NiSource Inc (NI.N): Indiana Commission Interviews for Open Spot, Heightened Pressure on Affordability

Research evidence excerpt

NiSource Inc (NI.N): Indiana Commission Interviews for Open Spot, Heightened Pressure on Affordability

Flash |

16 Jul 2026 21:08:02 ET │ 11 pages

NiSource Inc (NI.N)

Indiana Commission Interviews for Open Spot, Heightened Pressure on

Affordability

CITI'S TAKE Neutral

Price (16 Jul 26 16:00) US$46.27 We listened to interviews of 11 candidates to fill one Commission seat at

Target price US$49.00 IURC, following the formal resignation of Commissioner David Veleta last

month. Affordability remained the dominant theme, consistent with the Expected share price return 5.9%

direction set during the October 2025 round, though candidates this cycle Expected dividend yield 2.6%

showed a broader range of regulatory philosophies and backgrounds. Expected total return 8.5%

Most candidates acknowledged the need to balance ratepayer protection Market Cap US$22,184M

with utility investment and grid reliability. Our read is that the majority

were balanced to neutral on ROEs, with a few showing signs of higher

pressure on returns (Figure 1). The IURC Nominating Committee will

reconvene on Tuesday, July 21 and provide up to three names to present to Ryan LevineAC

Governor Braun. We think the nominating committee Q&A session seems +1-212-816-6555

to be partial to 3 candidates (Bain, Jerrels and Cazee) but we will learn ryan.levine@citi.com

actual selection in coming days. Amber Zhao

+1-212-816-0644

Greater Affordability Pressure This Go Around: Most candidates aligned their amber.zhao@citi.com

messaging closely with the Governor's affordability mandate, with several appearing

to echo the Governor's language and framing directly, suggesting strong awareness

of the political direction expected of the role. Notably, Commissioner Zay, whose