May 8 (Reuters) - NiSource ( NI ) beat first-quarter

profit estimates on Wednesday, as the electric and gas utility

benefited from lower costs, and it also raised its capital spend

for 2024 to 2028.

The company increased its 2024 to 2028 base capital

expenditure plan by $400 million to $16.4 billion.

Its total operating expenses were 21.8% down at $1.12

billion for the quarter, owing to a 44% decline in the cost of

energy.

Capital-intensive utilities have continued to cut costs to

counter higher interest rates. The U.S. Federal Reserve's

interest-rate hikes to tame inflation have made borrowing more

expensive for businesses.

NiSource ( NI ) said interest expenses for the quarter rose nearly

7% over the year earlier to $116.3 million.

Total revenue fell 13.2% to $1.71 billion, missing analysts'

average estimate of $2.5 billion, according to LSEG data.

Quarterly operating revenue from the gas distribution unit

dropped nearly 16%, as residential sales shrunk about 15%.

The Merrillville, Indiana-based company posted adjusted

profit of 85 cents per share, above analysts' estimate of 83

cents.

NiSource ( NI ) is one of the largest fully-regulated utility

companies in the United States, serving about 3.3 million

natural gas customers and 500,000 electric customers across six

states through its local Columbia Gas and NIPSCO brands.