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Regulatory Matters | 9 Months Ended
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Sep. 30, 2024
Regulatory Assets and Liabilities Disclosure [Abstract] |
Regulatory Matters | Renewable generation filings In March 2024, NIPSCO filed a petition with the IURC to issue an order modifying its November 22, 2023 order to approve direct ownership of the Gibson project. Also, in March 2024, NIPSCO filed a petition with the IURC to issue an order modifying its June 29, 2021 order to approve direct ownership of the Fairbanks project. Hearings for both the Gibson project and Fairbanks project were held in June 2024 and July 2024, respectively, with orders approving direct ownership of both projects received in August 2024. WAM system filing In March 2024, NIPSCO filed a petition with the IURC for authority to defer, as a regulatory asset, certain costs, including depreciation and amortization incurred in connection with improvements to its information technology systems through the design, development, and implementation of a new WAM program for the scheduling, dispatch, and execution of work and the management of underlying assets. These improvements are part of our enterprise-wide transformation roadmap which seeks to optimize our field work and reduce enterprise risk. The petition also included the confirmation that the WAM program assets, including the requested regulatory assets, will be included in NIPSCO's rate base for ratemaking purposes in rate cases after the WAM assets have been placed in service. The hearing was held in August 2024, and a final order approving NIPSCO's request was issued in September 2024 and NIPSCO recorded a deferral resulting in a regulatory asset of $16.9 million. NIPSCO Gas Peaker filing In September 2023, NIPSCO filed a request for issuance of a certificate of public convenience and necessity for an approximately 400 MW natural gas peaking generation facility with the IURC, which was supplemented in January 2024 based on updates on availability of certain key equipment. A final order was received in October 2024 approving the request. Columbia of Virginia CARE Plan On May 22, 2024, Columbia Gas of Virginia filed an application for approval to amend and extend its Conservation and Ratemaking Efficiency ("CARE") Plan. In September 2024, the Virginia State Corporation Commission issued its final order determining that the CARE Plan meets the requirements and approved the plan with all proposed measures effective January 1, 2025 through December 31, 2027. Regulatory deferral related to renewable energy investments In accordance with the accounting principles of ASC 980, we recognize a regulatory liability or asset for amounts representing the timing difference between the profit earned from the JVs and the amount included in regulated rates to recover our approved investments in consolidated JVs. The amounts recorded in income will ultimately reflect the amount allowed in regulated rates to recover our investments over the useful life of the projects. The offset to the regulatory liability or asset associated with our renewable investments included in regulated rates is recorded in "Depreciation and amortization" on the Condensed Statements of Consolidated Income (unaudited). NiSource recorded depreciation expense of $24.2 million and $40.8 million for the three and nine months ended September 30, 2024, and a decrease to depreciation expense of $19.0 million and $9.7 million for the three and nine months ended September 30, 2023, respectively. Following the implementation of the NIPSCO electric base rate case implemented in August 2023, we began recognizing amounts to recover our investments of projects that have been placed in service. Refer to Note 4, "Noncontrolling Interests," for additional information.

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