Lloyd Yates

Lloyd Yates leads NiSource as President and CEO, overseeing one of the largest natural gas distribution companies in the United States. NiSource operates regulated natural gas distribution utilities serving approximately 3.2 million customers under the Columbia Gas brand in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland, and the NIPSCO brand in Indiana. NIPSCO also operates electric generation and distribution serving approximately 480,000 customers in northern Indiana. NiSource has been executing a significant capital investment program to modernize its aging gas distribution infrastructure — replacing older pipelines with modern materials, upgrading gas meters and regulators, and improving system safety and reliability. This modernization program drives consistent rate base growth, which underpins earnings growth for regulated utilities. The company has also been advancing its electric generation transition at NIPSCO, retiring coal-fired power plants and replacing them with renewable energy (wind and solar) and natural gas generation. This transition aligns with Indiana's energy policy and reduces the carbon intensity of NiSource's electric generation portfolio. Key stock drivers include regulated rate base growth, state regulatory commission decisions on rates of return, infrastructure modernization investment pace, NIPSCO coal-to-renewable transition progress, natural gas demand trends (heating degree days), and the interest rate environment (which affects utility stock valuations and borrowing costs).