NiSource (NI) 3 May 232023 Q1 Earnings call transcript

Hello. My name is Chris, and I’ll be your conference operator today. At this time, I’d like to welcome everyone to the Q1 2023 NiSource Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. Instructions] [Operator

Turnure, Relations. Chris of Director you. Investor Thank

You may begin.

the quarter XXXX morning. And call. first to welcome Good investor NiSource

Joining me Officer, Vice Birmingham; Executive and President Vice and Vice today and Lloyd Relations of President Chief President Officer, are President Randy NiSource Luhrs; Treasurer, and of President Commercial and Group Officer, Investor Chief Executive and President, and Financial Strategy Shawn Michael Executive Chief Anderson; Hulen. Risk Executive Vice Yates; Melody Utilities,

performance is update presentation first to and this for of financial well an the of NiSource’s provide growth purpose on as XXXX, The quarter review operations drivers. as our

Following are call to available our of your call Investor open the today’s section Relations for prepared remarks, in our we’ll questions. the website. Slides

statements are this These filings. MD&A in concerning actual those would our and be forward-looking. the to will subject results and made from Information of during the Risk that We remind to of to like could SEC statements presentation expressed periodic Factors statements. sections and you uncertainties in risks uncertainties that materially cause is included risks differ the such some

of to some segment of supplemental statements Additionally, most the and relate this GAAP information measures. and directly these information for financial on the full schedules slides, Please measures. comparable made to non-GAAP reconciliation call measure the refer on a

to Now I’d turn like the call Lloyd. over to

earnings our slide three quarter joining Hopefully, on you’ve today. reviewing first our us issued all I’ll morning, for chance for Good key you Chris. a to thank XXXX. by Thanks, read and everyone, earlier seven had priorities begin release today.

EPS top-tier on committed remains NiSource First, delivering plan. our to growth

to annually and of guidance through growth $X.XX XXXX. non-GAAP of reaffirming in are We XXXX to NOEPS X% X% $X.XX

O&M driven billion plan. the to well is of during growth target as as XX% capital Annual our throughout to XXXX to is X% expenditures rate period. flat remain XXXX, by Meanwhile, of in $XX projected, the XXXX duration of base the

stakeholders. advancing all case. In was agreement first Public outcomes filed execution March, strong Indiana balanced in rate the our settlement regulatory continued electric in Northern for quarter, Second, a Company’s Service

$X.X of settlement the customers incremental effective settlement The and investments order is rates customer-centric and service revenue grid increase. reliability. a XXXX. proposed renewable million of and safety, modernization made $XXX incorporates other capital in enhance The represents billion improvements since including anticipated projects, August to in A generation XXXX, final XXXX on behalf with

implementation and regulatory capital investment with Distribution Gas gas tracked The the rate has Infrastructure Ohio company’s quarter. $XX plan for system. first enhancements are Additionally, authorized advanced as on replacement Ohio’s of infrastructure recovery We highlighted and by Program, recently Columbia million executing also in during execution case safety XXXX settlement of approved of Gas the approval programs a our targeting Replacement

Lastly, XXXX. the sale the minority for track interest on of remains NIPSCO

financing balance from portfolio value investment of the shareholder proceeds customers. reliability As immediately and our enhancing draw safety enable NiSource to strengthen sheet this capital while generated and opportunities enhance for our previously indicated, will will transaction upon the to

add major continuing our connections enhancements the resiliency to existing for many to gas service continuing Indiana to projects, to to and customer includes operating Indiana, to territories years come. capital system. of and in all forward electric supporting infrastructure of commitments This in look our We generation State new serve

by the our decade. this intensity transition. utilities generation of NiSource Shifting advancing reductions speed to transition, the carbon a the energy largest our has of projected end U.S. among of been in leader one

systems. when NiSource solutions across an remains focused energy conversation orderly transition and energy committed diversified leveraging by to delivery the

and new work on to capacity started policymakers. customers, generation XXXX, process and continues a including in developing our collaborative team regulators involving groups, Our stakeholder communities,

a year core process energy in tracked for test predictable for constructs our rate moment. capital investment and return replacing critical funding that solutions, Michael dollars billions of retirements investors investment energy facilities. a our programs of will utilize regulatory forward on and touch in The these consistent cases commercialization upon allow the established

enabled regulatory NIPSCO the and case constructive unnecessary for enabled in NiSource expense mechanisms of regulatory settlement, construction and contemplated reduce supportive proposed to which Indiana’s to regulatory these time has our minimize rate have plans our financing facilities as customers lag. alongside

We to by supply uncertainty inflationary electric active years the dialogue sustainability and projected continue on volatility, and encouraged to the constraints, original while reliable these our in investments energy two consistent of Throughout customers. with the global policy new projects value we in reliability, of for remained expectations, delivering provide our region. deserve. commodity be confident pressure, affordability have the last our These savings customers chain are

excellence, to our long-term update give also safety, prioritize to like you which on while an growth profile. operational I’d continues our progress on optimizing

Project launched transformation part effort. formally enterprise-wide our one Apollo, have We of

Apollo Project we savings initiatives anticipate several $XX driving range XXXX. of annual million to in million $XX contains an beginning

the share inside value to to expect on as We Project advance initiatives of portfolio more stakeholders. drive greater progress the of they for Apollo

on focus across safety, O&M efficiencies to company-wide. broader our management operations, us and unlocking within improve enabling work our and streamline fits excellence, Apollo operational logistics Project

billion profile. and to employee almost Complementary the the to to work Project in customer but both to execute long-term announced Apollo also is are change in our investments These will improve field, how reduce cost to and how overall customers. provide technologies intended $X engage proven we and plan and our we experience, our previously invest service plan, schedule

components together, our we and will everything be Taken safer more efficient transformation be to O&M of process flat allow and and critical do. investments changes in efforts us these maintain overall to

customer total increases affordability More importantly, that rate sustain helps are annual inflation. with with in line this expected

ensure the our safe storm limbs. next Indiana, was outlive In went Nearly worked to February, safety a distribution switches, I’d like lines our had restored receive late quarter. energy Northeast all bought work tree compromising to rain and recognize significant impacting freezing and who without during and our dedicated communities reliable and completed standards. and to ice employees the customers power contractors day tirelessly

Risk Officer. Michael Michael, Vice Luhrs to expertise the and strong team to level another Now to for excited more our Executive already as than welcome and operations Commercial updates and has the utility in of and on I’m renewable Chief team. Strategy of who as XX depth management our years electric NiSource industry projects, President

to you. over Michael, Now,

you, and everyone. information XX, morning, nine our and supporting about operations. will through Thank gas slides Lloyd, On some find electric good you

As the primary Officer, one is of to opportunities Risk Commercial the Chief found strategy and optimize my named newly plan eight. enhance focuses additional with growth on current slide and

in electric. Scope emission more by reduction clean support hear you’ll enabled on as investment forward, energy opportunities goals gas other our reliability, our value balanced transition, and way. enhancing These opportunities, improving are as Going X from capabilities these and me our and furthering in well which a safety, customer

reduction GHG XXXX, XX% GHG emissions of reduction At from goal track by achieved and in our we Scope Scope an emissions and Scope a X by XXXX. on And achieve X baseline net XXXX zero in XXXX emissions XX% NiSource to X industry-leading levels. year-end remain X

transition to as new coal-fired the portfolio we the XXXX. customers by continuing generation is generation advance retire optimize and to benefit all NIPSCO’s end of

projects with of remain on target All dates. revised generation in-service the previously renewable

Crossroads in-service Plus Storage this has advancing earnest is is in dates Solar a second Solar X and our expected Indiana kicked projects, X Wind are of expected X Dunns expected first solar the two by on Plus our year. Indiana Bridge in Construction in end examples, few with Bridge of PPA in service Cavalry XXXX. Storage Construction to the service Dunns quarter. off and As and late be Crossroads Solar

results capacity on XXXX our RFP for Plan. targeted Additionally, of bids peaking Resource consistent a due we that diligence the our are our our Schahfer sought finalizing the Integrated site, of construction event gas at with

application and Reduction the and of are believe greater Act customers to generation evaluating tax value enabled of our to the in projects Inflation has the the potential provisions including legislation both We opportunities applicability We to shareholders. transferability. its drive portfolio,

already multiple reduced ways, customers and volatility off-system in generation to NIPSCO’s providing including and fuel sales is benefits cost REC sales. monetizing transition

as November what example, For purchased in assets compared hours our prices a $XX renewable in market would of the December to customers result nearly winter market. NIPSCO wind saving run-up have generated megawatt the and storms, million of low-cost in an estimated year of during energy, XXX,XXX otherwise last

energy of renewable sales back customers XXXX, Adjustment and contributed Transmission Tracker are NIPSCO’s through Adjustment Organization In filings. addition, $XX a projects XXXX renewable through total first being million combined passed Clause over more of to and Regional credit and Fuel the NIPSCO’s than sales of off-system that quarter

to turn detail. over in to I’d the like call who Now Shawn, more performance financial will our discuss

everyone. morning, good and XXXX results XX. our Michael, first slide on Reviewing Thanks, quarter

of quarter to February. financial XXXX. gives XXXX, meeting range $X.XX which First in This $X.XX non-GAAP million in were me quarter start range all in per million commitments, in or $X.XX reflects shared increase the including existing greater even of for to guidance confidence $X.XX net $XXX operating $XXX earnings share, solid earnings first per the year the share to compared or of our our

shows million drivers results. the quarter, earnings last Distribution $XXX the in same XX versus Gas year. our operating million and detail Slide increase key an segment first quarter were of $XX of

and rates in investment capital including of Virginia case $XX Pennsylvania, programs drove million contributions incremental Ohio, approximately rate Maryland. revenue, and general New Indiana,

of these and investments across Distribution the our the recover and Capital in return well. returns is These evidence communities help shareholders. how and and in tangible trackers improves in made impacted reliability segment. nearly our which Virginia the trackers XXXX, a capital billion positively $X drive segment This portfolio XX% revenue as Kentucky in safety over enable Ohio, drove our growth mechanisms Gas of for us infrastructure from of investments

year. expense increased service costs, approximately and generation-related new a service increased earnings higher the the outside than an million quarter, versus $X offset last million $XX first outside side, uncollectible versus quarter the the expense last in year. were headwind. usage were On and of $XX million operating more Electric revenue drive O&M accounts rates same from higher customer Lower decrease

partially increased some by quarter that also the our progress million, outside earnings operating represent this basis, that O&M O&M focus on costs. $XX on other expenses would results a and year. achieving highlight consolidated reflect I lower driven flat non-tracked first services towards Corporate early lower

our on Now I’d and touch briefly like profile. credit debt to

was weighted which with average X.X%. maturity of interest Our debt of level March weighted long-term years XX, a $XX.X of as was XXXX, debt, a rate average billion $XX.X and XX billion, of

programs. investment-grade end we committed the under the available of first past, $X.X available receivable we in current capacity net stated our remain securitization At billion, ratings. facility maintained liquidity cash as And quarter, our of and of our credit to and consisting accounts credit the

credit issuance capital is note use issued It five-year year commitments. another to we’ll and debt renewables to likely fund addresses X.XX% We strategy XX a the our our execute we at and proceeds this projects. million will $XXX in later financing March plan. Slide our fund

Day through in our all plan from earnings and XXXX, with November, zero financing discrete the commitments. and unchanged equity is and XXXX Investor growth usage ATM zero reflected in XXXX, remains in equity plan Our issuances financing credit

across primary a we remains another of November, area have our we The of customers. location benefits helped back Stepping quarter companies, in we the stabilize our of key as in affordability for geographical customer to gas Midwest. NiSource bills the companies decline shale discussed our greatly consideration close their as focus operating natural in proximity robust observe prices customer in of NiSource broader country first the to and serve specifically operating in the specific formations XXXX, given

prices have far significantly NYMEX, at the region throughout first MMBtu averaging in per operating Gas quarter, the the in quarter of $X.XX MMBtu lower the fallen XXXX. fourth than observed per $X.XX

commodity reduction an bills. across costs our business. half average customer nearly nearly across will represent average bill of an customer costs In approximately of XX% The bill total XXXX, into XX% commodity residential translate lower in gas

to these enable average, drive early customers. customers jurisdictions our natural update days, falling reductions. throughout prices every a enabling near-term XX mechanisms mechanisms on On in positive participate gas to these pass-through these impact Fuel

operating rate gas reduce our design by majority also the helps bill companies of non-volumetric leverage which volatility. charges, emphasizes The

being this normal realized a XXXX witnessed warm quarter than XXXX. in an first have We colder of both unseasonably and

working to its In and for this our interest minimize non-beneficial to associated enhance NiSource’s it capital stabilizes financial carrying expense charges. build to addition has benefit visibility customers, needs the

diligent the The combination companies. a for execution of management, strong NiSource financial business service, safe customer continued reliable premium regulatory plan and operating propel and to

value we our of best-in-class progress the as have execute made in our will and the enhance for the a about quarter plan. all stakeholders creation experience excited and We’re just teams business strength teams last

In long-term our both interest guidance EPS and XXXX fall, we chain challenging plan, plans. we ranges. commodity X% environments Last while and established XXXX, incorporating supply our X% rates to our growth into exceeded premium

just we EPS February, XXXX this and highlighted. great executing our guidance have we operational plans a to start in financing this, in regulatory, year had as and Despite raised

All confidence $X.XX all can XXXX of our commitments, we the including greater of this gives financial to guidance me on $X.XX. of deliver

in Thank you today NiSource. all your support for of participating ongoing for and interest and

take questions. to ready We’re now your

Guggenheim with [Operator first from Shahriar Instructions] Pourreza is Partners. question Our

Your line is open.

guys. Hey,

Hey. Good morning.

Good morning, Shahriar.

Good morning. Good morning.

-- Indiana approval between conditions Just a your going NIPSCO. has be but market announcement Has I capital for any to require There’s sort sometimes transaction assets expectations guess, of long obviously, on doesn’t closing. mean, and changed. transaction of an needed first change? obviously, of have a somewhat process, sale, any I lot

to get the disclosures and any about sense think we should pace want how year-end? Just of a there timing and Thanks. between and now

with I’ll is I and Shawn minority -- say, we But NIPSCO at as initial process. respect right any we’re What sale, I’ll mean, detail? more leading let on Shawn, the Investor Day. an anything to laid out target

for have the We already itself point. update reach the highlighted. remain is just a transaction the approval for process to confident an agreement. the a Shahriar, plan IURC, don’t and we once process engage the minority informational interest XXXX, an quick discuss the we as on from IURC and although as we with sale in the transaction anticipate file We requirement to track IURC Lloyd

opposite of there? a And then seems an time, be Lloyd, just it. Got all the LDCs interest maybe the same which gas is there side, I to of heading sort market, the at there’s lot think

shows course, at market mean create rumors. in a shareholder M&A will that. potential something we will But as I’ve create on, up, to opportunity as say, I’ll said, I’ll standard comment say, Well, NiSource diligent always look going I value. or that’s be taking a don’t for if

said, a through gave is. I’ll investing heard say XXXX growth plan me includes sell on a all by where focus jurisdiction minority a which and But of that’s on we laser-focused our you someone what the that You’ve $XX at base rate one-time and rate sale wants that and plan to we’re call. NIPSCO being our in focused is, base all to current laid, we’re really growing XX% billion X% to great if past, our say us

renewable annual And me XXXX. that X% just through about maybe then super, Can what post accretive more going you calculus what we curious opportunities to guys lastly what growth some just guess basis, PPA? it. even more could I Got to percentage is And you we’re how IRA. for a projects Thanks. versus X% Perfect. owned Could that on thinking of are assume see is, versus be kind I’m change plan? us remind rate

Michael So Lower. when we’re this -- looking is at

relative XXXX I revised we’re are when on looking mean, at projects, those So we our different track to plan.

two of nearing development and We late-stage are construction. have early the four two in that service, and completion in

I say potential And post-IRA, we as earlier, would I see mentioned benefits associated that. with

tax it to evaluate NiSource the and but to to as appear continue relative benefits, We tax transferability benefits. customer does our well shareholder have it appetite, as

have our But into financial we plan that don’t yet.

trying guys. so That’s Well, what you get Perfect. Thank I it much. at. Okay. was I appreciate to

right. All

next is Richard Sunderland The JPMorgan. question with from

Your line is open.

for the Good Hi. Thank you time morning. today.

morning. Good

with this… Starting

Richard. morning, Good

of this magnitude transmission the with back ROFR do your the on you’re you this? Starting Thanks. focused Indiana how on quantify see here this to Any legislation, of impacting or what way impact now opportunities.

really let in and the for utility ROFR other see about It opportunity that our Indiana I’ll legislation. Regulated answer by is excited let with Governor of NIPSCO me utilities. as Indiana, who along the detail. Utilities One, the an more Melody, yesterday start any got with, President signed But in we the we’re

there. This Yes. is Hi, Melody. Thanks, Lloyd.

to as well are legislation company, see the own those opportunity transmission about great build, allow on We of system. ROFR We will legislation. operate our this as a as for this because excited assets our signage our the and customers, us

helps is on to looking bill helps clarity as being be engage provide transmission. and this able to doing us this we’re So to something in that operate build to able -- for forward so

our to plan, what’s page capital page… that you saw -- on again, So, our upside

Eight.

page to of work that to was build slide potential to those some transmission eight, those, build. of to plan capital opportunity the - on …on will our our with upside This the magnitude quantify solidify MISO opportunities. continue but

upcoming future. that’s So in the

like me. clear. And question Lloyd, for unchanged. it the Very and sounds cleanup focus Understood. is the O&M outlook just small one there then

like slide in address O&M indicative slide be flat Is the language there? Just briefly changed wanted new slides. anything little deck. in to though, last in around the of the in change that the a on language bit, to any that It just clear XQ four the the backdrop, versus wanted has or looks

No.

at We XXXX. focus our through O&M think flat out Day I Investor hasn’t all. laid changed at

We’re to continuing focus of that. instituted Project on a a people. We Apollo, team assembling

and We drive have the of track that initiatives that. business a to out we’re cost accomplish set of to we’ve established that on

XXXX. through flat So

Very for you it. today. Thank the Got time clear.

You are welcome.

The next Durgesh Evercore question is ISI. from with Chopra

Your line open. is

my Hey. morning, team. question. for Hey. Good taking Thanks

Just…

Good morning.

morning, Good Lloyd.

a can sort a and process high that on about year? level, last Maybe those you least at changed in the at the NIPSCO that has assets Day Just of process. Analyst you sale just, point finer at announced the since or talk the interest announced

Shawn?

you? Hey, qualified are positioned help NiSource NIPSCO which right is a Durgesh. of we’ve in NiSource we’re observed laid is to that a confident morning. outcome just the goals. How We’ve of a November. Good with as But strategic to this we audience We are year. and to partnership successful this broad range remain launched its evaluate realize confident help buyers, the process all this also out

I summary, question, is change. think, no to So the your Durgesh,

any small that a market. equity that That’s be maybe explore? seen plan then plus in thoughts you, ask if of opportunity being just on the I a the that just accretive know in Would clear. Got convert And we’ve equity very a I can have in Shawn, you Thank lot potential it. terms you. issued financing amount of of front? XXXX could you

in we see which the and any point, plan shared the XXXX. And no change reiterate, first than earlier for foremost, our just plan, the in need at to until no your don’t Day equity Investor to Well, to November. financing we there’s

evaluate the and Obviously, the the for and what between drag. both marketplace need we any the shareholders, for have and/or need equity opportunities to for that expense we value maximize we’ll as otherwise our minimizing then have evaluate would interest greatest now minimizing ancillary

of XX% for organic can drive range the will augmentation FFO-to-debt things, an help say, have also and And business focus That’s area considering to to financing. as we’re flow I’d be FFO. also an our opportunities of evaluating which in create that XX% inside cash minimize us, context greater the we us to

out be laid avenues. we’ll point, that the change but across in November, no and fundamental our costs minimizing So business all we’ve anything to since financing active

and your the announcement as leadership to call on all guys, Thanks, Shawn congrats and Understood. CFO. you on first

Appreciate very Thank you, your it Durgesh. much. Appreciate support.

next from is with America. Julien The Dumoulin-Smith of Bank question

line Your is open.

Good morning, Julien.

Good Hi. time. the Hey. you morning, team. Thank for

Good morning. Hi.

actually Appreciate a Look, it. Hey. recap prior me question just let quickly.

when respect little to commentary any casual. bit with a that trying But M&A the of Lloyd, to you kind or think kind know interest there geographically, Just of of I type be I mean, earlier, up you open an of in any asset? worms. is were -- region particular you more

have So what just thoughts regionally? any I’m curious direction if you on or

in I I we that or to on opened market invested XX% don’t that What can M&A worms. I rate that really and billion whether up rumors I are NiSource. growing believe Investor of the out we plan said X% base don’t laid we on across comment and on Day, believe capital $XX executing focused

us hand, I wants us what a the something rate On if at base, to give say, one-time sell did other call. someone to

on to enough. I put Excellent. a right. All wanted it. Okay. Fair cap All right.

Yeah.

a can alluded addressed talk Thank best little There you. then about the as potentially to process the more your can opportunity in I you a comment your derisk other that, or legislation, things back tell you in transmission legislature. investment on pivot could risk slide. ROFR, other other bit right? But I and/or can of add there profile and to discussed, your the you And thought are out here specifically, issues if then that few speaking

specific you’re Any interested in in state talking general? about

Indiana. Sorry,

was other spending. right? I ROFR. Any know Sorry. things have that? should a few I we the There’s said apologize. thoughts thinking I I on Indiana. addressed that,

Melody?

to to that’s is When I to. don’t by the mind that’s Hi, know bill, and this there, referring Gas if one signed Bill, this comes it you’re Natural Bill was House Governor. Generation the Julien. prior But XXXX

bill, had order. And no to our so the issue the time gas to prior IRC projects for an CPCNs natural for maximum

must However, be than order no for the later filing now issued CPCN. days the a XXX after

us, a receive move provides So that generation. more assurance to is to clarity we’re positive. bill again, with forward It and as trying

So that’s positive. a

Julien, But for make and fast a such Indiana seen, we environment we’re public utility healthy from I’ve have what’s to our the of doing we’ve state. commission, regulatory well in as customers in worked our staff, stakeholders the what with as sure

So our to come. this a great us ROFR be a outcome to transmission invest more time, at continue is may will But great allow in system. bill, there to that

said, healthy… And in Indiana on what to Melody also legislative that to add I the really think is environment

is. It

all respect balancing to we reliability, stakeholders and live place And business there, do it’s customer … involved are talking think and business. and energy these like a intimately we with great affordability, doing of with to utilities, needs. to clean we

Excellent. follow off-line. All you, right. guys. up leave Thank I will there. it We’ll

you. Thank

question is next Travis Miller [Operator with Morningstar. Instructions] The from

Your is open. line

Thank everyone. morning, you. Good

morning. Good

Travis. morning, Good

I wonder I the into then -- was any decoupling be more if mechanisms dig the for could It and little impact recovery quarter. across what recovery million. if would I or saw suppose, wondering and additional there operating weather the related, jurisdictions. revenues weather am the a $XX the you

don’t take that why one? you Shawn,

question. Sure. Sure. Thanks. Hey. Great

did of we as As up or realized heating in more as we for experience we And into terms sector drop weather first they both grid impacts understand costs broadly bill customers, days, watch during which financing in working our we capital. volatility, these experienced, the well is certainly, translate how the a as down quarter.

Maryland your here helped cash but during our quarter. course, in this Pennsylvania, Virginia, some moments experienced volatile of just such flow decoupling point, fourth To also, we provide XXXX, weather these as and stabilization across weather quarter of what service level territories, in Ohio, mechanisms Kentucky

NiSource best-in-class mechanism complete largest customers. provides to million mitigation rate Ohio, just mechanisms, impact these on in a LDC, for folks, all straight nearly design fixed of our X.X variable know, the Ohio. It weather a highlight I’m margin usage. The in remind and associated sure with but It’s you

higher business service a can So usual, when to stabilization the customers, also provides around goes quarter what in gas all goes And a the higher for for sight our across and realize or us overall has. helps the strong line that item for bill visibility cost again, down. territories it bills mitigate better our to than of be is up revenues weather we particularly charge when a first to provide tend like fixed with better customer of Ohio it

Okay. Is it fair way then to say in that Indiana the revenues, operating accounting. weather interpret impacts the are to

Okay.

in back Okay. I then that, might electric the push delay to settlement unrelated on on you am is side, approval wondering that anything And in could the think on there regulators process? Indiana the there that

the to would no. that answer generally be So

If Commission Indiana, at part for have anything in submitted you different. approved Indiana the and see the the settlements most our that history look the don’t history parties the expect has -- to we

time. Okay. appreciate the Great. I

I’ll At turn for over have to closing questions. remarks. Lloyd Yates further any time, this it We no

for supporting Appreciate Thanks it. for Thanks the NiSource. questions.

seeing at great the to forward day. a Have AGA Looking everyone Financial Conference.

and this today’s conference for you Thank participating. concludes call. Ladies gentlemen,

disconnect. now You may