NiSource’s (NI - Free Report) subsidiary, NIPSCO, announced the addition of three new wind projects in Indiana. Through the Your Energy, Your Future initiative, the company aims to achieve coal-free operations by 2028.
Through successful bids, under the company’s 2018 Integrated Resource Plan process, three renewable energy developers — Apex Clean Energy, EDP Renewables North America LLC and NextEra Energy Resources, LLC — were selected to generate nearly 800 megawatts (MW) of wind energy. The wind capacity is expected to initiate operations by late 2020. NextEra Energy Resources is a subsidiary of NextEra Energy Inc. (NEE - Free Report) .
Focus on Clean Energy
NiSource is working to lower emission levels while producing electricity. The company will do the same by retiring old coal plants and replacing the coal fired units by renewable sources. The Integrated Resource Plan attempts to lower carbon footprint and focuses more on clean generation. Per the plan, the company retired two units of Bailly Generating Station. Also, the retirement of two units of R.M. Schahfer Generating Station (Units 17 and 18) is scheduled at the end of 2023.
Focus on Lowering Emission
In the past few years, the U.S. renewable energy industry has witnessed significant growth. Awareness toward lower pollution level boosted the usage of renewable energy sources. Wind energy is one of the fastest growing forms of power generation in the United States.
Per a recent release from the U.S. Energy Information Administration (EIA), U.S. total utility-scale electricity generation from wind power plants to rise to 12.1% in 2019 and 28% in 2020 from 2018 level. EIA expects wind capacity to increase from 96 gigawatt (GW) at the end of 2018 to 107 GW at the end of 2019 and 114 GW by the end of 2020.
Increase in the usage of renewable sources in the production of electricity reflects increasing awareness regarding emission. Notably, utility players like WEC Energy Group, Inc. (WEC - Free Report) and Xcel Energy (XEL - Free Report) are focusing on renewable generations or expansions. Recently, WEC Energy announced that it has acquired 80% ownership of Coyote Ridge Wind Farm. Xcel Energy already owns 1,450 MW of wind assets and has plans to build 2,950 MW of wind generation as well as add clean assets to its generation portfolio.
Zacks Rank & Price Movement
NiSource has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NiSource’s shares have gained 13.9% in the past 12 months compared with the industry’s rise of 10.5%.
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