NiSource (NI) is up about 3% as investors react to newly announced data-center-related infrastructure agreements in Indiana. The company disclosed a long-term energy agreement supporting a large-scale data center tied to an Alphabet subsidiary, alongside an expanded arrangement with Amazon Data Services that accelerates energization timelines and customer credits.

Large, long-duration data center load can improve utility growth visibility by supporting incremental generation/transmission investment and a clearer path to rate base growth. NiSource framed the agreements as providing customer and community benefits, and highlighted that service for the Alphabet-related contract is expected to start in summer 2026—an important timing marker for when demand and associated investment could begin to show up in operating metrics.

Investors will be looking for additional detail on contract structure, required regulatory steps, and expected capital spending tied to the projects, as well as whether similar agreements are in the pipeline. NiSource is scheduled to report first-quarter 2026 results on May 6, 2026, which is the next major catalyst for updated financial and operational commentary.