NiSource is a regulated electric and natural gas utility serving customers across several Midwest and Mid-Atlantic states, including Indiana and Ohio, delivering energy under rates approved by state utility regulators. As a regulated utility, its earnings are tied to a rate of return approved by regulators on the capital it invests in its electric grid and gas distribution infrastructure, providing predictable earnings in exchange for accepting limits on customer rates. The company has invested significantly in transitioning its electric generation portfolio away from coal toward natural gas and renewable energy sources, a shift that both addresses aging infrastructure and responds to changing environmental regulations. NiSource's growth is tied to the rate base expansion it can achieve through regulator-approved infrastructure investment, along with the pace of its generation fleet transition across the multiple states it serves.