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Text: slides for today's call are available on nisource.com.
Before turning the call over to Joe, Donald and Shawn, just a quick reminder.
Information concerning such risks and uncertainties is included in the MD&A and Risk Factors sections of our periodic SEC filings.
We made significant progress in our generation transition and the current renewable replacement plan, with Indiana Commission approval now received for all of our joint venture renewable projects.
In addition, we have received more than 180 proposals in our 2021 integrated resource plan, or IRP process, which will inform our generation replacement strategy in Indiana beyond 2023.
We continue to expect that our infrastructure programs and generation investments will drive compound annual growth of 7% to 9% in diluted net operating earnings per share from 2021 through 2024, while reducing greenhouse gas emissions 90% by 2030 compared to 2005 levels.
Let's turn now to slide three and take a closer look at our key takeaways.
In the second quarter, we delivered non-GAAP diluted net operating earnings of $0.13 per share.
Results reflect safety and modernization investments, COVID impacts, and they reflect the profile of our business without Columbia Gas of Massachusetts.
We are reaffirming our earnings guidance and long term financial commitments.
We expect 2021 earnings of $1.32 to $1.36 per share in non-GAAP diluted net operating earnings.
We continue to expect annual growth, safety and modernization investments of $1.9 to $2.2 billion, plus approximately $2 billion in renewables and associated transmission investments through 2023.
NiSource expects to grow its diluted net operating earnings per share by 7% to 9% on a compound annual growth rate basis from 2021 through 2024, including near-term annual growth of 5% to 7% through 2023.
As I mentioned, the Indiana Utility Regulatory Commission has approved 13 of our 14 proposed renewable energy projects and the new RFP for electric capacity and energy associated with NIPSCO's 2021 IRP, that is currently underway, has drawn strong engagement from the vendor community.
In other parts of our business, we filed rate cases in Ohio, Kentucky and Maryland during the quarter, in addition to the case filed during the first quarter in Pennsylvania, where we are in advanced settlement discussions.
Safety advancements continue across NiSource, guided by our implementation of the industry's safety management system, which serves as our core operating model.
Recent advancements include the accelerated integration of contractors into our safety plans and deployment of Picarro advanced leak detection technology in two more states.
Our environmental performance targets represent another vital commitment.
I'm pleased to say that we remain on target.
We expect to reduce total greenhouse gas emissions 90% by 2030 from 2005 levels.
That includes a 50% reduction in methane emissions from gas mains and services by 2025.
On that commitment, NiSource has already achieved an estimated 39% reduction in pipeline methane emissions compared to 2005 levels.
Our infrastructure replacement programs are driving these improvements.
Also, last year, more than one million of our customers participated in our energy efficiency programs.
On that note, let's look at some NiSource utilities highlights for the second quarter, starting with our gas operations on slide nine.
The Ohio rate case is one of three new rate cases filed in the second quarter.
We are requesting an annual revenue increase of approximately $221 million, net of the trackers being rolled into base rates.
Pending a decision from the PUCO, new rates would be effective in mid-2022.
In Kentucky, we filed a request for an approximately $27 million annual revenue increase net of trackers.
And in Maryland, we filed a case on May 14, once again, net of trackers, requesting about a $5 million annual revenue increase.
New rates are proposed to go into effect in December of this year.
In Pennsylvania, we filed a case just before the end of the first quarter, requesting an annual increase in revenue of approximately $98 million.
Now let's look at our electric operations on slide 10.
I'll touch on NIPSCO's electric TDSIC plan.
We filed a new five year plan in June.
The $1.6 billion plan includes newly identified projects aimed at enhancing service and reliability for customers as well as some previously identified projects.
We expect to receive an order from the IURC in December of this year.
We continue to be encouraged by the strong progress advancing our renewable generation projects stemming from NIPSCO's 2018 IRP.
Over the course of the last three months, eight renewables projects informed by the 2018 IRP preferred pathway received approval from the Indiana Utility Regulatory Commission.
This brings NIPSCO to the verge of an important milestone with 13 of 14 renewables projects approved to advance and replace the retiring capacity of the Schahfer generating station.
Importantly, this includes all joint venture projects and leaves Crossroads II Wind, a power purchase agreement, as the only project to waiting approval.
Combining these new generating facilities with a number of transmission projects to support system reliability across the new footprint, NiSource continues to track toward approximately $2 billion of renewable generation investments through 2023.
We are excited these projects will produce clean, reliable power for our communities, while saving NIPSCO customers approximately $4 billion over the long term.
While the commercial and regulatory processes have advanced to support the preferred pathway for the 2018 IRP, NIPSCO's 2021 IRP process is well underway and continues to track within its time line.
As noted in our release, in second quarter, we completed a request for proposal solicitation, similar to the process deployed in 2018.
We are pleased with the response in terms of both the quality and the quantity of the proposals, which continues to show high levels of engagement in the vendor community as we advance our generation transition.
Furthermore, with these more than 180 proposals covering a wide range of technologies and ownership constructs, it continues to point to a robust market across generation technologies, which will drive value for our customers and stakeholders.
A few notes about the process and timing.
The IRP analysis that we are currently stepping through will utilize data from the RFP to help inform the broad resource portfolio options for NIPSCO in terms of Michigan City retirement timing, choices of replacement technologies and ownership constructs.
We will share directional findings with stakeholders at public advisory meetings in the third quarter, incorporating stakeholder feedback along the way.
We expect to develop a stakeholder supported preferred resource path within the 2021 IRP, which will be submitted to the IURC on or before November 1.
Once the preferred plan is finalized and communicated, execution activities could commence, which may include commercial negotiations and further due diligence on specific assets or projects.
Any specific projects then identified, which support this preferred plan would represent incremental projects beyond the 14 highlighted earlier and in addition to the approximately $2 billion in renewable investments NIPSCO has already filed.
These are significant steps within NiSource and are part of our energy transition, which we are calling Your Energy, Your Future, as we work with stakeholders to create a dependable, affordable and sustainable energy model, delivering the reliability our customers can trust.
Looking at our second quarter 2021 results on slide four, we had non-GAAP net operating earnings of about $53 million or $0.13 per diluted share compared to non-GAAP net operating earnings of about $50 million or $0.13 per diluted share in the second quarter of 2020.
I would note that 2021 results exclude earnings related to Columbia Gas of Massachusetts due to the sale closing in October of 2020.
Looking more closely at our segment three months non-GAAP results on slide five.
Gas distribution [Technical Issues] operating earnings were about $66 million for the quarter, representing a decline of approximately $8 million versus last year [Technical Issues] down about $28 million due to the sale of CMA [Technical Issues] upward in expenses also [Technical Issues] offset by higher employee related [Technical Issues] costs and outside services [Technical Issues], which was nearly $5 million lower than the second quarter of 2020.
Operating revenues rose about $11 million, net of the cost of energy and tracked expenses due to infrastructure investments and increased customer usage.
Operating expenses, net of the cost of energy and tracked expenses were up about $16 million due to generation related maintenance and employee related costs.
Now turning to slide six.
I'd like to briefly touch on our debt and credit profile.
Our debt level as of June 30 was about $9.2 billion, of which about $9.1 billion [Technical Issues] was long term debt [Technical Issues] in years, and the weighted average interest rate was approximately 3.7%.
At the end of the second quarter, we maintained net available liquidity of about $2.2 billion, consisting of cash and available capacity under our credit facility and our accounts receivable securitization programs.
With Moody's recently concluding their latest credit review, 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 to support our long term safety and infrastructure investments.
Let's take a quick look at slide eight, which highlights our financing plan.
There are no changes to our plan since last quarter's equity unit issuance.
Last quarter's issuance has significantly derisked our financing plans and it's consistent with all of our earnings and credit commitments.
As Joe mentioned in our key takeaways, we are reaffirming our 2021 earnings guidance and long term financial commitments.
I should remind everyone that we're stating the guidance and diluted earnings per share due to last quarter's equity issuance.

user
compname posts q2 non-gaap operating earnings per share $0.13.
q2 non-gaap operating earnings per share $0.13.
remains on track to achieve 2021 guidance and long-term earnings per share growth rates.
nisource - remains on track to achieve 2021 non-gaap diluted net operating earnings guidance of $1.32 to $1.36 per share.
expects to make capital investments of $1.9 billion to $2.1 billion in 2021.

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