NiSource Inc
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Business
NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states. NiSource is the successor to an Indiana corporation organized in 1987 under the name of NIPSCO Industries, Inc., which changed its name to NiSource Inc. on April 14, 1999.
NiSource’s principal subsidiaries include NiSource Gas Distribution Group, Inc. (a holding company that owns Columbia of Kentucky, Columbia of Maryland, Columbia of Ohio, Columbia of Pennsylvania, and Columbia of Virginia), and NIPSCO Holdings I (a holding company that owns a controlling interest in NIPSCO, a gas and electric utility). NiSource derives substantially all of its revenues and earnings from the operating results of these rate-regulated businesses. In addition, NiSource will develop the generation resources it plans to use in serving data center customers through its subsidiary Generation Holdings I (a holding company that holds a controlling interest in GenCo).
Business Strategy
Our business strategy focuses on providing safe and reliable service through our core, rate-regulated, asset-based utilities, with the goal of adding value to all of our stakeholders. Our utilities continue to advance our core safety, infrastructure and environmental investment programs, supported by complementary regulatory and customer initiatives across the six states in which we operate. In 2025, we entered into the ADS Contract, a customized agreement under which NIPSCO will provide electric service to ADS by procuring power from GenCo, which will develop related generation assets, and we expect our data center operations to continue to grow.
Our goal is to develop strategies that (i) support long-term infrastructure investment and safety programs to better serve our customers, (ii) align our tariff structures with our cost structure, and (iii) drive value and enable growth in an evolving energy ecosystem. These strategies focus on improving safety and reliability, enhancing customer experience, pursuing regulatory and legislative initiatives to increase accessibility for customers currently not on our gas and electric service, ensuring customer affordability and reducing emissions while generating sustainable returns.
We remain committed to the advancement of our SMS for the safety of our customers, communities and employees. Our SMS is the established operating model within NiSource. NiSource continues to maintain its certification to the American Petroleum Institute Recommended Practice 1173, which serves as the guiding practice for our SMS. In 2025, NiSource successfully maintained its ISO 55001 Asset Management certifications through LRQA, a global leader in engineering and technology services. These certifications reaffirm our unwavering commitment to safety for our employees and partners, customers, and systems and highlight our continued dedication to operational excellence and the integrity of our SMS.
NiSource has two reportable segments: Columbia Operations and NIPSCO Operations. The remainder of our operations, which are not significant enough on a stand-alone basis to warrant treatment as an operating segment, consist of our centralized corporate activities and are primarily comprised of interest expense on holding company debt and unallocated corporate costs and activities, as well as new business development costs associated with GenCo. The following is a summary of the business for each reporting segment. Refer to Part II. Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 21, "Business Segment Information," in the Notes to Consolidated Financial Statements for additional information related to each segment.
Columbia Operations
Columbia Operations provides natural gas to approximately 2.4 million residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland. We operate approximately 37,300 miles of distribution main pipeline plus the associated individual customer service lines and 310 miles of transmission main pipeline located in our service areas described above. Throughout our service areas we also have gate stations and other operations support facilities. See below for information on our owned storage facilities. There were no significant disruptions to our system or facilities during 2025.
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| Facility Name | Location | Type | Storage Capacity (MCF) | ||||||||||||
| Eagle Cove Propane | Petersburg, VA | Propane Gas | 863 | ||||||||||||
| South Wales Propane | Jeffersonton, VA | Propane Gas | 863 | ||||||||||||
| Portsmouth Propane-Air | Portsmouth, VA | Propane-Air Gas | 17,300 | ||||||||||||
| Total Capacity | 19,026 | ||||||||||||||
Competition. Due to open access and the deregulation of natural gas supplies, our LDC customers can purchase gas directly from producers and marketers in an open, competitive market. Certain of our subsidiaries are involved in programs that provide our residential and commercial customers the opportunity to purchase their natural gas requirements from third parties and use our subsidiaries for transportation services. As of December 31, 2025, 34.9% of our residential customers and 41.1% of our commercial customers participated in such programs.
We compete with (i) investor-owned, municipal, and cooperative electric utilities throughout our service areas, (ii) other regulated and unregulated natural gas intra and interstate pipelines and (iii) other alternate fuels, such as propane and fuel oil. We continue to be a well-positioned competitor in the energy markets in which we operate due to customer preference for natural gas.
Additionally, we are subject to seasonal fluctuations in sales. Revenues from our gas distribution operations are more significant during the heating season, which is from October through May. Please refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Results and Discussion of Operations - Columbia Operations," for additional information.
NIPSCO Operations
NIPSCO Operations includes the results of NIPSCO Holdings I and its majority-owned subsidiaries, including NIPSCO, which has fully regulated gas and electric operations in northern Indiana.
NIPSCO Gas
NIPSCO Gas distributes natural gas to approximately 0.9 million customers in northern Indiana. We operate approximately 18,100 miles of distribution main pipeline plus the associated individual customer service lines and 720 miles of transmission main pipeline located in our northern Indiana service areas. Throughout northern Indiana, we also have gate stations and other operations support facilities. See below for information on our owned storage facilities. There were no significant disruptions to our system or facilities during 2025.
Facility Name | Location | Type | Storage Capacity (MCF) | ||||||||||||
Royal Center Underground Storage | Royal Center, IN | Natural Gas | 7,240,000 | ||||||||||||
Rolling Prairie LNG | Rolling Prairie, IN | Liquified Natural Gas | 4,000,000 | ||||||||||||
Total Capacities | 11,240,000 | ||||||||||||||
Competition. Similar to the Columbia Operations segment, NIPSCO Gas operates in an open and competitive market which allows retail customers to purchase gas directly from producers and marketers. As of December 31, 2025, 6.8% of our residential customers and 18.5% of our commercial customers participated in such programs.
We compete with (i) investor-owned, municipal, and cooperative electric utilities throughout our northern Indiana service area, (ii) other regulated and unregulated natural gas intra and interstate pipelines and (iii) other alternate fuels, such as propane and fuel oil. We continue to be a well-positioned competitor in the northern Indiana market due to customer preference for natural gas.
Additionally, we are subject to seasonal fluctuations in sales. Revenues from our gas distribution operations are more significant during the heating season, which is from October through May. Please refer to Part II, Item 7, "Management's
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Discussion and Analysis of Financial Condition and Results of Operations - Results and Discussion of Operations - NIPSCO Operations," for additional information.
NIPSCO Electric
We generate, transmit and distribute electricity to approximately 0.5 million customers in 20 counties in the northern part of Indiana. We also engage in wholesale electric and transmission transactions, and enter into customized agreements to provide electric service to data center customers. Our transmission system, has voltages from 69,000 to 765,000 volts, and consists of approximately 3,000 circuit miles. We are interconnected with eight neighboring electric utilities. We operate 65 transmission and 240 distribution substations, and own approximately 312,500 poles. We own and operate generation assets as well as source power through PPAs. We currently have eight renewable generation facilities in service, three of which were placed into service in 2025. As of December 31, 2025, we also have multiple PPAs that provide approximately 1,200 MW of capacity, with contracts expiring between 2038 and 2045. We also operate two hydroelectric generation facilities, a CCGT, and two coal generation facilities.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
NiSource Inc.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
NiSource Inc.
EXECUTIVE SUMMARY
This Management's Discussion and Analysis of Financial Condition and Results of Operations ("Management’s Discussion") includes management’s analysis of past financial results and certain potential factors that may affect future results, potential future risks and approaches that may be used to manage those risks. See "Note regarding forward-looking statements" at the beginning of this report for a list of factors that may cause results to differ materially.
Management's Discussion is designed to provide an understanding of our operations and financial performance and should be read in conjunction with our Condensed Consolidated Financial Statements (unaudited) included in this report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
We are an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies serving customers in six states. We generate substantially all of our operating income through these rate-regulated businesses, which are summarized for financial reporting purposes into two primary reportable segments: Columbia Operations and NIPSCO Operations. Refer to ''Note 17, "Business Segment Information," in the Notes to the Condensed Consolidated Financial Statements (unaudited) for further discussion of our business segments.
Our vision is to be a premier, innovative and trusted energy partner. We exist to deliver safe, reliable and competitive energy that drives value to our customers. In order to achieve this goal, we seek to develop strategies that benefit all stakeholders as we (i) support long-term infrastructure investment and safety programs to better serve our customers, (ii) align our tariff structures and regulatory programs with our cost structure, and (iii) create value and enable growth in an evolving energy ecosystem. These strategies focus on improving safety and reliability, enhancing customer experience, pursuing regulatory and legislative initiatives to increase accessibility for customers currently not on our gas and electric service, ensuring customer value and reducing emissions while generating sustainable returns. The safety of our customers, communities and employees remains our focus. Serving as a guiding practice for our SMS, NiSource is certified in conformance to the American Petroleum Institute Recommended Practice 1173, which is the foundation to our journey towards operational excellence.
Data Center Contracts and Strategy: Set forth below is a discussion of recent developments relating to our data center contracts and strategy. This discussion is supplemental to, and should be read in conjunction with, our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, in particular Part I, Item 1A, "Risk Factors—Data Center Operations and Strategy Risk" and Part II, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary—ADS Contract and Data Center Strategy", and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, in particular Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations— Executive Summary—Data Center Contracts and Strategy."
Construction Update
GenCo continues to advance development of its new combined‑cycle natural gas‑fired generation facility to support the ADS Contract. During the period, the EPC contractor progressed engineering, procurement, and planning activities in support of construction beginning in the third quarter of 2026, including mobilization in June 2026 for initial civil site work. The equipment supply contract for the CCGT units is progressing in accordance with planned delivery schedules.
GenCo is also advancing the development of a combined 400 MW and 100 MW BESS installation. The battery equipment supply contract was awarded in February 2026, and the EPC contractor continues engineering, procurement, and planning activities to support the anticipated start of on-site construction in the third quarter of 2026.
Data Center Strategy & Pool Resource Assets
We continue to experience strong demand from potential data center customers in our northern Indiana service territory and are engaged in negotiations with potential additional counterparties. Agreements we enter into with additional counterparties will be served by means of customized, dedicated generation assets, Pool Resource Assets, or a combination.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
NiSource Inc.
With respect to customers to be served by Pool Resource Assets, NIPSCO will retain discretion to select and dispatch Pool Resource Assets to meet committed customer demand in a way that maintains reliability and efficiency without direct involvement or approval from specific customers. We believe this model will enable us to allocate generation resources more efficiently and provide us with greater flexibility to serve a broader range of potential customers.
We evaluate potential transactions with Pool Resource Asset customers in the context of existing demand and resources within the pool in order to promote a sustainable alignment between committed customer demand within the pool and capacity available from Pool Resource Assets. For additional information regarding our Pool Resource Asset strategy and the initial Pool Resource Assets expected to serve our existing data center customers, refer to Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations— Executive Summary" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.
As we evaluate data center opportunities, we focus on community, financial, operational, and regulatory factors to support our strategy. We believe this development can enhance Indiana's tax base, diversify employment, and add value for customers and shareholders. Simultaneously, we remain committed to responsibly managing power demand and environmental goals.
In order to perform under any further data center contracts, we expect that we would need to develop or contract for additional generation and transmission assets, which may be significant, and obtain additional financing in connection with such development. For these and other reasons, our ability to successfully execute our data center strategy is subject to a number of risks and uncertainties. Refer to Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Energy Transition: We continue to advance our energy transition strategy, primarily through the continuation and enhancement of existing programs, such as implementing our plan to retire and replace remaining coal-fired electric generation by 2028 with a balanced mix of low- or zero-emission electric generation, ongoing pipe replacement and modernization programs, and deployment of advanced leak detection and repair. We continue to make progress on our electric generation transition, initiated through our 2018 Plan, and we are continually adjusting to the dynamic energy landscape. Before the planned retirement of the R.M. Schahfer coal facility at the end of December 2025, NIPSCO received the first of successive emergency orders under section 202(c) of the Federal Power Act, to continue operating in 90-day increments, currently through September 19, 2026. The orders stated that continued operation of R.M. Schahfer is required to meet an energy emergency across MISO’s North and Central regions. Consistent with the Federal Power Act and the U.S. Department of Energy regulations, the order authorizes NIPSCO to obtain cost recovery pursuant to 16 U.S.C. § 824a(c). For additional information, see Note 9, "Regulatory Matters," and see Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
NIPSCO's 2021 Plan calls for a new natural gas peaking facility to replace existing vintage gas peaking facilities at the R.M. Schahfer Generating Station to support system reliability and resiliency, and upgrades to the electric transmission system. Following approval by the IURC in October 2024, the construction of a new 400 MW natural gas peaking generation facility is underway, which is expected to support the planned retirement of the existing vintage gas peaking facilities by the end of 2028. The 2021 Plan affirms the retirement of the Michigan City Generating Station by 2028 and calls for new natural gas peaking facilities. Final retirement dates for these units will be subject to MISO approval.
NIPSCO's 2024 Plan was submitted to the IURC on December 9, 2024. The 2024 Plan maintains the retirement decisions and capacity additions identified in the 2018 and 2021 Integrated Resource Plans and calls for additional generation resources through 2029 to support capacity requirements. The 2024 Plan informs future generation investments required to ensure reliability for NIPSCO’s customers and incorporates factors such as anticipated load growth from data centers and other economic development opportunities, EPA emissions rules, and evolving MISO resource accreditation rules. Given that the 90-day 202(c) emergency order could continue to be issued every 90 days to keep R.M. Schahfer open for the foreseeable future, and given that MISO's resource accreditations for renewables and storage remain uncertain, it will be necessary to evaluate changes to our previously communicated resource timelines and alternative resource decisions. We plan to move as efficiently as possible while maintaining the integrity of our commercial, planning, regulatory, procurement and operational execution processes.
We continue to enhance safety and reduce methane emissions on our gas systems through modernization programs and utilization of advanced leak detection and repair. In addition, we plan to advance other low- or zero-emission energy resources and technologies, such as hydrogen and renewable natural gas.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
NiSource Inc.
Transformation: We are modernizing and unlocking efficiencies within our systems and processes on operational excellence, safety, operation and maintenance management. These efforts include investments in proven technologies backed with standardized processes that are changing the way we plan, schedule, and execute work in the field and how we engage and provide service to our customers. We continue to focus on our customer technology platforms, which we believe will not only transform technology to enhance our employee and customer experiences, but also modernize systems and further reduce our enterprise risk related to end-of-life systems.
Value Captured: During the first quarter, we initiated a multi-year program, Value Captured, aimed at accelerating certain transformation activities in response to growing customer affordability concerns. This program is focused on operational efficiencies, evaluating target operating models and improving long-term scalability. In the second quarter, we began our first phase of internal functional re-organization, resulting in involuntary employee separations. The separation benefits provided fall under our existing severance policy. The re-organization is ongoing and is expected to result in additional impacts.
NIPSCO Union Contract Negotiations: On April 2, 2026, NIPSCO initiated a lockout of employees represented by the United Steelworkers following months of extensive negotiations to produce successor collective bargaining agreements by the contract expiration date of March 31, 2026. Agreements were reached and subsequently ratified by the physical and clerical bargaining units on April 24, 2026, and May 1, 2026, respectively, ending the lockout. During the lockout period, we incurred incremental costs to support our work continuity plans. For additional information see Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations—NIPSCO Operations.
Economic Environment: We continue to monitor risks related to order and delivery lead times for construction and other materials, potential unavailability of materials due to global shortages in raw materials, and decreased construction labor productivity in the event of disruptions in the availability of materials. We continue to experience elevated material and supply costs in certain product sourcing categories driven by increased demand and tariffs. To the extent that work plan delays occur or our costs increase, our business operations, results of operations, cash flows, and financial condition could be materially adversely affected.
Summary of Consolidated Financial Results
A summary of our consolidated financial results for the three and six months ended June 30, 2026 and 2025 are presented below:
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
| (in millions, except per share amounts) | 2026 | 2025 | Favorable (Unfavorable) | 2026 | 2025 | Favorable (Unfavorable) | ||||||||||||||||||||||||||||
| Operating Revenues | $ | 1,342.4 | $ | 1,283.0 | $ | 59.4 | $ | 3,705.5 | $ | 3,466.2 | $ | 239.3 | ||||||||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||||||||||||||
| Cost of energy | 193.6 | 261.8 | 68.2 | 862.8 | 909.3 | 46.5 | ||||||||||||||||||||||||||||
| Other operating expenses | 920.7 | 758.3 | (162.4) | 1,795.4 | 1,534.6 | (260.8) | ||||||||||||||||||||||||||||
| Total Operating Expenses | 1,114.3 | 1,020.1 | (94.2) | 2,658.2 | 2,443.9 | (214.3) | ||||||||||||||||||||||||||||
| Operating Income | 228.1 | 262.9 | (34.8) | 1,047.3 | 1,022.3 | 25.0 | ||||||||||||||||||||||||||||
| Total Other Deductions, Net | (181.0) | (138.6) | (42.4) | (358.2) | (265.6) | (92.6) | ||||||||||||||||||||||||||||
| Income Taxes | 10.2 | 23.8 | 13.6 | 96.0 | 129.5 | 33.5 | ||||||||||||||||||||||||||||
| Net Income | 36.9 | 100.5 | (63.6) | 593.1 | 627.2 | (34.1) | ||||||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interest | (8.6) | (1.7) | 6.9 | 40.5 | 50.2 | 9.7 | ||||||||||||||||||||||||||||
| Net Income Attributable to NiSource | 45.5 | 102.2 | (56.7) | 552.6 | 577.0 | (24.4) | ||||||||||||||||||||||||||||
Preferred dividends redemption premium | — | — | — | 3.6 | — | 3.6 | ||||||||||||||||||||||||||||
| Net Income Available to Common Shareholders | $ | 45.5 | $ | 102.2 | $ | (56.7) | $ | 556.2 | $ | 577.0 | $ | (20.8) | ||||||||||||||||||||||
| Earnings Per Share | ||||||||||||||||||||||||||||||||||
Basic Earnings Per Share | $ | 0.10 | $ | 0.22 | $ | (0.12) | $ | 1.16 | $ | 1.22 | $ | (0.06) | ||||||||||||||||||||||
| Diluted Earnings Per Share | $ | 0.09 | $ | 0.22 | $ | (0.13) | $ | 1.15 | $ | 1.22 | $ | (0.07) | ||||||||||||||||||||||
The majority of the costs of energy in both segments are tracked costs that are passed through directly to the customer, resulting in an equal and offsetting amount reflected in operating revenues.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
NiSource Inc.
The decrease in net income available to common shareholders for the three months ended June 30, 2026 was primarily due to higher operation and maintenance expense, primarily related to outside services and labor costs, increased depreciation expense, and higher interest expense, partially offset by higher revenues associated with capital investments.
The decrease in net income available to common shareholders for the six months ended June 30, 2026 was primarily due to higher operation and maintenance expense, primarily related to outside services and labor costs, increased interest expense, and increased depreciation expense, partially offset by higher revenues associated with capital investments.
For additional information on operating income variance drivers see "Results and Discussion of Segment Operations" for Columbia Operations and NIPSCO Operations in this Management's Discussion.
Income Taxes
Refer to Note 13, "Income Taxes," in the Notes to the Condensed Consolidated Financial Statements (unaudited) for information on income taxes and the change in the effective tax rates for the periods presented.
RESULTS AND DISCUSSION OF SEGMENT OPERATIONS
Presentation of Segment Information
Columbia Operations aggregates the results of the fully regulated and wholly owned subsidiaries of NiSource Gas Distribution Group, Inc. Each Columbia distribution company is an operating segment which we aggregate to form the Columbia Operations reportable segment. NIPSCO Operations aggregates the results of NIPSCO Holdings I and its majority-owned subsidiaries, including NIPSCO, which has both fully regulated gas and electric operations in northern Indiana. The remainder of our operations, which are not significant enough on a stand-alone basis to warrant treatment as a reportable segment, are presented as "Corporate and Other" within the Notes to the Condensed Consolidated Financial Statements (unaudited) and primarily are comprised of interest expense on holding company debt, unallocated corporate costs and activities and new business development costs and operating results of GenCo.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
NiSource Inc.
Columbia Operations
Financial and operational data for the Columbia Operations segment for the three and six months ended June 30, 2026 and 2025 are presented below.
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | Favorable (Unfavorable) | 2026 | 2025 | Favorable (Unfavorable) | ||||||||||||||||||||||||||||
| Operating Revenues | $ | 600.5 | $ | 604.7 | $ | (4.2) | $ | 1,927.1 | $ | 1,848.5 | $ | 78.6 | ||||||||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||||||||||||||
| Cost of energy | 80.8 | 110.4 | 29.6 | 464.7 | 490.2 | 25.5 | ||||||||||||||||||||||||||||
| Operation and maintenance | 225.2 | 207.7 | (17.5) | 503.6 | 450.7 | (52.9) | ||||||||||||||||||||||||||||
| Depreciation and amortization | 131.4 | 111.7 | (19.7) | 252.3 | 219.9 | (32.4) | ||||||||||||||||||||||||||||
Loss on sale of assets, net | — | 0.3 | 0.3 | — | 0.3 | 0.3 | ||||||||||||||||||||||||||||
| Other taxes | 59.8 | 52.4 | (7.4) | 130.9 | 119.4 | (11.5) | ||||||||||||||||||||||||||||
| Total Operating Expenses | 497.2 | 482.5 | (14.7) | 1,351.5 | 1,280.5 | (71.0) | ||||||||||||||||||||||||||||
| Operating Income | $ | 103.3 | $ | 122.2 | $ | (18.9) | $ | 575.6 | $ | 568.0 | $ | 7.6 | ||||||||||||||||||||||
| Revenues | ||||||||||||||||||||||||||||||||||
| Residential | $ | 406.2 | $ | 402.1 | $ | 4.1 | $ | 1,313.7 | $ | 1,260.1 | $ | 53.6 | ||||||||||||||||||||||
| Commercial | 126.8 | 127.7 | (0.9) | 460.0 | 435.8 | 24.2 | ||||||||||||||||||||||||||||
| Industrial | 40.8 | 38.1 | 2.7 | 98.8 | 86.3 | 12.5 | ||||||||||||||||||||||||||||
| Off-System | 11.5 | 22.8 | (11.3) | 28.3 | 45.1 | (16.8) | ||||||||||||||||||||||||||||
Wholesale and Other | 15.2 | 14.0 | 1.2 | 26.3 | 21.2 | 5.1 | ||||||||||||||||||||||||||||
| Total | $ | 600.5 | $ | 604.7 | $ | (4.2) | $ | 1,927.1 | $ | 1,848.5 | $ | 78.6 | ||||||||||||||||||||||
| Sales and Transportation (MMDth) | ||||||||||||||||||||||||||||||||||
| Residential | 17.5 | 20.0 | (2.5) | 106.0 | 110.8 | (4.8) | ||||||||||||||||||||||||||||
| Commercial | 19.5 | 20.8 | (1.3) | 80.3 | 82.7 | (2.4) | ||||||||||||||||||||||||||||
| Industrial | 66.6 | 63.5 | 3.1 | 143.6 | 135.6 | 8.0 | ||||||||||||||||||||||||||||
| Off-System | 3.6 | 8.7 | (5.1) | 8.0 | 14.6 | (6.6) | ||||||||||||||||||||||||||||
Wholesale and Other | 0.1 | — | 0.1 | 0.3 | 0.2 | 0.1 | ||||||||||||||||||||||||||||
| Total | 107.3 | 113.0 | (5.7) | 338.2 | 343.9 | (5.7) | ||||||||||||||||||||||||||||
Heating Degree Days(1) | 437 | 494 | (57) | 3,093 | 3,164 | (71) | ||||||||||||||||||||||||||||
Normal Heating Degree Days(1) | 493 | 501 | (8) | 3,129 | 3,167 | (38) | ||||||||||||||||||||||||||||
| % Warmer than Normal | (11) | % | (1) | % | (1) | % | — | % | ||||||||||||||||||||||||||
% Warmer than prior year | (12) | % | (2) | % | ||||||||||||||||||||||||||||||
Columbia Operations Customers | ||||||||||||||||||||||||||||||||||
| Residential | 2,230,081 | 2,219,628 | 10,453 | |||||||||||||||||||||||||||||||
| Commercial | 188,389 | 187,963 | 426 | |||||||||||||||||||||||||||||||
| Industrial | 1,961 | 1,980 | (19) | |||||||||||||||||||||||||||||||
| Other | 5 | 5 | — | |||||||||||||||||||||||||||||||
| Total | 2,420,436 | 2,409,576 | ||||||||||||||||||||||||||||||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-08-14 | BIRMINGHAM MELODY | EVP & Grp President, Utilities | Sell | -37,509 | $42.40 | -$1,590,389 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-10-28 10-Q expected by 2026-11-01 (in 64 days)
- ~2027-05-05 10-Q expected by 2027-05-09 (in 253 days)
- ~2027-08-04 10-Q expected by 2027-08-08 (in 344 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-08-18 8-K Other Events; Financial Statements and Exhibits
- 2026-08-14 424B2 Prospectus Supplement
- 2026-08-05 8-K Earnings Release; Financial Statements and Exhibits
- 2026-08-05 10-Q Quarterly Report
- 2026-05-18 8-K Other Events; Financial Statements and Exhibits
- 2026-05-12 424B2 Prospectus Supplement
- 2026-05-06 8-K Earnings Release; Financial Statements and Exhibits
- 2026-05-06 10-Q Quarterly Report
- 2026-02-11 10-K Annual Report
- 2026-02-11 8-K Earnings Release; Financial Statements and Exhibits
- 2025-12-11 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2025-11-07 8-K Other Events; Financial Statements and Exhibits
- 2025-10-31 8-K Material Agreement Entered; Other Events; Financial Statements and Exhibits
- 2025-10-29 10-Q Quarterly Report
- 2025-10-29 8-K Earnings Release; Financial Statements and Exhibits