REDMOND (dpa-AFX) - Energy utility company NiSource Inc. (NI) announced on Friday that it has entered into a 20-year agreement to supply electric power to software giant Microsoft Corp.'s (MSFT) planned northwest Indiana campus, a deal expected to expand customer savings and support regional economic growth.
NiSource said the structure ensures large-load customers fully fund the generation and infrastructure required to serve their needs, protecting existing Northern Indiana Public Service Co. LLC or NIPSCO customers from added costs.
The company said the agreement increases total expected NIPSCO customer savings to about $1.75 billion, or as much as $140 per customer annually, compared with $1.4 billion previously disclosed.
Microsoft is expected to begin taking service in 2028. NiSource's GenCo unit will add about 1,100 MW of generation and transmission assets, including 600 MW of battery storage contracted under a long-term tolling agreement with an affiliate of AGP Group.
In pre-market activity on the NYSE, shares of NiSource were up 1.31 percent, changing hands at $41.78, after closing Thursday's regular session 0.02 percent lower.
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