Slide 1: Supplemental Slides Year End 2020 Results
SUPPLEMENTAL SLIDES YEAR END 2020 RESULTS February 17, 2021 NiSource | NYSE: NI | nisource.com |
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Investors and prospective i
Slide 3: Key Takeaways
KEY TAKEAWAYS • 2020 Non-GAAP Net Operating Earnings Per Share (NOEPS)* of $1.32 ◦ Cost and regulatory mitigation efforts reduced financial impacts of COVID-19 • Safety & asset modernization, renewable generation transition remain top priorities • 2021 and long-term financial commitments reaffirmed
Slide 4: Fourth Quarter & YTD Consolidated Financial Results
FOURTH QUARTER & YTD CONSOLIDATED FINANCIAL RESULTS GAAP FOURTH QUARTER YTD 2020 2019 Change 2020 2019 Change Net Income (Loss) Available to Common Shareholders $70.7 $(153.0) $223.7 $(72.7) $328.0 $(400.7) ($ in Millions) Basic Earnings (Loss) Per Share $0.18 $(0.41) $0.59 $(0.19) $0.88 $(1.06) NON
Slide 5: Fourth Quarter & YTD Segment Non-GAAP Results
FOURTH QUARTER & YTD SEGMENT NON-GAAP* RESULTS FOURTH QUARTER YTD GAS DISTRIBUTION OPERATIONS ($ Millions) 2020 2019 Change 2020 2019 Change Operating Revenues $ 833.9 $ 995.3 $ (161.4) $ 3,168.4 $ 3,503.2 $ (334.8) Cost of Energy $ 234.6 $ 307.8 $ 73.2 $ 794.2 $ 1,067.6 $ 273.4 Tracked Operating Ex
Slide 6: COVID-19 Financial Impacts
COVID-19 FINANCIAL IMPACTS USAGE IMPACT BY CUSTOMER CLASS ($ Millions)* 4Q '20 vs. '19 Gas Electric Total Residential $4.1 $1.6 $5.7 Commercial $(0.2) $(3.8) $(4.0) Industrial $1.0 $(0.7) $0.3 Total $4.9 $(2.9) $2.0 YTD '20 vs. '19 Gas Electric Total Residential $5.0 $13.5 $18.5 Commercial $(2.0) $(
Slide 7: NiSource Debt and Credit Profile
NISOURCE DEBT AND CREDIT PROFILE • Debt level: ~$9.7B as of December 31, 2020 – ~$9.1B of long-term debt ▪ Weighted average maturity ~15 years ▪ Weighted average interest rate of 3.68% • Solid liquidity position – ~$1.7B in net available liquidity as of December 31, 2020* – ~$2.1B of committed facil
Slide 8: Capital Forecast
CAPITAL FORECAST $3.3B - $3,6B $2.4B - $2.7B $1.9B - $2.2B Expected Investment Recovery Period $1.9B - $2.1B Maintenance/Other (Periodic Rate Cases) Tracker (Within 0-18 Months) $1.7B Growth (Within 0-3 Months) Renewables (Rate Case Effective 2H/2023) 2020A 2021E 2022E 2023E 2024E 36 ANTICIPATE >75%
Slide 9: 2021 - 2024 Financing Plan
2021 - 2024 FINANCING PLAN* Financing strategy targets long-term Adj. FFO/total debt** of ~14%-15% ($ millions) 2020A 2021E 2022E 2023E 2024E Current Financing Plan Planned Annual Safety & Modernization Investments • All financing is Equity included in our long-term growth ATM (At-the-Market) $ 197
Slide 10: Gas Distribution Operations
GAS DISTRIBUTION OPERATIONS ◦ Rate case settlement approved in Maryland, case pending in Pennsylvania ◦ Continuing to execute infrastructure modernization designed to enhance system safety, reliability and environmental performance HIGHLIGHT KEY COMPONENTS STATUS Columbia Gas of Kentucky Safety Modi
Slide 11: Electric Operations
ELECTRIC OPERATIONS ◦ On-time completion of first two wind projects ◦ Commercial and regulatory progress continues on remaining renewable projects ◦ $1.8 - $2.0B of capital investment opportunities expected in 2022 and 2023 ◦ Continued execution of seven-year ~$1.2B electric system modernization pro
Slide 12: Safety and Infrastructure Programs
SAFETY AND INFRASTRUCTURE PROGRAMS MODERNIZATION ESTIMATED ANNUAL YEAR-END 2020 AUTHORIZED RECOVERY COMPANY PROGRAM MODERNIZATION RATE BASE PROGRAM ROE MECHANISM INVESTMENTS PROGRAM INVESTMENTS Columbia Gas of OH $3.5B 10.39% ~$10.6B $540M - $560M Tracked Rate Case (Forward Columbia Gas of PA $2.1B
Slide 13: Safety and Infrastructure Investment and Tracker Filing Details
SAFETY AND INFRASTRUCTURE INVESTMENT AND TRACKER FILING DETAILS INCREMENTAL INVESTMENTS RECOVERY COMPANY MECHANISM PERIOD AMOUNT ($M) FILING DATE EFFECTIVE DATE Infrastructure Replacement FY 2018 $199.6 Feb 2019 May 2019 Columbia Gas of Ohio Program (IRP) FY 2019 Feb 2020 May 2020 $234.4 Capital Exp
Slide 14: Renewable Investment Opportunity Through 2023
RENEWABLE INVESTMENT OPPORTUNITY THROUGH 2023 Tax equity partnerships allow for significant reduction in cost to customers and $1.8-$2B of NiSource capital investment Expected NiSource (NIPSCO) JV Ownership ~$2.8 -$3.0B ~50% NiSource ~$1.0B (NIPSCO) Tax Equity JV Investment ~$1.8 - $2.0B ~$0.6 - $0.
Slide 15: Renewable Investment Project Update
RENEWABLE INVESTMENT PROJECT UPDATE NIPSCO INVESTMENT ANTICIPATED PROJECT STRUCTURE STATUS ($M) IN SERVICE Projects In Execution: Rosewater Wind JV ~$100 ’20 Complete Jordan Creek Wind PPA N/A ’20 Complete Indiana Crossroads Wind JV ~$300 ’21 Under Construction Brickyard Solar PPA N/A ‘22 IURC appro
Slide 16: Environmental, Social & Governance (ESG)
ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG) Environmental Social Governance • $1.8B-$2.0B of planned • Transformation focused on • Leadership enhancements renewable investments customer safety and reliability support commitment to through 2023 customer service and safety • Economically benefiting • Exp
Slide 17: Appendix
APPENDIX YEAR END 2020 RESULTS NiSource | NYSE: NI | nisource.com |
Slide 18: Liquidity and Capitalization as of Year End 2020
LIQUIDITY AND CAPITALIZATION AS OF YEAR END 2020 ($M) CURRENT LIQUIDITY ACTUAL 12/31/20 MATURITY Revolving Credit Facility $1,850 Feb. 20, 2024 Accounts Receivable Programs* 273 Less: Drawn on Credit Facility — Commercial Paper 503 Accounts Receivable Programs Utilized — L/C's Outstanding Under Cred
Slide 19: Total Debt as of Year End 2020
TOTAL DEBT AS OF YEAR END 2020 ($M) DEBT DETAIL BALANCE WTD. AVG. RATE* WTD. AVG. MATURITY Long-Term Debt $9,135 3.7 % 15 years Commercial Paper $503 0.27 % 60 days Finance Leases, Deferred Costs & Other $108 N/A N/A Total Debt* $9,746 * Represents coupon or current incremental borrowing rate; does
Slide 20: Bad Debt Recovery Mechanisms
BAD DEBT RECOVERY MECHANISMS* BAD DEBT EXPENSE INCLUDED TRACKED INCREMENTAL COMPANY FILING FREQUENCY IN BASE RATES** EXPENSE GAS DISTRIBUTION OPERATIONS NIPSCO Gas Yes Gas cost only Quarterly Columbia Gas of Ohio Yes Gas cost and delivery charge Annual Columbia Gas of Pennsylvania Yes Partial gas co
Slide 21: Revenue and Weather Normalization Mechanisms
REVENUE AND WEATHER NORMALIZATION MECHANISMS COMPANY REVENUE DECOUPLING / NORMALIZATION WEATHER NORMALIZATION GAS DISTRIBUTION OPERATIONS NIPSCO Gas None None Straight Fixed Variable Rates for Residential and Small Columbia Gas of Ohio None Commercial Columbia Gas of Pennsylvania None Yes - Resident
Slide 22: NiSource | NYSE: NI | nisource.com |
NiSource | NYSE: NI | nisource.com |
Slide 23: NiSource | NYSE: NI | nisource.com |
NiSource | NYSE: NI | nisource.com |
Slide 24: NiSource | NYSE: NI | nisource.com |
NiSource | NYSE: NI | nisource.com |
Slide 25: NiSource | NYSE: NI | nisource.com |
NiSource | NYSE: NI | nisource.com |
Slide 26: NiSource | NYSE: NI | nisource.com |
NiSource | NYSE: NI | nisource.com |