EXHIBIT 99.1
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Press Release
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Source: NiSource Inc. |
NiSource Completes Sale of Northern Utilities and Granite State Gas Transmission to Unitil
Corporation
MERRILLVILLE, Ind., Dec. 1 /PRNewswire-FirstCall/ — NiSource Inc. (NYSE: NI) today has completed
the previously announced sale of Northern Utilities Inc. and Granite State Gas Transmission Inc. to
Unitil Corporation for $160 million plus $41.6 million for working capital, including approximately
$33.9 million of natural gas storage inventory.
“The successful sale of these assets puts NiSource into a position to focus even more closely on
our long-term growth plan,” NiSource President and Chief Executive Officer Robert C. Skaggs, Jr.
said. “NiSource is committed to building long-term growth by focusing on commercial development and
expansion of our natural gas pipeline and storage business, as well as investment-driven growth at
our core regulated utility businesses.”
NiSource, which acquired Northern and Granite as part of the company’s larger acquisition of Bay
State Gas Company in 1999, is retaining ownership of Bay State Gas as a core component of the
company’s long-term, investment-driven growth strategy.
About NiSource
NiSource Inc. (NYSE: NI), based in Merrillville, Ind., is a Fortune 500 company engaged in natural
gas transmission, storage and distribution, as well as electric generation, transmission and
distribution. NiSource operating companies deliver energy to 3.8 million customers located within
the high-demand energy corridor stretching from the Gulf Coast through the Midwest to New England.
Information about NiSource and its subsidiaries is available via the Internet at www.nisource.com.
NI-F
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Those statements include statements regarding the intent, belief or current expectations
of NiSource and its management. Although NiSource believes that its expectations are based on
reasonable assumptions, it can give no assurance that its goals will be achieved. Readers are
cautioned that the forward-looking statements in this presentation are not guarantees of future
performance and involve a number of risks and uncertainties, and that actual results could differ
materially from those indicated by such forward-looking statements. Important factors that could
cause actual results to differ materially from those indicated by such forward-looking statements
include, but are not limited to, the following: weather; fluctuations in supply and demand for
energy commodities; growth opportunities for NiSource’s businesses; increased competition in
deregulated energy markets; the success of regulatory and commercial initiatives; dealings with
third parties over whom NiSource has no control; the success of NiSource’s restructuring of its
outsourcing agreement; actual operating experience of NiSource assets; the regulatory process;
regulatory and legislative changes; changes in general economic, capital and commodity market
conditions; and counter-party credit risk. NiSource expressly disclaims a duty to update any of the
forward-looking statements contained in this release.