Oct 29 (Reuters) - U.S. electric and gas utility

NiSource ( NI ) on Wednesday raised its long-term growth

targets, banking on gains from increased capital spending over

this decade, including a multibillion-dollar investment push

toward data centers.

The Indiana-based utility unveiled a $28 billion

consolidated capital expenditure plan through 2030. Of this,

about $7 billion would be dedicated to data center

infrastructure, reflecting the growing power demand from digital

and AI expansion.

The revised plan marks a 45% increase, or about $8.6 billion

more than its prior five-year spending outlook, and supports a

projected 8%-9% adjusted EPS compound annual growth rate from

2026 to 2033.

NiSource ( NI ) said it now expects 2026 adjusted profit between

$2.02 and $2.07 per share, compared with its reaffirmed 2025

range of $1.85 to $1.89.

It also extended its long-term base growth plan through

2030, targeting annual adjusted earnings per share growth of 6%

to 8%.

Power demand in the United States is expected to hit record

highs in 2025 and 2026, the U.S. Energy Information

Administration says, citing growth from AI and cryptocurrency

data centers and broader electrification.

NiSource ( NI ) serves about 3.3 million natural gas customers

across six states and roughly 500,000 electric customers in

Indiana.

It reported quarterly profit of 19 cents per share for the

three months ended September 30, narrowly missing analysts'

average estimate of 20 cents, according to data compiled by

LSEG.