$NI · NISOURCE INC.

NiSource Inc. disclosed that its subsidiary NiSource Generation Company LLC entered into a Battery Storage System Tolling Agreement with Atlas Storage 1 LLC (an AGP Capital Holdings affiliate) on October 15, 2026. The agreement covers a 600 MW AC / 2,400 MWh stand-alone battery storage project interconnected to MISO, with a ~20.5-year delivery term starting by December 1, 2027. GenCo will pay approximately $2.2 billion in aggregate storage payments and will account for the arrangement as a finance lease obligation.

Extended-hours trading shows NI at $42.40, up +2.79% vs the regular close of $41.25, suggesting the market views the large-scale storage commitment favorably as a strategic infrastructure move.

A $2.2 billion, two-decade battery storage commitment signals NiSource's major push into dispatchable clean capacity without upfront capital, but adds a significant long-term balance-sheet obligation.

Utility-scale battery storage tolling agreements are becoming a preferred structure for regulated utilities to add dispatchable capacity without upfront capital outlay, shifting construction and ownership risk to developers like AGP Group.

Effectiveness is conditioned on AGP Group executing an EPC contract and an interconnection agreement by January 31, 2027. Regulatory approvals, supplier/contractor performance, and AGP Group's ability to construct on time are key risks.