Regulatory approvals strengthen data center strategy, supporting continued execution
Approximately $1.4 billion in savings expected for existing NIPSCO customers

NiSource Inc. (NYSE:NI) announced the Indiana Utility Regulatory Commission (IURC) has approved key agreements supporting the company’s previously announced partnership with Amazon to serve new data center development in northern Indiana. This marks an inaugural milestone that reinforces the meaningful benefits this approach will provide for existing customers.

On June 17, the IURC fully approved the settlement agreement, Amazon special contract and related power purchase agreement. In a separate order, the Commission also approved the company’s proposed generation resources, including combined-cycle gas turbines and battery energy storage systems.

The approvals advance NiSource’s strategy to support responsible large-load growth while helping protect existing customers from the costs of serving new data center demand.

Under the approved framework, existing customers are expected to benefit directly from the addition of new, large electric load, with NiSource’s broader data center strategy expected to provide approximately $1.4 billion in customer savings. The structure is designed so that data center customers fund the generation and transmission infrastructure required to serve their needs, supporting affordability, reliability and long-term value for existing NIPSCO customers.

As part of the settlement, the parties agreed to support expedited procedural schedules for future agreements, reinforcing the model’s competitive speed-to-market advantage and positioning Indiana as a leader in utility and technology collaboration.

"Our regulator’s approvals highlight the strength of our strategy and the value this approach can deliver for customers and communities," said NiSource President and CEO Lloyd Yates. "As data center demand continues to grow across our service territory, we are helping to ensure that new large-load customers support the infrastructure needed to serve them while existing customers benefit through bill credits as those customers ramp. We are proud to support Indiana’s economic development momentum through a model that advances affordability, reliability and long-term growth."

Additional Information

Additional information is available on the Investors section of www.nisource.com. The company alerts investors that it intends to use the Investors section of its website www.nisource.com and the company’s social media channels to disseminate important information about the company to its investors. Investors are advised to look at NiSource’s website and social media channels for future important information about the company.

About NiSource

NiSource Inc. (NYSE:NI) is one of the largest fully regulated utility companies in the United States, serving approximately 3.3 million natural gas customers and 500,000 electric customers across six states through its local Columbia Gas and NIPSCO brands. The mission of our approximately 7,700 employees is to deliver safe, reliable energy that drives value to our customers. NiSource is a member of the Dow Jones Sustainability - North America Index and is on Forbes lists of America’s Best Employers for Women and Diversity. Learn more about NiSource’s record of leadership in sustainability, investments in the communities it serves and how we live our vision to be an innovative and trusted energy partner at www.NiSource.com.

The content of our website is not incorporated by reference into this document or any other report or document NiSource files with the Securities and Exchange Commission ("SEC").

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Forward-Looking Statements

This Press Release 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 investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. Any one of those factors could cause actual results to differ materially from those projected. Forward-looking statements in this press release include, but are not limited to, statements concerning our provision of power to data center customers under certain agreements, our proposed generation resources, expected cost savings to customers over the life of the data center contracts, protecting customers from cost increases, plans to seek expedited procedural agreements for future agreements and other statements regarding our plans, strategies, objectives, and expected performance related to data center operations. Expressions of future goals and expectations and similar expressions, including "may," "will," "should," "could," "would," "aims," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," "forecast," and "continue," reflecting something other than historical fact are intended to identify forward-looking statements. All forward-looking statements are based on assumptions that management believes to be reasonable; however, there can be no assurance that actual results will not differ materially.

Factors that could cause actual results to differ materially from those projected in any forward-looking statement discussed in this Press Release include, among other things: receipt, timing and terms of required regulatory approvals in connection with agreements with our current and any future data center customers and the ability to comply with any conditions associated with such regulatory approvals; the ability of our current and any future data center customers to implement its plans to construct data centers; the impact of public involvement, intervention or litigation with respect to these projects, our ability to execute our business plan or growth strategy, including utility infrastructure investments, or business opportunities; our ability to manage data center growth in our service territories; potential incidents and other operating risks associated with our business; our ability to work successfully with our JV partners; our ability to construct, develop and place into service the generation or transmission assets we develop to support our customers under our current and any future data center contracts on time or at all and consistent with initial cost estimates, as well as the performance of such assets once constructed and placed into service; our ability to obtain the significant additional financing required to construct such generation or transmission assets we develop to support data center contracts on favorable terms, if at all; our ability to recover our investments and realize our expected return under our current and any future data center contracts that we enter into; our ability to maintain our investment grade credit ratings as we finance and pursue our data center strategy, including our performance under our current and any future data center contracts that we enter into; our customers' performance under our current and any future data center contracts; any decision by our current data center customers and any future data center customers to terminate our current or any future data center contracts or reduce the committed capacity thereunder; potential changes in the MISO accreditation treatment of capacity resources; our ability to adapt to, and manage costs related to, advances in technology, including alternative energy sources and changes in related laws and regulations; our increased dependency on technology; impacts related to our aging infrastructure; our ability to obtain sufficient insurance coverage and whether such coverage will protect us against significant losses; the success of our electric generation strategy; construction risks and supply risks; fluctuations in demand from residential and commercial customers; fluctuations in the price of energy commodities and related transportation costs or an inability to obtain an adequate, reliable and cost-effective fuel supply to meet customer demand; our ability to attract, retain or re-skill a qualified workforce and maintain good labor relations; our ability to manage new initiatives and organizational changes; the performance and quality of third-party suppliers and service providers; our ability to manage the financial and operational risks related to achieving our carbon emission reduction goals, including our Net Zero Goal, including any future associated impact from business opportunities such as data center development as those opportunities evolve; potential cybersecurity attacks or security breaches; increased requirements and costs related to cybersecurity; the actions of activist stockholders; any damage to our reputation; the impacts of natural disasters, potential terrorist attacks or other catastrophic events; the physical impacts of climate change and the transition to a lower carbon future; our debt obligations; any changes to our credit ratings or the credit ratings of certain of our subsidiaries; adverse economic and capital market conditions, including increases in inflation or interest rates, recession, or changes in investor sentiment; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; economic conditions in certain industries; the ability of customers and suppliers to fulfill their payment and contractual obligations; the ability of our subsidiaries to generate cash; pension funding obligations; potential impairments of goodwill; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; compliance with changes in, or new interpretations of applicable laws, regulations and tariffs; the cost of compliance with environmental laws and regulations and the costs of associated liabilities; changes in tax laws or the interpretation thereof; and other matters set forth in Item 1, "Business," Item 1A, "Risk Factors" and Part II, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations," of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and matters set forth in our subsequent Quarterly Reports on Form 10-Q, some of which risks are beyond our control. In addition, the relative contributions to profitability by each business segment, and the assumptions underlying the forward-looking statements relating thereto, may change over time.

All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to expected results over time or otherwise, except as required by law.

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Regulatory Approvals Underscore Strength of NiSource’s Customer-Focused Data Center Strategy Supporting Growth in Indiana