXXX, expected application with to NIPSCO of in to announced the December infrastructure XXXX projects, to remainder with build these for Solar begin River which capacity clean out an approval additional needs. of Gibson Advanced fill an with Capital to continue expected the

City negotiations thereafter. NIPSCO the completed plans, that of half in The the the IRP be expect an XXXX long-term Michigan be its We necessary outline Generating for quarter filings investment to from retirement planned to additional XXXX, will XXXX emerges coming opportunities. resource continue Station. of capital shortly will that IURC first those could regulatory plan the the of submitting plan generation and preferred integrated the including In create fourth

on we would I our move Generating our update quick XX electric Station. Schahfer Before like from XX provide at story, and on units to a

units are IRP. to outlined Schahfer May planned the at retire know, XXXX, all X XXXX you as As by in coal

XX is to costs path we operational, the for continue economics of keep the evaluate units that our by right for for remaining forward and this be clear, generating investments coal at is X NIPSCO's retirement XX fleet the the to units ongoing will secured needs which fleet guidance required the X energy capacity that reliably the retire Units we to capacity to As Schahfer. and us is decision continue the of of initiate coal XXXX, customers. decision. economic will new determined purchases renewable serve and and customers. by not our and the most the end to our impacted To earnings

plan Day, and and IRP significant projects come we about to in our we to updates excited in detailed look in forward are identified the the progress further We executing and XXXX our Investor at quarters. future more

turn I Now, Joe. back call the to will over

Joseph Hamrock

Shawn. you, Thank

our to back turn safety. foundational Let's commitment,

I noted initiatives in As and earlier, advanced safety XXXX. matured our enhancement

and launch System our Our SMS, implementation within to Management of from Safety accelerated the an NiSource, we an operating business. model electric transitioned to established or API's expanded project implementation

With and continuing XXXX had pilot calling safety footprint. and with leak safety in protection are to operations the advice of processes, other launched clearance risk. to ongoing talent and that support are independent mapping milestones critical service We we're and a layers across collaborating special quality mature the out. quality review We We industry records board, of a SMS worth our line to and operational capabilities gas to from enhance mobile peers detection activities. project and field our we number our added enhance implemented processes strategy reduce

National by response fabrication Safety final Transportation in was facility gas and certification, Our mature the our and emergency first shops earned step And meter processes. strong we continue the response our around effort. closed to XXXX preparedness as emergency continuing safety ISO a quality recommendation a Board

on work has SMS built everyone the layers noted, identify to empowering our operating accountability effective core necessary, enhancing with culture authority including our whenever become process risk. building for to risk, and of reduce As asset and to protection management of report safety stop model,

executing opportunities. once on XXXX when North and reductions, additional and pleased practices, safety X the includes our against be the core You'll the year. we gas for modernization ranking XXXX. environmental, sustainability of international consecutive asset on at NiSource ESG billion benchmark governance focus America this U.S. how safety, on on to progress aggressive mid-November Jones principles received run $XX comprehensive to is some we also to energy greenhouse on long-term honored The the based Dow in in business our note recognition NiSource strategy reflects renewable and I and enhancements am for our that We're of list. investment recognizes is social which of which to business. plan see enhancements seventh the utilities our included sustainable named safety again criteria X Sustainability were Index

and call, Q&A the will today’s key portion Before of a turning few I to takeaways. share reiterate

results XXXX as team financial and and our the asset of safety and on business our Our resiliency operational reflect executed modernization programs. our we

Our significant and COVID electric reposition historic generation transition on the steps customers to long-term through growth the pandemic served to reliably strategy execute took company opportunities.

continue We non-GAAP net in to per to expect share the in $X.XX deliver operating range of earnings $X.XX XXXX. to

X% safety in include renewable billion and billion growth, investments growth $X Our $X.X XXXX XXXX, remain across XXXX. long-term X% with These share investments to of billion in per of from And XXXX XXXX modernization annual from annual compound billion growth X% growth to plus $X.X X% to through commitments in place. $X.X XXXX, to and earnings from through near-term XXXX generation to XXXX.

electric our complete all strategy with and in your advance for wind We're X Our support your other now questions. in to numerous continues and of interest ready development. take projects first generation for you projects NiSource. renewable and ongoing to participating today Thank

Operator

first line Andres [Operator of Instructions] Our from question from Suisse. Credit comes the Sheppard

Michael Weinstein

Weinstein. Mike It's

So new year. to right? be going IRP this know…. filing the -- guys a are Is you I that

Joseph Hamrock

correct. the quarter or process starting We'll in through so. here go That's that next

Michael Weinstein

in additional over mentioned kind can of renewables? think of additional should Great. I opportunities. two? up RFPs more retirement we or terms opportunities And the releases next year from What you we City of Michigan coming in future kind the should expect provide schedule what expect pace of

Joseph Hamrock

be scenarios through engagement kick lot a process then when is pattern And like process a in middle and stakeholder Yes. we the drives plan I schedule that City what develop a any summer the the with mean, that of went in soon. We'll the see in after follow relatively provide replacement off in essence, Michigan plant helps extent looks we'll we you'd the the XXXX. pretty the we’ve got because capacity need the mind much insight for -- included. set. capacity RFPs Keep to might the for at it future, that likely XXXX retirement

RFPs looking vantage so as out And not may be a valuable or XXXX point. that far may from

important. Mike, I and us are right under essential, of the The take starkly the think to and we'll process thing itself reliability just demonstrates critically that industry though, X planning and So the on going it across is events consideration. that all are of I'd say current with resource capacity is that now, this obvious integrated all

reliability that's So with fundamental really against our other requirement. starts why that approach attributes the balances and all

we're provide critical be go that seeing learning will as next -- experience us the round of for the now should this we through So IRP.

And with so to there's I even from precision markets. degree a what's a don't high predict because of learn process lot want at to the this happening in the point

Michael Weinstein

That on that's what I based needs, the Pennsylvania. makes this you next about don't could happen And filings sense. rate based out? Hey, what want comes think going -- state? I the But on pace -- do don't the decision -- likely be with that on is future case after of could you front in you to might to to happen investments rate in you run know what want talk will

Joseph Hamrock

asking about Pennsylvania. You're specifically

Michael Weinstein

Pennsylvania.

Joseph Hamrock

I'm commission. cases a out. front with you at in supported stakeholders cycle look in commission stakeholders as decade, going keep by but that the certainly Pennsylvania outlook. had not should filings, soon of of and plays And Yes, the there, updated and over I Pennsylvania, future our a any about pace settled to rate won't we've all and the if X speculate and we'll the see about investment historic enough, run well an We decision you

for in up investment good only out almost it pattern the strong annual a an indicator pattern we've last will record calls a the So that future an case. annual or fully the of may didn't a in that -- as filing. is is the track ever like. file and last what with our time that convention, maybe indicator decade likely missed year is year where XX that Especially sets And X rate look I we good forecasted that be as pace of think one because much is Pennsylvania,

important at this those before any to precisely good case any it I see outcome So of point. not this but think front-running the in plans And will decisions. make we indicators, be

Michael Weinstein

a On at point and versus that you One be convertibles you'd last to do be opportunistically. convertibles hybrids? question. financing what that mentioned looking make ready you equity decision regarding you'd hybrids think At common going forward,

Joseph Hamrock

we actually the half in this Michael, a year. plan of or convertible as issue to so earlier, I said first hybrid

XXXX agencies, and And looking much size to a on need, we half content so at at block content XXXX. and XX% rating ultimately, about, talked and first indicate the then of structure we certainly that months the least depending as But provides that in plan need next or equity year. execute that would from it security, of equity equity how in the would equity ultimately, the the we few

Michael Weinstein

I ready about see. decision following And make be to year. a then the you’d

Joseph Hamrock

That's then right. be we'd update. Yes, to able

Operator

Pollans next Bank comes Our line with of America. from question Harry the of

Julien Dumoulin-Smith

It's actually. Julian

would like? in Is So are then actually I discuss on kind ‘XX what brief. question way to that that around. everything just extent that amounts that you of And clarify under suppose the get form. and looks a just to a total can to clean or Is done that importantly, equity, up on would still any The convert in can just the forward you that little timing talk pull delay the bit that be I let’s you This which more not if would last block? scenario, issuance? shifting

Joseph Hamrock

Yes.

balance then we’d the 'XX. So you that do $X.X we block We'll out upon equity billion content 'XX content. of that, we -- looking year. so execute or later. equity out billion plan on would depending renewable And In this of that we're block or coming hybrid if convertible. assume that's a convertible is, with in hybrid investments, that the And of equity this so that, then or based year, ultimately, issuance the the of XX% -- content, do for $X

some got we've on So and timing flexibility block. that

Julien Dumoulin-Smith

based kind you'll depending looking today? get at say content, of what on not firm equity the Sorry When on on to that. what you equity you're clarify treatment you're

Joseph Hamrock

We're least more size the trying we content can quantity can and that looking than then the need. XX% that will balance also the determine on we the than more equity that. at at. equity We we're get depending achieve then Yes. or of structures security, of If to that we’d what's ultimately get know and

Julien Dumoulin-Smith

tweak then the Just as And the want the What's I CapEx too for 'XX significant well? also make financing in not much. to the here. reasoning sure understand update

Joseph Hamrock

No. a CapEx. our Day, years wide tweak incorporate gave the It's range of not really At investment. in we Investor X a to

with so the of And consistent up that year our to CapEx this tighten our plan guidance. kind is aligned it's for we with the and long-term prompt year, for guided have

So no changes.

Julien Dumoulin-Smith

Got it. Excellent.

efforts X clarification a on sure we your closer just are we're that your lot not going than last I speaking, renewable tracking a are that should I'm guys broadly this There's X if Sorry, There and/or not there different you to I'm that's here bills across sure make are. that just Anything impact, a paying lot missing in LDC? could anything legislative session. be to out of we can. attention trying lot of developments Indiana. a

Joseph Hamrock

Julien. would a investment and we're, there's and field. clear full field of sure to essentially would you that. to Yes, of the level that all I describe playing the for set And make create expect, trying engaged closely initiatives or as as following renewable playing And

would We to local note, side for natural policy part don't positive ordinances an that that's that's All business for might keep use the of Indiana. for for neutral indicator of whole for State restrict anything out And prohibit of the the to our of in gas is that the we'll support business gas. the of I concern. puzzle then that. think of is key the Certainly, a plan. us I eye playing And that's see to up natural

Operator

from question of line next with the comes Sunderland Securities. Richard JPMorgan Our

Richard Sunderland

Just on at Curious level scenario been and that, provide impact high you've 'XX? of point this a that the versus under takeaways base realized how baked into COVID season gas about the managing thinking maybe any on $X.XX at heating you side particularly through first can conditions.

Joseph Hamrock

wellness that COVID. a employees I'll and that and for customers, outlook us of kick safety and key I'll safety driver be whole for for note front and And Richard. Thanks, been center our the off. that's our and will And health, has always the Yes. of

going It the margin guidance that continue base beginning Commercial reaffirmation has usage pandemic. And COVID COVID today reflects at that things -- residential hard of trend strong treatment territories. There's out the but work we're to Industrial though block certainly I'd be a from we to into economy. and of recognizing can From we've the that what to to be of of across regulatory recovery heating question Regarding continues clearly of across could the deep that potential rate. most and optimistic there's all after-shocks economic attentive protocols, our to All and the perfectly those adjustments strong. the including admittedly is cautiously came other And case something and remained with weather can usage should impacts all to are results, perhaps for now down season of really relate in other XXXX standpoint, our deep not the also call, closely factors. our number with to country, and correlated your be quarter predict, seen we're the consistently and a our to. monitor the revenue to the been and has drive recovery consider, indicator all in ongoing XXXX. profile you usage, expenses, industrial the usage. long-term reason in collections, considered right strong spirit first we're experiencing the our a that see growth

hard of since the any and it's that's pandemic, results. change impactful deep were But aftershock trend, could the and in quarter, that beginning XXXX, the then, say COVID. our today. all impacted to we've be in seen impacts that steady question, recovery concentrated that ever at right obviously and it's the continues though to in So the deterministically the But that was most second

we So have again, the of cautiously to on expect a to for outlook certainly we'll a the call, up noted kind in the ahead. us, our around, to put And and all have COVID. up And adds comes call be we behind of quarter that first reason by heating more would to our should that quarter as tighten us earlier about time always position clarity path recovery optimistic the us. big season on

Operator

Instructions] question with of [Operator from Guggenheim Our next Pourreza line Shar partners. the comes

Unidentified Analyst

Cork] actually Shar. on [Cody It's for

why you starting, remaining in continue billion $XXX why of CapEx, some investment you when in you it, maybe And kind you're those projects just wondering to projects? narrow of projects? zeroing of we but of have remaining range that wondering for for the wouldn't point just I'm keep $X.XX a So if might update then on to an range million. on solar get announced

Joseph Hamrock

to But the able $X.X to balance billion. Thanks That this this to At billion really think continue there's we're billion no indication towards of than additional Appreciate That step the quarter. billion. $X.X track point, expect that. out different announcements to question. be to start ending will the that fill we to process. that to range as we range. first that have was that in $X tighten commercialize, at $X projects we out closer relates $X.X do of billion And point, here RFP the for we to need. $X any it's yet We'll billion to that. But born

Unidentified Analyst

use can valuation if get given rerate any And it wondering have with equity renewables. some to then your comfortable think some you if room you to on looking you've needs before thought optimization Do more could I to offset at sale? you a and still portfolio how could, LDC related to just of

Joseph Hamrock

that we've outlined understand inclusive been certainly That's financing long-term provide see and that are to would price our make that the continue financing we transactions plan. as XXXX might value in market is we'll to how our announced about. to over if the Trying growth we've stock we've or -- sense well Again, But as of enhance as watch period. inclusive now. continue both are the the look talked well our 'XX is as that there options time above have that to the strategic earnings outlined and something

Operator

Our from Morningstar. next line the with question Fishman of Charles comes

Charles Fishman

well as the million And On than about CapEx, know the if this could XQ. but is Day million that that confused. asked, about as still the I'm you I again? maybe range to $XXX is for $XXX talk 'XX reason what lower is Analyst

Joseph Hamrock

certainly, give Yes. as the the the of over capital programs grows years, the years grow, monetization time investments. individual and incorporate a our of our range to but We renewable also really -- And all just in wide plan. it because all

kind it's so long-term. year we growth this first that range we that the of long-range and And builds provided again, the into of this really guidance aligned year Day. with Investor for And year provided that is that over or first that

$X.X is, The midpoint of billion. our other $X is about billion. The year we last way about this to spent think guidance year, it

crews that's it's making construction internal a So and of got what each been is capabilities we've increase building we've sure year, and our capabilities, execute significant doing program. historically kind building that to

Charles Fishman

separate out you with project million. that's Slide sort moving And associated transmission Is I And sounds to then X guess, Okay. the line pulled X of as XX, $XXX regulated? wind of a item, that like it projects.

Joseph Hamrock

really Schahfer it's to plants. rate Indiana base be would And support investments. the shutdown of That the No.

Charles Fishman

Got question. Okay. X And final then it.

You I gas write didn't customer talked about that gains, down.

it think year. XX,XXX last I was

just growth it any seeing can other ones? Just is than from it is Or that propane the any out, spread add? converts, jurisdiction you coming you're color faster

Joseph Hamrock

board. strong Charles. thanks, actually It’s the across Yes,

below just the Virginia the have end seen the customer to the end low at in of at close additions. terms high of We X% X% growth rate and the strong, is and leader

is in Some the of growth economy there. that actual

oil always some New conversions hit at board, you see that’s housing differentiator. new the starts the and But construction, some conversion, edges. a across it, you propane

we that shared Massachusetts net contribution. the numbers those Now out

should NiSource that about of six you So the now. across think states XX,XXX

So pretty strong remains our and too. on demand. see continued board, outlook X%-ish We growth that, across balanced, the strong

Charles Fishman

new being available, are there's jurisdictions all-electric? developed the is when in pants versus gas and the home getting down then hole a you your And

Joseph Hamrock

Yes. a that drives Typically, that's with it's in strong that particular, preference, builders, choice. -- and established relationship typically an it's the

Operator

are And queue to further turn the time. questions back at Mr. like there Hamrock call to this remarks. some no closing in I'd Joe over for

Joseph Hamrock

execute that in today matters in and on Appreciate We ongoing Thanks, see ahead we the we for continue growth and call. on for engaging additional to thank James. the future the certainly plan, lots and quarters And all on touched updates opportunity today. look tuning we as it. in you updates of our to engagement forward

joining and So today us warm. thank you please stay stay safe for and

Operator

call. today’s conclude conference this Ladies and gentlemen, does

disconnect. may You now

NiSource (NI) 17 Feb 212020 Q4 Earnings call transcript