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NiSource's (NI) Arm Inks Two PPA & BTA to Advance Clean Energy
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NiSource, Inc.’s (NI - Free Report) subsidiary Northern Indiana Public Service Company, LLC (NIPSCO) recently entered into a long-term power purchase agreement (PPA) and a build &transfer agreement (BTA) for two renewable energy projects in Indiana with EDP Renewables North America LLC (EDPR NA), the unit of EDP Renewables SA (EDPR). Following the completion of construction, NIPSCO will enter into a joint venture (JV).
The PPA will facilitate the construction of the 204-megawatt (MW) Indiana Crossroads II Wind Farm in White County (whose complete capacity is owned by NIPSCO).The BTA will help set up the 200-MW Indiana Crossroads Solar Park. The first project is likely to begin operations in 2023, while the latter in 2022.
Prior to these, the subsidiaries had together executed BTAs for two other wind farms in White County, namely the 302-MW Indiana Crossroads I Wind Farm which is currently under construction, and the 102-MW Rosewater Wind Farm which is fully operational.
Both the units are undertaking consistent efforts to supply reliable energy to customers in Indiana along with supporting transition to clean energy. This, in turn, is creating economic benefits in terms of low-cost electricity, increased economic activity and additional revenues for public services for White County.
Utility’s Other Efforts
In February 2021, NIPSCO’s two Indiana-based wind projects, namely Rosewater Wind and Jordan Creek Wind came online. These are the subsidiary’s first two wind projects that produce more cost-effective and cleaner energy for its customers across Indiana. Remarkably, the new projects add to 11 renewable energy projects that the company had announced as part of its generation transition initiative, "Your Energy, Your Future" at NIPSCO.
NiSource is set to replace 80% of its coal-generating sources by 2023 and 100% by 2028 with reliable and cleaner options at lower costs. The company aims to reduce greenhouse gas emissions by 90% within 2030 from the 2005 levels and save more than $4 billion for customers of more than 30 years.
It will retire its 1,300 MW R.M. Schahfer Generating Station by 2023 and replace the capacity with clean and renewable energy source. Also, it plans to invest in the range of $1.8-$2 billion, primarily in 2022 and 2023, to meet its renewable goals. The company through JVs and PPA agreement is scheduled to add nearly 1,030 MW of clean generation to its existing portfolio by 2023 end.
Transition in U.S. Electric Utility
With the whole world resorting to renewable energy, the U.S. utility industry is also shifting its focus to clean resources for electricity generation. Per Energy Information Administration, renewable energy generation will account for 21% in 2021 and 23% in 2022, up from 20% in 2020. In 2020, wind energy was a source for 8.4% of the total electricity generation in the United States. Total annual use of wind to generate electricity in the United States increased from 6 billion kilowatthours (kWh) in 2000 to 338 billion kWh in 2020. Also, the same for solar energy increased from 5 million kWh in 1984 to 133 billion kWh in 2020.
Along with NiSource, other utilities like Xcel Energy (XEL - Free Report) , DTE Energy (DTE - Free Report) and Avista Corporation (AVA - Free Report) are also tapping the aforementioned growth opportunity to transition to cleaner energy for adopting a business strategy that is environmentally sustainable. These companies chalked out a plan to supply 100% clean energy to customers.
In the past three months, shares of the utility have gained 6.5% compared with the industry’s 0.1% growth.
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NiSource's (NI) Arm Inks Two PPA & BTA to Advance Clean Energy
NiSource, Inc.’s (NI - Free Report) subsidiary Northern Indiana Public Service Company, LLC (NIPSCO) recently entered into a long-term power purchase agreement (PPA) and a build &transfer agreement (BTA) for two renewable energy projects in Indiana with EDP Renewables North America LLC (EDPR NA), the unit of EDP Renewables SA (EDPR). Following the completion of construction, NIPSCO will enter into a joint venture (JV).
The PPA will facilitate the construction of the 204-megawatt (MW) Indiana Crossroads II Wind Farm in White County (whose complete capacity is owned by NIPSCO).The BTA will help set up the 200-MW Indiana Crossroads Solar Park. The first project is likely to begin operations in 2023, while the latter in 2022.
Prior to these, the subsidiaries had together executed BTAs for two other wind farms in White County, namely the 302-MW Indiana Crossroads I Wind Farm which is currently under construction, and the 102-MW Rosewater Wind Farm which is fully operational.
Both the units are undertaking consistent efforts to supply reliable energy to customers in Indiana along with supporting transition to clean energy. This, in turn, is creating economic benefits in terms of low-cost electricity, increased economic activity and additional revenues for public services for White County.
Utility’s Other Efforts
In February 2021, NIPSCO’s two Indiana-based wind projects, namely Rosewater Wind and Jordan Creek Wind came online. These are the subsidiary’s first two wind projects that produce more cost-effective and cleaner energy for its customers across Indiana. Remarkably, the new projects add to 11 renewable energy projects that the company had announced as part of its generation transition initiative, "Your Energy, Your Future" at NIPSCO.
NiSource is set to replace 80% of its coal-generating sources by 2023 and 100% by 2028 with reliable and cleaner options at lower costs. The company aims to reduce greenhouse gas emissions by 90% within 2030 from the 2005 levels and save more than $4 billion for customers of more than 30 years.
It will retire its 1,300 MW R.M. Schahfer Generating Station by 2023 and replace the capacity with clean and renewable energy source. Also, it plans to invest in the range of $1.8-$2 billion, primarily in 2022 and 2023, to meet its renewable goals. The company through JVs and PPA agreement is scheduled to add nearly 1,030 MW of clean generation to its existing portfolio by 2023 end.
Transition in U.S. Electric Utility
With the whole world resorting to renewable energy, the U.S. utility industry is also shifting its focus to clean resources for electricity generation. Per Energy Information Administration, renewable energy generation will account for 21% in 2021 and 23% in 2022, up from 20% in 2020. In 2020, wind energy was a source for 8.4% of the total electricity generation in the United States. Total annual use of wind to generate electricity in the United States increased from 6 billion kilowatthours (kWh) in 2000 to 338 billion kWh in 2020. Also, the same for solar energy increased from 5 million kWh in 1984 to 133 billion kWh in 2020.
Along with NiSource, other utilities like Xcel Energy (XEL - Free Report) , DTE Energy (DTE - Free Report) and Avista Corporation (AVA - Free Report) are also tapping the aforementioned growth opportunity to transition to cleaner energy for adopting a business strategy that is environmentally sustainable. These companies chalked out a plan to supply 100% clean energy to customers.
Zacks Rank & Price Performance
NiSource currently has a Zacks Rank #3 (Hold). You can see complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past three months, shares of the utility have gained 6.5% compared with the industry’s 0.1% growth.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
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