By Chris O’Malley

Fourth-quarter earnings of Northern Indiana Public Service Co. parent NiSource rose to $154.2 million ($0.49/share), up nearly 2% from $151.8 million ($0.48/share) a year ago. Fourth-quarter revenues rose 8% to $1.129 billion.

For all of 2014, net income was $530 million, down from $532 million in 2013 despite a 10% jump in revenues to $4.23 billion.

Highlights for the year included a record $2.2 billion capital investment program.

Pipeline Spinoff

Earlier this month NiSource completed the initial public offering of Columbia Pipeline Partners, the spinoff of its natural gas pipeline business.

NiSource remains on-track to complete the Columbia transition in mid-2015, said president and CEO Robert Skaggs Jr.

Columbia will issue its own long-term debt prior to the separation to fund a one-time cash distribution to NiSource, reducing the latter’s debt. NiSource shareholders will receive a one-time cash distribution in the form of a pro-rata dividend of shares in Columbia stock.

Because of the pending separation, NiSource did not provide full-year earnings guidance.

Electric Revenues Up 2%

NiSource’s electricity segment during the fourth quarter generated revenues of $392 million, compared with $386 million during the fourth quarter of 2013.

For the full year, electricity revenues were $1.68 billion, up from $1.56 billion in 2013. Increased environmental cost recovery and two transmission projects authorized by MISO boosted revenue by $5.1 million.

NIPSCO recently filed with the Indiana Utility Regulatory Commission an electric and natural gas capital expansion plan totaling $2 billion over seven years. Among the major projects in the plan is the 70-mile, 765-kV Greentown-Reynolds transmission line, to be completed by 2018.