NI · 10-Q · 2026Q2 · Full report
GHG Regulation Changes
NISOURCE INC. · 2026-08-05 · Importance 64 · Surprise 42 · Contradicted
The EPA proposed repealing the May 2024 greenhouse-gas standards for fossil fuel-fired power plants, including capacity-factor thresholds and carbon-capture requirements. If finalized, the repeal would remove regulatory constraints on planned gas generation and could allow customers to avoid approximately $675 million of costs contemplated in NIPSCO’s 2024 Integrated Resource Plan. Maryland regulations and proceedings continue to create transition risks, including building emissions standards, proposed clean-heat and zero-emission heating programs, restrictions on gas-main extension subsidies, and an investigation of long-term gas-company planning.
Key facts
- In June 2025, the EPA proposed to repeal GHG emissions standards for fossil fuel-fired power plants that were finalized in May 2024, and if finalized as proposed this action would allow customers to avoid approximately $675 million in additional cost as contemplated through the 2024 NIPSCO IRP. source
- In November 2025, the EPA proposed a rule to extend the compliance deadline for owners and operators to complete closure of their unlined CCR surface impoundments larger than 40 acres from October 2028 to October 2031. source
- In February 2026, the EPA issued a final rule extending compliance deadlines for several provisions of the Legacy CCR Rule and in April 2026 proposed further revisions to the Legacy CCR Rule. source
- In December 2025, the Maryland Public Service Commission issued proposed regulations that, if finalized, would require persons who request new service to pay the full cost of extending service in order to minimize the risk of future stranded costs for all ratepayers. source
- In March 2025, the EPA announced it will undertake 31 deregulatory actions. source
- In February 2026, the EPA issued a final rule rescinding the 2009 Endangerment Finding. source
- The Climate Solutions Now Act of 2022 requires Maryland to reduce GHG emissions by 60% by 2031 from 2006 levels and to reach net zero emissions by 2045. source
- In December 2024, the MDE issued final Building Energy Performance Standards requiring net zero direct GHG emissions from large buildings by 2040 with interim targets or payments of an alternative compliance fee. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | contingent | +0.3% | In June 2025, the EPA proposed to repeal GHG emissions standards for fossil fuel-fired power plants that were finalized in May 2024, and… |
| cash | positive | probable | — | In November 2025, the EPA proposed a rule to extend the compliance deadline for owners and operators to complete closure of their unlined… |
| cash | positive | committed | — | In February 2026, the EPA issued a final rule extending compliance deadlines for several provisions of the Legacy CCR Rule and in April… |
| cash | positive | probable | — | In February 2026, the EPA issued a final rule extending compliance deadlines for several provisions of the Legacy CCR Rule and in April… |
| operating_income | positive | probable | — | In December 2025, the Maryland Public Service Commission issued proposed regulations that, if finalized, would require persons who request… |
| operating_income | positive | committed | — | In February 2026, the EPA issued a final rule rescinding the 2009 Endangerment Finding. |
| operating_income | negative | committed | — | The Climate Solutions Now Act of 2022 requires Maryland to reduce GHG emissions by 60% by 2031 from 2006 levels and to reach net zero… |
| operating_income | negative | contingent | — | In August 2025, the Maryland Public Service Commission instituted formal proceedings to investigate issues pertaining to long-term natural… |