NiSource (NYSE:NI) signaled a fundamental shift in its growth trajectory today, reporting record 2025 results alongside a transformative capital plan that hitches the utility’s future to the burgeoning AI and data center sector.
The Merrillville, Indiana-based company posted full-year adjusted net income of $905.2 million, or $1.90 per share, comfortably beating its own guidance and marking a nearly 9% increase over 2024.
The utility’s results were a secondary story to its ambitious 2026–2030 roadmap.
NiSource reaffirmed it will invest $28 billion over the next five years, a 45% surge compared to its previous plan.
The centerpiece of this expansion is a nearly $7 billion strategic partnership with Amazon Web Services (AWS) in Northern Indiana.
Under a first-of-its-kind "GenCo" structure, NiSource will build two 1,300-megawatt natural gas-fired turbines and 400 megawatts of battery storage exclusively to power Amazon's multi-billion dollar data center campuses.
The Amazon deal is uniquely structured to flow back $1 billion in savings to residential ratepayers, a move designed to secure regulatory favor as the company expands its footprint.
The shift into high-load data center infrastructure is expected to accelerate NiSource's earnings growth significantly.