Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| This sets the foundation for continued growth in safety and reliability for our customers and value for our shareholders, which we strongly believe in |
| I would say we’re extremely grateful to Donald for his service to NiSource and for helping us build a strong financial foundation and to help us evolve and execute our transformation strategy |
| And that our stock can realize the valuation uplift that we expect with our continued strong performance |
| Despite this, the NiSource plan is stronger than ever |
| We are excited about the future prospects of our business and to continue building a track record of execution and growth |
| The confidence in these investments enables the rebasing of annual growth rate which supports this higher NOEPS range as we execute the plan, which in turn enhances the future earnings potential of our business in each forward year of our plan |
| The underlying business plan supported by strong regulatory construct in NiSource jurisdictions coupled with responsible investments in identifiable regulatory programs, enable a reasonable return of investment over our plan |
| Year-over-year, NOEPS growth achieved 9% increase and achieved the highest end of our guidance range |
| As we share on Slide 16, each of the last three years, we’ve executed strong financial growth, achieving the upper half of our guidance range in each year |
| All of these investments and the long-term visibility of our results fuel our confidence to execute each and every year as we move forward |
| We are proud of the execution delivered by the entire NiSource team, including achieving a 9% year-over-year growth rate and landing at the high end of our guidance range |
| We built on our superior regulatory and stakeholder foundation through the execution of four general rate cases and numerous CPCN amendments and capital tracker approvals |
| For the three-year period, total shareholder return was 10.1% compound annual growth rate versus 5% per peers, which is reflective of our strong earnings per share execution and future growth prospects |
| We are confident our commitments are resilient to rapidly changing business conditions such as those seen by the utility industry over the last two years and which our financial results have delivered over this period |
| First, our multiyear track record of execution and growth continued in 2023 |
| These growth drivers, along with the strength of our infrastructure investment programs, underpin our expectation to continue to deliver annual non-GAAP NOEPS growth of 6% to 8% and annual rate based growth of 8% to 10% over the 2023 to 2028 period |
| Central Ohio’s metro population grew an average of 1.8% annually over the last 30 years, and the population is expected to grow an additional 30% by 2050, boosted by strong economic development prospects |
| This development can enhance value for NiSource and create an upside to our plan from residential housing demand, which grows as these secondary businesses develop |
| Public private partnership has propelled Ohio’s recent economic development success |
| The 2024 guidance range is refreshed reflective of the annual growth expected up our strong year-end 2023 financial results |
| Second, our superior regulatory and stakeholder foundation differentiates us from peers |
| Demand for our fuel continues to be very strong, with residential customer count growing over 80 basis points in our gas businesses and over 50 basis points in our electric business last year, both of which enhanced the scale of NiSource |
| A growing customer base across our businesses also provided a lift in our 2023 financial results and supports customer affordability |
| Fully owning these projects will benefit customers by leveraging the tax credit transferability provisions of the IRA, NIPSCO will be able to monetize tax credits associated with the projects more efficiently than under tax equity agreements, resulting in comparatively lower energy costs for customers |
| Our leading regulatory and stakeholder execution advances as we continue to work with stakeholders through rate case and tracker cycles to efficiently deploy capital investments and recover cost associated with these investments to drive value for customers, our communities and our shareholders |
| The strength of our company continues to be working constructively with stakeholders and communities to safely and reliably deliver the energy they deserve and to be there for our customers when they need energy most |
| Last year, we significantly improved safety performance by delivering a 14% reduction in Days Away Restricted or Transferred or DART, and are on a path to achieving a goal of top decile performance |
| As I already mentioned, Project Apollo is generating enhanced productivity by doing things safer, better, more efficiently and with less costs |
| The improvements in our work plans and cost profiles are expected to continue and sustain this year after an implementation that exceeded expectations in 2023 |
| The team continues to find new ways to improve every day and this will generate value for all our stakeholders for decades |
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| Relative to gas system investments, the PHMSA rulemaking process is now expected to take longer than originally anticipated |
| Across this period, regulated revenue returns were partly offset by higher depreciation expense, interest expense, and lower other income |
| So we haven’t seen economic development or business expansion be a drag on our earnings power across any of our businesses |
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