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The utility version of a gold rush
NiSource is basically cashing in on the AI data-center boom the old-fashioned way: by selling the power that keeps all those server farms humming. The company announced a new long-term energy agreement with a subsidiary of Alphabet to support a large-scale data center in northern Indiana, and the same setup also involves Amazon.
Why this matters
Data centers are thirsty beasts. They don’t just need land and fiber; they need a ton of reliable electricity, and utilities that can deliver it get a front-row seat to the spend cycle. For NiSource, that can mean more predictable load growth, potentially better customer economics, and a stronger story for investors who like boring businesses becoming suddenly very relevant.
The fine print hiding behind the headline
This isn’t an M&A fireworks show or a one-day earnings pop. It’s more like NiSource getting booked for a long-running residency. The deal is expected to benefit existing customers and local communities too, which is utility-speak for “we want the growth without wrecking the grid or the vibe.”
Big picture
If the AI buildout is the new industrial revolution, utilities like NiSource are selling the electricity, not the pickaxes. That won’t always make for splashy headlines, but it can make for a sturdier earnings path — and those are the kinds of stories the market quietly rewards.