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http://www.nwitimes.com/business/nisource-...7d068f2852.html

Keith Benman keith.benman@nwi.com, (219) 933-3326
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For a complete Morningstar Investment Profile on NiSource Inc., go online to The Times Personal Finance page and insert the ticker symbol "NI" in the stock Quote box.

MERRILLVILLE | NiSource Inc. on Wednesday completed its split into two companies, keeping its traditional utilities like NIPSCO and spinning off an entirely new company dubbed Columbia Pipeline Group to operate 15,000 miles of natural gas transmission pipelines.

The split has resulted in big management changes at the corporate headquarters in Merrillville as well as at NIPSCO, which serves 459,000 electric customers and 800,000 natural gas customers in northern Indiana.

NiSource affirmed Wednesday that its corporate headquarters will remain in Merrillville.

"This straightforward and well-established plan is underpinned by a deep commitment to safety, customer service, environmental sensitivity and employee engagement," said NiSource President and Chief Executive Officer Joseph Hamrock.

Hamrock emphasized the new NiSource is now a "pure-play utility company" with $30 billion in improvements and capital investment planned during the next 20 years.

NiSource's split into two companies represents the biggest change at the Fortune 500 corporation since the $6 billion deal under which it acquired Columbia Energy Group 14 years ago.

Wednesday night, NiSource stockholders received a distribution of one share of Columbia Pipeline Group stock for every share of NiSource stock they own. They also maintained their NiSource stakes.

Columbia Pipeline Group stock opened at $27.59 per share in trading on the New York Stock Exchange Thursday morning and was quickly trading in the $28 range. NiSource stock was trading in the $17 range early Thursday morning, after closing at $45.45 per share on Wednesday.

The dilution of NiSource stock was expected. In coming weeks, people and institutions who received the Columbia Pipeline Group stock distribution will watch for some indication if the deal will fatten or slim down their nest eggs.

Just before the split was announced in September, NiSource stock was trading in the $38 to $40 range.

Columbia Pipeline Group is trading under the ticker "CPGX" and "NiSource" under the same ticker of NI as previously.

All told, NiSource will be providing natural gas to 3.5 million customers in seven states through its traditional utility subsidiaries, as well as overseeing NIPSCO's electric business.

Columbia Pipeline Group's 15,000 miles of natural gas transmission pipelines stretch from the Gulf of Mexico to Ohio, Pennsylvania and other states.

NiSource first announced in September it planned to separate its traditional utility business from its natural gas transmission and storage business.

In management changes, Robert Skaggs Jr. has left his post as NiSource CEO to become CEO of Columbia Pipeline Group. Skaggs had been NiSource CEO since 2005 and came to the company when it acquired Columbia Energy Group in 2000.

"As an independent company, we are committed to unlocking significant value and enabling even greater growth investment," Skaggs said of the new company he heads.

Hamrock formerly was executive vice president and group CEO of NiSource's gas distribution division, before taking up the reins as NiSource CEO this week.

Violet G. Sistovaris, formerly NiSource chief information officer, is now NiSource executive vice president for NIPSCO, with responsibility for electric operations and other functions. Among those reporting to Sistovaris at NIPSCO will be President Kathleen O'Leary.

Jim Stanley, formerly vice president and group CEO for NIPSCO is now chief operating officer for NiSource.

[ChicagoMachine]

dividends went up.. can't wait till they pass these profits onto the non stockholders, ha. I thought utilities in Chicago were high, NIPSCO sure ain't cheap