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NiSource's (NI) Arm Mulls Over Options to Meet Future Demand
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NiSource’s (NI - Free Report) subsidiary Northern Indiana Public Service Company, LLC (NIPSCO) opens its window from May 20 to Jun 30, 2021 to receive request for proposals (RFP) from consumers, which is part of the utility’s 2021 Integrated Resource Plan (IRP).
These RFPs will look for different electric-generation resources to meet the renewable energy needs for 2024, 2025 and 2026. This will further help NIPSCO work toward its goal of providing affordable, reliable energy along with maintaining flexibility for future technology and market changes.
While NIPSCO will consider dispatchable and semi-dispatchable generation, renewables, storage, emerging technologies and other capacity resources alongside contractual arrangements for the RFP, the unit provided three major areas wherein the company will request proposals. Two are wind and solar resources, and wind and solar paired with storage while the third is thermal, standalone storage, emerging technologies and other capacity resources. This is anticipated to add 400-650 megawatts (MW) of unforced capacity across all the target areas.
Utility’s Other Efforts
NiSource is consistently making efforts to supply affordable, reliable and clean energy to its customers. In April, the company announced plans to sell 7.5 million equity units of $100 face value in the form of corporate unit. It will use a portion of its net proceeds to invest in renewable generation. In March, NIPSCO entered into a long-term power purchase agreement (PPA) and a build & transfer agreement (BTA) with EDP Renewables North America LLC (EDPR NA), the unit of EDP Renewables SA (EDPR), for two renewable energy projects in Indiana.
The utility 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 its 2005 levels and save more than $4 billion for customers over the long term.
NiSource has plans to invest nearly $2 billion, primarily in 2022 and 2023, to meet its renewable goals. The company through JVs (joint ventures) and PPA agreement is scheduled to add nearly 1,030 MW of clean generation to its existing portfolio by 2023 end.
Other utilities like Xcel Energy (XEL - Free Report) , Duke Energy (DUK - Free Report) and DTE Energy (DTE - Free Report) among others also have plans in place to achieve net-zero emissions within 2050.
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
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NiSource's (NI) Arm Mulls Over Options to Meet Future Demand
NiSource’s (NI - Free Report) subsidiary Northern Indiana Public Service Company, LLC (NIPSCO) opens its window from May 20 to Jun 30, 2021 to receive request for proposals (RFP) from consumers, which is part of the utility’s 2021 Integrated Resource Plan (IRP).
These RFPs will look for different electric-generation resources to meet the renewable energy needs for 2024, 2025 and 2026. This will further help NIPSCO work toward its goal of providing affordable, reliable energy along with maintaining flexibility for future technology and market changes.
While NIPSCO will consider dispatchable and semi-dispatchable generation, renewables, storage, emerging technologies and other capacity resources alongside contractual arrangements for the RFP, the unit provided three major areas wherein the company will request proposals. Two are wind and solar resources, and wind and solar paired with storage while the third is thermal, standalone storage, emerging technologies and other capacity resources. This is anticipated to add 400-650 megawatts (MW) of unforced capacity across all the target areas.
Utility’s Other Efforts
NiSource is consistently making efforts to supply affordable, reliable and clean energy to its customers. In April, the company announced plans to sell 7.5 million equity units of $100 face value in the form of corporate unit. It will use a portion of its net proceeds to invest in renewable generation. In March, NIPSCO entered into a long-term power purchase agreement (PPA) and a build & transfer agreement (BTA) with EDP Renewables North America LLC (EDPR NA), the unit of EDP Renewables SA (EDPR), for two renewable energy projects in Indiana.
The utility 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 its 2005 levels and save more than $4 billion for customers over the long term.
NiSource has plans to invest nearly $2 billion, primarily in 2022 and 2023, to meet its renewable goals. The company through JVs (joint ventures) and PPA agreement is scheduled to add nearly 1,030 MW of clean generation to its existing portfolio by 2023 end.
Other utilities like Xcel Energy (XEL - Free Report) , Duke Energy (DUK - Free Report) and DTE Energy (DTE - Free Report) among others also have plans in place to achieve net-zero emissions within 2050.
Zacks Rank & Price Performance
In the past three months, shares of this currently Zacks Rank #3 (Hold) company have gained 13.2%, outperforming the industry’s rise of 9.3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>