Praxis leads dialogue with NiSource
Conversation focuses on emissions reductions and renewable energy
Following a series of written communications over the past year, Praxis Mutual Funds® led a dialogue with NiSource in May that included several other investors. NiSource is a gas and electric utility and the parent company of Columbia Gas and the Northern Indiana Public Service Company (NIPSCO). NIPSCO is the utility that provides electricity and gas to Everence’s main office in Goshen, Ind.
The conversation centered on NiSource’s efforts to lower its environmental footprint by reducing its greenhouse gas emissions and transitioning away from coal as a fuel source.
Most of NiSource’s electric generation comes from coal-fired power plants. However, many of the company’s coal plants will be retired within the next five years and their generating capacity replaced with either natural gas or renewable energy. NiSource is in the process of updating its Integrated Resource Plan (IRP), which is the comprehensive plan utilities create to outline how they will meet customer demand while providing reliable, low cost energy into the future.
NiSource is examining how it can integrate more renewable energy into its IRP. It’s also replacing old gas pipeline and modernizing its gas distribution system to reduce methane emissions. In addition to these actions, NiSource has also partially tied the compensation packages of its top executives to emissions reductions.
Praxis applauds these efforts and encourages NiSource to continue to take the necessary steps to limit its climate risks and take advantage of opportunities in renewable energy, and will continue to engage the company in these areas.
Learn more about Praxis shareholder advocacy.