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NiSource 8-K Report, Financial Obligation (Oct 16, 2026)

Reports
Financial Events·Exhibits & Filings
Filing Date
Filed October 16, 2026
Period End
October 15, 2026
Security
NI
In the record · 2016–202610-K1210-Q338-K177

NI filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 177 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Sep ’17Sep ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Material agreement8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 8-K filed October 16, 2026. Cited figures are marked; the original filing is the authoritative source.

NiSource Inc. (NI) disclosed in a Current Report on Form 8-K (Items 2.03 and 9.01) that its subsidiary, NiSource Generation Company LLC ("GenCo"), entered into a Battery Storage System Tolling Agreement on October 15, 2026 with Atlas Storage 1 LLC, an indirect subsidiary of AGP Capital Holdings Pte.

Ltd. ("AGP Group"). Under the agreement, AGP Group will develop, construct, own and operate a 600 MWAC / 2,400 MWh stand-alone battery energy storage system interconnected to the MISO transmission system, and GenCo will supply the charging electricity at its expense and receive the economic benefits of the project's capacity, discharged energy, storage, ancillary services and environmental attributes. The delivery term is expected to be approximately twenty and a half years, starting on the commercial operation date of the project's first phase, expected by December 1, 2027.

GenCo's aggregate storage payments over the delivery term are expected to be approximately $2.2 billiona, and the agreement is expected to be accounted for as a finance lease obligation under FASB ASC Topic 842. This creates a direct financial obligation for the company. GenCo also receives an exclusive, irrevocable option to purchase the project at specified intervals and at the end of the delivery term.

Effectiveness is conditioned on AGP Group executing an engineering, procurement and construction contract and an interconnection agreement reasonably satisfactory to AGP Group, both by January 31, 2027. The filing's forward-looking statements flag risks including regulatory approvals, supplier and contractor performance, tariffs, severe weather, and AGP Group's ability to build the project on time.

02—Key points

Key Highlights

  1. GenCo, a NiSource subsidiary, entered into a Battery Storage System Tolling Agreement with Atlas Storage 1 LLC (an indirect subsidiary of AGP Capital Holdings Pte. Ltd.) on October 15, 2026.
  2. The project is a stand-alone battery energy storage system rated 600 MWAC / 2,400 MWh, interconnected to MISO's transmission system.
  3. GenCo's aggregate storage payments over the delivery term are expected to be approximately $2.2 billion.
  4. The delivery term is expected to be approximately twenty and a half years, beginning on the first phase's commercial operation date, expected by December 1, 2027.
  5. The agreement is expected to be accounted for as a finance lease obligation under FASB ASC Topic 842, creating a direct financial obligation (Item 2.03).
  6. GenCo receives an exclusive, irrevocable option to purchase the project at specified intervals during and at the end of the delivery term.
  7. Effectiveness depends on AGP Group executing an EPC contract and an interconnection agreement reasonably satisfactory to AGP Group by January 31, 2027.

03—Questions

Frequently Asked Questions

  1. What is the total expected cost of the battery storage agreement to NiSource?

    GenCo's aggregate storage payments over the delivery term are expected to be approximately $2.2 billion, paid on a fixed-rate basis subject to certain adjustments and based on the project's actual power capacity.

  2. When will the battery storage project begin operating and generating benefits for GenCo?

    The delivery term is expected to commence on the commercial operation date of the project's first phase, which is expected by December 1, 2027. The delivery term is expected to last approximately twenty and a half years.

  3. How will the agreement be reflected in NiSource's financial statements?

    The Tolling Agreement is expected to be accounted for as a finance lease obligation under FASB ASC Topic 842, which is why the company filed it under Item 2.03 as a creation of a direct financial obligation.

  4. What must happen before the agreement becomes effective?

    AGP Group must execute an engineering, procurement and construction contract for the project and an interconnection agreement reasonably satisfactory to AGP Group, in each case by January 31, 2027.

  5. What rights does GenCo have over the battery project beyond the tolling payments?

    GenCo will instruct dispatch of the project and receive the economic benefits of its capacity, discharged energy, energy storage, ancillary services and environmental attributes, including revenues from sales into MISO markets. It also holds an exclusive and irrevocable option to purchase the project at specified intervals and at the end of the delivery term.

04—Continue

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