NiSource
NI
Utilities
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
On September 13, 2018, over-pressurization of Columbia Gas of Massachusetts pipelines caused approximately 80 homes in Lawrence, Andover, and North Andover to explode or catch fire simultaneously. One person was killed and at least 25 were injured. The Massachusetts Attorney General reached a $56 million settlement. Residents and businesses received $143 million. Municipalities received $83 million. NiSource subsequently sold its Massachusetts gas operations to Eversource for $1.1 billion.
The incident was the worst natural gas utility disaster in modern U.S. history. NiSource continues to operate Columbia Gas in six other states, distributing natural gas to 3.5 million customers with no announced phase-out plan.
NiSource's subsidiary NIPSCO (Northern Indiana Public Service Company) operates coal-fired generation at two facilities. The R.M. Schahfer Generating Station in Jasper County includes Units 17 and 18, each rated at 424 MW, for a combined 848 MW of coal capacity. Schahfer was scheduled to retire on December 31, 2025, but DOE Emergency Order 202-25-12, issued December 23, 2025, compelled continued operation through at least March 2026. The Michigan City Generating Station includes Unit 12, a 540 MW supercritical coal unit online since 1974, with planned retirement between 2026 and 2028.
NIPSCO has already retired over 1,000 MW of coal at Schahfer Units 14 and 15 (2021) and is building approximately 3,350 MW of replacement solar and storage capacity. The company's 2018 IRP committed to a full coal exit, originally by 2028. The DOE emergency orders and potential extensions introduce regulatory uncertainty that could delay the timeline. Earthjustice and the Sierra Club have filed legal challenges to the DOE orders. Total current coal capacity is approximately 1,388 MW.
Research Sources
4 organizations
Related Exclusions
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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