NiSource Inc.: IURC Launches Affordability Investigation; GenCo Execution on Track; Await MSFT Update; Re-Shape Quarterly Earnings Profile

Research evidence excerpt

NiSource Inc.: IURC Launches Affordability Investigation; GenCo Execution on Track; Await MSFT Update; Re-Shape Quarterly Earnings Profile

J P M O R G A N North America Equity Research

15 July 2026

NiSource Inc.

IURC Launches Affordability Investigation; GenCo Overweight

Execution on Track; Await MSFT Update; Re-Shape NI, NI US

Quarterly Earnings Profile Price (14 Jul 26):$46.62

▲Price Target (Dec-27):$53.00

Prior (Dec-26):$52.00

• IURC affordability report launches ROE and tracker investigations.

Today’s IURC session and affordability report launched formal ROE and Utilities and Midstream

tracker investigations under the HEA 1002 multi-year rate plan framework. Eli Jossen, CFA AC

The report, following 10 statewide listening sessions and ~2,200 public (1-212) 622-4113

comments, directs utilities to double shareholder-funded customer assistance eli.jossen@jpmchase.com

commitments and improve transparency around large load customer Jeremy Tonet, CFA

investment benefits flowing to existing ratepayers, while flagging tracker and (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

ROE structures as ripe for recalibration under the new multi-year rate plan

Aidan C Kelly

cadence. Investor feedback screens mixed, with bulls arguing lower ROEs and

(1-212) 622-4912

tracker scrutiny already priced in over recent weeks, with incremental GenCo aidan.x.kelly@jpmchase.com

contracting wins more than offsetting any manageable rate adjustment. Bears Diana Niles

argue the report’s specificity and actionable directives signal genuine (1-212) 622-3328

regulatory intent rather than political cover, with near-term uncertainty likely diana.niles@jpmorgan.com

to weigh on sentiment until investigation outcomes clarify the magnitude of J.P. Morgan Securities LLC

any ROE or tracker reset.