Who owns NIPSCO Holdings II LLC (sole owner of Northern Indiana Public Service Company LLC, "NIPSCO")

NIPSCO Holdings II LLC (sole owner of Northern Indiana Public Service Company LLC, "NIPSCO") - Profile

NIPSCO Holdings II is the Indiana holding company that owns all the equity of Northern Indiana Public Service Company LLC, the regulated electric and natural gas utility serving northern Indiana. It was created in 2023 as the vehicle for a capital raise by NiSource, and an affiliate of Blackstone Infrastructure Partners bought a 19.9 per cent non controlling interest in it for 2.15 billion dollars, with a further 250 million dollars of equity committed to fund the utility's capital programme, in a transaction that closed on 2 January 2024. The proceeds fund NIPSCO's replacement of its coal fired generation with wind, solar and storage and its electric and gas grid work, while NiSource keeps control and continues to operate the utility.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• NiSource Inc.. NiSource's FY2025 10-K, Note 4 "Noncontrolling Interests": 'In December 2023, the NIPSCO Minority Interest Transaction closed and a 19.9% equity interest in NIPSCO Holdings II, the sole owner of NIPSCO, was issued to an affiliate of Blackstone [in exchange for a capital contribution of $2.16 billion in cash]. NIPSCO Holdings II does not meet the criteria of a VIE and instead is consolidated under the voting interest model...as we maintain control through a majority interest in NIPSCO Holdings II.' That leaves NiSource holding the residual 80.1% (100% - 19.9%). The Q2 2026 10-Q (period 30 Jun 2026) still refers to the NIPSCO minority interest holders on the same terms with no stated change to the percentage, so 80.1% is used as the current figure. The instrument on BOTH sides is an LLC membership/equity interest in the unlisted holding company NIPSCO Holdings II, not common stock and not tradable, so shares and value_usd are left null rather than modelled; the $2.16bn Blackstone paid in Dec 2023 for 19.9% is a 2023 transaction price, not a current fair value, so it is not used to back into a value_usd. This is the entity consolidated at NiSource's own 80.1% per this project's convention for a controlled-but-not-wholly-owned subsidiary (same treatment as FirstEnergy/FET, CF Industries/CFN, Steel Dynamics/Aluminum Dynamics). The noncontrolling-interest balance on NiSource's consolidated balance sheet sizes Blackstone's 19.9% minority stake, not NiSource's own 80.1%, and was NOT used to derive this figure. sourcesource 2