There’s more to NIPSCO Increases than is being reported in the news! It’s time, now, to talk about the real monopoly: manipulation of funds; environmental excuses; the state lawmakers; and the 2020 Schafer Generating Plant fire (Unit 14) that we are paying for now. There is hidden transfer of risk that nobody is talking about. When you track the capital from the Schafer fire in 2020 to the GenCo launch in 2026, The 2.15 BILLION DOLLAR Investment from Blackstone, the answers come forward as pure corporate GREED.
The December 10, 2025 (The Missing Link:), in a legal brief (found online) from McGuireWoods Structural Blueprint is set in stone. This brief details how GenCo can enter into “Separate Service Agreements” that are filed with the IURC but shielded from public testimony. This is the “Tax Shield” mentioned here. It allows Amazon and Microsoft to pay for “Special Services” (like the Quantum Corridor) that never appear on NIPSCO’s “Basic Rates.”
The New Reality: Under the DOE “Must-Run” Order (202-25-12) issued Jan 2026, Schahfer Units 17 and 18 are now in an “Exigent Operational State.” When the Department of Energy, DOE, mandates if “redlines are reached to maintain grid frequency for data Centers” providing NIPSCO with Limited Liability and can claim “Federal Compliance” as a defense against negligence. (Making this a Federal Issue)
Little has been reported about the 2023 2.15 BILLION DOLLAR https://www.nisource.com/news/article/nisource-inc.-completes-nipsco-minority-equity-interest-transaction capital that came from Blackstone, the largest alternative asset manager in the world, which is the same time that Indiana lawmakers (Soliday And Koch) passed laws to protect and recover NIPSCO’s losses and pass them onto the consumer in increased bills and new fees.
This Blackstone Infrastructure Partners specializes in “Sovereign-Grade” assets. The money wasn’t for “repairs”; it was to facilitate the 3 GW Amazon Deal (Nov 2025). By moving the $2.15 billion into unregulated GenCo funds, they’ve created a “Private Grid” that uses NIPSCO’s public right-of-way (the “Piggyback”) without being subject to the same “Public Convenience and Necessity” transparency.
Read more about the 2.15 BILLION DOLLAR BLACKSTONE INVESTMENT get manipulated into unregulated funds? (Read more below)
In June 2023, NiSource http://www.nisource.com sold a 19.9% equity interest in NIPSCO to Blackstone Infrastructure Partners for $2.15 billion. (this wasn’t a partnership). This changed NIPSCO from a “Public Utility” to a “Private Infrastructure” model in land purchasing, Data Center Construction, and “Economic Development.” This $2.15 billion gave NIPSCO the cash to build the GenCo infrastructure without asking the IURC for permission on every dollar.
Indiana Bill HB 1333 provides NIPSCO the Tax Shield they needed that allows for Blackstone’s $2.15 Billion dollars to move behind the IURC (and the Public / Media’s back). HB 1333 was passed in the House and is moving on to the Senate. While proponents say it “curtails” exemptions, the subtext gives Data Centers sales tax exemption. (see More on HB 1333 below under “Timeline”)
Chairman Ed Soliday (R-Valparaiso), who has long been a top recipient of utility PAC funds, is a key author of these bills that are lobbied by groups like NetChoice (the lobby for Amazon/Google). In the 2025-2026 cycle, the NiSource PAC has already deployed over $80,000, with 72% going to Republicans who control the committees writing these utility “modernization” bills. They are rationalized by the data center narrative as “JOBS,” even if those jobs require a $7 billion grid sacrifice.
The 2020 Schafer Plant Fire: A $257 Million Windfall,
In the 2025 rate case (Cause No. 46120) they were able to include a $257 million dollar revenue increase, arguing that they were retiring the Schafer coal (accelerated by the Schafer fire), they needed “accelerated depreciation” and “cost recovery” for the new “green assets” – wind and solar. NIPSCO essentially got paid twice: once by the insurance / tax write-offs from the DESTROYED Schafer unit 14, and a second time by the ratepayers who are now financing the $15 billion capital plan to replace it.
To make matters worse for the “GENco Project,” July of 2025, President Trump Stated in a news conference, “windmills are the most expensive form of energy.” In July 2025 the Trump Administration signed an executive order to eliminate subsidies for unreliable “green” energy like wind and solar.
https://www.whitehouse.gov/fact-sheets/2025/07/fact-sheet-president-donald-j-trump-ends-market-distorting-subsidies-for-unreliable-foreign-controlled-energy-sources/
THE TIMELINE
(How NIPSCO Got Their Increases)
|April 28th, 2021| The Negligence: IURC Cause No. 38706-FAC-130-S1. The official record of the 2020 fire, documenting that alarms were ignored from 7:56 a.m. to 1:25 p.m.
|July 2020 | Schafer Unit 14 Fire | The pretext for “Accelerated Depreciation” and the first $257M windfall.
|June 2023 | Blackstone Equity Sale | NIPSCO pivots from “Public Utility” to “Private Infrastructure.” |
The Cost Projection: Energy Innovation & Rhodium Group |July 2025|. Analysis confirming household energy bills will rise by $280–$400 annually due to OBBBA’s repeal of clean energy credits.
The Rate Hike: IURC Cause No. 46120 |June 2025|. The approved settlement that locked in the “Step 2” revenue recovery despite the “Redline” operational crisis.
|Nov 24, 2025 | Amazon 3 GW Deal | The first “GenCo“ customer is revealed, requiring massive new gas generation. |
| Dec 23, 2025 | DOE Order 202-25-12 | The “Must-Run” mandate that forces Schafer run it’s coal powered units to redline during the storm. |
| Jan 27, 2026 | HB 1333 Progress | The “Data Center Tax Shield, |Allows Developers (Data Centers) to Ignore any/all local ordinances and/or public input or scrutiny, | Allows any development that is sited on land in an area zoned agricultural that is comprised of certain capability classes of soils; to be a permitted use. | Extends governmental immunity to a private entity or nonprofit entity that has executed certain agreements under the Indiana brownfields program. | Allows Data Center equipment eligible for the state gross retail tax exemption | | Allows for any and all attorney fees to be waived by the developer | Approved by the Indiana House (Jan 27th 2026) and moves forward in the Senate.
The Federal Order: DOE Order No. 202-25-12 |Dec 23, 2025|. The emergency mandate forcing the “Must-Run” of Schafer Units 17 And18.
The Legislation: One Big Beautiful Bill Act (OBBBA) (One Big Beautiful Bill Act) of 2025. Signed |July 4, 2025|. Projections show a $50 billion annual increase in national energy expenditures by 2035.
| July 4, 2025 | OBBBA Signed | Federal subsidies for green energy end, but NIPSCO already locked in the “recovery” fees for them. (Solar and Wind) |
| March 26 2025 | Green Energy Legislation For Solar And Wind Cause No. 45557 | The IURC has approved the inclusion of costs for specific projects (such as solar and storage) into the rate base, meaning customers pay for these projects over their lifetime. Transmission, Distribution, and Storage System Improvement Charge (TDSIC)
MORE TO COME:
What is the “REAL” Purpose of the NEW Michigan City Generating Plant?
NIPSCO MONOLOGY MADNESS HAS A NEW WEBSITE
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Susie Young Baxter, CEO, has published PanoramaNOW Magazine for 31 years. Her hobbies are Camping, Boating, Hiking, Nature, Gardening and Outdoor Activities. She is an Artist, Graphic Designer, an Avid Seamstress, Dabbles in Homemade Crafts and Landscaping. Since her Father was a Health Teacher, she also likes homeopathic Health Solutions. Since blogging started over 10 years ago, PanoramaNow has been added to Newsbreak – a national news affiliate.
