MERRILLVILLE, Indiana, August 12, 2026, 10:18 EDT
- NIPSCO said approximately 273,900 customers lost power following severe storms in the Midwest.
- This represents approximately 59% of the utility’s stated electric customer base.
- On Wednesday, NiSource shares were trading approximately 15% under their record high set in June.
NiSource Inc. NYSE:NI undertook a major restoration effort on Wednesday after powerful storms left approximately 273,900 customers without electricity at its NIPSCO division. The number of outages accounted for about 59% of NIPSCO’s 468,000-customer base, according to the most recent storm report.
The overall scale is more important than the number of headlines. Outages from NIPSCO represented approximately 92% of Indiana’s recorded total and close to 38% of the regional Midwest number. These percentages are based on the reported figures.
The storm prompts investors to focus on immediate grid performance rather than data-center growth projections. U.S. markets remained open while this report was prepared. “Storm” was trending in the United States, registering over 100,000 searches in the previous day, according to Google Trends. Google Trends
NIPSCO stated that restoration efforts could take “extend over multiple days in some areas” for certain customers. Teams were evaluating extensive damage affecting poles, lines and trees. Reuters
| Storm measure | Reported count | Investor context |
|---|---|---|
| Midwest customers without power | More than 729,000 | Reference level for regional outages |
| Indiana customers without power | About 297,000 | Roughly 41% of Midwest outages |
| NIPSCO customers without power | About 273,900 | Represents around 92% of Indiana’s outages |
| NIPSCO customer outage rate | About 59% | 273,900 out of 468,000 total customers |
Exelon Corp. NASDAQ:EXC, Duke Energy Corp. NYSE:DUK, and American Electric Power Co. (NASDAQ:AEP) also logged power outages, according to the report. NIPSCO continued to report the highest number of outages among utilities listed.
NiSource shares had experienced a decline ahead of the storm. The stock ended Monday at $41.78, down 1.95%, before rising 0.55% on Tuesday. This points to a Tuesday closing price close to $42.01.
Tuesday’s estimated close was roughly 14.6% under the $49.21 peak set on June 29. Trading volume stayed higher than usual throughout the previous week. Shares of the stock dropped 3.64% on August 5, coinciding with NiSource’s quarterly report, with 13.6 million shares changing hands compared to a 50-day average of 4.4 million.
| NiSource investor measure | Value | Reference point |
|---|---|---|
| Approximate close on August 11 | $42.01 | Derived using Monday’s close and Tuesday’s trading |
| 52-week peak | $49.21 | Hit on June 29 |
| Amount below high | Roughly 14.6% | Based on estimated Tuesday finish |
| 2026 adjusted EPS projection | $2.02-$2.07 | Guidance from the company |
| 2026-2033 adjusted EPS CAGR goal | 9%-10% | Company’s long-term objective |
| Common dividend per quarter | $0.30 per share | To be paid August 20 |
NiSource continues to use its existing guidance as a key financial reference point. In May, the company reiterated its projection for 2026 adjusted earnings, expecting $2.02 to $2.07 per share. NiSource additionally lifted its adjusted EPS growth outlook for 2026-2033 to a range of 9%-10%.
At that time, President and Chief Executive Lloyd Yates stated, “We are off to a strong start in 2026, continuing to execute on our strategy.” The remark was made before the storm this week and does not specify the amount for restoration costs. NiSource
Northern Indiana plays a key role in the growth strategy. NiSource has signed agreements to support data centers for Alphabet Inc. NASDAQ:GOOGL and Amazon.com Inc. NASDAQ:AMZN. The company anticipates these projects will generate around $1.4 billion in value for existing customers, with the associated generation and transmission costs funded by the large-load customers.
This puts reliability among the factors considered in valuation. The company supplies electricity to roughly 500,000 customers and delivers gas to 3.3 million clients in six states. An outage impacting over half of the announced electric customer base places pressure on the grid that is anticipated to handle increasing industrial usage.
| Analyst | Recommendation | Price target | Latest listed action |
|---|---|---|---|
| RBC Capital Markets | Buy | $52 | Started coverage, July 1 |
| Wells Fargo | Buy | $52 | Restated, June 29 |
| Barclays | Buy | $49 | Kept, June 8 |
| Evercore ISI | Hold | $52 | Kept, May 11 |
| Citigroup | Hold | $47 | Kept, May 11 |
This sample includes listed targets from $47 to $52. Based on the estimated close on Tuesday, this indicates a potential upside of about 12% to 24%. These projections do not reflect Wednesday’s trading or any potential revisions due to storm-related impacts.
Risks: NiSource has not provided an estimate for restoration costs or updated its guidance in response to the storm. The ultimate financial impact will be influenced by how long repairs take, expenses for labor and equipment, insurance coverage, and regulatory cost recovery. Additional severe weather could slow progress.
The immediate driver is operational. Investors await the latest NIPSCO restoration bulletin, particularly regarding any shift in the current multi-day schedule. A declining number of outages would reduce the range of uncertainty. Extended disruption would renew discussion about cost recovery and grid reliability in valuations.
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