NiSource Inc. on Monday said it plans to sell a minority stake in its Northern Indiana Public Service Co. electric operations in a move aimed at strengthening its balance sheet and providing financing flexibility.
The Merrillville, Ind., utility company said the planned sale is the result of a business review it launched earlier this year and would minimize its future external capital-market needs, including the elimination of all equity needs until at least 2025.
NiSource didn’t specify how large a stake in the electric business, known as Nipsco, it plans to sell.
The company, which also provides natural gas through its Columbia Gas unit, said the review also identified opportunities to optimize its cost profile and approach to work.