NI - Earnings call transcript Q2 2022

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Operator

Thank you for standing by. Welcome to the Q2 2022 NiSource Earnings Conference Call. [Operator Instructions].

For opening remarks and introductions, I would like to turn the call over to Chris Turnure, Director of Investor Relations. Please go ahead.

Christopher Turnure

to Second welcome Call. XXXX and morning, the Quarter NiSource Investor Good

Treasurer, Shawn NiSource me Officer, of Chief Donald Officer, Executive The our as well provide this update on are purpose presentation Investor NiSource's Strategy Group drivers. to Yates; review Risk as Randy Joining performance of for XXXX Chief Officer, and Relations Hulen. operations growth Lloyd and today and Pablo Utilities, Vegas; Chief financial Financial and the of is second Anderson; quarter VP an President, Brown;

and during uncertainties subject open statements. prepared the in remarks, the included expressed uncertainties forward-looking. could call are our our from differ and cause Slides the MD&A the to periodic Risk to Following this questions. statements section that made sections for to Relations call risks actual we'll website. is presentation materially in such the that available will of you to results These like our Factors would SEC of those remind are filings. be your We and in of today's Information some concerning Investor statements risks

to information information the refer GAAP made some non-GAAP full Please Additionally, call turn to slides, a reconciliation to and and measure I'd on schedule segment like relate call the measures. statements this financial the now measures. most supplemental comparable to of on the directly Lloyd. these of over

Lloyd Yates

drive providing the sustainability for release, reliable joining we NiSource thank quarter, plans safety for our and morning, and us. you've customers In earnings Chris. Thanks, the to deserve. growth while continue operational everyone, excellence on today. focus the service issued a which you read our to and all Hopefully, Good our second team's quarter earlier second had chance

not original time the give it restore and the Department's lines does more our renewable panel projects, us lines. on revised pause on time project does generation for the Commerce confidence tariffs While solar clarity

of growth compound flexibility XXXX. provide with meeting renewable from to X% through NOEPS expect path to non-GAAP our commitment along our our annual the to and mitigation to We the investments, XXXX plan X% deliver

Let's at our takeaways. turn closer now take a Slide and to look X key

our We guidance to NOEPS. reaffirming XXXX $X.XX of non-GAAP diluted are $X.XX

X% our through from rate forecast XXXX, growth for including annual We growth XXXX. X% to of X% to are compound near-term annual reaffirming XXXX through X%

track last Our for shared quarter. renewable remain our are the as generation coal assets we quarter projects generation meet in-service on Retirement revised dates dates since remaining last well. unchanged to

in case make in in a $X.XX agenda discussions settlement continue underway diluted strong and or year. share Pennsylvania. net second approved And posted NiSource of and quarter progress regulatory the our both with gas NIPSCO quarter versus of settlement $X.XX last earnings in We NOEPS Ohio rate to in second per operating the non-GAAP

X briefly I'd Before to we items. move forward, cover like

robust review is value. Board strategic explore our few and First, This shareholder well. progressing potential risk-adjusted involves continues very and members our team process external senior management and to maximize a opportunities internal with

full against November. Day long-term As beyond strategic plan. at being organic we our together have to a We share benchmarked very results growth are Investor previously, indicated scenarios all intend in with the competitive plan XXXX

we've Bill and Both team. experienced. executive Second, added well-respected and are Melody Jefferson to Birmingham our highly leadership

the I'm will excited excellence in elevated and Berman, the and make we organization Officer, our will also accountability about Human to team. lines NiSource move contributions team changes have Chief Resource of as We the we they Melanie These clearer across everything forward. drive do.

our like regulatory we are update agenda. making you the on Now I'd on progress to

which provides essential resources support reschedule gas Regulatory case a to new annually energy increase The hearings safety case to $XXX demonstrates Pennsylvania discussions. case. rates company infrastructure infrastructure about to with facilitate rate an Commission Gas, and Columbia on settlement rate XX options This revenues investments additional capital gas Gas further of Slide increase million while program distribution Indiana It program to a quarter. second safe efficiency in the of highlights rate requested October requested turn until order the the from its upgrading XXXX. Its the NiSource It lines has balancing long-term of and customers has of expenditure enhancing for upgrade We settlement of seeks March and an to NIPSCO's and revenue request million, operations, positive customer for Columbia Let's received toward in and provide replacement $XX.X additional are gas riders. continued that Ohio the million, $XX replace in effective outcome communities. experience. also is will costs. and balanced XXXX continuing September of aging intended path also Utility net discussions.

We proposed modernization on of upgrade XX. progress case Virginia. XXXX. seeks Columbia rate investments. and to $XX.X revenues of finally, annual of go with an And and continue a are pipelines. in the case gas filed of rate Virginia replace Gas also underground further will Gas FA the adjustments If of making effect May to tracker into our in increase company's end safety Columbia requested the rate net the of approved, portions Maryland distribution It natural at million,

bring operations Shawn? electric I'd Now Anderson. for projects, updates Shawn renewables to on in and our like

Shawn Anderson

Please turn Thank and XX. to Slides and good everyone. Lloyd, you, morning, XX

regarding environmental with pause solar for a near-term generation the is some mentioned and a to application market. the and panel to some from solar stemming projects ultimately the advance in wind solar Lloyd across creating earlier, resources. reliable marketplace, on clarity the development positive significant provide benefits electric This tariffs solar portfolio ensure of stability our tariffs the diverse, As

attributed continue online, sources. our to renewable to we each comes percentage asset of grow As generation

portfolio of is commodity has We generation in significant our costs, less projects something deliver including firmly volatile will and benefits that relevant environment. communities, that this to to and believe customers continue continue today's delivered especially to economic electric energy

discussed Indiana renewable Crossroads with generation of at continue last track projects panel solar As both we've development Dunns projects. line in Bridge our dates construction NIPSCO's reported, underway and continue to projects revised processes the the associated quarter. in-service installation Solar with Solar well commercial X and to advance with our

make steady a are solar We of closely cycle to dates in-service NiSource approved and each expected company's advances approximately work expected the to In in primarily the during deliveries annual first investments drive expected and entering both dates. development XXXX. we billion project anticipate for with the XX% toward period. growth continues the capital service in ranges partners XXXX XXXX. developer to totaling XXXX. remains total, remaining investments the life time stream are panel of businesses between final IURC NIPSCO to refine XXXX to of half approximately remainder projects any track of investments $XX the the through are $X XX% for receiving on each projects of with base and of of tighten Capital billion lines XXXX capital as in-service in compound renewable XXXX, to rate

Generating also renewable month, on outlined and this with we RFP all RFP resources projects We gas to refresh for resources generation pricing expect in and sources an capacity results in preferred a perspective units provide better that market NIPSCO the will later pathway are recent excited issue of line availability XXXX targeted including the a our of share of NIPSCO to RFP expected Donald, for peaking Schahfer Michigan with like Plans Station the and quarter. the coal coal-fired I'd remaining call financial and detail. over between And from to XXXX more to will highlight retiring now XXXX in our City turn XXXX. who units generating performance Resource of are retire Integrated to end X to existing retire generation unchanged stations are our Plan. by The discussion last

Donald Brown

Thanks, Shawn, morning, everyone. and good

Investor to a of As Lloyd mentioned, November plan definitive Day beyond towards we've planned making XXXX. the narrowed progress for we're and our timing NiSource long-term sharing

us strategic you of significant As Shawn I solar factors just the you mentioned, our will the hope of be path all to might forward. and RFP, planned able timing we as projects imagine, our in our discuss of planning. results review, join are

share second our of on non-GAAP the to XXXX. XXXX Slide share to diluted per about in $X.XX of second per Turning of or earnings earnings had diluted net X. operating compared non-GAAP net $X.XX We quarter quarter million million $XX.X or about operating $XX.X results

base XXXX, We have segment same look at to results share new non-GAAP quarter $X.XX higher expenses year. Operating Taking net last of due energy mainly resulting operating a programs. $XX about rates. were from by our In earnings and about cases for were capital guidance operating million earnings long-term to distribution growth diluted quarter in of of to of million, million about the second net non-GAAP lower Slide of rates again, net reaffirmed increase of and $XX last an non-GAAP higher quarter approximately our Operating same is and approximately were second $XX and $X.XX tracked expenses, of of the gas closer representing employee QX our the regulatory revenues, rate cost X, versus cost $XX expenses. tracked million by the our earnings million year. expenses due quarter and on approximately million, primarily $XX than XXXX the operating electric higher $XX all per were for energy segment, which depreciation

Second cost the This million due higher in by $X energy is the quarter tracked XXXX. primarily expense. approximately operating of joint revenues, in revenues to net offset venture of and were expenses

and primarily $XX amortization also growth. XXXX expenses, cost This million and revenues. to tracked saw which operating the in customer again, and expenses, capital increased energy of as well quarter joint than approximately as venture venture-related investment offset both were increase partially once are excluding due of depreciation recoveries Operating expenses, joint higher

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

$X.X of long-term interest At capacity XX over the net approximately securitization debt quarter, a XXXX, our as our and weighted available the credit under about weighted level and June programs. we facility was rate maintained of of billion, of consisting debt second XX, billion of maturity and available was end of X.X%. average with $X.X billion years accounts of cash receivable liquidity about Our which a $XX.X approximately average

week, We ratings reaffirming XXXX. to current investment-grade last outlook, retaining continue credit agencies commitment our X all ratings. Moody's which Late our reaffirmed ratings has NiSource's and in now our

to a and infrastructure to investments. long-term credit Our continued debt and our profile financial foundation represent solid safety support

our projects. continues and issuance, plan growth. EPS bond which of capital maintain overall and XX, There's excited we a for maintain at The we you impact help today plan and quick the would be proceeds Slide that take X and interest our to including X, financing look ongoing all mitigate executed earnings process our solar growth to the Crossroads EPS our for the are to credit XX-year I and your plan. first be no balanced strength in the will in year. delays plan, which bond illustrate I'm was financial growth June The see note adjustments to Rosewater change and for commitment. to earnings generation this continuing of also regulatory of to next long-term our projects us financing We're Slide of our your of the on commitments. are the this adjustments potential commitments, highlight consistent our of that intended These ready and successfully As purchase green the Thank flexibility X, wind all X%. to project some highlight now all a to you can delays mechanisms used plan financing enable of our our expected our to and highlights for with participating NiSource. questions. business making XXXX Taking in reflect resiliency on of and visibility at support

Operator

Instructions]. [Operator

Pourreza now take will Guggenheim our Partners. from Shar We question first with

Shahriar Pourreza

Can me? you hear

Lloyd Yates

We hear you.

Shahriar Pourreza

like your bit O&M the just Any but the sort opportunities in pause obviously, of maybe mentioned confidence with mitigate incremental drag, adds reiterated like no prepared timing clarity divot. that on little project more of further growth still and change of Maybe offsetting in tariffs focusing looks this a 'XX near-term delays. on that a could slides, sort savings. You remarks

on sense should we to we as how about think bridge 'XX? growth from any So 'XX

Donald Brown

Great. I can hit earnings. of that terms in

some next the balanced some year as mitigate forward as in that this is we with outlined of what into solar we to that pulling interest impact delay the of billion -- So in savings and to doing $X.X of impacts of year remaining offset outlined in of the call, savings. some we capital delays our capital are O&M because and our QX

our continue we plan these mitigates like Shawn, projects. other? to a we got we've any of developers negotiate those while So the feel understand with good timing delays to that

Shawn Anderson

those of all. looking all we That's that's correct. projects most service at 'XX as 'XX, And date. look No, in projects, at really we're the a

So go up. we'd have and that to back line

consistent path still a So before. the of with revenue similar also in rate could we place case that in that feel can like outcomes be we achieve had plan the can stagger we

Shahriar Pourreza

it. Got

kind investments bar So it investments. shows we slightly renewable shouldn't look the a there. There's the at the issue that delayed where timing trailing are tracker of 'XX chart

as So that a we think shouldn't about being divot.

Lloyd Yates

That's correct.

that. expect mitigate We to

Shahriar Pourreza

your changed since review then, And CEO, process to a sort Lloyd, a quarter sense another think of the of thing get with much there some interest guess your any want we're demand maybe may still have LDCs? higher have comes we how just belt sort on the serious you Perfect. initiating LDCs now we I about under about as the to be the strategic drivers thinking for environment. is, in X may of portfolio? obviously, Is a the seeing other within are swung rate factors should that thinking? And mind as

Lloyd Yates

me second go. So and answer we'll the first, question let then

for demand So we the is LDCs. still serious believe there

always about our review it's really a process, I robust talk when process. think mean, think strategic I about I we when say -- you

we to growth senior as see and stand-alone comparing to that you plans, what just a inside it opportunities we and Board can call against plans. our we're monetize the We O&M When our -- better. involved and LDCs make weighing to at stand-alone like look mentioned, how what have inside it pretty of -- of stand-alone to that management best our the We're plans also we NiSource would look I finance going forward. robust see

due there. We but robust enhance out some all funds hard some for just with things November. So extensive demand out are those things real funds the those us out we're still infrastructure comparing stand-alone to see the We've infrastructure table, And big LDCs working to done we'll on some a a there, plan, benchmarking. that. and in decisions inside with come

Operator

with from Suisse. question Credit next comes Your Campanella Nick

Nicholas Campanella

So on inflation just I minimum potential Act guess Reduction for tax.

discuss as out well? if was thinking Just an benefits the of you should just about be AMT IRA that any to of you're your And impacts then through maybe can how kind implemented? business we thinking

Donald Brown

for Thanks the Yes. question.

at early, say means look there's near-term. I'd don't and the it more as near-term to So impact We our need obviously, some do we earnings the at to the plan thresholds meet look the we But plan what earnings to it's thresholds. act, here analysis of the no and long-term. material in

And so still NOLs the first have we the decade. half of through

a the Second cash threshold. that we've we we taxpayer. the when is half meet of the expected That's about expire, also income decade NOLs to time become that

we were about going this of -- nothing and the need to play tax So the payment no business. change business to do how really we thinking Long-term, the to understand it's legislation, out. how

energy that in efficiency In long-term, of exist us opportunities terms and what for might business. renewables, potential the

Nicholas Campanella

Fantastic.

to considerations you that Okay. a you just And proceedings are the better working because within rates Ohio. I guidance range are there. understand? you're -- you're guess being settlement 'XX towards been working any there guess a just have today? comfortable know bit, I there I still And then new you primarily delayed timing if have on you gave said your delayed,

Lloyd Yates

of I'll in. weigh let Utilities Pablo our who's President

Pablo Vegas

anticipate Lloyd. case total. want understand A theirs. in that to make through and lot years everyone positions to can an This -- thanks pretty of set a potential question. did yes, for that being and extended for our we time, we the period opportunity of of thoroughly discussions. a things work And to covers settlement more Thanks, that XX The of the thoroughly all broad has understand sure

that half those do So of try through can this delay the of have the timing back discussions. mitigate the we in of leverage levers to we some year implications to the in

today. guidance range we're confident we're so the reaffirming that And in

Operator

Next, with Julien America. Dumoulin-Smith we have of Bank

Julien Dumoulin-Smith

here. continue to just Maybe

benchmarking you plan. little stand-alone Can response your about enhance earlier, you elaborate to? you've done where You some and to provided question extensive more? Can bit was to you a on what reference elaborate exactly think times I opportunities cost-cutting in also that said more You LDC extensive you a to demand. used and that of in little the here. of a benchmarking bit talked opportunities word benchmarking the the you're couple

about opportunity what benchmarking of terms this holds you Just like that organic for talk plan? in

Lloyd Yates

some it but perform focus we become the a in on other we start then that utilities, it, extensive safety, and going for electric our But We've side. but I'll and getting more I'll more have gas displace lot significant had more and opportunities still let enhanced people of done study done, what and the of pipeline done improving efficient safety. contractors low-cost, how our the talk significant -- a versus We've those. forward, capital the see on possibly work Shawn we -- to we're people So I'll go, productivity, do understand to top-performing we some with because a off. O&M do had we've and some we our getting say, we getting middle of work we an and had

efficiencies And for we our think technology also others, our we're modernization look compared a is our when I this when technology O&M we So us. for of a costs drive significant a to a opportunity as little opportunity significant system. There's at hard bit for us. Also, to costs as think others, high. compared A&G about

you So plan, things. through to lay we're future. we're out to in enhance to that? near for you that want add going do our working Shawn, all to an see We the opportunity and those

Shawn Anderson

expand a just the I'll of No, on pieces. couple

across that and to of more course, capital our I that on think create ability the side. safety, a electric the opportunities, the renewables elements technology, different all it applies also can also the attractive, and businesses but to value trying have capital, of to support with which, we which is development, CapEx efficiency execute either maximum we're gas

maximize run better operate businesses. work create as financial that performance, we do system value also more and our So efficient, also can but just the we our by of becoming the it it

system XX% XX% our opportunity the and efficient the in just base have safe benchmarking we that, businesses do, it's also to rate can recovery better that the a we of the each those can assets say the and of can we become beyond maximum and run we value more I'd of CapEx. the and values. more the that O&M work their can horizon on upon So get

to decarbonization studying we in on a space, electric leader side. I which we're the the our think ability are be

studying shareholders our think that our dividend to how maximized, overall compelling including return I can we offer. we're be

opportunities extend that X% how a shareholder and think to exist we're what could us a X% I look at environment. studying total the and period for to being in to future into compared for the looking X% return monetized X% to more that short-term

Julien Dumoulin-Smith

Yes. it. here. Compelling Understood. Got

with fact, RFP. In upcoming in renewals towards then and of specifically, going keep these what opportunity opportunities just some as to talk apples-to-apples the the the own? the well? To IRA Any actually elements given extent your of let's own ownership economics context on that more here, about normalization. could thoughts Solar ownership, about enable just to other PTC that ability in And structuring

Shawn Anderson

A that for couple pieces of Thanks into that. question, Julien.

off, ownership First RFP structure. to the agnostic itself, is on it

MISO with for thereafter. to course, then provided keep could can is which, so of dispatchable, projects how is for in an dispatchable other a gas be to reasonable part expect as really all-source Blackstar expect units, would to resources of structured relative and Schahfer we the at RFP, targeted out come which to that in generation, all in which those going really year. customer the that capable the we any of evaluate consistent the cost Schahfer that call the would RFP PPAs. We'd replacement stand-alone that it's of rolled on semi-dispatchable be Contrast in some RFP. have which proposals We renewables utilize alternatives. peaking what NIPSCO those bias So is range and include with of we plan we That November be some can are to generate with we ownership expect ownership, really interconnections then last owner would

we'd piece, question, maximize I also while from a projects. and the competing to consideration ownership an all-source that in the structure understand how highlighted implied full ownership it. suite other the in evaluate the NIPSCO the customer And second that could whereas affordability Donald think I NIPSCO cost So then part think for delivering all standpoint, RFP fully of on your compelling of it's

On fresh to and ITC the it's of legislation formed. means legislation terms still that itself, in PTC, what is and the transferability, how just specific

look the a So and we'll absolutely our to take provisions their applicability at plan.

contemplate know, like something plan transferability. you this or As our pay direct current does not

a can And figure supporter us keep on that also to these ability XXXX utilize think to mind. remaining help we've these if way in but going that. costs in we're we've concepts, find So to to need a greatly our hopefully some that possible, I the and the We increase lines where given keep you track it's dates customers, that's for retire got in -- the if remainder to making our investment flexibilities language, Schahfer down we alignment be out time to can today. we and at. of we'll They matter with scheduled projects. sure projects provided got to by of

of So City's But capacity. need course, we the we solution track a be well. as consider as projects out, the legislation, And the the have IURC. approved sure applicable make could plan that by we that the applicable things make XX retiring to sure to horizon to might in we look to we further have time be that for be it Michigan

Julien Dumoulin-Smith

Yes. Fair enough.

Okay. other price, a right? customers compete not versus Yes. RFPs, But you specifically guys receive just would lower help

Shawn Anderson

everything possible. we it's comport considerations that sure are evaluate, IRS But make to utilities, structure notably with for an Yes, rules can need there need make that to we entire and sense. other can regulated

when gets of upside a it ironed something considerations view let's out. and the see the apply number formulated. it and can language possible review to how to We see So we a we as projects it as need

Operator

from questions come Goldman with Kim Sachs. we have next Insoo The

Insoo Kim

just normal demand First trends. question the weather on

covered has the at industrial I year-over-year a and been industrial basis, down. last on seems trending relatively other country, well, quarter think side, parts it like strong least missing, there's those had I seems lot before I'm trends on of when been already of quarter. it if demand this just like but you know this something more this as it's don't a quarter on the if color that

Donald Brown

our to are some great industrial from seeing on sales. hear Insoo, weakness you. Certainly, we

you bit. usage portion industry up steel residential industrial both I'd and as that customers, commercial of electric is because Indiana revenues As say know, being a a on down well down as in of are by customer the our customers our offset growth. little

we seeing So be on but electric having might the some the short-term industrial, overall, on growth weakness side.

years other I to electric last electric item code change that The in a few overall was on want earnings. everyone ago just understood tariff sure of the to the the make rate impact case, we did minimize our really

the somewhat, down or despite overall not cost the so our And are being the industrials driven industrials. being of down earnings not down

Insoo Kim

it. and I and the that. pretty of it. message remember solar that. some about with the I that some the pension item think well think delays we then quarter calculate softness where 'XX in you all in Got in Got do how of the that 'XX And to when industrials, disclosed

feel that the Put a reiterated growth know all least? together, that considered, you that to you're these you the at midpoint As on X%, still you all -- rate, X% you 'XX to X% at I midpoint point like the hit are at

Donald Brown

amount going of as rates costs into Yes, and absolutely. interest be to timing rate build plan, as an -- recognizing our potential changes -- cases. well that changes We contingencies in from there's financing

to absolutely guidance year's so in guidance. confident meet our as as this our And plan well long-term

Operator

Morningstar. with have Travis we Miller Next,

Travis Miller

Just your hit the of inflation rate given or potentially the there base any update timing, thinking filing CapEx your could would thoughts you how renewable and delays timing? NIPSCO terms in especially on and if Wonder shifts?

Pablo Vegas

one flight thinking projects Travis, year because is already we the and try this start we if stepping year, with the Yes. Pablo. expect where into And the the before sometime still time test delayed. of Indiana for the can that of lines sense those case about completed makes investments that have out to Indiana, been project extensions in sense is pace from you rate a evolve makes investments before completions year, flexibility to timing kind the time this this case have more structure projects the think of we of that maximize the and in our the the that with this that in We're eventually go to ones of the end way structure. will flexible sometime year end are next to that in service capture have we ones that filed

most of we'll filing. test evaluate next into go we years ability have those timing a subsequent. in can that then Indiana which would a kind to before into that with ability test of which case incorporated this to sometime in the the the the But the fall rates ability of rate when go have again, And in a the rate probably going subsequent to so we align in of then those into look would to the be think then year end case this projects pick into But balance in step outside flex year rates of up flex would makes sense. And of any the and still of effect. to that service. the construction projects to We

that profile overall be be still discussing So to be achieved. able we'll the would earnings that's

Travis Miller

more bills in winter program on are are guess customers? of into just wondering, their going you delayed also start overall Okay. side customers summer that on to electric there and see or And the hedging thinking the flowing about their behalf your see Got side. ability half through? would then go commodity it. How gas the I customer Just costs the that first from do to to bills? Are higher

Donald Brown

Yes.

are of last the are about bills of prices commodity increase year-over-year So their in kind over up XX%, a Once we started with clauses we're really balance prices XX- to customer can't customers we're XX% commodities jurisdictions, those seeing look period. our trying at our higher or adjust -- because adjusting cases, out and across prices our some look fuel bills already. We quarterly, payment adjusting those in XX-month typically at we gas summer. adjustment to

appropriately. make we we've same But the at we're flexibility. flow got that so want And time, sure cash to some managing

impacts, to more will gas the to. it's and higher I natural to seeing in prices go forecast range. still are the volatility the customers think back obviously, some show paying down that $X and that continues got attention So we've prices we're But something Long-term, period. $X,

Operator

Next question Ryan with comes from Citi. Levine

Ryan Levine

this chain And on key renewable in Something with how to in-flight in-flight execution the to projects. Where NiSource renewable manage in looking touch projects? the these is the the process? at company queues supply is stage

Shawn Anderson

Yes. Ryan. Thanks,

So construction. have X the we to under projects flowing your question, panels on answer

X we're Horizon if X with what constructs So the online supply negotiations those to here, them get would in X track commercial talking the the half XXXX first constructability. service. with about associated finalizing and the the projects, are projects to then remaining PTAs continue And

is hit together process on the ensure they Slide XX. that to right put So can deadlines that to that we've now underway continue

Ryan Levine

Okay. contingencies And dates aren't met? then that those are there

Shawn Anderson

projects other got near-term look active approved also refresh the lines what those partners, understand We've another of with alongside a just as of as that were the understand energy value from Most our cost negotiated, customers. from that and we We online development what stakeholders. teams time and due of strongly members and marketplace dialogue developers the in XXXX, refresh that for and the those last us still developers continued energy regulators and support to believe time, dialogue book or the XX are RFP XX deadlines developers. should like, our to already of to of else low developed community those when we've are projects. might for, quarter, provided At are compelling number potential in that contingency a tracking lines for available I'll we the but our have time our our to point as with delays value contracted to us our amount of our refreshed we've lines that that. Yes. projects those the the XXXX, internal time with time help notably being the to than continue no outside arise. the opportunity be the CPCNs have developer well immense projects that The this and

Ryan Levine

through future GRCs existing any the these highlighted, cost And or for CPCN line time the you to through increases given that expect you projects address do renewable just processes?

Shawn Anderson

cost developer are impacts the be the level leaves build tariff by of timing risk The to transfer with turnkey, really borne and some construction contracts contracts. counterparties, contemplated the which

And over projects a given to increase that few impact the with the regulatory CPCN any approval happened developers process. project. the process in either through or from IURC have months, that or through any to rate case we're with then last a understand the So of associated require the price our a circumstances discussions would

with their which evaluate should the and to go there and that that refresh of regulators. we'll require be each So increases projects our path circumstances decide

Ryan Levine

question last then me. for And

You the and or highlighted Any around Pennsylvania state could ongoing forward? negotiations discussions. you color of settlement in share path that process

Pablo Vegas

in customer seen in last and Yes. all this Sure, continue safety be Discussions year settled have taken case been, that stakeholders. customer the last reasonable modernization the remains work. since classes. on we -- our Pablo. The reasonable at think, is on stay I making Pennsylvania We've and very the us constructive. case program pipeline advance Ryan. wanting in very And front value This a our focus discussions the of the tack the that settlement to of that discussions, by for program, economics to supportive year, those replacement all continues the sure

we So towards to settlement have all gone those to say around, conversations forward look constructively, I'd and the drive continue there.

Operator

Fleishman with question Wolfe from Steve comes Your Research. last

Steven Fleishman

wanted appreciate ongoing on the I close just to I it. the loop Yes. review.

and How just then the assets? so options you the not options LDCs Could to extending you robust just other comparing the here. for just the And plan the Lloyd, review review fill relative kind to of about that, company of the to that of slate any whole mentioned core like. and with whole maybe

Lloyd Yates

what the is I mean, company. of whole also we part the review. looks like for it have reviewed that a So

If at to plan. understand you look as with market to compared the the what large private looks of that there equity our like we're trying funds. And stand-alone infrastructure some

review that also is that are doing. part of So the we

Steven Fleishman

I X% sounds And decent mean, O&M you Okay. been there, the that... since on I think has and conviction it like -- core there's and Is got I such. the rate then -- to to true, sustain stand-alone growth. the kind opportunities and X% just and with potentially on plan this base mean plan the of

Lloyd Yates

as you the every is that these at believer, when you job the selling for your best do whether to mean best to the then to compares our LDC you I'm company, Look X have business do I it. to sell is opportunities other obligation and firm and mean safer, better, run faster can. is your and business to the door compare you walk you other can, can That an or our in run day you it shareholders. opportunities, that I to as you best the plan whole And a want costs. for and how lower

So to the of that's running continue that conviction. always business and have the that to fundamental will base me,

Steven Fleishman

you've with the so that's the is probably most, how you again, control since just work coming are scenario And way the done the Okay. the about together? stand-alone feeling you opportunity far, just

Lloyd Yates

about I feel good them. very

feel very it. I about So good

Operator

closing I the no now will to this back call Yates are at over questions There remarks. further turn for time. Lloyd

Lloyd Yates

for takeaways. questions. you reiterating growth to reaffirming are including XXXX annual and growth through a $X.XX One, reaffirming forecast are NOEPS, from to Thank to we our rate our non-GAAP $X.XX you. few XXXX, XXXX near-term for your key compound through on annual close of we Thank me diluted X% XXXX. X% X% And guidance by X% let of

projects on with track revised we the generation in-service that renewable our Second, quarter. dates last meet remain shared to you

And We case constructive settlement make We and gas please growth approved us and rate our morning, you. Pennsylvania in finally, regulatory intend progress to long-term agenda strong and NIPSCO an continue Day this at we Investor a stay plan November. talks to Virginia. safe. We seeing in Ohio, in forward settlement joining with appreciate you all you Thank present NiSource's in there. look to

Operator

today's call. This concludes

You disconnect. may now

NiSource (NI) 3 Aug 222022 Q2 Earnings call transcript