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Text: Slides for today's call are available on nisource.com.
Information concerning such risks and uncertainties is included in the MD&A and Risk Factors sections of our periodic SEC filings.
Strong execution of NiSource's significant renewable energy investments continues to be the highlight of our foundation for future growth and we continue to expect that our core infrastructure programs and renewable generation investments will drive industry leading compound annual growth of 7% to 9% in diluted net operating earnings per share through 2024, growth driven by our commitments to safety, reliability, customer affordability and sustainability.
As we begin to refine our outlook for longer-term growth, the preferred path from NIPSCO's 2021 Integrated Resource Plan identifies additional investment opportunities, while advancing the retirement of remaining coal-fired generation between 2026 and 2028 and it supports our plan to reduce greenhouse gas emissions 90% by 2030.
Let's turn now to Slide 3 and take a closer look at our key takeaways.
We are updating our guidance for 2021 to target the top end of the range of a $1.32 to a $1.36 per share in non-GAAP diluted net operating earnings or NOEPS.
We are also initiating guidance for 2022 of a $1.42 to a $1.48 and that is consistent with our 5% to 7% near term growth commitment.
Our long-term diluted NOEPS guidance of 7% to 9% through 2024 is now based on the expected top end of our 2021 guidance range and we reaffirm 5% to 7% growth in 2023.
As I mentioned a moment ago, the preferred plan from NIPSCO's 2021 IRP, advances our plans to retire remaining coal-fired generation between 2026 and 2028 as we shift to lower cost, clean and reliable generation.
Investments of up to $750 million will be required to replace retiring coal-fired generation.
The NIPSCO portion of this investment will be better understood following further evaluation of the proposals we solicited associated with the IRP.
Our regulatory execution progresses with a proposed order approving a settlement in Pennsylvania, a settlement filed in Kentucky and a proposed order in Maryland.
In addition, we filed a gas rate case in Indiana in September.
We achieved non-GAAP diluted NOEPS of $0.11 in the third quarter of 2021 versus $0.09 in 2020.
Now let's look at some NiSource utilities highlights for the third quarter, starting with our gas operations on Slide 9.
Columbia Gas of Ohio rate case continues to progress.
Net of the trackers being rolled into base rates, the filing requests an annual revenue increase of approximately $221 million.
Pending its decision next year from the Public Utilities Commission of Ohio, new rates would be effective in mid 2022.
NIPSCO filed a gas rate case on September 29th requesting a revenue increase of $115 million annually.
The case is focused on infrastructure modernization and providing safe, reliable service, while remaining in compliance with state and federal safety requirements.
In Pennsylvania, an Administrative Law Judge issued a proposed order recommending that the Pennsylvania Public Utility Commission approved the settlement in our rate case.
The settlement would increased revenue by $58.5 million with new rates effective December 29th of this year.
The adjusted rates will help to continue investments in infrastructure upgrades, system reliability and maintenance enhancements.
We expect the Commission's final order by mid-December.
In Kentucky, we have filed a proposed settlement of our rate case.
The settlement includes an overall increase in revenues of $18.6 million to support continued investments in safety and replacing aging infrastructure.
Columbia Gas of Maryland received a proposed order from an administrative law judge on Friday, recommending an increase of approximately $2.56 million in revenues as compared to our request of approximately $4.8 million.
We expect a final order from the Maryland Public Service Commission in December.
Before we move on, I'd like to note the Columbia Gas of Ohio, our largest LDC, is ranked number 1 in the Midwest region in J.D. Power's 2021 Gas Utility Business Customer Satisfaction Study.
Also congratulations to our customer experience team for the successful launch of the Columbia Gas and NIPSCO mobile apps.
They are an important step forward in building our connected digital customer experience.
Let's now turn to our electric operations on Slide 10.
NIPSCO's electric TDSIC plan is pending before the Indiana Utility Regulatory Commission or IURC.
This is a five-year $1.6 billion proposal that would replace the previous plan, which NIPSCO filed in April to terminate.
The pending plan includes newly identified projects aimed at enhancing service and reliability for customers as well as some previously identified projects.
The selection of the preferred path from NIPSCO's 2021 IRP is a significant milestone in our transition from coal-fired generation toward cleaner and reliable forms of generation, all of which are expected to save NIPSCO customers' approximately $4 billion over the long term.
The preferred path from the 2021 IRP refines the timeline to retire coal-fired generation at the Michigan City Generating Station to between 2026 and 2028.
It also calls for retirement of two vintage gas peaking units 16A and 16B, which are both located at the Schahfer Generating Station site.
The most viable replacement option calls for our portfolio of resources, including incremental solar, stand-alone battery storage and natural gas peaking resources.
We estimate that investments of up to $750 million will be required to support the retirements of these units.
We expect to be able to quantify the NIPSCO portion of this investment opportunity in the first half of next year after further evaluating bids and the request for proposals and completing due diligence on projects, which align with the preferred path.
Meanwhile, we continue to execute on the plan for retirement of remaining coal-fired generation at Schahfer.
Units 14 and 15 retired as of October 1st and units 17 and 18 are on track to retire by 2023.
We are making steady progress on the renewables project build out, informed by the preferred path from NIPSCO's 2018 IRP.
Our partners on these projects are some of the strongest developers in the renewable energy space and we remain in close contact regarding the progress of these projects.
We continue to expect to invest approximately $2 billion in renewable generation by 2023 to replace the retiring capacity at Schahfer.
As part of the execution of this plan, construction continues on the Indiana Crossroads I wind project, which is on track to become operational in the fourth quarter of this year.
Construction has also started on a pair of solar projects Dunns Bridge Solar I is being constructed by a subsidiary of NextEra Energy Resources under a build transfer agreement.
EDP Renewables North America is building the Indiana Crossroads Solar project, which will be operated as a joint venture.
Both are expected to enter service next year.
The IURC provided regulatory approval of the Indiana Crossroads II wind project on September 1st and with that action, all 14 renewables projects needed to replace the retiring capacity of Schahfer Generating Station, have now received approval.
In addition to the slate of renewables projects we have announced, NiSource plans to evaluate hydrogen in emerging storage technologies.
It's important for us to gain a risk informed understanding of the options and technologies that may emerge as pathways toward further decarbonization.
Before getting into the specific results, I'd just like to highlight the solid execution and progress that now has us guiding to the top end of our 2021 guidance range of a $1.32 to a $1.36.
This new 2021 expectation also serves as the starting point for both our near-term and long-term commitment.
We have also initiated 2022 guidance of a $1.42 to a $1.48, which at its midpoint represents a growth rate of over 6.6% from the 2021 top end.
Turning to our third quarter 2021 results on Slide 4.
We had non-GAAP net operating earnings of about $47 million or $0.11 per diluted share compared to non-GAAP net operating earnings of about $36 million or $0.09 per diluted share in the third quarter of 2020.
The 2021 results reflect our ongoing execution of infrastructure investments, offset somewhat by the sale of Columbia Gas of Massachusetts, which closed in October of 2020.
Looking more closely at our segment three-month non-GAAP results on Slide 5, gas distribution operating earnings were about $18 million for the quarter, representing an increase of approximately $8 million versus last year.
Operating revenues, net of the cost of energy and tracked expenses were down nearly $18 million due to the sale of CMA.
Operating expenses also net of the cost of energy and tracked expenses were lower by about $26 million, mostly due to the CMA sale, offset slightly by higher employee-related costs and outside services spending.
In our Electric segment, three-month non-GAAP operating earnings were about $130 million, which was nearly $3 million lower than the third quarter of 2020.
Net of the cost of energy and tracked expenses, operating revenues decreased slightly by about $2 million due to slightly lower residential usage, offset by increased TDSIC revenues.
Operating expenses net of the cost of energy and tracked expenses were nearly flat compared to 2020.
Now turning to Slide 6, I'd like to briefly touch on our debt and credit profile.
Our debt level as of June 30 was about $9.6 billion of which about $9.2 billion was long-term debt.
The weighted average maturity on our long-term debt was approximately 14 years and the weighted average interest rate was approximately 3.7%.
At the end of the third quarter, we maintained net available liquidity of about $1.7 billion, consisting of cash and available capacity under our credit facility and other accounts receivable securitization programs.
As we know, last quarter, all three major rating agencies have reaffirmed our investment grade credit ratings with stable outlooks in 2021.
Taken together, this represents a solid financial foundation to continue the support for our long-term safety and infrastructure investments.
As you can see on Slide 7, we've narrowed our 2021 capital investment estimate to approximately $2 billion and reiterated our 2022 capital forecast of $2.4 billion to $2.7 billion.
Taking a quick look at Slide 8, which highlights our financing plan.
There are no changes to our plan since April's equity unit issuance.
I would highlight that this balanced financing plan continues to be consistent with all of our earnings growth and credit commitments.
as I mentioned earlier, we have updated our 2021 earnings guidance, issued guidance for 2022 and reaffirmed our long-term growth commitments.
I would also remind everyone that we're planning to provide an extension to our growth plan at an Investor Day during the first half of next year.
So please stay tuned.

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q3 non-gaap operating earnings per share $0.11.
now expects to achieve top end of its 2021 non-gaap diluted net operating earnings guidance of $1.32 to $1.36 per share.
company also expects to make capital investments of approximately $2 billion in 2021, and $2.4 to $2.7 billion in 2022.
non-gaap diluted net operating earnings per share expected to grow by 7 to 9 percent through 2024 on a compound annual growth rate basis.
on track to complete installation of automated shut off valves for all low pressure gas systems by year end 2021.

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